Morbo: what changed
Two fiscal 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.
Morbo
Largest movements
- Tangible fixed assets +€54,717
up €54,717 (+23.8%), from €230,084 to €284,800
of which Leasing and similar rights: +€50,783
- Cash -€17,163
down €17,163 (-51.4%), from €33,397 to €16,234
mainly Investment in fixed assets (net) (-€84,334) and Net result for the year (-€17,661)
- Receivables within one year +€5,134
up €5,134 (+285.4%), from €1,799 to €6,932
of which Trade receivables: +€4,824
- Debts after one year +€30,414
up €30,414 (+44.2%), from €68,795 to €99,209
- Trade debts +€18,362
up €18,362 (+33.3%), from €55,090 to €73,452
- Profit (loss) carried forward -€17,661
down €17,661 (-23.3%), from -€75,812 to -€93,473
- Current portion of long-term debt +€12,545
up €12,545 (+82.1%), from €15,279 to €27,824
- Staff costs +€18,670
up €18,670 (+221.0%), from €8,449 to €27,119
- Depreciation -€7,688
down €7,688 (-20.6%), from €37,306 to €29,617
- Gross operating margin -€6,608
down €6,608 (-9.4%), from €70,327 to €63,719
- Financial charges +€1,954
up €1,954 (+19.5%), from €10,006 to €11,960
of which Financial charges: +€2,696
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 | €269,461 | €311,339 | +€41,878 | +15.5% |
| Fixed assets | 21/28 | €230,084 | €284,800 | +€54,717 | +23.8% |
| Tangible fixed assets | 22/27 | €230,084 | €284,800 | +€54,717 | +23.8% |
| Land and buildings | 22 | €98,761 | €110,122 | +€11,361 | +11.5% |
| Plant, machinery and equipment | 23 | €98,951 | €90,912 | -€8,039 | -8.1% |
| Furniture and vehicles | 24 | €451 | €1,063 | +€612 | +135.8% |
| Leasing and similar rights | 25 | €31,921 | €82,704 | +€50,783 | +159.1% |
| Current assets | 29/58 | €39,377 | €26,538 | -€12,839 | -32.6% |
| Stocks and contracts in progress | 3 | €2,585 | €2,437 | -€148 | -5.7% |
| Stocks | 30/36 | €2,585 | €2,437 | -€148 | -5.7% |
| Amounts receivable within one year | 40/41 | €1,799 | €6,932 | +€5,134 | +285.4% |
| Trade receivables | 40 | €406 | €5,230 | +€4,824 | +1189.6% |
| Other amounts receivable | 41 | €1,393 | €1,703 | +€310 | +22.2% |
| Cash at bank and in hand | 54/58 | €33,397 | €16,234 | -€17,163 | -51.4% |
| Deferred charges and accrued income | 490/1 | €1,596 | €934 | -€662 | -41.5% |
| Total equity and liabilities | 10/49 | €269,461 | €311,339 | +€41,878 | +15.5% |
| Equity | 10/15 | -€34,290 | -€51,951 | -€17,661 | -51.5% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €4,338 | €4,338 | = | 0.0% |
| Distributable reserves | 133 | €4,338 | €4,338 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,812 | -€93,473 | -€17,661 | -23.3% |
| Amounts payable | 17/49 | €303,751 | €363,289 | +€59,538 | +19.6% |
| Amounts payable after more than one year | 17 | €68,795 | €99,209 | +€30,414 | +44.2% |
| Financial debts | 170/4 | €68,795 | €99,209 | +€30,414 | +44.2% |
| Amounts payable within one year | 42/48 | €234,955 | €264,080 | +€29,125 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €15,279 | €27,824 | +€12,545 | +82.1% |
| Trade debts | 44 | €55,090 | €73,452 | +€18,362 | +33.3% |
| Suppliers | 440/4 | €55,090 | €73,452 | +€18,362 | +33.3% |
| Taxes, remuneration and social security | 45 | €7,713 | €6,721 | -€991 | -12.8% |
| Taxes | 450/3 | €2,620 | €1,289 | -€1,331 | -50.8% |
| Remuneration and social security | 454/9 | €5,092 | €5,433 | +€340 | +6.7% |
| Other amounts payable | 47/48 | €156,874 | €156,083 | -€791 | -0.5% |
| Non-recurring operating income | 76A | €4,800 | €4,883 | +€83 | +1.7% |
| Remuneration, social security and pensions | 62 | €8,449 | €27,119 | +€18,670 | +221.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,306 | €29,617 | -€7,688 | -20.6% |
| Other operating charges | 640/8 | €12,622 | €12,865 | +€243 | +1.9% |
| Gross operating margin | 9900 | €70,327 | €63,719 | -€6,608 | -9.4% |
| Operating profit (loss) | 9901 | €11,950 | -€5,883 | -€17,833 | |
| Financial income | 75/76B | €685 | €183 | -€502 | -73.3% |
| Recurring financial income | 75 | €685 | €183 | -€502 | -73.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €10,006 | €11,960 | +€1,954 | +19.5% |
| Recurring financial charges | 65 | €9,264 | €11,960 | +€2,696 | +29.1% |
| Non-recurring financial charges | 66B | €742 | €0 | -€742 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €2,629 | -€17,660 | -€20,289 | |
| Income taxes | 67/77 | €0 | €0 | = | 0.0% |
| Profit (loss) for the period | 9904 | €2,629 | -€17,661 | -€20,289 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,629 | -€17,661 | -€20,289 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.