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 +€43,066
up €43,066 (+30.8%), from €139,616 to €182,683
of which Other amounts receivable: +€40,877
- Stocks and contracts -€17,022
down €17,022 (-13.2%), from €128,881 to €111,859
- Tangible fixed assets -€7,953
down €7,953 (-8.5%), from €93,830 to €85,877
of which Other tangible fixed assets: -€6,646
- Cash -€3,845
down €3,845 (-78.4%), from €4,903 to €1,058
mainly Receivables within one year (-€43,066) and Debts after one year (-€10,974)
- Trade debts +€19,558
up €19,558 (+24.9%), from €78,607 to €98,165
- Debts after one year -€10,974
down €10,974 (-19.6%), from €56,017 to €45,043
- Gross operating margin +€6,583
up €6,583 (+24.9%), from €26,411 to €32,994
- Taxes +€2,462
up €2,462 (+79.4%), from €3,099 to €5,562
- Depreciation +€2,034
up €2,034 (+29.4%), from €6,925 to €8,959
- Financial charges +€813
up €813 (+12.5%), from €6,502 to €7,315
- Other operating charges +€490
up €490 (+22.4%), from €2,186 to €2,675
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 | €369,041 | €382,717 | +€13,676 | +3.7% |
| Fixed assets | 21/28 | €93,830 | €85,877 | -€7,953 | -8.5% |
| Tangible fixed assets | 22/27 | €93,830 | €85,877 | -€7,953 | -8.5% |
| Plant, machinery and equipment | 23 | €2,240 | €934 | -€1,306 | -58.3% |
| Furniture and vehicles | 24 | €1,833 | €1,832 | -€1 | -0.1% |
| Other tangible fixed assets | 26 | €89,757 | €83,111 | -€6,646 | -7.4% |
| Current assets | 29/58 | €275,210 | €296,839 | +€21,629 | +7.9% |
| Stocks and contracts in progress | 3 | €128,881 | €111,859 | -€17,022 | -13.2% |
| Stocks | 30/36 | €128,881 | €111,859 | -€17,022 | -13.2% |
| Amounts receivable within one year | 40/41 | €139,616 | €182,683 | +€43,066 | +30.8% |
| Trade receivables | 40 | €3,452 | €5,641 | +€2,189 | +63.4% |
| Other amounts receivable | 41 | €136,165 | €177,042 | +€40,877 | +30.0% |
| Cash at bank and in hand | 54/58 | €4,903 | €1,058 | -€3,845 | -78.4% |
| Deferred charges and accrued income | 490/1 | €1,810 | €1,240 | -€570 | -31.5% |
| Total equity and liabilities | 10/49 | €369,041 | €382,717 | +€13,676 | +3.7% |
| Equity | 10/15 | €81,735 | €82,194 | +€459 | +0.6% |
| Contributions | 10/11 | €56,091 | €56,091 | = | 0.0% |
| Reserves | 13 | €25,644 | €26,103 | +€459 | +1.8% |
| Non-distributable reserves | 130/1 | €25,066 | €25,066 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,066 | €25,066 | = | 0.0% |
| Distributable reserves | 133 | €578 | €1,037 | +€459 | +79.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €287,306 | €300,523 | +€13,217 | +4.6% |
| Amounts payable after more than one year | 17 | €56,017 | €45,043 | -€10,974 | -19.6% |
| Financial debts | 170/4 | €56,017 | €45,043 | -€10,974 | -19.6% |
| Amounts payable within one year | 42/48 | €231,289 | €255,480 | +€24,191 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €10,052 | €10,974 | +€922 | +9.2% |
| Trade debts | 44 | €78,607 | €98,165 | +€19,558 | +24.9% |
| Suppliers | 440/4 | €78,607 | €98,165 | +€19,558 | +24.9% |
| Taxes, remuneration and social security | 45 | €27,482 | €27,996 | +€513 | +1.9% |
| Taxes | 450/3 | €24,782 | €25,296 | +€513 | +2.1% |
| Remuneration and social security | 454/9 | €2,700 | €2,700 | = | 0.0% |
| Other amounts payable | 47/48 | €115,147 | €118,345 | +€3,198 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,925 | €8,959 | +€2,034 | +29.4% |
| Other operating charges | 640/8 | €2,186 | €2,675 | +€490 | +22.4% |
| Gross operating margin | 9900 | €26,411 | €32,994 | +€6,583 | +24.9% |
| Operating profit (loss) | 9901 | €17,300 | €21,360 | +€4,060 | +23.5% |
| Financial income | 75/76B | €505 | €976 | +€471 | +93.2% |
| Recurring financial income | 75 | €505 | €976 | +€471 | +93.2% |
| Financial charges | 65/66B | €6,502 | €7,315 | +€813 | +12.5% |
| Recurring financial charges | 65 | €6,502 | €7,315 | +€813 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €11,302 | €15,020 | +€3,718 | +32.9% |
| Income taxes | 67/77 | €3,099 | €5,562 | +€2,462 | +79.4% |
| Profit (loss) for the period | 9904 | €8,203 | €9,459 | +€1,256 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,203 | €9,459 | +€1,256 | +15.3% |
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 28 October 2026 via checked.be.