MOULAERT: what changed
Two financial 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.
MOULAERT
Largest movements
- Cash +€418,766
up €418,766 (+91.0%), from €460,287 to €879,053
mainly Other debts (+€784,164) and Depreciation (+€750,644)
- Receivables within one year -€296,826
down €296,826 (-33.5%), from €887,061 to €590,235
of which Trade receivables: -€323,336
- Tangible fixed assets -€184,929
down €184,929 (-8.4%), from €2.2m to €2.0m
of which Plant, machinery and equipment: -€148,492
- Other debts +€784,164
new in 2025: €784,164
- Profit (loss) carried forward -€583,436
down €583,436 (-31.0%), from €1.9m to €1.3m
- Debts after one year -€190,359
down €190,359 (-21.2%), from €899,336 to €708,976
- Tax, wage and social debts -€53,429
down €53,429 (-65.4%), from €81,757 to €28,328
of which Taxes: -€55,212
- Depreciation +€103,350
up €103,350 (+16.0%), from €647,294 to €750,644
- Gross operating margin +€80,107
up €80,107 (+4.7%), from €1.7m to €1.8m
- Staff costs +€79,744
up €79,744 (+22.5%), from €353,695 to €433,439
- Taxes -€24,487
down €24,487 (-16.4%), from €149,679 to €125,192
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.
Derived cash bridge
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 | €3,553,337 | €3,490,976 | -€62,361 | -1.8% |
| Fixed assets | 21/28 | €2,203,312 | €2,018,383 | -€184,929 | -8.4% |
| Tangible fixed assets | 22/27 | €2,203,312 | €2,018,383 | -€184,929 | -8.4% |
| Land and buildings | 22 | €347,738 | €320,804 | -€26,935 | -7.7% |
| Plant, machinery and equipment | 23 | €649,133 | €500,641 | -€148,492 | -22.9% |
| Furniture and vehicles | 24 | €1,206,440 | €1,196,938 | -€9,502 | -0.8% |
| Current assets | 29/58 | €1,350,025 | €1,472,593 | +€122,568 | +9.1% |
| Amounts receivable within one year | 40/41 | €887,061 | €590,235 | -€296,826 | -33.5% |
| Trade receivables | 40 | €778,871 | €455,535 | -€323,336 | -41.5% |
| Other amounts receivable | 41 | €108,190 | €134,700 | +€26,510 | +24.5% |
| Cash at bank and in hand | 54/58 | €460,287 | €879,053 | +€418,766 | +91.0% |
| Deferred charges and accrued income | 490/1 | €2,677 | €3,305 | +€628 | +23.5% |
| Total equity and liabilities | 10/49 | €3,553,337 | €3,490,976 | -€62,361 | -1.8% |
| Equity | 10/15 | €1,903,612 | €1,320,176 | -€583,436 | -30.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,881,612 | €1,298,176 | -€583,436 | -31.0% |
| Amounts payable | 17/49 | €1,649,725 | €2,170,800 | +€521,075 | +31.6% |
| Amounts payable after more than one year | 17 | €899,336 | €708,976 | -€190,359 | -21.2% |
| Financial debts | 170/4 | €899,336 | €708,976 | -€190,359 | -21.2% |
| Amounts payable within one year | 42/48 | €750,390 | €1,461,824 | +€711,434 | +94.8% |
| Current portion of amounts payable after more than one year | 42 | €380,790 | €373,116 | -€7,675 | -2.0% |
| Financial debts | 43 | €4,191 | €2,997 | -€1,194 | -28.5% |
| Other loans | 439 | €4,191 | €2,997 | -€1,194 | -28.5% |
| Trade debts | 44 | €283,651 | €273,219 | -€10,432 | -3.7% |
| Suppliers | 440/4 | €283,651 | €273,219 | -€10,432 | -3.7% |
| Taxes, remuneration and social security | 45 | €81,757 | €28,328 | -€53,429 | -65.4% |
| Taxes | 450/3 | €56,496 | €1,284 | -€55,212 | -97.7% |
| Remuneration and social security | 454/9 | €25,260 | €27,043 | +€1,783 | +7.1% |
| Other amounts payable | 47/48 | - | €784,164 | +€784,164 | |
| Non-recurring operating income | 76A | €68,694 | €15,295 | -€53,399 | -77.7% |
| Remuneration, social security and pensions | 62 | €353,695 | €433,439 | +€79,744 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €647,294 | €750,644 | +€103,350 | +16.0% |
| Other operating charges | 640/8 | €13,475 | €16,981 | +€3,506 | +26.0% |
| Gross operating margin | 9900 | €1,687,788 | €1,767,895 | +€80,107 | +4.7% |
| Operating profit (loss) | 9901 | €673,324 | €566,831 | -€106,493 | -15.8% |
| Financial income | 75/76B | €797 | €426 | -€371 | -46.5% |
| Recurring financial income | 75 | €797 | €426 | -€371 | -46.5% |
| Financial charges | 65/66B | €24,975 | €25,501 | +€525 | +2.1% |
| Recurring financial charges | 65 | €24,975 | €25,501 | +€525 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €649,146 | €541,757 | -€107,389 | -16.5% |
| Income taxes | 67/77 | €149,679 | €125,192 | -€24,487 | -16.4% |
| Profit (loss) for the period | 9904 | €499,466 | €416,564 | -€82,902 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €499,466 | €416,564 | -€82,902 | -16.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.