MorCé: 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.
MorCé
Largest movements
- Receivables within one year -€95,474
down €95,474 (-47.0%), from €203,349 to €107,875
of which Trade receivables: -€110,694
- Tangible fixed assets -€87,788
down €87,788 (-5.6%), from €1.6m to €1.5m
of which Land and buildings: -€110,397
- Debts after one year -€160,616
down €160,616 (-13.3%), from €1.2m to €1.1m
- Other debts -€74,925
down €74,925 (-20.3%), from €369,722 to €294,796
- Trade debts +€54,073
up €54,073 (+120.1%), from €45,009 to €99,082
- Tax, wage and social debts -€28,640
down €28,640 (-37.7%), from €76,005 to €47,365
- Gross operating margin +€8,791
up €8,791 (+2.0%), from €431,534 to €440,325
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 | €1,866,294 | €1,675,090 | -€191,204 | -10.2% |
| Fixed assets | 21/28 | €1,571,053 | €1,483,052 | -€88,001 | -5.6% |
| Intangible fixed assets | 21 | €248 | €35 | -€213 | -86.0% |
| Tangible fixed assets | 22/27 | €1,570,805 | €1,483,018 | -€87,788 | -5.6% |
| Land and buildings | 22 | €1,490,224 | €1,379,827 | -€110,397 | -7.4% |
| Plant, machinery and equipment | 23 | €76,573 | €100,136 | +€23,563 | +30.8% |
| Furniture and vehicles | 24 | €4,008 | €3,054 | -€954 | -23.8% |
| Current assets | 29/58 | €295,241 | €192,038 | -€103,203 | -35.0% |
| Amounts receivable within one year | 40/41 | €203,349 | €107,875 | -€95,474 | -47.0% |
| Trade receivables | 40 | €203,349 | €92,655 | -€110,694 | -54.4% |
| Other amounts receivable | 41 | - | €15,220 | +€15,220 | |
| Cash at bank and in hand | 54/58 | €87,013 | €77,717 | -€9,296 | -10.7% |
| Deferred charges and accrued income | 490/1 | €4,879 | €6,445 | +€1,567 | +32.1% |
| Total equity and liabilities | 10/49 | €1,866,294 | €1,675,090 | -€191,204 | -10.2% |
| Equity | 10/15 | €5,000 | €21,910 | +€16,910 | +338.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €16,910 | +€16,910 | |
| Distributable reserves | 133 | - | €16,910 | +€16,910 | |
| Amounts payable | 17/49 | €1,861,294 | €1,653,180 | -€208,114 | -11.2% |
| Amounts payable after more than one year | 17 | €1,211,937 | €1,051,321 | -€160,616 | -13.3% |
| Financial debts | 170/4 | €1,211,937 | €1,051,321 | -€160,616 | -13.3% |
| Amounts payable within one year | 42/48 | €649,357 | €601,859 | -€47,498 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €158,622 | €160,616 | +€1,995 | +1.3% |
| Trade debts | 44 | €45,009 | €99,082 | +€54,073 | +120.1% |
| Suppliers | 440/4 | €45,009 | €99,082 | +€54,073 | +120.1% |
| Taxes, remuneration and social security | 45 | €76,005 | €47,365 | -€28,640 | -37.7% |
| Taxes | 450/3 | €76,005 | €47,365 | -€28,640 | -37.7% |
| Other amounts payable | 47/48 | €369,722 | €294,796 | -€74,925 | -20.3% |
| Remuneration, social security and pensions | 62 | €3 | - | -€3 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,399 | €133,544 | +€2,145 | +1.6% |
| Other operating charges | 640/8 | €3,633 | €6,272 | +€2,639 | +72.6% |
| Gross operating margin | 9900 | €431,534 | €440,325 | +€8,791 | +2.0% |
| Operating profit (loss) | 9901 | €296,499 | €300,509 | +€4,010 | +1.4% |
| Financial income | 75/76B | €38 | €1 | -€37 | -98.4% |
| Recurring financial income | 75 | €38 | €1 | -€37 | -98.4% |
| Financial charges | 65/66B | €19,291 | €18,819 | -€472 | -2.4% |
| Recurring financial charges | 65 | €19,291 | €18,819 | -€472 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €277,245 | €281,690 | +€4,445 | +1.6% |
| Income taxes | 67/77 | €66,948 | €64,780 | -€2,168 | -3.2% |
| Profit (loss) for the period | 9904 | €210,297 | €216,910 | +€6,613 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €210,297 | €216,910 | +€6,613 | +3.1% |
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 30 September 2026 via checked.be.