MOREHOUSE REFCO: 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.
MOREHOUSE REFCO
Largest movements
- Receivables within one year -€479,669
down €479,669 (-58.9%), from €814,403 to €334,734
of which Trade receivables: -€494,783
- Cash +€274,558
up €274,558 (+1,023%), from €26,848 to €301,406
mainly Receivables within one year (+€479,669) and Contributions, distributions and other (+€375,000)
- Tangible fixed assets -€69,973
down €69,973 (-19.5%), from €358,855 to €288,883
- Stocks and contracts -€49,677
down €49,677 (-5.0%), from €984,691 to €935,013
- Intangible fixed assets -€38,812
down €38,812 (-12.7%), from €306,214 to €267,403
- Reserves -€443,102
down €443,102 (-98.6%), from €449,302 to €6,200
of which Distributable reserves: -€443,102
- Profit (loss) carried forward -€406,454
new in 2025: -€406,454
- Contributions +€375,000
up €375,000 (+40.3%), from €930,620 to €1.3m
- Debts after one year -€152,329
down €152,329 (-40.8%), from €373,800 to €221,471
- Short-term financial debts +€119,350
up €119,350 (+27.8%), from €429,737 to €549,087
- Gross operating margin -€935,054
down €935,054, from €691,367 to -€243,687
- Staff costs -€35,268
down €35,268 (-7.6%), from €462,246 to €426,977
- Provisions -€33,951
down €33,951, from €4,446 to -€29,505
- Depreciation +€26,574
up €26,574 (+22.1%), from €120,221 to €146,795
- Financial charges -€19,604
down €19,604 (-37.3%), from €52,624 to €33,020
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.
Derived cash bridge
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 | €2,499,392 | €2,130,543 | -€368,850 | -14.8% |
| Fixed assets | 21/28 | €665,070 | €556,285 | -€108,784 | -16.4% |
| Intangible fixed assets | 21 | €306,214 | €267,403 | -€38,812 | -12.7% |
| Tangible fixed assets | 22/27 | €358,855 | €288,883 | -€69,973 | -19.5% |
| Plant, machinery and equipment | 23 | €177,601 | €144,018 | -€33,582 | -18.9% |
| Furniture and vehicles | 24 | €31,064 | €17,851 | -€13,213 | -42.5% |
| Other tangible fixed assets | 26 | €150,190 | €127,013 | -€23,177 | -15.4% |
| Current assets | 29/58 | €1,834,323 | €1,574,257 | -€260,065 | -14.2% |
| Stocks and contracts in progress | 3 | €984,691 | €935,013 | -€49,677 | -5.0% |
| Stocks | 30/36 | €984,691 | €935,013 | -€49,677 | -5.0% |
| Amounts receivable within one year | 40/41 | €814,403 | €334,734 | -€479,669 | -58.9% |
| Trade receivables | 40 | €773,059 | €278,276 | -€494,783 | -64.0% |
| Other amounts receivable | 41 | €41,344 | €56,458 | +€15,114 | +36.6% |
| Cash at bank and in hand | 54/58 | €26,848 | €301,406 | +€274,558 | +1,023% |
| Deferred charges and accrued income | 490/1 | €8,380 | €3,103 | -€5,277 | -63.0% |
| Total equity and liabilities | 10/49 | €2,499,392 | €2,130,543 | -€368,850 | -14.8% |
| Equity | 10/15 | €1,379,922 | €905,366 | -€474,556 | -34.4% |
| Contributions | 10/11 | €930,620 | €1,305,620 | +€375,000 | +40.3% |
| Capital | 10 | €930,620 | €1,305,620 | +€375,000 | +40.3% |
| Issued capital | 100 | €930,620 | €1,305,620 | +€375,000 | +40.3% |
| Reserves | 13 | €449,302 | €6,200 | -€443,102 | -98.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €443,102 | - | -€443,102 | |
| Profit (loss) carried forward | 14 | - | -€406,454 | -€406,454 | |
| Provisions and deferred taxes | 16 | €53,382 | €23,876 | -€29,505 | -55.3% |
| Provisions for liabilities and charges | 160/5 | €53,382 | €23,876 | -€29,505 | -55.3% |
| Other liabilities and charges | 164/5 | €53,382 | €23,876 | -€29,505 | -55.3% |
| Amounts payable | 17/49 | €1,066,089 | €1,201,300 | +€135,211 | +12.7% |
| Amounts payable after more than one year | 17 | €373,800 | €221,471 | -€152,329 | -40.8% |
| Financial debts | 170/4 | €373,800 | €221,471 | -€152,329 | -40.8% |
| Amounts payable within one year | 42/48 | €677,673 | €964,631 | +€286,958 | +42.3% |
| Current portion of amounts payable after more than one year | 42 | €93,903 | €152,329 | +€58,426 | +62.2% |
| Financial debts | 43 | €429,737 | €549,087 | +€119,350 | +27.8% |
| Credit institutions | 430/8 | €429,737 | €549,087 | +€119,350 | +27.8% |
| Trade debts | 44 | €79,742 | €197,969 | +€118,227 | +148% |
| Suppliers | 440/4 | €79,742 | €197,969 | +€118,227 | +148% |
| Taxes, remuneration and social security | 45 | €72,107 | €64,526 | -€7,580 | -10.5% |
| Taxes | 450/3 | €11,934 | €16,029 | +€4,095 | +34.3% |
| Remuneration and social security | 454/9 | €60,173 | €48,498 | -€11,675 | -19.4% |
| Other amounts payable | 47/48 | €2,185 | €721 | -€1,464 | -67.0% |
| Accrued charges and deferred income | 492/3 | €14,616 | €15,198 | +€582 | +4.0% |
| Remuneration, social security and pensions | 62 | €462,246 | €426,977 | -€35,268 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,221 | €146,795 | +€26,574 | +22.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,924 | €14,527 | +€17,451 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,446 | -€29,505 | -€33,951 | |
| Other operating charges | 640/8 | €16,488 | €16,991 | +€503 | +3.0% |
| Non-recurring operating charges | 66A | - | €17 | +€17 | |
| Gross operating margin | 9900 | €691,367 | -€243,687 | -€935,054 | |
| Operating profit (loss) | 9901 | €90,889 | -€819,489 | -€910,378 | |
| Financial income | 75/76B | €8,508 | €2,953 | -€5,555 | -65.3% |
| Recurring financial income | 75 | €8,508 | €2,953 | -€5,555 | -65.3% |
| Financial charges | 65/66B | €52,624 | €33,020 | -€19,604 | -37.3% |
| Recurring financial charges | 65 | €52,624 | €33,020 | -€19,604 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €46,774 | -€849,556 | -€896,329 | |
| Profit (loss) for the period | 9904 | €46,774 | -€849,556 | -€896,329 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,774 | -€849,556 | -€896,329 |
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 30 October 2026 via checked.be.