MORCOM: 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.
MORCOM
Largest movements
- Receivables within one year +€48,817
up €48,817 (+187.6%), from €26,022 to €74,839
of which Other amounts receivable: +€53,564
- Tangible fixed assets -€40,537
down €40,537 (-5.9%), from €682,724 to €642,187
of which Land and buildings: -€29,729
- Cash -€15,433
down €15,433 (-32.0%), from €48,296 to €32,863
mainly Receivables within one year (-€48,817) and Debts after one year (-€44,566)
- Debts after one year -€44,566
down €44,566 (-8.7%), from €514,181 to €469,616
- Reserves +€27,875
up €27,875 (+16.8%), from €165,879 to €193,754
- Tax, wage and social debts +€15,681
up €15,681 (+75.0%), from €20,896 to €36,577
- Gross operating margin -€15,954
down €15,954 (-11.4%), from €139,889 to €123,935
- Financial charges -€3,206
down €3,206 (-15.5%), from €20,675 to €17,469
- Other operating charges +€2,032
up €2,032 (+53.8%), from €3,777 to €5,809
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 | €769,150 | €767,725 | -€1,425 | -0.2% |
| Fixed assets | 21/28 | €682,724 | €642,187 | -€40,537 | -5.9% |
| Tangible fixed assets | 22/27 | €682,724 | €642,187 | -€40,537 | -5.9% |
| Land and buildings | 22 | €577,972 | €548,243 | -€29,729 | -5.1% |
| Plant, machinery and equipment | 23 | €23,584 | €17,261 | -€6,323 | -26.8% |
| Furniture and vehicles | 24 | €65,551 | €62,895 | -€2,656 | -4.1% |
| Other tangible fixed assets | 26 | €15,617 | €13,788 | -€1,830 | -11.7% |
| Current assets | 29/58 | €86,426 | €125,538 | +€39,113 | +45.3% |
| Amounts receivable within one year | 40/41 | €26,022 | €74,839 | +€48,817 | +187.6% |
| Trade receivables | 40 | €7,921 | €3,174 | -€4,747 | -59.9% |
| Other amounts receivable | 41 | €18,101 | €71,665 | +€53,564 | +295.9% |
| Current investments | 50/53 | - | €81 | +€81 | |
| Cash at bank and in hand | 54/58 | €48,296 | €32,863 | -€15,433 | -32.0% |
| Deferred charges and accrued income | 490/1 | €12,107 | €17,754 | +€5,647 | +46.6% |
| Total equity and liabilities | 10/49 | €769,150 | €767,725 | -€1,425 | -0.2% |
| Equity | 10/15 | €170,879 | €198,754 | +€27,875 | +16.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €165,879 | €193,754 | +€27,875 | +16.8% |
| Distributable reserves | 133 | €165,879 | €193,754 | +€27,875 | +16.8% |
| Amounts payable | 17/49 | €598,270 | €568,970 | -€29,300 | -4.9% |
| Amounts payable after more than one year | 17 | €514,181 | €469,616 | -€44,566 | -8.7% |
| Financial debts | 170/4 | €514,181 | €469,616 | -€44,566 | -8.7% |
| Amounts payable within one year | 42/48 | €82,889 | €98,155 | +€15,266 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €43,169 | €44,566 | +€1,396 | +3.2% |
| Financial debts | 43 | - | €476 | +€476 | |
| Credit institutions | 430/8 | - | €476 | +€476 | |
| Trade debts | 44 | €16,298 | €16,479 | +€181 | +1.1% |
| Suppliers | 440/4 | €16,298 | €16,479 | +€181 | +1.1% |
| Advances received on contracts in progress | 46 | €413 | €0 | -€413 | -100.0% |
| Taxes, remuneration and social security | 45 | €20,896 | €36,577 | +€15,681 | +75.0% |
| Taxes | 450/3 | €20,896 | €36,577 | +€15,681 | +75.0% |
| Other amounts payable | 47/48 | €2,112 | €57 | -€2,055 | -97.3% |
| Accrued charges and deferred income | 492/3 | €1,200 | €1,200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,346 | €59,382 | +€36 | +0.1% |
| Other operating charges | 640/8 | €3,777 | €5,809 | +€2,032 | +53.8% |
| Non-recurring operating charges | 66A | €1,955 | €0 | -€1,955 | -100.0% |
| Gross operating margin | 9900 | €139,889 | €123,935 | -€15,954 | -11.4% |
| Operating profit (loss) | 9901 | €74,812 | €58,744 | -€16,067 | -21.5% |
| Financial income | 75/76B | €833 | €803 | -€30 | -3.6% |
| Recurring financial income | 75 | €833 | €803 | -€30 | -3.6% |
| Financial charges | 65/66B | €20,675 | €17,469 | -€3,206 | -15.5% |
| Recurring financial charges | 65 | €20,675 | €17,469 | -€3,206 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €54,970 | €42,078 | -€12,891 | -23.5% |
| Income taxes | 67/77 | €12,966 | €14,203 | +€1,237 | +9.5% |
| Profit (loss) for the period | 9904 | €42,004 | €27,875 | -€14,129 | -33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,004 | €27,875 | -€14,129 | -33.6% |
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 5 October 2026 via checked.be.