MORGAN DE LOU: what changed
MORGAN DE LOU
Largest movements
- Tangible fixed assets -€5,683
down €5,683 (-35.5%), from €15,996 to €10,313
of which Furniture and vehicles: -€5,563
- Cash +€2,678
up €2,678 (+462%), from €580 to €3,258
mainly Debts after one year (+€6,405) and Depreciation (+€5,683)
- Profit (loss) carried forward -€11,967
down €11,967 (-21.9%), from -€54,689 to -€66,656
- Debts after one year +€6,405
up €6,405 (+9.4%), from €68,416 to €74,821
of which Other amounts payable: +€10,057
- Trade debts +€2,047
up €2,047 (+564%), from €363 to €2,410
- Tax, wage and social debts +€918
up €918 (+147%), from €626 to €1,544
- Short-term financial debts -€628
no longer reported in 2025 (was €628)
- Gross operating margin +€3,549
up €3,549 (+39.3%), from -€9,020 to -€5,471
- Financial income +€366
new in 2025: €366
- Depreciation -€357
down €357 (-5.9%), from €6,040 to €5,683
- Financial charges +€145
up €145 (+49.7%), from €292 to €437
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,151 | €21,971 | -€3,180 | -12.6% |
| Fixed assets | 21/28 | €15,996 | €10,313 | -€5,683 | -35.5% |
| Tangible fixed assets | 22/27 | €15,996 | €10,313 | -€5,683 | -35.5% |
| Furniture and vehicles | 24 | €15,756 | €10,193 | -€5,563 | -35.3% |
| Other tangible fixed assets | 26 | €240 | €120 | -€120 | -50.0% |
| Current assets | 29/58 | €9,155 | €11,658 | +€2,503 | +27.3% |
| Stocks and contracts in progress | 3 | €3,305 | €3,361 | +€56 | +1.7% |
| Stocks | 30/36 | €3,305 | €3,361 | +€56 | +1.7% |
| Amounts receivable within one year | 40/41 | €5,270 | €5,039 | -€231 | -4.4% |
| Trade receivables | 40 | €5,270 | €5,039 | -€231 | -4.4% |
| Cash at bank and in hand | 54/58 | €580 | €3,258 | +€2,678 | +462% |
| Total equity and liabilities | 10/49 | €25,151 | €21,971 | -€3,180 | -12.6% |
| Equity | 10/15 | -€48,489 | -€60,456 | -€11,967 | -24.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,689 | -€66,656 | -€11,967 | -21.9% |
| Amounts payable | 17/49 | €73,640 | €82,427 | +€8,787 | +11.9% |
| Amounts payable after more than one year | 17 | €68,416 | €74,821 | +€6,405 | +9.4% |
| Financial debts | 170/4 | €6,731 | €3,079 | -€3,652 | -54.3% |
| Other amounts payable | 178/9 | €61,685 | €71,742 | +€10,057 | +16.3% |
| Amounts payable within one year | 42/48 | €5,224 | €7,606 | +€2,382 | +45.6% |
| Current portion of amounts payable after more than one year | 42 | €3,607 | €3,652 | +€45 | +1.2% |
| Financial debts | 43 | €628 | - | -€628 | |
| Credit institutions | 430/8 | €628 | - | -€628 | |
| Trade debts | 44 | €363 | €2,410 | +€2,047 | +564% |
| Suppliers | 440/4 | €363 | €2,410 | +€2,047 | +564% |
| Taxes, remuneration and social security | 45 | €626 | €1,544 | +€918 | +147% |
| Taxes | 450/3 | €626 | €1,544 | +€918 | +147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,040 | €5,683 | -€357 | -5.9% |
| Other operating charges | 640/8 | €729 | €742 | +€13 | +1.8% |
| Gross operating margin | 9900 | -€9,020 | -€5,471 | +€3,549 | +39.3% |
| Operating profit (loss) | 9901 | -€15,789 | -€11,896 | +€3,893 | +24.7% |
| Financial income | 75/76B | - | €366 | +€366 | |
| Recurring financial income | 75 | - | €366 | +€366 | |
| Financial charges | 65/66B | €292 | €437 | +€145 | +49.7% |
| Recurring financial charges | 65 | €292 | €437 | +€145 | +49.7% |
| Profit (loss) for the period before taxes | 9903 | -€16,081 | -€11,967 | +€4,114 | +25.6% |
| Profit (loss) for the period | 9904 | -€16,081 | -€11,967 | +€4,114 | +25.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,081 | -€11,967 | +€4,114 | +25.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.