MORGENROOD: 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.
MORGENROOD
Largest movements
- Cash +€16,904
up €16,904 (+33.4%), from €50,671 to €67,574
mainly Net result for the year (+€61,114) and Other debts (+€16,185)
- Tangible fixed assets -€1,400
down €1,400 (-41.3%), from €3,387 to €1,987
- Receivables within one year +€1,210
up €1,210 (+11.1%), from €10,890 to €12,100
- Other debts +€16,185
up €16,185 (+38.7%), from €41,849 to €58,034
- Tax, wage and social debts +€4,135
up €4,135 (+32.0%), from €12,910 to €17,045
- Reserves -€3,386
down €3,386 (-34.5%), from €9,802 to €6,417
- Gross operating margin +€22,621
up €22,621 (+36.8%), from €61,467 to €84,089
- Taxes +€5,664
up €5,664 (+37.2%), from €15,226 to €20,890
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 | €65,669 | €82,606 | +€16,937 | +25.8% |
| Fixed assets | 21/28 | €3,387 | €1,987 | -€1,400 | -41.3% |
| Tangible fixed assets | 22/27 | €3,387 | €1,987 | -€1,400 | -41.3% |
| Furniture and vehicles | 24 | €3,387 | €1,987 | -€1,400 | -41.3% |
| Current assets | 29/58 | €62,283 | €80,619 | +€18,337 | +29.4% |
| Amounts receivable within one year | 40/41 | €10,890 | €12,100 | +€1,210 | +11.1% |
| Trade receivables | 40 | €10,890 | €12,100 | +€1,210 | +11.1% |
| Cash at bank and in hand | 54/58 | €50,671 | €67,574 | +€16,904 | +33.4% |
| Deferred charges and accrued income | 490/1 | €722 | €945 | +€223 | +30.9% |
| Total equity and liabilities | 10/49 | €65,669 | €82,606 | +€16,937 | +25.8% |
| Equity | 10/15 | €10,802 | €7,417 | -€3,386 | -31.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €9,802 | €6,417 | -€3,386 | -34.5% |
| Distributable reserves | 133 | €9,802 | €6,417 | -€3,386 | -34.5% |
| Amounts payable | 17/49 | €54,867 | €75,190 | +€20,322 | +37.0% |
| Amounts payable within one year | 42/48 | €54,867 | €75,190 | +€20,322 | +37.0% |
| Trade debts | 44 | €108 | €110 | +€2 | +2.0% |
| Suppliers | 440/4 | €108 | €110 | +€2 | +2.0% |
| Taxes, remuneration and social security | 45 | €12,910 | €17,045 | +€4,135 | +32.0% |
| Taxes | 450/3 | €12,910 | €17,045 | +€4,135 | +32.0% |
| Other amounts payable | 47/48 | €41,849 | €58,034 | +€16,185 | +38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,400 | €1,400 | = | 0.0% |
| Other operating charges | 640/8 | €670 | €641 | -€29 | -4.3% |
| Gross operating margin | 9900 | €61,467 | €84,089 | +€22,621 | +36.8% |
| Operating profit (loss) | 9901 | €59,397 | €82,048 | +€22,651 | +38.1% |
| Financial charges | 65/66B | €39 | €44 | +€5 | +11.5% |
| Recurring financial charges | 65 | €39 | €44 | +€5 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €59,358 | €82,004 | +€22,646 | +38.2% |
| Income taxes | 67/77 | €15,226 | €20,890 | +€5,664 | +37.2% |
| Profit (loss) for the period | 9904 | €44,132 | €61,114 | +€16,982 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,132 | €61,114 | +€16,982 | +38.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.