MORCO: 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.
MORCO
Largest movements
- Stocks and contracts -€123,132
down €123,132 (-43.3%), from €284,132 to €161,000
- Cash +€111,279
new in 2025: €111,279
mainly Stocks and contracts (+€123,132) and Receivables within one year (+€10,461)
- Receivables within one year -€10,461
down €10,461 (-17.1%), from €61,317 to €50,855
of which Trade receivables: -€8,600
- Tangible fixed assets -€6,049
down €6,049 (-41.0%), from €14,757 to €8,707
of which Land and buildings: -€4,480
- Trade debts -€10,794
down €10,794 (-70.9%), from €15,227 to €4,434
- Profit (loss) carried forward -€8,309
down €8,309 (-4.0%), from -€209,128 to -€217,437
- Other debts -€5,502
down €5,502 (-1.0%), from €531,747 to €526,246
- Short-term financial debts -€3,820
no longer reported in 2025 (was €3,820)
- Gross operating margin -€75,306
down €75,306, from €74,087 to -€1,219
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 | €360,267 | €331,842 | -€28,425 | -7.9% |
| Fixed assets | 21/28 | €14,757 | €8,707 | -€6,049 | -41.0% |
| Tangible fixed assets | 22/27 | €14,757 | €8,707 | -€6,049 | -41.0% |
| Land and buildings | 22 | €10,416 | €5,936 | -€4,480 | -43.0% |
| Plant, machinery and equipment | 23 | €1,315 | €405 | -€909 | -69.2% |
| Furniture and vehicles | 24 | €3,026 | €2,366 | -€660 | -21.8% |
| Current assets | 29/58 | €345,510 | €323,135 | -€22,375 | -6.5% |
| Stocks and contracts in progress | 3 | €284,132 | €161,000 | -€123,132 | -43.3% |
| Stocks | 30/36 | €284,132 | €161,000 | -€123,132 | -43.3% |
| Amounts receivable within one year | 40/41 | €61,317 | €50,855 | -€10,461 | -17.1% |
| Trade receivables | 40 | €8,600 | - | -€8,600 | |
| Other amounts receivable | 41 | €52,717 | €50,855 | -€1,861 | -3.5% |
| Cash at bank and in hand | 54/58 | - | €111,279 | +€111,279 | |
| Deferred charges and accrued income | 490/1 | €61 | - | -€61 | |
| Total equity and liabilities | 10/49 | €360,267 | €331,842 | -€28,425 | -7.9% |
| Equity | 10/15 | -€190,528 | -€198,837 | -€8,309 | -4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,128 | -€217,437 | -€8,309 | -4.0% |
| Amounts payable | 17/49 | €550,795 | €530,679 | -€20,115 | -3.7% |
| Amounts payable within one year | 42/48 | €550,795 | €530,679 | -€20,115 | -3.7% |
| Financial debts | 43 | €3,820 | - | -€3,820 | |
| Credit institutions | 430/8 | €3,820 | - | -€3,820 | |
| Trade debts | 44 | €15,227 | €4,434 | -€10,794 | -70.9% |
| Suppliers | 440/4 | €15,227 | €4,434 | -€10,794 | -70.9% |
| Other amounts payable | 47/48 | €531,747 | €526,246 | -€5,502 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,663 | €6,049 | +€386 | +6.8% |
| Other operating charges | 640/8 | €213 | €217 | +€4 | +1.9% |
| Non-recurring operating charges | 66A | €85,781 | - | -€85,781 | |
| Gross operating margin | 9900 | €74,087 | -€1,219 | -€75,306 | |
| Operating profit (loss) | 9901 | -€17,570 | -€7,486 | +€10,085 | +57.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,332 | €823 | -€508 | -38.2% |
| Recurring financial charges | 65 | €1,332 | €823 | -€508 | -38.2% |
| Profit (loss) for the period before taxes | 9903 | -€18,902 | -€8,309 | +€10,593 | +56.0% |
| Profit (loss) for the period | 9904 | -€18,902 | -€8,309 | +€10,593 | +56.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,902 | -€8,309 | +€10,593 | +56.0% |
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 3 October 2026 via checked.be.