JOS MORREN: what changed
Two fiscal 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.
JOS MORREN
Largest movements
- Receivables within one year -€18,949
down €18,949 (-92.5%), from €20,475 to €1,526
of which Trade receivables: -€16,370
- Tangible fixed assets -€13,267
down €13,267 (-3.9%), from €340,695 to €327,428
of which Plant, machinery and equipment: -€13,267
- Deferred charges and accrued income -€9,198
down €9,198 (-39.1%), from €23,548 to €14,350
- Cash +€5,030
up €5,030 (+11.6%), from €43,343 to €48,373
mainly Depreciation (+€22,087) and Receivables within one year (+€18,949)
- Trade debts -€37,832
down €37,832 (-73.9%), from €51,228 to €13,396
- Gross operating margin +€12,346
up €12,346 (+95.5%), from €12,923 to €25,268
- Depreciation +€6,452
up €6,452 (+41.3%), from €15,635 to €22,087
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.
Cash bridge derived
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 | €435,710 | €402,767 | -€32,943 | -7.6% |
| Fixed assets | 21/28 | €348,345 | €338,518 | -€9,827 | -2.8% |
| Intangible fixed assets | 21 | €7,650 | €11,089 | +€3,439 | +45.0% |
| Tangible fixed assets | 22/27 | €340,695 | €327,428 | -€13,267 | -3.9% |
| Land and buildings | 22 | €198,742 | €198,742 | = | 0.0% |
| Plant, machinery and equipment | 23 | €141,953 | €128,687 | -€13,267 | -9.3% |
| Current assets | 29/58 | €87,365 | €64,249 | -€23,116 | -26.5% |
| Amounts receivable within one year | 40/41 | €20,475 | €1,526 | -€18,949 | -92.5% |
| Trade receivables | 40 | €17,826 | €1,456 | -€16,370 | -91.8% |
| Other amounts receivable | 41 | €2,649 | €70 | -€2,579 | -97.3% |
| Cash at bank and in hand | 54/58 | €43,343 | €48,373 | +€5,030 | +11.6% |
| Deferred charges and accrued income | 490/1 | €23,548 | €14,350 | -€9,198 | -39.1% |
| Total equity and liabilities | 10/49 | €435,710 | €402,767 | -€32,943 | -7.6% |
| Equity | 10/15 | €357,275 | €358,672 | +€1,397 | +0.4% |
| Contributions | 10/11 | €119,341 | €119,341 | = | 0.0% |
| Capital | 10 | €119,341 | €119,341 | = | 0.0% |
| Issued capital | 100 | €119,341 | €119,341 | = | 0.0% |
| Reserves | 13 | €149,251 | €149,251 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,934 | €11,934 | = | 0.0% |
| Legal reserve | 130 | €11,934 | €11,934 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,361 | €8,361 | = | 0.0% |
| Distributable reserves | 133 | €128,956 | €128,956 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,682 | €90,079 | +€1,397 | +1.6% |
| Amounts payable | 17/49 | €78,435 | €44,095 | -€34,340 | -43.8% |
| Amounts payable within one year | 42/48 | €53,252 | €19,086 | -€34,166 | -64.2% |
| Trade debts | 44 | €51,228 | €13,396 | -€37,832 | -73.9% |
| Suppliers | 440/4 | €51,228 | €13,396 | -€37,832 | -73.9% |
| Taxes, remuneration and social security | 45 | €0 | €3,269 | +€3,269 | |
| Taxes | 450/3 | €0 | €3,269 | +€3,269 | |
| Other amounts payable | 47/48 | €2,024 | €2,421 | +€397 | +19.6% |
| Accrued charges and deferred income | 492/3 | €25,184 | €25,010 | -€174 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,635 | €22,087 | +€6,452 | +41.3% |
| Other operating charges | 640/8 | €1,733 | €1,773 | +€40 | +2.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €12,923 | €25,268 | +€12,346 | +95.5% |
| Operating profit (loss) | 9901 | -€4,446 | €1,408 | +€5,854 | |
| Financial income | 75/76B | €247 | €235 | -€12 | -5.0% |
| Recurring financial income | 75 | €247 | €235 | -€12 | -5.0% |
| Financial charges | 65/66B | €231 | €246 | +€16 | +6.9% |
| Recurring financial charges | 65 | €231 | €246 | +€16 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,429 | €1,397 | +€5,826 | |
| Profit (loss) for the period | 9904 | -€4,429 | €1,397 | +€5,826 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,429 | €1,397 | +€5,826 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.