MORGANA: 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.
MORGANA
Largest movements
- Receivables within one year -€9,651
down €9,651 (-19.4%), from €49,839 to €40,188
of which Trade receivables: -€9,651
- Cash +€2,499
up €2,499 (+287.5%), from €869 to €3,369
mainly Receivables within one year (+€9,651) and Other debts (+€2,000)
- Deferred charges and accrued income -€1,901
down €1,901 (-100.0%), from €1,901 to €0
- Tangible fixed assets -€1,707
down €1,707 (-100.0%), from €1,707 to €0
of which Plant, machinery and equipment: -€1,707
- Profit (loss) carried forward -€11,248
down €11,248 (-12.9%), from -€87,185 to -€98,434
- Other debts +€2,000
up €2,000 (+2.0%), from €99,874 to €101,874
- Accrued charges and deferred income -€698
down €698 (-100.0%), from €698 to €0
- Current portion of long-term debt -€601
down €601 (-100.0%), from €601 to €0
- Depreciation -€7,901
down €7,901 (-100.0%), from €7,901 to €0
- Gross operating margin +€1,949
up €1,949 (+19.7%), from -€9,898 to -€7,948
- Financial charges -€702
down €702 (-52.8%), from €1,330 to €628
- Other operating charges -€536
down €536 (-59.7%), from €898 to €362
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 | €54,317 | €43,557 | -€10,760 | -19.8% |
| Fixed assets | 21/28 | €1,707 | €0 | -€1,707 | -100.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,707 | €0 | -€1,707 | -100.0% |
| Plant, machinery and equipment | 23 | €1,707 | €0 | -€1,707 | -100.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €52,610 | €43,557 | -€9,053 | -17.2% |
| Amounts receivable within one year | 40/41 | €49,839 | €40,188 | -€9,651 | -19.4% |
| Trade receivables | 40 | €9,651 | €0 | -€9,651 | -100.0% |
| Other amounts receivable | 41 | €40,188 | €40,188 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €869 | €3,369 | +€2,499 | +287.5% |
| Deferred charges and accrued income | 490/1 | €1,901 | €0 | -€1,901 | -100.0% |
| Total equity and liabilities | 10/49 | €54,317 | €43,557 | -€10,760 | -19.8% |
| Equity | 10/15 | -€51,205 | -€62,454 | -€11,248 | -22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,380 | €17,380 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €17,380 | €17,380 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,185 | -€98,434 | -€11,248 | -12.9% |
| Amounts payable | 17/49 | €105,522 | €106,011 | +€488 | +0.5% |
| Amounts payable within one year | 42/48 | €104,825 | €106,011 | +€1,186 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €601 | €0 | -€601 | -100.0% |
| Trade debts | 44 | €3,768 | €3,611 | -€158 | -4.2% |
| Suppliers | 440/4 | €3,768 | €3,611 | -€158 | -4.2% |
| Taxes, remuneration and social security | 45 | €582 | €526 | -€56 | -9.5% |
| Taxes | 450/3 | €582 | €526 | -€56 | -9.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €99,874 | €101,874 | +€2,000 | +2.0% |
| Accrued charges and deferred income | 492/3 | €698 | €0 | -€698 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,901 | €0 | -€7,901 | -100.0% |
| Other operating charges | 640/8 | €898 | €362 | -€536 | -59.7% |
| Non-recurring operating charges | 66A | €0 | €2,310 | +€2,310 | |
| Gross operating margin | 9900 | -€9,898 | -€7,948 | +€1,949 | +19.7% |
| Operating profit (loss) | 9901 | -€18,696 | -€10,620 | +€8,076 | +43.2% |
| Financial charges | 65/66B | €1,330 | €628 | -€702 | -52.8% |
| Recurring financial charges | 65 | €1,330 | €628 | -€702 | -52.8% |
| Profit (loss) for the period before taxes | 9903 | -€20,027 | -€11,248 | +€8,778 | +43.8% |
| Income taxes | 67/77 | €0 | -€0 | -€0 | |
| Profit (loss) for the period | 9904 | -€20,027 | -€11,248 | +€8,778 | +43.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,027 | -€11,248 | +€8,778 | +43.8% |
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.