Morgenstern: 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.
Morgenstern
Largest movements
- Receivables within one year -€23,212
down €23,212 (-60.7%), from €38,239 to €15,027
of which Trade receivables: -€25,670
- Cash -€17,513
down €17,513 (-31.4%), from €55,770 to €38,257
mainly Net result for the year (-€27,503) and Current portion of long-term debt (-€7,698)
- Profit (loss) carried forward -€27,503
down €27,503, from €18,384 to -€9,119
- Current portion of long-term debt -€7,698
no longer reported in 2025 (was €7,698)
- Tax, wage and social debts -€5,039
down €5,039 (-90.7%), from €5,559 to €519
of which Taxes: -€2,899
- Write-downs +€23,769
new in 2025: €23,769
- Gross operating margin +€7,742
up €7,742 (+71.2%), from -€10,878 to -€3,136
- Taxes +€3,928
up €3,928, from -€3,797 to €131
- Other operating charges -€396
down €396 (-87.1%), from €454 to €58
- Financial charges -€335
down €335 (-59.9%), from €560 to €224
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 | €94,885 | €53,284 | -€41,601 | -43.8% |
| Fixed assets | 21/28 | €185 | - | -€185 | |
| Tangible fixed assets | 22/27 | €185 | - | -€185 | |
| Plant, machinery and equipment | 23 | €185 | - | -€185 | |
| Current assets | 29/58 | €94,700 | €53,284 | -€41,416 | -43.7% |
| Amounts receivable within one year | 40/41 | €38,239 | €15,027 | -€23,212 | -60.7% |
| Trade receivables | 40 | €25,670 | - | -€25,670 | |
| Other amounts receivable | 41 | €12,569 | €15,027 | +€2,458 | +19.6% |
| Cash at bank and in hand | 54/58 | €55,770 | €38,257 | -€17,513 | -31.4% |
| Deferred charges and accrued income | 490/1 | €692 | - | -€692 | |
| Total equity and liabilities | 10/49 | €94,885 | €53,284 | -€41,601 | -43.8% |
| Equity | 10/15 | €80,194 | €52,691 | -€27,503 | -34.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €49,410 | €49,410 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €47,550 | €47,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,384 | -€9,119 | -€27,503 | |
| Amounts payable | 17/49 | €14,691 | €593 | -€14,098 | -96.0% |
| Amounts payable after more than one year | 17 | €646 | - | -€646 | |
| Financial debts | 170/4 | €646 | - | -€646 | |
| Amounts payable within one year | 42/48 | €14,045 | €593 | -€13,452 | -95.8% |
| Current portion of amounts payable after more than one year | 42 | €7,698 | - | -€7,698 | |
| Trade debts | 44 | €789 | €74 | -€715 | -90.7% |
| Suppliers | 440/4 | €789 | €74 | -€715 | -90.7% |
| Taxes, remuneration and social security | 45 | €5,559 | €519 | -€5,039 | -90.7% |
| Taxes | 450/3 | €3,419 | €519 | -€2,899 | -84.8% |
| Remuneration and social security | 454/9 | €2,140 | - | -€2,140 | |
| Non-recurring operating income | 76A | €13,196 | - | -€13,196 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400 | €185 | -€216 | -53.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €23,769 | +€23,769 | |
| Other operating charges | 640/8 | €454 | €58 | -€396 | -87.1% |
| Gross operating margin | 9900 | -€10,878 | -€3,136 | +€7,742 | +71.2% |
| Operating profit (loss) | 9901 | -€11,732 | -€27,148 | -€15,416 | -131.4% |
| Financial charges | 65/66B | €560 | €224 | -€335 | -59.9% |
| Recurring financial charges | 65 | €560 | €224 | -€335 | -59.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,292 | -€27,373 | -€15,081 | -122.7% |
| Income taxes | 67/77 | -€3,797 | €131 | +€3,928 | |
| Profit (loss) for the period | 9904 | -€8,495 | -€27,503 | -€19,008 | -223.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,495 | -€27,503 | -€19,008 | -223.8% |
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.