CICLO MORELLO: 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.
CICLO MORELLO
Largest movements
- Stocks and contracts -€10,867
down €10,867 (-8.9%), from €121,601 to €110,734
- Receivables within one year -€4,459
down €4,459 (-28.9%), from €15,432 to €10,973
of which Trade receivables: -€4,828
- Reserves -€8,206
down €8,206 (-36.1%), from €22,715 to €14,509
- Tax, wage and social debts -€3,466
down €3,466 (-26.7%), from €12,961 to €9,495
of which Remuneration and social security: -€2,294
- Debts after one year -€2,993
down €2,993 (-31.8%), from €9,423 to €6,430
- Trade debts -€1,984
down €1,984 (-8.0%), from €24,803 to €22,819
- Gross operating margin -€9,359
down €9,359 (-52.3%), from €17,892 to €8,533
- Write-downs +€8,944
new in 2025: €8,944
- Other operating charges +€1,124
up €1,124 (+180%), from €625 to €1,749
- Financial charges -€499
down €499 (-7.2%), from €6,946 to €6,447
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 | €147,276 | €130,735 | -€16,541 | -11.2% |
| Fixed assets | 21/28 | €2,646 | €1,884 | -€762 | -28.8% |
| Tangible fixed assets | 22/27 | €2,286 | €1,524 | -€762 | -33.3% |
| Furniture and vehicles | 24 | €2,286 | €1,524 | -€762 | -33.3% |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €144,630 | €128,851 | -€15,779 | -10.9% |
| Stocks and contracts in progress | 3 | €121,601 | €110,734 | -€10,867 | -8.9% |
| Stocks | 30/36 | €121,601 | €110,734 | -€10,867 | -8.9% |
| Amounts receivable within one year | 40/41 | €15,432 | €10,973 | -€4,459 | -28.9% |
| Trade receivables | 40 | €5,235 | €407 | -€4,828 | -92.2% |
| Other amounts receivable | 41 | €10,197 | €10,566 | +€370 | +3.6% |
| Cash at bank and in hand | 54/58 | €7,247 | €7,144 | -€103 | -1.4% |
| Deferred charges and accrued income | 490/1 | €351 | €0 | -€351 | -100% |
| Total equity and liabilities | 10/49 | €147,276 | €130,735 | -€16,541 | -11.2% |
| Equity | 10/15 | €41,315 | €33,109 | -€8,206 | -19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,715 | €14,509 | -€8,206 | -36.1% |
| Distributable reserves | 133 | €22,715 | €14,509 | -€8,206 | -36.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €105,961 | €97,626 | -€8,335 | -7.9% |
| Amounts payable after more than one year | 17 | €9,423 | €6,430 | -€2,993 | -31.8% |
| Financial debts | 170/4 | €9,423 | €6,430 | -€2,993 | -31.8% |
| Amounts payable within one year | 42/48 | €94,982 | €89,136 | -€5,846 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €2,854 | €2,993 | +€139 | +4.9% |
| Financial debts | 43 | €54,364 | €53,829 | -€535 | -1.0% |
| Credit institutions | 430/8 | €54,364 | €53,829 | -€535 | -1.0% |
| Trade debts | 44 | €24,803 | €22,819 | -€1,984 | -8.0% |
| Suppliers | 440/4 | €24,803 | €22,819 | -€1,984 | -8.0% |
| Taxes, remuneration and social security | 45 | €12,961 | €9,495 | -€3,466 | -26.7% |
| Taxes | 450/3 | €10,668 | €9,495 | -€1,173 | -11.0% |
| Remuneration and social security | 454/9 | €2,294 | €0 | -€2,294 | -100% |
| Accrued charges and deferred income | 492/3 | €1,556 | €2,060 | +€504 | +32.4% |
| Non-recurring operating income | 76A | €15,794 | €0 | -€15,794 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €762 | €762 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,944 | +€8,944 | |
| Other operating charges | 640/8 | €625 | €1,749 | +€1,124 | +180% |
| Non-recurring operating charges | 66A | €9,942 | €0 | -€9,942 | -100% |
| Gross operating margin | 9900 | €17,892 | €8,533 | -€9,359 | -52.3% |
| Operating profit (loss) | 9901 | €6,563 | -€2,922 | -€9,485 | |
| Financial income | 75/76B | €1,066 | €1,163 | +€97 | +9.1% |
| Recurring financial income | 75 | €1,066 | €1,163 | +€97 | +9.1% |
| Financial charges | 65/66B | €6,946 | €6,447 | -€499 | -7.2% |
| Recurring financial charges | 65 | €6,946 | €6,447 | -€499 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €683 | -€8,206 | -€8,889 | |
| Income taxes | 67/77 | €162 | €0 | -€162 | -100% |
| Profit (loss) for the period | 9904 | €521 | -€8,206 | -€8,728 | |
| Profit (loss) for the period to be appropriated | 9905 | €521 | -€8,206 | -€8,728 |
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 20 October 2026 via checked.be.