MOREL BELUX: 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.
MOREL BELUX
Largest movements
- Receivables within one year -€39,346
down €39,346 (-68.3%), from €57,645 to €18,299
- Cash -€18,740
down €18,740 (-53.1%), from €35,320 to €16,580
mainly Trade debts (-€32,613) and Tax, wage and social debts (-€20,250)
- Deferred charges and accrued income +€3,536
up €3,536 (+127%), from €2,790 to €6,326
- Trade debts -€32,613
down €32,613 (-10.3%), from €317,610 to €284,997
- Tax, wage and social debts -€20,250
down €20,250 (-60.2%), from €33,662 to €13,412
of which Remuneration and social security: -€13,915
- Other debts -€8,500
down €8,500 (-100%), from €8,500 to €0
- Profit (loss) carried forward +€7,356
up €7,356 (+1.7%), from -€425,370 to -€418,014
- Staff costs -€10,207
down €10,207 (-6.1%), from €167,060 to €156,853
- Financial income +€2,424
up €2,424 (+12,090%), from €20 to €2,444
- Financial charges -€1,914
down €1,914 (-36.3%), from €5,273 to €3,359
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 | €96,404 | €41,855 | -€54,550 | -56.6% |
| Fixed assets | 21/28 | €650 | €650 | = | 0.0% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €95,754 | €41,205 | -€54,550 | -57.0% |
| Amounts receivable within one year | 40/41 | €57,645 | €18,299 | -€39,346 | -68.3% |
| Trade receivables | 40 | €57,645 | €18,299 | -€39,346 | -68.3% |
| Cash at bank and in hand | 54/58 | €35,320 | €16,580 | -€18,740 | -53.1% |
| Deferred charges and accrued income | 490/1 | €2,790 | €6,326 | +€3,536 | +127% |
| Total equity and liabilities | 10/49 | €96,404 | €41,855 | -€54,550 | -56.6% |
| Equity | 10/15 | -€264,870 | -€257,514 | +€7,356 | +2.8% |
| Contributions | 10/11 | €153,000 | €153,000 | = | 0.0% |
| Capital | 10 | €153,000 | €153,000 | = | 0.0% |
| Issued capital | 100 | €153,000 | €153,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€425,370 | -€418,014 | +€7,356 | +1.7% |
| Amounts payable | 17/49 | €361,274 | €299,369 | -€61,905 | -17.1% |
| Amounts payable within one year | 42/48 | €359,772 | €298,409 | -€61,363 | -17.1% |
| Trade debts | 44 | €317,610 | €284,997 | -€32,613 | -10.3% |
| Suppliers | 440/4 | €317,610 | €284,997 | -€32,613 | -10.3% |
| Taxes, remuneration and social security | 45 | €33,662 | €13,412 | -€20,250 | -60.2% |
| Taxes | 450/3 | €8,632 | €2,298 | -€6,334 | -73.4% |
| Remuneration and social security | 454/9 | €25,030 | €11,114 | -€13,915 | -55.6% |
| Other amounts payable | 47/48 | €8,500 | €0 | -€8,500 | -100% |
| Accrued charges and deferred income | 492/3 | €1,502 | €959 | -€543 | -36.1% |
| Non-recurring operating income | 76A | €1,185 | €2,000 | +€815 | +68.7% |
| Remuneration, social security and pensions | 62 | €167,060 | €156,853 | -€10,207 | -6.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€160 | -€160 | |
| Other operating charges | 640/8 | €387 | €581 | +€194 | +50.0% |
| Non-recurring operating charges | 66A | €25 | €462 | +€436 | +1,715% |
| Gross operating margin | 9900 | €167,382 | €166,579 | -€802 | -0.5% |
| Operating profit (loss) | 9901 | -€91 | €8,844 | +€8,935 | |
| Financial income | 75/76B | €20 | €2,444 | +€2,424 | +12,090% |
| Recurring financial income | 75 | €20 | €2,444 | +€2,424 | +12,090% |
| Financial charges | 65/66B | €5,273 | €3,359 | -€1,914 | -36.3% |
| Recurring financial charges | 65 | €5,273 | €3,359 | -€1,914 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,344 | €7,930 | +€13,273 | |
| Income taxes | 67/77 | €547 | €574 | +€27 | +4.9% |
| Profit (loss) for the period | 9904 | -€5,891 | €7,356 | +€13,247 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,891 | €7,356 | +€13,247 |
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 23 October 2026 via checked.be.