LUC MORJAEU: 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.
LUC MORJAEU
Largest movements
- Cash -€8,526
down €8,526 (-5.4%), from €158,235 to €149,709
mainly Net result for the year (-€15,132) and Receivables within one year (-€5,115)
- Tangible fixed assets -€7,412
down €7,412 (-37.2%), from €19,950 to €12,538
- Receivables within one year +€5,115
up €5,115 (+53.1%), from €9,630 to €14,745
of which Trade receivables: +€8,601
- Receivables after one year -€2,628
down €2,628 (-9.5%), from €27,620 to €24,992
- Reserves -€15,132
down €15,132 (-8.9%), from €170,528 to €155,397
of which Distributable reserves: -€15,132
- Tax, wage and social debts +€3,342
new in 2025: €3,342
- Gross operating margin +€2,745
up €2,745 (+28.6%), from -€9,583 to -€6,838
- Taxes +€1,373
up €1,373 (+638%), from €215 to €1,589
- Depreciation -€787
down €787 (-9.6%), from €8,199 to €7,412
- Financial income +€321
up €321 (+45.3%), from €710 to €1,031
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 | €215,435 | €201,984 | -€13,451 | -6.2% |
| Fixed assets | 21/28 | €19,950 | €12,538 | -€7,412 | -37.2% |
| Tangible fixed assets | 22/27 | €19,950 | €12,538 | -€7,412 | -37.2% |
| Furniture and vehicles | 24 | €19,950 | €12,538 | -€7,412 | -37.2% |
| Current assets | 29/58 | €195,485 | €189,446 | -€6,039 | -3.1% |
| Amounts receivable after more than one year | 29 | €27,620 | €24,992 | -€2,628 | -9.5% |
| Other amounts receivable | 291 | €27,620 | €24,992 | -€2,628 | -9.5% |
| Amounts receivable within one year | 40/41 | €9,630 | €14,745 | +€5,115 | +53.1% |
| Trade receivables | 40 | €3,601 | €12,202 | +€8,601 | +239% |
| Other amounts receivable | 41 | €6,029 | €2,542 | -€3,487 | -57.8% |
| Cash at bank and in hand | 54/58 | €158,235 | €149,709 | -€8,526 | -5.4% |
| Total equity and liabilities | 10/49 | €215,435 | €201,984 | -€13,451 | -6.2% |
| Equity | 10/15 | €190,528 | €175,397 | -€15,132 | -7.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €170,528 | €155,397 | -€15,132 | -8.9% |
| Non-distributable reserves | 130/1 | €3,300 | €3,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,300 | €3,300 | = | 0.0% |
| Distributable reserves | 133 | €167,228 | €152,097 | -€15,132 | -9.0% |
| Amounts payable | 17/49 | €24,907 | €26,588 | +€1,681 | +6.7% |
| Amounts payable within one year | 42/48 | €24,907 | €26,588 | +€1,681 | +6.7% |
| Trade debts | 44 | €2,114 | €436 | -€1,677 | -79.4% |
| Suppliers | 440/4 | €2,114 | €436 | -€1,677 | -79.4% |
| Taxes, remuneration and social security | 45 | - | €3,342 | +€3,342 | |
| Taxes | 450/3 | - | €3,342 | +€3,342 | |
| Other amounts payable | 47/48 | €22,793 | €22,809 | +€16 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,199 | €7,412 | -€787 | -9.6% |
| Other operating charges | 640/8 | €183 | €183 | +€0 | +0.2% |
| Gross operating margin | 9900 | -€9,583 | -€6,838 | +€2,745 | +28.6% |
| Operating profit (loss) | 9901 | -€17,965 | -€14,433 | +€3,532 | +19.7% |
| Financial income | 75/76B | €710 | €1,031 | +€321 | +45.3% |
| Recurring financial income | 75 | €710 | €1,031 | +€321 | +45.3% |
| Financial charges | 65/66B | €193 | €140 | -€52 | -27.1% |
| Recurring financial charges | 65 | €193 | €140 | -€52 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | -€17,448 | -€13,543 | +€3,905 | +22.4% |
| Income taxes | 67/77 | €215 | €1,589 | +€1,373 | +638% |
| Profit (loss) for the period | 9904 | -€17,664 | -€15,132 | +€2,532 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,664 | -€15,132 | +€2,532 | +14.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.