MOREX: 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.
MOREX
Largest movements
- Receivables within one year -€6,045
no longer reported in 2025 (was €6,045)
- Current investments +€6,045
new in 2025: €6,045
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€719
down €719 (-34.5%), from €2,086 to €1,367
- Financial charges -€276
down €276 (-67.2%), from €411 to €135
- Other operating charges -€136
down €136 (-10.4%), from €1,301 to €1,165
- Taxes -€102
no longer reported in 2025 (was €102)
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 | €217,930 | €218,383 | +€453 | +0.2% |
| Fixed assets | 21/28 | €172,911 | €172,911 | = | 0.0% |
| Tangible fixed assets | 22/27 | €172,911 | €172,911 | = | 0.0% |
| Land and buildings | 22 | €172,911 | €172,911 | = | 0.0% |
| Current assets | 29/58 | €45,019 | €45,472 | +€453 | +1.0% |
| Amounts receivable within one year | 40/41 | €6,045 | - | -€6,045 | |
| Other amounts receivable | 41 | €6,045 | - | -€6,045 | |
| Current investments | 50/53 | - | €6,045 | +€6,045 | |
| Cash at bank and in hand | 54/58 | €38,974 | €39,427 | +€453 | +1.2% |
| Total equity and liabilities | 10/49 | €217,930 | €218,383 | +€453 | +0.2% |
| Equity | 10/15 | €214,993 | €215,060 | +€67 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €161,617 | €161,617 | = | 0.0% |
| Reserves | 13 | €22,763 | €22,763 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €20,903 | €20,903 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,014 | €12,080 | +€67 | +0.6% |
| Amounts payable | 17/49 | €2,936 | €3,323 | +€386 | +13.2% |
| Amounts payable within one year | 42/48 | €2,936 | €3,323 | +€386 | +13.2% |
| Trade debts | 44 | €77 | €566 | +€488 | +630.9% |
| Suppliers | 440/4 | €77 | €566 | +€488 | +630.9% |
| Taxes, remuneration and social security | 45 | €102 | - | -€102 | |
| Taxes | 450/3 | €102 | - | -€102 | |
| Other amounts payable | 47/48 | €2,757 | €2,757 | = | 0.0% |
| Other operating charges | 640/8 | €1,301 | €1,165 | -€136 | -10.4% |
| Gross operating margin | 9900 | €2,086 | €1,367 | -€719 | -34.5% |
| Operating profit (loss) | 9901 | €785 | €202 | -€583 | -74.3% |
| Financial charges | 65/66B | €411 | €135 | -€276 | -67.2% |
| Recurring financial charges | 65 | €411 | €135 | -€276 | -67.2% |
| Profit (loss) for the period before taxes | 9903 | €374 | €67 | -€307 | -82.1% |
| Income taxes | 67/77 | €102 | - | -€102 | |
| Profit (loss) for the period | 9904 | €272 | €67 | -€205 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €272 | €67 | -€205 | -75.4% |
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 28 September 2026 via checked.be.