MORAK: 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.
MORAK
Largest movements
- Tangible fixed assets -€22,078
down €22,078 (-9.6%), from €230,954 to €208,876
of which Land and buildings: -€15,290
- Cash +€9,682
up €9,682 (+65.6%), from €14,757 to €24,440
mainly Depreciation (+€22,078) and Deferred charges and accrued income (+€6,850)
- Deferred charges and accrued income -€6,850
down €6,850 (-16.7%), from €41,057 to €34,207
- Receivables within one year -€3,537
down €3,537 (-7.4%), from €48,061 to €44,525
of which Trade receivables: -€2,404
- Debts after one year -€19,601
down €19,601 (-14.0%), from €139,818 to €120,217
- Trade debts -€6,645
down €6,645 (-45.3%), from €14,675 to €8,030
- Tax, wage and social debts +€4,802
up €4,802 (+80.4%), from €5,975 to €10,777
of which Taxes: +€4,802
- Other debts -€4,748
down €4,748 (-14.1%), from €33,770 to €29,022
- Write-downs +€3,660
up €3,660, from -€3,660 to €0
- Depreciation -€3,392
down €3,392 (-13.3%), from €25,470 to €22,078
- Taxes -€3,181
down €3,181 (-55.9%), from €5,688 to €2,507
- Gross operating margin +€904
up €904 (+2.1%), from €43,252 to €44,156
- Staff costs -€845
down €845 (-100%), from €845 to €0
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 | €334,830 | €312,048 | -€22,783 | -6.8% |
| Fixed assets | 21/28 | €230,954 | €208,876 | -€22,078 | -9.6% |
| Tangible fixed assets | 22/27 | €230,954 | €208,876 | -€22,078 | -9.6% |
| Land and buildings | 22 | €213,058 | €197,768 | -€15,290 | -7.2% |
| Plant, machinery and equipment | 23 | €3,053 | €2,036 | -€1,017 | -33.3% |
| Furniture and vehicles | 24 | €14,844 | €9,073 | -€5,771 | -38.9% |
| Current assets | 29/58 | €103,876 | €103,171 | -€705 | -0.7% |
| Amounts receivable within one year | 40/41 | €48,061 | €44,525 | -€3,537 | -7.4% |
| Trade receivables | 40 | €18,629 | €16,225 | -€2,404 | -12.9% |
| Other amounts receivable | 41 | €29,433 | €28,300 | -€1,133 | -3.8% |
| Cash at bank and in hand | 54/58 | €14,757 | €24,440 | +€9,682 | +65.6% |
| Deferred charges and accrued income | 490/1 | €41,057 | €34,207 | -€6,850 | -16.7% |
| Total equity and liabilities | 10/49 | €334,830 | €312,048 | -€22,783 | -6.8% |
| Equity | 10/15 | €122,033 | €122,734 | +€702 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €103,433 | €104,134 | +€702 | +0.7% |
| Distributable reserves | 133 | €103,433 | €104,134 | +€702 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €212,798 | €189,314 | -€23,484 | -11.0% |
| Amounts payable after more than one year | 17 | €139,818 | €120,217 | -€19,601 | -14.0% |
| Financial debts | 170/4 | €139,818 | €120,217 | -€19,601 | -14.0% |
| Amounts payable within one year | 42/48 | €72,980 | €69,097 | -€3,883 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €18,560 | €19,601 | +€1,041 | +5.6% |
| Financial debts | 43 | - | €1,667 | +€1,667 | |
| Credit institutions | 430/8 | - | €1,667 | +€1,667 | |
| Trade debts | 44 | €14,675 | €8,030 | -€6,645 | -45.3% |
| Suppliers | 440/4 | €14,675 | €8,030 | -€6,645 | -45.3% |
| Taxes, remuneration and social security | 45 | €5,975 | €10,777 | +€4,802 | +80.4% |
| Taxes | 450/3 | €2,575 | €7,377 | +€4,802 | +186% |
| Remuneration and social security | 454/9 | €3,400 | €3,400 | = | 0.0% |
| Other amounts payable | 47/48 | €33,770 | €29,022 | -€4,748 | -14.1% |
| Non-recurring operating income | 76A | €19,765 | €0 | -€19,765 | -100% |
| Remuneration, social security and pensions | 62 | €845 | €0 | -€845 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,470 | €22,078 | -€3,392 | -13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,660 | €0 | +€3,660 | |
| Other operating charges | 640/8 | €7,027 | €6,345 | -€682 | -9.7% |
| Gross operating margin | 9900 | €43,252 | €44,156 | +€904 | +2.1% |
| Operating profit (loss) | 9901 | €13,570 | €15,733 | +€2,163 | +15.9% |
| Financial income | 75/76B | €31 | €53 | +€22 | +72.4% |
| Recurring financial income | 75 | €31 | €53 | +€22 | +72.4% |
| Financial charges | 65/66B | €12,675 | €12,577 | -€98 | -0.8% |
| Recurring financial charges | 65 | €12,675 | €12,577 | -€98 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €925 | €3,209 | +€2,284 | +247% |
| Income taxes | 67/77 | €5,688 | €2,507 | -€3,181 | -55.9% |
| Profit (loss) for the period | 9904 | -€4,763 | €702 | +€5,465 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,763 | €702 | +€5,465 |
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 17 October 2026 via checked.be.