MORGAN L.: 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 L.
Largest movements
- Receivables within one year +€31,246
up €31,246 (+24.4%), from €128,230 to €159,475
- Tangible fixed assets +€27,411
up €27,411 (+9.5%), from €288,985 to €316,396
of which Other tangible fixed assets: +€43,098
- Profit (loss) carried forward +€64,819
up €64,819 (+283%), from €22,886 to €87,705
- Debts after one year -€36,821
down €36,821 (-15.5%), from €237,287 to €200,466
- Current portion of long-term debt +€32,539
up €32,539 (+70.5%), from €46,130 to €78,668
- Trade debts -€28,425
down €28,425 (-68.2%), from €41,673 to €13,248
- Tax, wage and social debts +€21,603
up €21,603 (+60.2%), from €35,882 to €57,485
of which Taxes: +€24,500
- Turnover -€310,225
no longer reported in 2025 (was €310,225)
- Purchases and services -€164,438
no longer reported in 2025 (was €164,438)
- Gross operating margin +€23,064
up €23,064 (+14.8%), from €156,298 to €179,362
- Taxes +€15,819
up €15,819 (+3,113%), from €508 to €16,327
- Staff costs -€13,062
down €13,062 (-17.6%), from €74,233 to €61,171
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 | €427,635 | €479,830 | +€52,195 | +12.2% |
| Fixed assets | 21/28 | €289,896 | €317,307 | +€27,411 | +9.5% |
| Tangible fixed assets | 22/27 | €288,985 | €316,396 | +€27,411 | +9.5% |
| Land and buildings | 22 | €283,250 | €266,250 | -€17,000 | -6.0% |
| Plant, machinery and equipment | 23 | €1,621 | €727 | -€894 | -55.2% |
| Furniture and vehicles | 24 | €212 | €2,418 | +€2,207 | +1,043% |
| Other tangible fixed assets | 26 | €3,903 | €47,001 | +€43,098 | +1,104% |
| Financial fixed assets | 28 | €911 | €911 | = | 0.0% |
| Current assets | 29/58 | €137,738 | €162,523 | +€24,785 | +18.0% |
| Stocks and contracts in progress | 3 | €3,268 | €1,368 | -€1,900 | -58.1% |
| Stocks | 30/36 | €3,268 | €1,368 | -€1,900 | -58.1% |
| Amounts receivable within one year | 40/41 | €128,230 | €159,475 | +€31,246 | +24.4% |
| Other amounts receivable | 41 | €128,230 | €159,475 | +€31,246 | +24.4% |
| Cash at bank and in hand | 54/58 | €6,240 | €1,679 | -€4,561 | -73.1% |
| Total equity and liabilities | 10/49 | €427,635 | €479,830 | +€52,195 | +12.2% |
| Equity | 10/15 | €55,811 | €120,630 | +€64,819 | +116% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €14,175 | €14,175 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,300 | €12,300 | = | 0.0% |
| Distributable reserves | 133 | €1,875 | €1,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,886 | €87,705 | +€64,819 | +283% |
| Provisions and deferred taxes | 16 | €7,509 | €7,509 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €7,509 | €7,509 | = | 0.0% |
| Environmental obligations | 163 | €7,509 | €7,509 | = | 0.0% |
| Amounts payable | 17/49 | €364,315 | €351,692 | -€12,624 | -3.5% |
| Amounts payable after more than one year | 17 | €237,287 | €200,466 | -€36,821 | -15.5% |
| Financial debts | 170/4 | €237,287 | €200,466 | -€36,821 | -15.5% |
| Amounts payable within one year | 42/48 | €127,029 | €151,226 | +€24,197 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €46,130 | €78,668 | +€32,539 | +70.5% |
| Financial debts | 43 | €3,344 | €1,824 | -€1,519 | -45.4% |
| Credit institutions | 430/8 | €3,344 | €1,824 | -€1,519 | -45.4% |
| Trade debts | 44 | €41,673 | €13,248 | -€28,425 | -68.2% |
| Suppliers | 440/4 | €41,673 | €13,248 | -€28,425 | -68.2% |
| Taxes, remuneration and social security | 45 | €35,882 | €57,485 | +€21,603 | +60.2% |
| Taxes | 450/3 | €27,601 | €52,100 | +€24,500 | +88.8% |
| Remuneration and social security | 454/9 | €8,282 | €5,385 | -€2,896 | -35.0% |
| Turnover | 70 | €310,225 | - | -€310,225 | |
| Goods, raw materials, services and sundry goods | 60/61 | €164,438 | - | -€164,438 | |
| Remuneration, social security and pensions | 62 | €74,233 | €61,171 | -€13,062 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,652 | €24,546 | +€894 | +3.8% |
| Other operating charges | 640/8 | €3,555 | €3,757 | +€203 | +5.7% |
| Non-recurring operating charges | 66A | €28,667 | - | -€28,667 | |
| Gross operating margin | 9900 | €156,298 | €179,362 | +€23,064 | +14.8% |
| Operating profit (loss) | 9901 | €26,192 | €89,887 | +€63,696 | +243% |
| Financial charges | 65/66B | €10,973 | €8,742 | -€2,231 | -20.3% |
| Recurring financial charges | 65 | €10,973 | €8,742 | -€2,231 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €15,219 | €81,146 | +€65,927 | +433% |
| Income taxes | 67/77 | €508 | €16,327 | +€15,819 | +3,113% |
| Profit (loss) for the period | 9904 | €14,711 | €64,819 | +€50,108 | +341% |
| Profit (loss) for the period to be appropriated | 9905 | €14,711 | €64,819 | +€50,108 | +341% |
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 15 October 2026 via checked.be.