MORIS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00026725.
Annual accounts 2025 filed on 02-02-2026 PDF all 6 filings
Equity
€77,340▼ 11.9%
2024 · €87,763
Total assets
€275,232▼ 40.2%
2024 · €460,288
Net result
-€10,423
2024 · €23,351
Working capital
€70,596▼ 12.9%
2024 · €81,019
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€10,337
2025
20202025
Net result
-€10,423
2025
lowest quarter of the sector
20202025
Equity
€77,340
▼ 11.9%
2025
middle half of the sector
20202025
Total assets
€275,232
▼ 40.2%
2025
middle half of the sector
20202025
Debt
€197,892
▼ 46.9%
2025
20202025
Working capital
€70,596
▼ 12.9%
2025
middle half of the sector
20202025
Solvency
28.1%
▲ 9.0pp
2025
middle half of the sector
20202025
Current ratio
1.36
▲ 0.14
2025
middle half of the sector
20202025
Return on assets (ROA)
-3.8%
▼ 8.9pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€6,742--€1,940▲ 71.2%€53,213€35,705▼ 32.9%€31,895▼ 10.7%-€10,337
Net result-€6,771below the sector's middle half--€1,984within the sector's middle half▲ 70.7%€44,640above the sector's middle half€26,135above the sector's middle half▼ 41.5%€23,351within the sector's middle half▼ 10.7%-€10,423below the sector's middle half
Equity-€4,271below the sector's middle half--€6,363below the sector's middle half▼ 49.0%€38,277within the sector's middle half€64,412within the sector's middle half▲ 68.3%€87,763within the sector's middle half▲ 36.3%€77,340within the sector's middle half▼ 11.9%
Total assets€217,951within the sector's middle half-€360,637within the sector's middle half▲ 65.5%€357,141within the sector's middle half▼ 1.0%€409,856above the sector's middle half▲ 14.8%€460,288above the sector's middle half▲ 12.3%€275,232within the sector's middle half▼ 40.2%
Debt€222,222-€367,000▲ 65.2%€318,865▼ 13.1%€345,444▲ 8.3%€372,524▲ 7.8%€197,892▼ 46.9%
Working capital-€11,466below the sector's middle half--€13,107below the sector's middle half▼ 14.3%€31,533within the sector's middle half€57,668within the sector's middle half▲ 82.9%€81,019within the sector's middle half▲ 40.5%€70,596within the sector's middle half▼ 12.9%
Solvency-2.0%below the sector's middle half--1.8%below the sector's middle half▲ 0.2pp10.7%within the sector's middle half▲ 12.5pp15.7%within the sector's middle half▲ 5.0pp19.1%within the sector's middle half▲ 3.4pp28.1%within the sector's middle half▲ 9.0pp
Current ratio0.95within the sector's middle half-0.96within the sector's middle half▲ 0.021.10within the sector's middle half▲ 0.131.17within the sector's middle half▲ 0.071.22within the sector's middle half▲ 0.051.36within the sector's middle half▲ 0.14
Return on assets (ROA)-3.1%below the sector's middle half--0.6%within the sector's middle half▲ 2.6pp12.5%within the sector's middle half▲ 13.0pp6.4%within the sector's middle half▼ 6.1pp5.1%within the sector's middle half▼ 1.3pp-3.8%below the sector's middle half▼ 8.9pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €10,337, after a profit of €31,895 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €275,232
Fixed assets
€6,744 =
Current assets
€268,488 ▼ 40.8%
Equity and liabilities €275,232
Equity
€77,340 ▼ 11.9%
Debt
€197,892 ▼ 46.9%
Debt's share of the balance-sheet total falls from 80.9% to 71.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€10,337▼
2024 · €31,895
Cash flow
-€10,423▼
2024 · €23,351
Debt to equity
2.56▼
2024 · 4.24
ROE
-13.5%▼
2024 · 26.6%
Interest coverage
-45.89▼
2024 · over 100
Debt ≤ 1 year
€197,892▼
2024 · €372,524
Debt > 1 year
€0=
2024 · €0
Income taxes
€0▼
2024 · €8,501
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,578 | €450 | €0 | €0 | €0 | €0 | - |
| Other operating charges640/8 | - | - | €590 | €479 | €589 | €452 | ▼ 23.2% |
| Gross operating margin9900 | -€4,885 | -€643 | €53,803 | €36,184 | €32,484 | -€9,885 | - |
| Operating profit (loss)9901 | -€6,742 | -€1,940 | €53,213 | €35,705 | €31,895 | -€10,337 | - |
| Financial income75/76B | - | - | €0 | €0 | €3 | €139 | ▲ 56× |
| Recurring financial income75 | - | €1 | €0 | €0 | €3 | €139 | ▲ 56× |
| Financial charges65/66B | - | - | €1,129 | €81 | €46 | €225 | ▲ 393% |
| Recurring financial charges65 | €29 | €45 | €1,129 | €81 | €46 | €225 | ▲ 393% |
| Profit (loss) for the period before taxes9903 | -€6,771 | -€1,984 | €52,084 | €35,624 | €31,852 | -€10,423 | - |
| Income taxes67/77 | - | - | €7,444 | €9,488 | €8,501 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€6,771 | -€1,984 | €44,640 | €26,135 | €23,351 | -€10,423 | - |
| Profit (loss) for the period to be appropriated9905 | -€6,771 | -€1,984 | €44,640 | €26,135 | €23,351 | -€10,423 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €217,951 | €360,637 | €357,141 | €409,856 | €460,288 | €275,232 | ▼ 40.2% |
| Formation expenses20 | €450 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €6,744 | €6,744 | €6,744 | €6,744 | €6,744 | €6,744 | = |
| Intangible fixed assets21 | - | - | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | - | - | €0 | €0 | €0 | €0 | - |
| Land and buildings22 | - | - | €0 | €0 | €0 | €0 | - |
| Plant, machinery and equipment23 | - | - | €0 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | €0 | €0 | €0 | €0 | - |
| Leasing and similar rights25 | - | - | €0 | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | €0 | €0 | €0 | €0 | - |
| Assets under construction and advance payments27 | - | - | €0 | €0 | €0 | €0 | - |
| Financial fixed assets28 | €6,744 | €6,744 | €6,744 | €6,744 | €6,744 | €6,744 | = |
| Current assets29/58 | €210,756 | €353,893 | €350,397 | €403,112 | €453,544 | €268,488 | ▼ 40.8% |
| Amounts receivable after more than one year29 | - | - | €0 | €0 | €0 | €0 | - |
| Trade receivables290 | - | - | €0 | €0 | €0 | €0 | - |
| Other amounts receivable291 | - | - | €0 | €0 | €0 | €0 | - |
| Stocks and contracts in progress3 | - | - | €0 | €0 | €0 | €0 | - |
| Stocks30/36 | - | - | €0 | €0 | €0 | €0 | - |
| Contracts in progress37 | - | - | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €206,893 | €330,351 | €347,732 | €399,594 | €451,701 | €256,100 | ▼ 43.3% |
| Trade receivables40 | - | - | €345,129 | €399,594 | €433,937 | €245,909 | ▼ 43.3% |
| Other amounts receivable41 | - | - | €2,603 | €0 | €17,764 | €10,191 | ▼ 42.6% |
| Current investments50/53 | - | - | €0 | €0 | €0 | €0 | - |
| Cash at bank and in hand54/58 | €3,863 | €23,543 | €2,666 | €3,518 | €1,842 | €12,388 | ▲ 572% |
| Deferred charges and accrued income490/1 | - | - | €0 | €0 | €0 | €0 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €217,951 | €360,637 | €357,141 | €409,856 | €460,288 | €275,232 | ▼ 40.2% |
| Equity10/15 | -€4,271 | -€6,363 | €38,277 | €64,412 | €87,763 | €77,340 | ▼ 11.9% |
| Contributions10/11 | - | - | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Revaluation surpluses12 | - | - | €0 | €0 | €0 | €0 | - |
| Reserves13 | - | - | €35,777 | €61,912 | €85,263 | €85,263 | = |
| Non-distributable reserves130/1 | - | - | €0 | €0 | €0 | €0 | - |
| Reserves not available under the articles1311 | - | - | €0 | €0 | €0 | €0 | - |
| Own shares acquired1312 | - | - | €0 | €0 | €0 | €0 | - |
| Financial assistance1313 | - | - | €0 | €0 | €0 | €0 | - |
| Other1319 | - | - | €0 | €0 | €0 | €0 | - |
| Tax-exempt reserves132 | - | - | €0 | €0 | €0 | €0 | - |
| Distributable reserves133 | - | - | €35,777 | €61,912 | €85,263 | €85,263 | = |
| Profit (loss) carried forward14 | -€6,771 | -€8,863 | €0 | €0 | €0 | -€10,423 | - |
| Investment grants15 | - | - | €0 | €0 | €0 | €0 | - |
| Advance to shareholders on the distribution of net assets19 | - | - | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | - | - | €0 | €0 | €0 | €0 | - |
| Provisions for liabilities and charges160/5 | - | - | €0 | €0 | €0 | €0 | - |
| Pensions and similar obligations160 | - | - | €0 | €0 | €0 | €0 | - |
| Taxes161 | - | - | €0 | €0 | €0 | €0 | - |
| Major repairs and maintenance162 | - | - | €0 | €0 | €0 | €0 | - |
| Environmental obligations163 | - | - | €0 | €0 | €0 | €0 | - |
| Other liabilities and charges164/5 | - | - | €0 | €0 | €0 | €0 | - |
| Deferred taxes168 | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €222,222 | €367,000 | €318,865 | €345,444 | €372,524 | €197,892 | ▼ 46.9% |
| Amounts payable after more than one year17 | - | - | €0 | €0 | €0 | €0 | - |
| Financial debts170/4 | - | - | €0 | €0 | €0 | €0 | - |
| Trade debts175 | - | - | €0 | €0 | €0 | €0 | - |
| Advances received on contracts in progress176 | - | - | €0 | €0 | €0 | €0 | - |
| Other amounts payable178/9 | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable within one year42/48 | €222,222 | €367,000 | €318,865 | €345,444 | €372,524 | €197,892 | ▼ 46.9% |
| Current portion of amounts payable after more than one year42 | - | - | €0 | €0 | €0 | €0 | - |
| Financial debts43 | - | - | €0 | €0 | €0 | €0 | - |
| Credit institutions430/8 | - | - | €0 | €0 | €0 | €0 | - |
| Other loans439 | - | - | €0 | €0 | €0 | €0 | - |
| Trade debts44 | €66,510 | €212,200 | €156,621 | €185,107 | €208,790 | €187,486 | ▼ 10.2% |
| Suppliers440/4 | - | - | €156,621 | €185,107 | €208,790 | €187,486 | ▼ 10.2% |
| Bills of exchange payable441 | - | - | €0 | €0 | €0 | €0 | - |
| Advances received on contracts in progress46 | - | - | €0 | €0 | €0 | €0 | - |
| Taxes, remuneration and social security45 | - | - | €7,444 | €5,537 | €8,934 | €0 | ▼ 100% |
| Taxes450/3 | - | - | €7,444 | €5,537 | €8,934 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | €0 | €0 | €0 | €0 | - |
| Other amounts payable47/48 | - | - | €154,800 | €154,800 | €154,800 | €10,406 | ▼ 93.3% |
| Accrued charges and deferred income492/3 | - | - | €0 | €0 | €0 | €0 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,771 | -€1,984 | €44,640 | €26,135 | €23,351 | -€10,423 | - |
| + Depreciation and write-downs630 | €1,578 | €450 | €0 | €0 | €0 | €0 | - |
| Operating cash flow (approximation) | -€5,194 | -€1,533 | €44,640 | €26,135 | €23,351 | -€10,423 | - |
| Investment in fixed assets (approximation) | - | -€450 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €19,680 | -€20,877 | €853 | -€1,676 | €10,546 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,548 companies had the same profile as MORIS has now. Two years later, 91.3% were still going and 4.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
91.3%
was still going
3.9%
stopped otherwise
4.3%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MORIS itself: 1.4% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,548 companies, not a prediction for MORIS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00026725 | |
| 30-06-2024 | micro format | 13-02-2025 | 2025-00033949 | |
| 30-06-2023 | micro format | 19-03-2024 | 2024-00045593 | |
| 30-06-2022 | micro format | 27-02-2023 | 2023-00031471 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-06700141 | |
| 30-06-2020 | micro format | 18-02-2021 | 2021-05600358 |