LA MORHETTE: 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.
LA MORHETTE
Largest movements
- Tangible fixed assets -€7,187
down €7,187 (-19.3%), from €37,189 to €30,002
of which Plant, machinery and equipment: -€7,067
- Cash -€2,805
down €2,805 (-33.0%), from €8,491 to €5,685
mainly Debts after one year (-€9,736) and Other debts (-€1,844)
- Receivables within one year -€1,372
down €1,372 (-48.6%), from €2,826 to €1,454
of which Trade receivables: -€1,225
- Formation expenses -€931
no longer reported in 2025 (was €931)
- Stocks and contracts +€878
up €878 (+3.8%), from €23,225 to €24,104
- Debts after one year -€9,736
down €9,736 (-46.1%), from €21,105 to €11,368
- Tax, wage and social debts +€2,426
new in 2025: €2,426
- Other debts -€1,844
down €1,844 (-6.6%), from €27,784 to €25,940
- Trade debts -€1,783
down €1,783 (-89.1%), from €2,002 to €218
- Gross operating margin +€7,282
up €7,282 (+158%), from €4,601 to €11,883
- Depreciation +€6,688
up €6,688 (+409%), from €1,636 to €8,324
- Financial charges +€2,642
up €2,642 (+325%), from €812 to €3,454
- Taxes +€301
new in 2025: €301
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 | €76,277 | €65,305 | -€10,972 | -14.4% |
| Formation expenses | 20 | €931 | - | -€931 | |
| Fixed assets | 21/28 | €38,766 | €31,974 | -€6,793 | -17.5% |
| Intangible fixed assets | 21 | €577 | €972 | +€394 | +68.3% |
| Tangible fixed assets | 22/27 | €37,189 | €30,002 | -€7,187 | -19.3% |
| Land and buildings | 22 | €577 | €457 | -€120 | -20.8% |
| Plant, machinery and equipment | 23 | €36,612 | €29,545 | -€7,067 | -19.3% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €36,579 | €33,331 | -€3,248 | -8.9% |
| Stocks and contracts in progress | 3 | €23,225 | €24,104 | +€878 | +3.8% |
| Stocks | 30/36 | €23,225 | €24,104 | +€878 | +3.8% |
| Amounts receivable within one year | 40/41 | €2,826 | €1,454 | -€1,372 | -48.6% |
| Trade receivables | 40 | €2,679 | €1,454 | -€1,225 | -45.7% |
| Other amounts receivable | 41 | €147 | - | -€147 | |
| Cash at bank and in hand | 54/58 | €8,491 | €5,685 | -€2,805 | -33.0% |
| Deferred charges and accrued income | 490/1 | €2,037 | €2,088 | +€52 | +2.5% |
| Total equity and liabilities | 10/49 | €76,277 | €65,305 | -€10,972 | -14.4% |
| Equity | 10/15 | €14,799 | €14,460 | -€339 | -2.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€201 | -€540 | -€339 | -169% |
| Amounts payable | 17/49 | €61,477 | €50,845 | -€10,633 | -17.3% |
| Amounts payable after more than one year | 17 | €21,105 | €11,368 | -€9,736 | -46.1% |
| Financial debts | 170/4 | €21,105 | €11,368 | -€9,736 | -46.1% |
| Amounts payable within one year | 42/48 | €39,167 | €38,321 | -€846 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €9,381 | €9,736 | +€355 | +3.8% |
| Trade debts | 44 | €2,002 | €218 | -€1,783 | -89.1% |
| Suppliers | 440/4 | €2,002 | €218 | -€1,783 | -89.1% |
| Taxes, remuneration and social security | 45 | - | €2,426 | +€2,426 | |
| Taxes | 450/3 | - | €2,426 | +€2,426 | |
| Other amounts payable | 47/48 | €27,784 | €25,940 | -€1,844 | -6.6% |
| Accrued charges and deferred income | 492/3 | €1,206 | €1,155 | -€50 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,636 | €8,324 | +€6,688 | +409% |
| Other operating charges | 640/8 | €149 | €149 | = | 0.0% |
| Gross operating margin | 9900 | €4,601 | €11,883 | +€7,282 | +158% |
| Operating profit (loss) | 9901 | €2,816 | €3,411 | +€594 | +21.1% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €812 | €3,454 | +€2,642 | +325% |
| Recurring financial charges | 65 | €812 | €3,454 | +€2,642 | +325% |
| Profit (loss) for the period before taxes | 9903 | €2,004 | -€38 | -€2,042 | |
| Income taxes | 67/77 | - | €301 | +€301 | |
| Profit (loss) for the period | 9904 | €2,004 | -€339 | -€2,343 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,004 | -€339 | -€2,343 |
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 22 October 2026 via checked.be.