MORGENROOD: what changed
Two fiscal 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
- Tangible fixed assets -€1,317
down €1,317 (-38.7%), from €3,401 to €2,084
- Profit (loss) carried forward -€1,876
down €1,876 (-16.0%), from -€11,687 to -€13,562
- Trade debts +€520
new in 2025: €520
- Other debts +€46
up €46 (+0.5%), from €10,081 to €10,127
- Financial charges -€898
down €898 (-95.9%), from €937 to €39
- Gross operating margin -€15
down €15 (-4.0%), from -€384 to -€400
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,401 | €2,084 | -€1,317 | -38.7% |
| Fixed assets | 21/28 | €3,401 | €2,084 | -€1,317 | -38.7% |
| Tangible fixed assets | 22/27 | €3,401 | €2,084 | -€1,317 | -38.7% |
| Other tangible fixed assets | 26 | €3,401 | €2,084 | -€1,317 | -38.7% |
| Total equity and liabilities | 10/49 | €3,401 | €2,084 | -€1,317 | -38.7% |
| Equity | 10/15 | -€6,687 | -€8,562 | -€1,876 | -28.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,687 | -€13,562 | -€1,876 | -16.0% |
| Amounts payable | 17/49 | €10,088 | €10,646 | +€559 | +5.5% |
| Amounts payable within one year | 42/48 | €10,088 | €10,646 | +€559 | +5.5% |
| Financial debts | 43 | €7 | - | -€7 | |
| Credit institutions | 430/8 | €7 | - | -€7 | |
| Trade debts | 44 | - | €520 | +€520 | |
| Suppliers | 440/4 | - | €520 | +€520 | |
| Other amounts payable | 47/48 | €10,081 | €10,127 | +€46 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,317 | €1,317 | = | 0.0% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | -€384 | -€400 | -€15 | -4.0% |
| Operating profit (loss) | 9901 | -€1,819 | -€1,837 | -€17 | -1.0% |
| Financial charges | 65/66B | €937 | €39 | -€898 | -95.9% |
| Recurring financial charges | 65 | €937 | €39 | -€898 | -95.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,756 | -€1,876 | +€881 | +32.0% |
| Profit (loss) for the period | 9904 | -€2,756 | -€1,876 | +€881 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,756 | -€1,876 | +€881 | +32.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.