MORGAN: 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.
MORGAN
Largest movements
- Receivables within one year -€3,550
down €3,550 (-38.3%), from €9,261 to €5,711
- Tangible fixed assets -€2,099
down €2,099 (-55.6%), from €3,779 to €1,680
of which Plant, machinery and equipment: -€1,790
- Cash -€428
down €428 (-89.2%), from €479 to €52
mainly Tax, wage and social debts (-€6,106) and Trade debts (-€3,136)
- Tax, wage and social debts -€6,106
down €6,106 (-67.9%), from €8,997 to €2,891
of which Remuneration and social security: -€6,063
- Other debts +€3,359
up €3,359 (+6.6%), from €50,706 to €54,066
- Trade debts -€3,136
down €3,136 (-90.9%), from €3,451 to €315
- Gross operating margin +€7,921
up €7,921, from -€4,305 to €3,616
- Depreciation -€388
down €388 (-15.6%), from €2,487 to €2,099
- Other operating charges +€183
up €183 (+20.6%), from €885 to €1,068
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 | €13,563 | €7,607 | -€5,956 | -43.9% |
| Fixed assets | 21/28 | €3,823 | €1,723 | -€2,099 | -54.9% |
| Tangible fixed assets | 22/27 | €3,779 | €1,680 | -€2,099 | -55.6% |
| Plant, machinery and equipment | 23 | €3,029 | €1,239 | -€1,790 | -59.1% |
| Furniture and vehicles | 24 | €750 | €441 | -€309 | -41.2% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €9,740 | €5,884 | -€3,856 | -39.6% |
| Amounts receivable within one year | 40/41 | €9,261 | €5,711 | -€3,550 | -38.3% |
| Trade receivables | 40 | €9,261 | €5,711 | -€3,550 | -38.3% |
| Cash at bank and in hand | 54/58 | €479 | €52 | -€428 | -89.2% |
| Deferred charges and accrued income | 490/1 | - | €122 | +€122 | |
| Total equity and liabilities | 10/49 | €13,563 | €7,607 | -€5,956 | -43.9% |
| Equity | 10/15 | -€49,594 | -€49,665 | -€70 | -0.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,594 | -€51,665 | -€70 | -0.1% |
| Amounts payable | 17/49 | €63,157 | €57,272 | -€5,885 | -9.3% |
| Amounts payable within one year | 42/48 | €63,157 | €57,272 | -€5,885 | -9.3% |
| Financial debts | 43 | €3 | - | -€3 | |
| Credit institutions | 430/8 | €3 | - | -€3 | |
| Trade debts | 44 | €3,451 | €315 | -€3,136 | -90.9% |
| Suppliers | 440/4 | €3,451 | €315 | -€3,136 | -90.9% |
| Taxes, remuneration and social security | 45 | €8,997 | €2,891 | -€6,106 | -67.9% |
| Taxes | 450/3 | €2,934 | €2,891 | -€43 | -1.5% |
| Remuneration and social security | 454/9 | €6,063 | - | -€6,063 | |
| Other amounts payable | 47/48 | €50,706 | €54,066 | +€3,359 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,487 | €2,099 | -€388 | -15.6% |
| Other operating charges | 640/8 | €885 | €1,068 | +€183 | +20.6% |
| Non-recurring operating charges | 66A | €253 | - | -€253 | |
| Gross operating margin | 9900 | -€4,305 | €3,616 | +€7,921 | |
| Operating profit (loss) | 9901 | -€7,930 | €449 | +€8,379 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €416 | €378 | -€37 | -9.0% |
| Recurring financial charges | 65 | €416 | €378 | -€37 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,345 | €71 | +€8,416 | |
| Income taxes | 67/77 | €174 | €141 | -€33 | -19.2% |
| Profit (loss) for the period | 9904 | -€8,520 | -€70 | +€8,449 | +99.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,520 | -€70 | +€8,449 | +99.2% |
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 6 October 2026 via checked.be.