MORGENSTERN: 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.
MORGENSTERN
Largest movements
- Receivables within one year -€51,695
down €51,695 (-89.7%), from €57,637 to €5,942
- Deferred charges and accrued income -€20,508
down €20,508 (-95.2%), from €21,549 to €1,041
- Tangible fixed assets -€6,805
down €6,805 (-1.8%), from €376,470 to €369,666
of which Land and buildings: -€5,352
- Debts after one year -€82,746
down €82,746 (-23.2%), from €356,596 to €273,851
of which Financial debts: -€82,746
- Profit (loss) carried forward +€5,208
up €5,208 (+6.7%), from -€77,740 to -€72,532
- Gross operating margin -€24,384
down €24,384 (-55.0%), from €44,313 to €19,929
- Other operating charges -€1,774
down €1,774 (-22.2%), from €7,977 to €6,202
- Depreciation -€1,699
down €1,699 (-20.0%), from €8,504 to €6,805
- Taxes -€644
down €644 (-26.2%), from €2,457 to €1,813
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 | €456,244 | €377,449 | -€78,795 | -17.3% |
| Fixed assets | 21/28 | €376,470 | €369,666 | -€6,805 | -1.8% |
| Tangible fixed assets | 22/27 | €376,470 | €369,666 | -€6,805 | -1.8% |
| Land and buildings | 22 | €372,135 | €366,782 | -€5,352 | -1.4% |
| Plant, machinery and equipment | 23 | €1,101 | €912 | -€189 | -17.2% |
| Furniture and vehicles | 24 | €2,973 | €1,722 | -€1,251 | -42.1% |
| Other tangible fixed assets | 26 | €262 | €249 | -€12 | -4.8% |
| Current assets | 29/58 | €79,774 | €7,783 | -€71,991 | -90.2% |
| Amounts receivable within one year | 40/41 | €57,637 | €5,942 | -€51,695 | -89.7% |
| Other amounts receivable | 41 | €57,637 | €5,942 | -€51,695 | -89.7% |
| Cash at bank and in hand | 54/58 | €588 | €799 | +€212 | +36.1% |
| Deferred charges and accrued income | 490/1 | €21,549 | €1,041 | -€20,508 | -95.2% |
| Total equity and liabilities | 10/49 | €456,244 | €377,449 | -€78,795 | -17.3% |
| Equity | 10/15 | €94,120 | €99,328 | +€5,208 | +5.5% |
| Contributions | 10/11 | €86,000 | €86,000 | = | 0.0% |
| Capital | 10 | €86,000 | €86,000 | = | 0.0% |
| Issued capital | 100 | €86,000 | €86,000 | = | 0.0% |
| Revaluation surpluses | 12 | €80,052 | €80,052 | = | 0.0% |
| Reserves | 13 | €5,808 | €5,808 | = | 0.0% |
| Non-distributable reserves | 130/1 | €130 | €130 | = | 0.0% |
| Legal reserve | 130 | €130 | €130 | = | 0.0% |
| Distributable reserves | 133 | €5,678 | €5,678 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,740 | -€72,532 | +€5,208 | +6.7% |
| Amounts payable | 17/49 | €362,124 | €278,121 | -€84,003 | -23.2% |
| Amounts payable after more than one year | 17 | €356,596 | €273,851 | -€82,746 | -23.2% |
| Financial debts | 170/4 | €354,117 | €271,372 | -€82,746 | -23.4% |
| Other amounts payable | 178/9 | €2,479 | €2,479 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,528 | €4,270 | -€1,257 | -22.7% |
| Trade debts | 44 | €3,070 | - | -€3,070 | |
| Suppliers | 440/4 | €3,070 | - | -€3,070 | |
| Taxes, remuneration and social security | 45 | €2,457 | €4,270 | +€1,813 | +73.8% |
| Taxes | 450/3 | €2,457 | €4,270 | +€1,813 | +73.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,504 | €6,805 | -€1,699 | -20.0% |
| Other operating charges | 640/8 | €7,977 | €6,202 | -€1,774 | -22.2% |
| Gross operating margin | 9900 | €44,313 | €19,929 | -€24,384 | -55.0% |
| Operating profit (loss) | 9901 | €27,833 | €6,922 | -€20,911 | -75.1% |
| Financial income | 75/76B | €276 | €145 | -€131 | -47.5% |
| Recurring financial income | 75 | €276 | €145 | -€131 | -47.5% |
| Financial charges | 65/66B | €94 | €46 | -€48 | -50.9% |
| Recurring financial charges | 65 | €94 | €46 | -€48 | -50.9% |
| Profit (loss) for the period before taxes | 9903 | €28,015 | €7,021 | -€20,994 | -74.9% |
| Income taxes | 67/77 | €2,457 | €1,813 | -€644 | -26.2% |
| Profit (loss) for the period | 9904 | €25,558 | €5,208 | -€20,350 | -79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,558 | €5,208 | -€20,350 | -79.6% |
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 14 October 2026 via checked.be.