Morgan Solutions: 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 Solutions
Largest movements
- Tangible fixed assets +€152,629
up €152,629 (+251.4%), from €60,723 to €213,352
of which Land and buildings: +€165,314
- Receivables within one year +€23,983
up €23,983 (+107.1%), from €22,397 to €46,380
of which Other amounts receivable: +€26,791
- Cash +€8,958
up €8,958 (+136.4%), from €6,570 to €15,527
mainly Debts after one year (+€164,388) and Depreciation (+€20,505)
- Deferred charges and accrued income +€4,539
up €4,539 (+2385.8%), from €190 to €4,729
- Debts after one year +€164,388
up €164,388 (+473.4%), from €34,728 to €199,115
of which Financial debts: +€129,388
- Profit (loss) carried forward +€17,346
up €17,346 (+57.8%), from €30,021 to €47,367
- Current portion of long-term debt +€11,313
up €11,313 (+130.0%), from €8,703 to €20,016
- Trade debts -€5,899
down €5,899 (-74.4%), from €7,932 to €2,033
of which Suppliers: -€4,246
- Tax, wage and social debts +€3,689
up €3,689 (+62.7%), from €5,888 to €9,578
of which Remuneration and social security: +€5,644
- Gross operating margin +€53,252
up €53,252 (+205.0%), from €25,974 to €79,226
- Staff costs +€32,425
new in 2025: €32,425
- Depreciation +€12,625
up €12,625 (+160.2%), from €7,880 to €20,505
- Financial charges +€2,899
up €2,899 (+94.6%), from €3,065 to €5,964
- Taxes -€816
down €816 (-23.5%), from €3,472 to €2,656
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 | €94,271 | €282,085 | +€187,814 | +199.2% |
| Fixed assets | 21/28 | €60,723 | €213,352 | +€152,629 | +251.4% |
| Tangible fixed assets | 22/27 | €60,723 | €213,352 | +€152,629 | +251.4% |
| Land and buildings | 22 | - | €165,314 | +€165,314 | |
| Plant, machinery and equipment | 23 | €4,046 | €4,005 | -€41 | -1.0% |
| Furniture and vehicles | 24 | €52,663 | €41,253 | -€11,409 | -21.7% |
| Leasing and similar rights | 25 | €4,014 | €2,779 | -€1,235 | -30.8% |
| Current assets | 29/58 | €33,548 | €68,733 | +€35,185 | +104.9% |
| Stocks and contracts in progress | 3 | €4,392 | €2,097 | -€2,295 | -52.3% |
| Stocks | 30/36 | €4,392 | €2,097 | -€2,295 | -52.3% |
| Amounts receivable within one year | 40/41 | €22,397 | €46,380 | +€23,983 | +107.1% |
| Trade receivables | 40 | €22,283 | €19,475 | -€2,808 | -12.6% |
| Other amounts receivable | 41 | €114 | €26,905 | +€26,791 | +23474.1% |
| Cash at bank and in hand | 54/58 | €6,570 | €15,527 | +€8,958 | +136.4% |
| Deferred charges and accrued income | 490/1 | €190 | €4,729 | +€4,539 | +2385.8% |
| Total equity and liabilities | 10/49 | €94,271 | €282,085 | +€187,814 | +199.2% |
| Equity | 10/15 | €33,021 | €50,367 | +€17,346 | +52.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,021 | €47,367 | +€17,346 | +57.8% |
| Amounts payable | 17/49 | €61,251 | €231,718 | +€170,468 | +278.3% |
| Amounts payable after more than one year | 17 | €34,728 | €199,115 | +€164,388 | +473.4% |
| Financial debts | 170/4 | €34,728 | €164,115 | +€129,388 | +372.6% |
| Other amounts payable | 178/9 | - | €35,000 | +€35,000 | |
| Amounts payable within one year | 42/48 | €26,523 | €32,443 | +€5,920 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €8,703 | €20,016 | +€11,313 | +130.0% |
| Trade debts | 44 | €7,932 | €2,033 | -€5,899 | -74.4% |
| Suppliers | 440/4 | €6,279 | €2,033 | -€4,246 | -67.6% |
| Bills of exchange payable | 441 | €1,653 | - | -€1,653 | |
| Taxes, remuneration and social security | 45 | €5,888 | €9,578 | +€3,689 | +62.7% |
| Taxes | 450/3 | €5,888 | €3,933 | -€1,955 | -33.2% |
| Remuneration and social security | 454/9 | - | €5,644 | +€5,644 | |
| Other amounts payable | 47/48 | €4,000 | €816 | -€3,184 | -79.6% |
| Accrued charges and deferred income | 492/3 | - | €160 | +€160 | |
| Remuneration, social security and pensions | 62 | - | €32,425 | +€32,425 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,880 | €20,505 | +€12,625 | +160.2% |
| Other operating charges | 640/8 | €543 | €330 | -€213 | -39.3% |
| Gross operating margin | 9900 | €25,974 | €79,226 | +€53,252 | +205.0% |
| Operating profit (loss) | 9901 | €17,551 | €25,967 | +€8,415 | +47.9% |
| Financial income | 75/76B | €83 | - | -€83 | |
| Recurring financial income | 75 | €83 | - | -€83 | |
| Financial charges | 65/66B | €3,065 | €5,964 | +€2,899 | +94.6% |
| Recurring financial charges | 65 | €3,065 | €5,964 | +€2,899 | +94.6% |
| Profit (loss) for the period before taxes | 9903 | €14,570 | €20,003 | +€5,433 | +37.3% |
| Income taxes | 67/77 | €3,472 | €2,656 | -€816 | -23.5% |
| Profit (loss) for the period | 9904 | €11,098 | €17,346 | +€6,249 | +56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,098 | €17,346 | +€6,249 | +56.3% |
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 9 October 2026 via checked.be.