Morrow (0656.997.628): annual accounts, directors and company register

Morrow

Ghent ·KBO/BCE: BE 0656.997.628

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

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%

Company
Morrow Ghent	€2.7m	-€884,562	67.4%	17.2
Schaeffler Aerosint Herstal	€2.9m	-€188,133	-187.8%	17.4
Spectricity Mechelen	€4.8m	-€621,451	-218.1%	22.6
IPee Antwerp	€4.4m	-€76,288	9.4%	12.3
QPINCH Antwerp	€1.6m	-€140,445	-12.5%	9.5
Green Energy Park Asse	€3.8m	-€629,200	-88.2%	8.6
Minze Antwerp	€6.0m	-€196,692	86.3%	13.4

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017
Balance sheet: assets
`20/58`	2.7m	3.1m	4.5m	10.0m	4.3m	4.3m	5.8m	4.7m	1.4m
`20`	-	-	-	-	-	-	-	2,625	7,575
`21/28`	1.0m	1.9m	2.8m	3.1m	3.5m	1.8m	881,235	757,956	353,703
`21`	591,130	1.2m	1.8m	2.1m	2.6m	1.1m	499,156	633,637	331,270
`22/27`	448,977	693,330	1.0m	946,563	881,147	696,886	382,079	124,219	22,333
`23`	435,164	678,085	1.0m	752,259	860,308	630,436	382,079	124,219	22,333
`24`	7,199	6,746	7,423	10,389	2,359	-	-	-	-
`26`	6,614	8,498	14,542	11,319	18,480	-	-	-	-
`27`	-	-	0	172,596	0	66,451	-	-	-
`28`	445	5,630	5,630	5,335	-	-	-	100	100
`29/58`	1.6m	1.2m	1.7m	6.9m	789,354	2.5m	4.9m	4.0m	1.1m
`29`	25,740	130,860	-	-	-	-	-	100,000	-
`291`	25,740	130,860	-	-	-	-	-	100,000	-
`3`	377,214	406,464	398,042	613,122	241,173	117,422	84,598	-	-
`30/36`	377,214	406,464	398,042	613,122	241,173	117,422	84,598	-	-
`40/41`	224,797	254,416	411,126	249,391	442,503	170,795	247,574	621,251	570,653
`40`	34,681	42,075	43,533	106,157	169,897	75,049	48,013	-	-
`41`	190,116	212,341	367,593	143,233	272,606	95,746	199,561	621,251	570,653
`54/58`	983,039	378,836	822,002	6.0m	94,535	2.2m	4.5m	3.2m	512,060
`490/1`	25,339	47,021	25,950	14,671	11,143	273	7,418	1,454	-
Balance sheet: equity and liabilities
`10/49`	2.7m	3.1m	4.5m	10.0m	4.3m	4.3m	5.8m	4.7m	1.4m
`10/15`	1.8m	2.0m	3.7m	8.8m	-1.4m	995,805	4.9m	4.1m	1.1m
`10/11`	6.8m	25.3m	20.3m	20.3m	5.2m	5.2m	5.2m	3.5m	1.8m
`10`	6.8m	11.5m	8.9m	8.9m	5.2m	-	-	-	-
`100`	6.8m	11.5m	8.9m	8.9m	5.2m	5.2m	5.2m	3.5m	1.8m
`11`	0	13.8m	11.4m	11.4m	-	0	5.6m	2.8m	-
`1100/10`	0	13.8m	11.4m	11.4m	-	0	5.6m	2.8m	-
`14`	-5.0m	-23.3m	-16.6m	-11.5m	-6.6m	-4.2m	-5.8m	-2.1m	-704,118
`17/49`	872,387	1.2m	815,675	1.2m	5.8m	3.3m	838,588	582,813	386,609
`17`	-	-	-	0	4.8m	2.6m	-	-	-
`170/4`	-	-	-	0	4.8m	2.6m	-	-	-
`42/48`	872,387	916,457	815,675	1.2m	1.0m	610,956	720,083	173,805	171,477
`44`	630,667	477,909	531,499	932,345	845,490	480,569	621,440	127,829	134,483
`440/4`	630,667	477,909	531,499	932,345	845,490	480,569	621,440	127,829	134,483
`45`	241,720	438,547	284,177	246,473	155,835	130,387	98,643	45,714	35,834
`450/3`	0	167,724	3,462	1,032	487	5,176	-	10,063	-
`454/9`	241,720	270,823	280,715	245,441	155,348	125,211	98,643	35,651	35,834
`47/48`	-	-	-	-	-	-	-	262	1,160
`492/3`	0	253,261	0	12,997	4,711	12,043	118,505	409,008	215,132
Income statement
`76A`	41,606	0	5,959	0	1,113	-	-	-	-
`9900`	-884,562	-3.4m	-1.8m	-2.2m	-130,957	-2.2m	-2.6m	-679,667	-209,912
`62`	1.7m	2.1m	2.3m	1.5m	1.3m	1.3m	881,714	496,689	333,577
`630`	1.6m	1.1m	1.1m	1.0m	788,752	427,424	272,950	236,937	156,387
`631/4`	-	0	-5,684	7,495	0	16,796	-	-	-
`640/8`	2,117	165,515	1,092	990	1,054	1,896	4,705	478	1,587
`9901`	-4.2m	-6.7m	-5.1m	-4.8m	-2.2m	-3.9m	-3.7m	-1.4m	-701,463
`75/76B`	269	11,942	32,891	16,468	3,125	6,367	15,999	682	29
`75`	269	11,942	32,891	16,468	3,125	6,367	15,999	682	29
`65/66B`	20,570	12,903	16,124	160,414	197,427	20,364	9,593	903	2,684
`65`	20,570	12,903	16,124	160,414	197,427	20,364	9,593	903	2,684
`9903`	-4.2m	-6.7m	-5.1m	-4.9m	-2.4m	-3.9m	-3.7m	-1.4m	-704,118
`67/77`	-25,740	4,402	3,461	907	-	-	-	-	-
`9904`	-4.2m	-6.7m	-5.1m	-4.9m	-2.4m	-3.9m	-3.7m	-1.4m	-704,118
`9905`	-4.2m	-6.7m	-5.1m	-4.9m	-2.4m	-3.9m	-3.7m	-1.4m	-704,118
Appropriation of the result
`9906`	-5.0m	-23.3m	-16.6m	-11.5m	-6.6m	-9.8m	-5.8m	-2.1m	-704,118
`14P`	-832,043	-16.6m	-11.5m	-6.6m	-4.2m	-	-	-	-
`791/2`	-	-	-	-	0	5.6m	-	-	-
Social balance sheet
`9087`	17.2	20	24.4	18.1	17.9	16.7	10.3	5.3	2.6
Hours worked`1013`	29,489	32,944	37,716	29,125	31,154	29,936	19,395	10,290	7,590
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	20-07-2026	2026-00314375	PDF
31-12-2024	abbreviated format	20-06-2025	2025-00176117	PDF
31-12-2023	abbreviated format	05-07-2024	2024-00227530	PDF
31-12-2022	abbreviated format	20-07-2023	2023-00259133	PDF
31-12-2021	abbreviated format	04-08-2022	2022-20273861	PDF
31-12-2020	micro format	24-06-2021	2021-26000530	PDF
31-12-2019	micro format	08-07-2020	2020-28300306	PDF
31-12-2018	micro format	24-06-2019	2019-23200189	PDF
31-12-2017	micro format	29-08-2018	2018-54100124	PDF

2025	2024	2023	2022	2021	2020	2019	2018	2017
-2.5m	-5.6m	-4.0m	-3.7m	-1.5m	-3.5m	-3.5m	-1.2m	-545,076
-2.5m	-5.6m	-4.0m	-3.9m	-1.6m	-3.5m	-3.5m	-1.2m	-547,731
782,242	203,581	830,329	561,709	2.6m	1.3m	393,705	636,240	502,665
604,203	-443,166	-5.2m	5.9m	-2.1m	-2.3m	1.3m	2.7m	-
763,741	301,139	841,444	5.7m	-211,971	1.9m	4.1m	3.8m	911,236
67.4%	62.8%	81.8%	88.1%	-33.4%	23.4%	85.4%	87.7%	73.2%
1.88	1.33	2.03	5.84	0.79	4.09	6.76	22.82	6.31
1.44	0.89	1.54	5.32	0.55	3.89	6.64	22.82	6.31
0.48	0.59	0.22	0.14	-	3.27	0.17	0.14	0.37
-231.4%	-339.1%	-139.4%	-55.7%	-	-393.3%	-76.0%	-34.1%	-66.6%
-156.0%	-212.9%	-114.1%	-49.1%	-56.5%	-92.0%	-64.9%	-29.9%	-48.8%
-123.70	-432.84	-250.89	-23.35	-7.37	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	16	17	26	22	18
full-time	16	16	24	20	18
part-time	0	1	2	2	0
in full-time equivalents	16	16.8	25.6	21.4	18
	17.2	20	24.4	18.1	17.9
On a permanent contract	16	17	26	22	18
Joined	6	8	11	7	5
Left	7	17	7	3	4
Training hours	8	192	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€61,873	€32,969	€472,688	€358,669	€466,959
Intangible fixed assets	€720,369	€170,419	€357,026	€197,705	€2.2m
Financial fixed assets	€0	€192	€615	€5,335	-
	€1.6m	€1.1m	€1.1m	€1.0m	€788,752

ETHERNA IMMUNOTHERAPIES establishment since 23-01-2013 · founded in 2013 · negative equity (2025)	52 FTE (2025) 0502.703.389
B4Plastics establishment since 25-11-2024 · founded in 2014	20 FTE (2025) 0544.878.395
KYTOS establishment since 28-05-2021 · founded in 2021	3.3 FTE (2025) 0768.755.286
Universiteit Gent establishment since 01-06-2021	founded in 1991 0248.015.142

Year	Entries	Awarded	Paid
2025	1	€0	€7,488
2024	1	€7,488	€0

Overview

Lifetime

Key points

Equity

Losses

Staff

Liquidity

Filings

Position in the sector

Checked score

Score breakdown

Comparable companies, two years later

Credit verdict

Signals

Board and ownership

Recent changes

Comparable companies

Official details

Annual accounts 2025

Insights on Morrow

Financials

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency67.4%

Current ratio1.88

Return on assets-156.0%

Staff

Staff cost per FTE€96,388

Joined and left-1 person

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2024 to 2025, 2 entries, €7,488 awarded, €7,488 paid

European Union 1 project, €253,261 EU contribution

Projects

Key figures and ratios

Social balance sheet

Investments

Insights on Morrow

Board & ownership

Board

Mandates through the years

Control

Capital

Owners through the years

Articles of association

Shareholders

Owners 3

Capital transactions

The directors' other companies

Network & group

No group

At the same address

Earlier ties

Connections & network

Timeline

Timeline

History

Company details

Identity

Activities

Registered office and establishments

Buildings and parcels at the address

Location

Parcels

in €m

in €m

67.4%

1.88

-156.0%

€96,388

-1 person