MORGAL INTERNATIONAL: 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.
MORGAL INTERNATIONAL
Largest movements
- Cash +€5,359
up €5,359 (+1,307%), from €410 to €5,769
mainly Net result for the year (+€44,828) and Tax, wage and social debts (+€9,685)
- Tangible fixed assets -€4,311
down €4,311 (-3.2%), from €136,768 to €132,457
of which Land and buildings: -€6,728
- Other debts -€56,758
down €56,758 (-76.0%), from €74,703 to €17,945
- Profit (loss) carried forward +€44,828
up €44,828 (+167%), from €26,798 to €71,626
- Tax, wage and social debts +€9,685
new in 2025: €9,685
- Trade debts +€6,879
up €6,879 (+63.6%), from €10,810 to €17,689
- Current portion of long-term debt -€4,561
down €4,561 (-79.3%), from €5,751 to €1,190
- Gross operating margin +€29,496
up €29,496 (+101%), from €29,275 to €58,771
- Depreciation -€4,034
down €4,034 (-33.8%), from €11,952 to €7,918
- Taxes +€888
new in 2025: €888
- Other operating charges +€790
up €790 (+18.9%), from €4,182 to €4,972
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 | €138,513 | €138,586 | +€73 | +0.1% |
| Fixed assets | 21/28 | €137,128 | €132,817 | -€4,311 | -3.1% |
| Tangible fixed assets | 22/27 | €136,768 | €132,457 | -€4,311 | -3.2% |
| Land and buildings | 22 | €136,768 | €130,040 | -€6,728 | -4.9% |
| Plant, machinery and equipment | 23 | - | €2,417 | +€2,417 | |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €1,385 | €5,769 | +€4,384 | +317% |
| Amounts receivable within one year | 40/41 | €975 | - | -€975 | |
| Other amounts receivable | 41 | €975 | - | -€975 | |
| Cash at bank and in hand | 54/58 | €410 | €5,769 | +€5,359 | +1,307% |
| Total equity and liabilities | 10/49 | €138,513 | €138,586 | +€73 | +0.1% |
| Equity | 10/15 | €47,249 | €92,077 | +€44,828 | +94.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,798 | €71,626 | +€44,828 | +167% |
| Amounts payable | 17/49 | €91,264 | €46,509 | -€44,755 | -49.0% |
| Amounts payable within one year | 42/48 | €91,264 | €46,509 | -€44,755 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €5,751 | €1,190 | -€4,561 | -79.3% |
| Trade debts | 44 | €10,810 | €17,689 | +€6,879 | +63.6% |
| Suppliers | 440/4 | €10,810 | €17,689 | +€6,879 | +63.6% |
| Taxes, remuneration and social security | 45 | - | €9,685 | +€9,685 | |
| Taxes | 450/3 | - | €9,685 | +€9,685 | |
| Other amounts payable | 47/48 | €74,703 | €17,945 | -€56,758 | -76.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,952 | €7,918 | -€4,034 | -33.8% |
| Other operating charges | 640/8 | €4,182 | €4,972 | +€790 | +18.9% |
| Gross operating margin | 9900 | €29,275 | €58,771 | +€29,496 | +101% |
| Operating profit (loss) | 9901 | €13,141 | €45,881 | +€32,740 | +249% |
| Financial charges | 65/66B | €63 | €165 | +€102 | +162% |
| Recurring financial charges | 65 | €63 | €165 | +€102 | +162% |
| Profit (loss) for the period before taxes | 9903 | €13,078 | €45,716 | +€32,638 | +250% |
| Income taxes | 67/77 | - | €888 | +€888 | |
| Profit (loss) for the period | 9904 | €13,078 | €44,828 | +€31,750 | +243% |
| Profit (loss) for the period to be appropriated | 9905 | €13,078 | €44,828 | +€31,750 | +243% |
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 31 October 2026 via checked.be.