MORAS: 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.
MORAS
Largest movements
- Tangible fixed assets +€39,669
new in 2025: €39,669
- Cash -€18,299
down €18,299 (-18.4%), from €99,461 to €81,162
mainly Investment in fixed assets (net) (-€40,020) and Other debts (-€16,440)
- Receivables within one year +€4,924
up €4,924 (+127.3%), from €3,868 to €8,792
- Reserves +€38,395
up €38,395 (+45.2%), from €85,000 to €123,395
of which Distributable reserves: +€38,395
- Other debts -€16,440
down €16,440 (-96.9%), from €16,958 to €518
- Tax, wage and social debts +€3,840
new in 2025: €3,840
- Gross operating margin +€26,326
up €26,326 (+78.7%), from €33,433 to €59,759
- Taxes +€19,931
up €19,931 (+3921.2%), from €508 to €20,439
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.
Cash bridge derived
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 | €103,329 | €129,622 | +€26,294 | +25.4% |
| Fixed assets | 21/28 | - | €39,669 | +€39,669 | |
| Tangible fixed assets | 22/27 | - | €39,669 | +€39,669 | |
| Furniture and vehicles | 24 | - | €39,669 | +€39,669 | |
| Current assets | 29/58 | €103,329 | €89,954 | -€13,375 | -12.9% |
| Amounts receivable within one year | 40/41 | €3,868 | €8,792 | +€4,924 | +127.3% |
| Other amounts receivable | 41 | €3,868 | €8,792 | +€4,924 | +127.3% |
| Cash at bank and in hand | 54/58 | €99,461 | €81,162 | -€18,299 | -18.4% |
| Total equity and liabilities | 10/49 | €103,329 | €129,622 | +€26,294 | +25.4% |
| Equity | 10/15 | €84,856 | €123,397 | +€38,541 | +45.4% |
| Contributions | 10/11 | €0 | €0 | = | 0.0% |
| Reserves | 13 | €85,000 | €123,395 | +€38,395 | +45.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €113,395 | +€38,395 | +51.2% |
| Profit (loss) carried forward | 14 | -€144 | €2 | +€146 | |
| Amounts payable | 17/49 | €18,473 | €6,225 | -€12,247 | -66.3% |
| Amounts payable within one year | 42/48 | €17,973 | €5,725 | -€12,247 | -68.1% |
| Trade debts | 44 | €1,015 | €1,368 | +€353 | +34.8% |
| Suppliers | 440/4 | €1,015 | €1,368 | +€353 | +34.8% |
| Taxes, remuneration and social security | 45 | - | €3,840 | +€3,840 | |
| Taxes | 450/3 | - | €3,840 | +€3,840 | |
| Other amounts payable | 47/48 | €16,958 | €518 | -€16,440 | -96.9% |
| Accrued charges and deferred income | 492/3 | €500 | €500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €351 | +€351 | |
| Other operating charges | 640/8 | €845 | €873 | +€27 | +3.3% |
| Gross operating margin | 9900 | €33,433 | €59,759 | +€26,326 | +78.7% |
| Operating profit (loss) | 9901 | €32,588 | €58,535 | +€25,948 | +79.6% |
| Financial income | 75/76B | €351 | €582 | +€231 | +65.8% |
| Recurring financial income | 75 | €351 | €582 | +€231 | +65.8% |
| Financial charges | 65/66B | €117 | €137 | +€20 | +17.2% |
| Recurring financial charges | 65 | €117 | €137 | +€20 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €32,822 | €58,980 | +€26,159 | +79.7% |
| Income taxes | 67/77 | €508 | €20,439 | +€19,931 | +3921.2% |
| Profit (loss) for the period | 9904 | €32,313 | €38,541 | +€6,228 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,313 | €38,541 | +€6,228 | +19.3% |
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 9 October 2026 via checked.be.