Morgenster: 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.
Morgenster
Largest movements
- Cash +€44,350
up €44,350 (+206.9%), from €21,436 to €65,786
mainly Receivables within one year (+€31,566) and Net result for the year (+€10,539)
- Receivables within one year -€31,566
down €31,566 (-100.0%), from €31,566 to €0
of which Trade receivables: -€30,913
- Tangible fixed assets +€1,068
new in 2025: €1,068
- Profit (loss) carried forward +€10,539
up €10,539 (+24.3%), from €43,329 to €53,867
- Tax, wage and social debts +€3,146
up €3,146 (+70.2%), from €4,484 to €7,630
- Gross operating margin -€6,635
down €6,635 (-29.5%), from €22,520 to €15,885
- Taxes -€1,520
down €1,520 (-33.9%), from €4,484 to €2,964
- Other operating charges +€1,119
up €1,119 (+189.5%), from €590 to €1,709
- Depreciation +€504
new in 2025: €504
- Financial income -€375
down €375 (-100.0%), from €375 to €0
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 | €53,403 | €67,254 | +€13,851 | +25.9% |
| Fixed assets | 21/28 | - | €1,068 | +€1,068 | |
| Tangible fixed assets | 22/27 | - | €1,068 | +€1,068 | |
| Plant, machinery and equipment | 23 | - | €1,068 | +€1,068 | |
| Current assets | 29/58 | €53,403 | €66,186 | +€12,783 | +23.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €31,566 | €0 | -€31,566 | -100.0% |
| Trade receivables | 40 | €30,913 | €0 | -€30,913 | -100.0% |
| Other amounts receivable | 41 | €653 | €0 | -€653 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,436 | €65,786 | +€44,350 | +206.9% |
| Deferred charges and accrued income | 490/1 | €400 | €400 | = | 0.0% |
| Total equity and liabilities | 10/49 | €53,403 | €67,254 | +€13,851 | +25.9% |
| Equity | 10/15 | €44,329 | €54,867 | +€10,539 | +23.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,329 | €53,867 | +€10,539 | +24.3% |
| Amounts payable | 17/49 | €9,074 | €12,386 | +€3,313 | +36.5% |
| Amounts payable within one year | 42/48 | €9,074 | €12,386 | +€3,313 | +36.5% |
| Trade debts | 44 | €1,513 | €1,679 | +€166 | +11.0% |
| Suppliers | 440/4 | €1,513 | €1,679 | +€166 | +11.0% |
| Taxes, remuneration and social security | 45 | €4,484 | €7,630 | +€3,146 | +70.2% |
| Taxes | 450/3 | €4,484 | €7,630 | +€3,146 | +70.2% |
| Other amounts payable | 47/48 | €3,077 | €3,077 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €504 | +€504 | |
| Other operating charges | 640/8 | €590 | €1,709 | +€1,119 | +189.5% |
| Gross operating margin | 9900 | €22,520 | €15,885 | -€6,635 | -29.5% |
| Operating profit (loss) | 9901 | €21,930 | €13,672 | -€8,258 | -37.7% |
| Financial income | 75/76B | €375 | €0 | -€375 | -100.0% |
| Recurring financial income | 75 | €375 | €0 | -€375 | -100.0% |
| Financial charges | 65/66B | €184 | €170 | -€15 | -7.9% |
| Recurring financial charges | 65 | €184 | €170 | -€15 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €22,121 | €13,503 | -€8,618 | -39.0% |
| Income taxes | 67/77 | €4,484 | €2,964 | -€1,520 | -33.9% |
| Profit (loss) for the period | 9904 | €17,637 | €10,539 | -€7,098 | -40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,637 | €10,539 | -€7,098 | -40.2% |
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 3 October 2026 via checked.be.