Morado: 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.
Morado
Largest movements
- Cash -€159,231
down €159,231 (-26.7%), from €596,790 to €437,560
mainly Debts after one year (-€400,000) and Net result for the year (-€213,018)
- Stocks and contracts -€101,110
down €101,110 (-6.9%), from €1.5m to €1.4m
- Receivables within one year -€62,365
down €62,365 (-8.7%), from €718,505 to €656,140
of which Trade receivables: -€111,994
- Debts after one year -€400,000
no longer reported in 2025 (was €400,000)
- Reserves -€213,018
down €213,018 (-9.8%), from €2.2m to €2.0m
- Other debts +€196,541
up €196,541 (+593%), from €33,122 to €229,662
- Trade debts +€132,493
up €132,493 (+291%), from €45,538 to €178,031
- Short-term financial debts -€58,897
no longer reported in 2025 (was €58,897)
- Staff costs +€196,082
up €196,082 (+35.9%), from €546,838 to €742,919
- Gross operating margin -€181,968
down €181,968 (-24.8%), from €733,457 to €551,489
- Taxes -€41,060
down €41,060 (-99.1%), from €41,431 to €371
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 | €2,805,684 | €2,469,278 | -€336,406 | -12.0% |
| Fixed assets | 21/28 | €26,042 | €12,343 | -€13,700 | -52.6% |
| Tangible fixed assets | 22/27 | €26,042 | €12,343 | -€13,700 | -52.6% |
| Plant, machinery and equipment | 23 | €407 | €305 | -€102 | -25.0% |
| Furniture and vehicles | 24 | €25,636 | €12,038 | -€13,598 | -53.0% |
| Current assets | 29/58 | €2,779,641 | €2,456,936 | -€322,706 | -11.6% |
| Stocks and contracts in progress | 3 | €1,464,346 | €1,363,236 | -€101,110 | -6.9% |
| Stocks | 30/36 | €1,464,346 | €1,363,236 | -€101,110 | -6.9% |
| Amounts receivable within one year | 40/41 | €718,505 | €656,140 | -€62,365 | -8.7% |
| Trade receivables | 40 | €607,653 | €495,659 | -€111,994 | -18.4% |
| Other amounts receivable | 41 | €110,852 | €160,481 | +€49,629 | +44.8% |
| Cash at bank and in hand | 54/58 | €596,790 | €437,560 | -€159,231 | -26.7% |
| Total equity and liabilities | 10/49 | €2,805,684 | €2,469,278 | -€336,406 | -12.0% |
| Equity | 10/15 | €2,232,898 | €2,019,880 | -€213,018 | -9.5% |
| Contributions | 10/11 | €66,000 | €66,000 | = | 0.0% |
| Reserves | 13 | €2,166,898 | €1,953,880 | -€213,018 | -9.8% |
| Distributable reserves | 133 | €2,166,898 | €1,953,880 | -€213,018 | -9.8% |
| Amounts payable | 17/49 | €572,786 | €449,398 | -€123,388 | -21.5% |
| Amounts payable after more than one year | 17 | €400,000 | - | -€400,000 | |
| Financial debts | 170/4 | €400,000 | - | -€400,000 | |
| Amounts payable within one year | 42/48 | €172,786 | €449,398 | +€276,612 | +160% |
| Financial debts | 43 | €58,897 | - | -€58,897 | |
| Credit institutions | 430/8 | €58,897 | - | -€58,897 | |
| Trade debts | 44 | €45,538 | €178,031 | +€132,493 | +291% |
| Suppliers | 440/4 | €45,538 | €178,031 | +€132,493 | +291% |
| Advances received on contracts in progress | 46 | €39 | - | -€39 | |
| Taxes, remuneration and social security | 45 | €35,190 | €41,704 | +€6,515 | +18.5% |
| Taxes | 450/3 | €93 | - | -€93 | |
| Remuneration and social security | 454/9 | €35,096 | €41,704 | +€6,608 | +18.8% |
| Other amounts payable | 47/48 | €33,122 | €229,662 | +€196,541 | +593% |
| Remuneration, social security and pensions | 62 | €546,838 | €742,919 | +€196,082 | +35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,086 | €14,599 | -€487 | -3.2% |
| Other operating charges | 640/8 | €1,818 | €3,392 | +€1,574 | +86.6% |
| Gross operating margin | 9900 | €733,457 | €551,489 | -€181,968 | -24.8% |
| Operating profit (loss) | 9901 | €169,715 | -€209,421 | -€379,136 | |
| Financial income | 75/76B | €3,294 | €6,981 | +€3,688 | +112% |
| Recurring financial income | 75 | €3,294 | €6,981 | +€3,688 | +112% |
| Financial charges | 65/66B | €15,432 | €10,206 | -€5,226 | -33.9% |
| Recurring financial charges | 65 | €15,432 | €10,143 | -€5,289 | -34.3% |
| Non-recurring financial charges | 66B | - | €63 | +€63 | |
| Profit (loss) for the period before taxes | 9903 | €157,576 | -€212,646 | -€370,222 | |
| Income taxes | 67/77 | €41,431 | €371 | -€41,060 | -99.1% |
| Profit (loss) for the period | 9904 | €116,145 | -€213,018 | -€329,163 | |
| Profit (loss) for the period to be appropriated | 9905 | €116,145 | -€213,018 | -€329,163 |
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 19 October 2026 via checked.be.