MORIA: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MORIA
Largest movements
- Current investments +€24,634
up €24,634 (+23.3%), from €105,655 to €130,289
- Cash -€15,708
down €15,708 (-62.7%), from €25,057 to €9,349
mainly Contributions, distributions and other (-€35,367) and Current investments (-€24,634)
- Tangible fixed assets -€7,409
down €7,409 (-10.2%), from €72,446 to €65,037
of which Land and buildings: -€6,365
- Receivables within one year -€2,932
down €2,932 (-71.3%), from €4,114 to €1,182
of which Other amounts receivable: -€2,632
- Other debts +€39,608
new in 2025: €39,608
- Reserves -€35,367
down €35,367 (-46.2%), from €76,517 to €41,150
of which Distributable reserves: -€35,367
- Trade debts -€3,727
down €3,727 (-80.8%), from €4,610 to €883
- Financial income +€6,554
up €6,554 (+184.5%), from €3,552 to €10,106
- Gross operating margin +€5,352
up €5,352 (+44.8%), from €11,947 to €17,299
- Depreciation -€385
down €385 (-2.1%), from €18,455 to €18,070
- Staff costs +€368
up €368 (+5.0%), from €7,313 to €7,681
- Taxes +€269
up €269 (+35.1%), from €765 to €1,034
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €237,272 | €235,858 | -€1,414 | -0.6% |
| Fixed assets | 21/28 | €102,446 | €95,037 | -€7,409 | -7.2% |
| Tangible fixed assets | 22/27 | €72,446 | €65,037 | -€7,409 | -10.2% |
| Land and buildings | 22 | €69,255 | €62,890 | -€6,365 | -9.2% |
| Plant, machinery and equipment | 23 | €589 | - | -€589 | |
| Furniture and vehicles | 24 | €2,602 | €2,147 | -€455 | -17.5% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €134,826 | €140,821 | +€5,995 | +4.4% |
| Amounts receivable within one year | 40/41 | €4,114 | €1,182 | -€2,932 | -71.3% |
| Trade receivables | 40 | €880 | €580 | -€300 | -34.1% |
| Other amounts receivable | 41 | €3,234 | €602 | -€2,632 | -81.4% |
| Current investments | 50/53 | €105,655 | €130,289 | +€24,634 | +23.3% |
| Cash at bank and in hand | 54/58 | €25,057 | €9,349 | -€15,708 | -62.7% |
| Total equity and liabilities | 10/49 | €237,272 | €235,858 | -€1,414 | -0.6% |
| Equity | 10/15 | €231,157 | €194,473 | -€36,684 | -15.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €76,517 | €41,150 | -€35,367 | -46.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €70,367 | €35,000 | -€35,367 | -50.3% |
| Profit (loss) carried forward | 14 | €93,140 | €91,823 | -€1,317 | -1.4% |
| Amounts payable | 17/49 | €6,115 | €41,385 | +€35,270 | +576.8% |
| Amounts payable within one year | 42/48 | €5,265 | €40,535 | +€35,270 | +669.9% |
| Trade debts | 44 | €4,610 | €883 | -€3,727 | -80.8% |
| Suppliers | 440/4 | €4,610 | €883 | -€3,727 | -80.8% |
| Taxes, remuneration and social security | 45 | €655 | €43 | -€612 | -93.4% |
| Remuneration and social security | 454/9 | €655 | €43 | -€612 | -93.4% |
| Other amounts payable | 47/48 | - | €39,608 | +€39,608 | |
| Accrued charges and deferred income | 492/3 | €850 | €850 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €7,313 | €7,681 | +€368 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,455 | €18,070 | -€385 | -2.1% |
| Other operating charges | 640/8 | €1,522 | €1,568 | +€46 | +3.0% |
| Gross operating margin | 9900 | €11,947 | €17,299 | +€5,352 | +44.8% |
| Operating profit (loss) | 9901 | -€15,343 | -€10,021 | +€5,322 | +34.7% |
| Financial income | 75/76B | €3,552 | €10,106 | +€6,554 | +184.5% |
| Recurring financial income | 75 | €3,552 | €10,106 | +€6,554 | +184.5% |
| Financial charges | 65/66B | €186 | €369 | +€183 | +98.1% |
| Recurring financial charges | 65 | €186 | €369 | +€183 | +98.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,977 | -€283 | +€11,694 | +97.6% |
| Income taxes | 67/77 | €765 | €1,034 | +€269 | +35.1% |
| Profit (loss) for the period | 9904 | -€12,742 | -€1,317 | +€11,425 | +89.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,742 | -€1,317 | +€11,425 | +89.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.