ETS Morphée: 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.
ETS Morphée
Largest movements
- Cash +€7,118
up €7,118 (+98.5%), from €7,227 to €14,345
mainly Net result for the year (+€2,821) and Tax, wage and social debts (+€2,586)
- Receivables within one year +€5,468
up €5,468 (+63.6%), from €8,596 to €14,064
of which Trade receivables: +€4,699
- Tangible fixed assets -€1,772
down €1,772 (-42.2%), from €4,197 to €2,425
- Deferred charges and accrued income -€909
down €909 (-45.4%), from €2,005 to €1,095
- Profit (loss) carried forward +€2,821
up €2,821 (+82.3%), from €3,428 to €6,249
- Tax, wage and social debts +€2,586
up €2,586 (+93.6%), from €2,763 to €5,349
of which Remuneration and social security: +€1,414
- Other debts +€2,460
up €2,460 (+65.6%), from €3,751 to €6,211
- Trade debts +€1,998
up €1,998 (+131%), from €1,525 to €3,523
- Gross operating margin -€2,894
down €2,894 (-8.5%), from €34,138 to €31,244
- Staff costs +€1,416
up €1,416 (+6.3%), from €22,588 to €24,003
- Taxes +€703
up €703 (+134%), from €524 to €1,226
- Depreciation -€467
down €467 (-20.8%), from €2,239 to €1,772
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 | €23,667 | €33,682 | +€10,015 | +42.3% |
| Fixed assets | 21/28 | €4,856 | €3,084 | -€1,772 | -36.5% |
| Tangible fixed assets | 22/27 | €4,197 | €2,425 | -€1,772 | -42.2% |
| Plant, machinery and equipment | 23 | €4,197 | €2,425 | -€1,772 | -42.2% |
| Financial fixed assets | 28 | €659 | €659 | = | 0.0% |
| Current assets | 29/58 | €18,811 | €30,598 | +€11,787 | +62.7% |
| Stocks and contracts in progress | 3 | €984 | €1,094 | +€111 | +11.2% |
| Stocks | 30/36 | €984 | €1,094 | +€111 | +11.2% |
| Amounts receivable within one year | 40/41 | €8,596 | €14,064 | +€5,468 | +63.6% |
| Trade receivables | 40 | €8,592 | €13,291 | +€4,699 | +54.7% |
| Other amounts receivable | 41 | €5 | €774 | +€769 | +17,052% |
| Cash at bank and in hand | 54/58 | €7,227 | €14,345 | +€7,118 | +98.5% |
| Deferred charges and accrued income | 490/1 | €2,005 | €1,095 | -€909 | -45.4% |
| Total equity and liabilities | 10/49 | €23,667 | €33,682 | +€10,015 | +42.3% |
| Equity | 10/15 | €15,628 | €18,449 | +€2,821 | +18.0% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Capital | 10 | €12,200 | €12,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,400 | €6,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,428 | €6,249 | +€2,821 | +82.3% |
| Amounts payable | 17/49 | €8,039 | €15,233 | +€7,194 | +89.5% |
| Amounts payable within one year | 42/48 | €8,039 | €15,083 | +€7,044 | +87.6% |
| Trade debts | 44 | €1,525 | €3,523 | +€1,998 | +131% |
| Suppliers | 440/4 | €1,525 | €3,523 | +€1,998 | +131% |
| Taxes, remuneration and social security | 45 | €2,763 | €5,349 | +€2,586 | +93.6% |
| Taxes | 450/3 | €1,960 | €3,132 | +€1,172 | +59.8% |
| Remuneration and social security | 454/9 | €803 | €2,217 | +€1,414 | +176% |
| Other amounts payable | 47/48 | €3,751 | €6,211 | +€2,460 | +65.6% |
| Accrued charges and deferred income | 492/3 | - | €150 | +€150 | |
| Non-recurring operating income | 76A | €466 | €80 | -€386 | -82.8% |
| Remuneration, social security and pensions | 62 | €22,588 | €24,003 | +€1,416 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,239 | €1,772 | -€467 | -20.8% |
| Other operating charges | 640/8 | €1,063 | €1,162 | +€98 | +9.2% |
| Gross operating margin | 9900 | €34,138 | €31,244 | -€2,894 | -8.5% |
| Operating profit (loss) | 9901 | €8,248 | €4,307 | -€3,941 | -47.8% |
| Financial income | 75/76B | €2 | €10 | +€8 | +540% |
| Recurring financial income | 75 | €2 | €10 | +€8 | +540% |
| Financial charges | 65/66B | €233 | €269 | +€36 | +15.7% |
| Recurring financial charges | 65 | €233 | €269 | +€36 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €8,016 | €4,047 | -€3,969 | -49.5% |
| Income taxes | 67/77 | €524 | €1,226 | +€703 | +134% |
| Profit (loss) for the period | 9904 | €7,493 | €2,821 | -€4,672 | -62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,493 | €2,821 | -€4,672 | -62.4% |
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 17 October 2026 via checked.be.