MARY MORGAN: 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.
MARY MORGAN
Largest movements
- Receivables within one year +€74,509
up €74,509 (+340%), from €21,900 to €96,410
of which Trade receivables: +€71,569
- Cash +€17,002
up €17,002 (+7.0%), from €241,237 to €258,239
mainly Net result for the year (+€52,593) and Advances received (+€35,158)
- Reserves +€40,578
up €40,578 (+38.5%), from €105,492 to €146,069
- Advances received +€35,158
up €35,158 (+34.1%), from €103,188 to €138,346
- Tax, wage and social debts +€27,280
up €27,280 (+45.8%), from €59,537 to €86,817
of which Taxes: +€15,606
- Other debts -€15,777
no longer reported in 2025 (was €15,777)
- Trade debts +€12,729
up €12,729 (+41.8%), from €30,460 to €43,188
- Staff costs +€5,202
up €5,202 (+5.3%), from €97,679 to €102,881
- Financial charges -€2,950
down €2,950 (-26.1%), from €11,294 to €8,344
- Taxes +€2,605
up €2,605 (+9.6%), from €27,050 to €29,655
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 | €353,506 | €448,351 | +€94,844 | +26.8% |
| Fixed assets | 21/28 | €88,949 | €88,816 | -€133 | -0.1% |
| Tangible fixed assets | 22/27 | €88,949 | €88,816 | -€133 | -0.1% |
| Plant, machinery and equipment | 23 | €64,370 | €61,190 | -€3,180 | -4.9% |
| Furniture and vehicles | 24 | €24,579 | €27,626 | +€3,047 | +12.4% |
| Current assets | 29/58 | €264,557 | €359,535 | +€94,978 | +35.9% |
| Amounts receivable within one year | 40/41 | €21,900 | €96,410 | +€74,509 | +340% |
| Trade receivables | 40 | €21,900 | €93,470 | +€71,569 | +327% |
| Other amounts receivable | 41 | - | €2,940 | +€2,940 | |
| Cash at bank and in hand | 54/58 | €241,237 | €258,239 | +€17,002 | +7.0% |
| Deferred charges and accrued income | 490/1 | €1,419 | €4,886 | +€3,467 | +244% |
| Total equity and liabilities | 10/49 | €353,506 | €448,351 | +€94,844 | +26.8% |
| Equity | 10/15 | €105,492 | €146,069 | +€40,578 | +38.5% |
| Reserves | 13 | €105,492 | €146,069 | +€40,578 | +38.5% |
| Distributable reserves | 133 | €105,492 | €146,069 | +€40,578 | +38.5% |
| Amounts payable | 17/49 | €248,015 | €302,281 | +€54,267 | +21.9% |
| Amounts payable after more than one year | 17 | €26,411 | €18,491 | -€7,920 | -30.0% |
| Financial debts | 170/4 | €26,411 | €18,491 | -€7,920 | -30.0% |
| Amounts payable within one year | 42/48 | €219,254 | €282,388 | +€63,134 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €10,291 | €14,036 | +€3,745 | +36.4% |
| Trade debts | 44 | €30,460 | €43,188 | +€12,729 | +41.8% |
| Suppliers | 440/4 | €30,460 | €43,188 | +€12,729 | +41.8% |
| Advances received on contracts in progress | 46 | €103,188 | €138,346 | +€35,158 | +34.1% |
| Taxes, remuneration and social security | 45 | €59,537 | €86,817 | +€27,280 | +45.8% |
| Taxes | 450/3 | €48,362 | €63,967 | +€15,606 | +32.3% |
| Remuneration and social security | 454/9 | €11,175 | €22,850 | +€11,675 | +104% |
| Other amounts payable | 47/48 | €15,777 | - | -€15,777 | |
| Accrued charges and deferred income | 492/3 | €2,350 | €1,402 | -€948 | -40.3% |
| Non-recurring operating income | 76A | €913 | - | -€913 | |
| Remuneration, social security and pensions | 62 | €97,679 | €102,881 | +€5,202 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,620 | €19,307 | +€1,686 | +9.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €762 | €890 | +€128 | +16.8% |
| Other operating charges | 640/8 | €1,309 | €1,612 | +€303 | +23.1% |
| Non-recurring operating charges | 66A | - | €407 | +€407 | |
| Gross operating margin | 9900 | €214,985 | €215,687 | +€702 | +0.3% |
| Operating profit (loss) | 9901 | €97,614 | €90,591 | -€7,023 | -7.2% |
| Financial income | 75/76B | €268 | - | -€268 | |
| Recurring financial income | 75 | €268 | - | -€268 | |
| Financial charges | 65/66B | €11,294 | €8,344 | -€2,950 | -26.1% |
| Recurring financial charges | 65 | €11,294 | €8,344 | -€2,950 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €86,588 | €82,247 | -€4,341 | -5.0% |
| Income taxes | 67/77 | €27,050 | €29,655 | +€2,605 | +9.6% |
| Profit (loss) for the period | 9904 | €59,539 | €52,593 | -€6,946 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €59,539 | €52,593 | -€6,946 | -11.7% |
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.