MORGAN DM CONSULT: 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.
MORGAN DM CONSULT
Largest movements
- Tangible fixed assets +€598,285
up €598,285 (+1,696%), from €35,276 to €633,561
of which Land and buildings: +€594,227
- Cash -€334,452
down €334,452 (-94.7%), from €353,257 to €18,805
mainly Investment in fixed assets (net) (-€603,898) and Other debts (-€254,171)
- Receivables after one year -€40,000
down €40,000 (-100%), from €40,000 to €0
- Receivables within one year +€10,001
up €10,001 (+86.2%), from €11,605 to €21,606
of which Trade receivables: +€9,922
- Financial fixed assets -€10,000
down €10,000 (-66.7%), from €15,000 to €5,000
- Debts after one year +€535,307
new in 2025: €535,307
- Other debts -€254,171
down €254,171 (-82.0%), from €310,000 to €55,829
- Tax, wage and social debts -€64,075
down €64,075 (-79.6%), from €80,515 to €16,440
of which Taxes: -€64,075
- Current portion of long-term debt +€29,633
new in 2025: €29,633
- Reserves -€27,273
down €27,273 (-64.7%), from €42,133 to €14,860
of which Distributable reserves: -€27,273
- Gross operating margin -€287,891
down €287,891 (-73.5%), from €391,655 to €103,764
- Financial income -€107,594
down €107,594 (-98.7%), from €109,000 to €1,407
- Taxes -€101,779
down €101,779 (-83.3%), from €122,195 to €20,415
- Financial charges +€13,766
up €13,766 (+2,967%), from €464 to €14,230
of which Financial charges: +€8,014
- Depreciation +€9,869
up €9,869 (+172%), from €5,744 to €15,613
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 | €457,293 | €678,972 | +€221,679 | +48.5% |
| Fixed assets | 21/28 | €50,276 | €638,561 | +€588,285 | +1,170% |
| Tangible fixed assets | 22/27 | €35,276 | €633,561 | +€598,285 | +1,696% |
| Land and buildings | 22 | - | €594,227 | +€594,227 | |
| Plant, machinery and equipment | 23 | €22,865 | €20,181 | -€2,683 | -11.7% |
| Furniture and vehicles | 24 | €12,411 | €19,152 | +€6,741 | +54.3% |
| Financial fixed assets | 28 | €15,000 | €5,000 | -€10,000 | -66.7% |
| Current assets | 29/58 | €407,017 | €40,411 | -€366,606 | -90.1% |
| Amounts receivable after more than one year | 29 | €40,000 | €0 | -€40,000 | -100% |
| Other amounts receivable | 291 | €40,000 | €0 | -€40,000 | -100% |
| Amounts receivable within one year | 40/41 | €11,605 | €21,606 | +€10,001 | +86.2% |
| Trade receivables | 40 | €413 | €10,335 | +€9,922 | +2,402% |
| Other amounts receivable | 41 | €11,192 | €11,272 | +€79 | +0.7% |
| Cash at bank and in hand | 54/58 | €353,257 | €18,805 | -€334,452 | -94.7% |
| Deferred charges and accrued income | 490/1 | €2,154 | €0 | -€2,154 | -100% |
| Total equity and liabilities | 10/49 | €457,293 | €678,972 | +€221,679 | +48.5% |
| Equity | 10/15 | €64,240 | €36,967 | -€27,273 | -42.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €42,133 | €14,860 | -€27,273 | -64.7% |
| 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 | €40,273 | €13,000 | -€27,273 | -67.7% |
| Profit (loss) carried forward | 14 | €3,507 | €3,507 | = | 0.0% |
| Amounts payable | 17/49 | €393,053 | €642,004 | +€248,952 | +63.3% |
| Amounts payable after more than one year | 17 | - | €535,307 | +€535,307 | |
| Financial debts | 170/4 | - | €535,307 | +€535,307 | |
| Amounts payable within one year | 42/48 | €393,053 | €106,697 | -€286,355 | -72.9% |
| Current portion of amounts payable after more than one year | 42 | - | €29,633 | +€29,633 | |
| Trade debts | 44 | €2,538 | €4,797 | +€2,258 | +89.0% |
| Suppliers | 440/4 | €2,538 | €4,797 | +€2,258 | +89.0% |
| Taxes, remuneration and social security | 45 | €80,515 | €16,440 | -€64,075 | -79.6% |
| Taxes | 450/3 | €80,515 | €16,440 | -€64,075 | -79.6% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €310,000 | €55,829 | -€254,171 | -82.0% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,744 | €15,613 | +€9,869 | +172% |
| Other operating charges | 640/8 | €7,109 | €7,948 | +€839 | +11.8% |
| Gross operating margin | 9900 | €391,655 | €103,764 | -€287,891 | -73.5% |
| Operating profit (loss) | 9901 | €378,802 | €80,203 | -€298,598 | -78.8% |
| Financial income | 75/76B | €109,000 | €1,407 | -€107,594 | -98.7% |
| Recurring financial income | 75 | €109,000 | €1,407 | -€107,594 | -98.7% |
| Financial charges | 65/66B | €464 | €14,230 | +€13,766 | +2,967% |
| Recurring financial charges | 65 | €464 | €8,478 | +€8,014 | +1,727% |
| Non-recurring financial charges | 66B | - | €5,753 | +€5,753 | |
| Profit (loss) for the period before taxes | 9903 | €487,338 | €67,380 | -€419,958 | -86.2% |
| Income taxes | 67/77 | €122,195 | €20,415 | -€101,779 | -83.3% |
| Profit (loss) for the period | 9904 | €365,143 | €46,964 | -€318,179 | -87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €365,143 | €46,964 | -€318,179 | -87.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.