MORILO: 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.
MORILO
Largest movements
- Tangible fixed assets +€170,071
up €170,071 (+18.6%), from €914,349 to €1.1m
of which Plant, machinery and equipment: +€125,256
- Receivables within one year +€61,986
up €61,986 (+62.8%), from €98,671 to €160,656
of which Trade receivables: +€35,581
- Cash -€36,516
down €36,516 (-42.3%), from €86,419 to €49,902
mainly Investment in fixed assets (net) (-€385,055) and Receivables within one year (-€61,986)
- Debts after one year +€210,874
up €210,874 (+74.3%), from €283,885 to €494,759
- Profit (loss) carried forward -€38,437
down €38,437, from €0 to -€38,437
- Current portion of long-term debt +€26,892
up €26,892 (+15.6%), from €172,037 to €198,929
- Trade debts +€21,541
up €21,541 (+28.6%), from €75,367 to €96,908
- Tax, wage and social debts -€16,195
down €16,195 (-18.2%), from €88,817 to €72,621
of which Remuneration and social security: -€22,401
- Gross operating margin -€67,789
down €67,789 (-7.0%), from €970,892 to €903,102
- Depreciation +€45,834
up €45,834 (+27.1%), from €169,150 to €214,984
- Staff costs +€37,876
up €37,876 (+6.7%), from €563,032 to €600,909
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 | €1,217,374 | €1,404,396 | +€187,023 | +15.4% |
| Fixed assets | 21/28 | €1,013,274 | €1,183,345 | +€170,071 | +16.8% |
| Tangible fixed assets | 22/27 | €914,349 | €1,084,420 | +€170,071 | +18.6% |
| Land and buildings | 22 | €666,861 | €730,097 | +€63,236 | +9.5% |
| Plant, machinery and equipment | 23 | €126,679 | €251,935 | +€125,256 | +98.9% |
| Furniture and vehicles | 24 | €113,384 | €94,963 | -€18,421 | -16.2% |
| Other tangible fixed assets | 26 | €7,425 | €7,425 | = | 0.0% |
| Financial fixed assets | 28 | €98,925 | €98,925 | = | 0.0% |
| Current assets | 29/58 | €204,100 | €221,052 | +€16,952 | +8.3% |
| Stocks and contracts in progress | 3 | €5,684 | €9,850 | +€4,166 | +73.3% |
| Stocks | 30/36 | €5,684 | €9,850 | +€4,166 | +73.3% |
| Amounts receivable within one year | 40/41 | €98,671 | €160,656 | +€61,986 | +62.8% |
| Trade receivables | 40 | €1,015 | €36,596 | +€35,581 | +3505.5% |
| Other amounts receivable | 41 | €97,656 | €124,060 | +€26,404 | +27.0% |
| Cash at bank and in hand | 54/58 | €86,419 | €49,902 | -€36,516 | -42.3% |
| Deferred charges and accrued income | 490/1 | €13,327 | €643 | -€12,684 | -95.2% |
| Total equity and liabilities | 10/49 | €1,217,374 | €1,404,396 | +€187,023 | +15.4% |
| Equity | 10/15 | €579,616 | €541,179 | -€38,437 | -6.6% |
| Contributions | 10/11 | €293,600 | €293,600 | = | 0.0% |
| Reserves | 13 | €286,016 | €286,016 | = | 0.0% |
| Tax-exempt reserves | 132 | €268 | €268 | = | 0.0% |
| Distributable reserves | 133 | €285,748 | €285,748 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€38,437 | -€38,437 | |
| Amounts payable | 17/49 | €637,758 | €863,217 | +€225,459 | +35.4% |
| Amounts payable after more than one year | 17 | €283,885 | €494,759 | +€210,874 | +74.3% |
| Financial debts | 170/4 | €283,885 | €494,759 | +€210,874 | +74.3% |
| Amounts payable within one year | 42/48 | €350,371 | €368,459 | +€18,088 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €172,037 | €198,929 | +€26,892 | +15.6% |
| Trade debts | 44 | €75,367 | €96,908 | +€21,541 | +28.6% |
| Suppliers | 440/4 | €75,367 | €96,908 | +€21,541 | +28.6% |
| Advances received on contracts in progress | 46 | €14,150 | €0 | -€14,150 | -100.0% |
| Taxes, remuneration and social security | 45 | €88,817 | €72,621 | -€16,195 | -18.2% |
| Taxes | 450/3 | €0 | €6,206 | +€6,206 | |
| Remuneration and social security | 454/9 | €88,817 | €66,416 | -€22,401 | -25.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,502 | €0 | -€3,502 | -100.0% |
| Remuneration, social security and pensions | 62 | €563,032 | €600,909 | +€37,876 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,150 | €214,984 | +€45,834 | +27.1% |
| Other operating charges | 640/8 | €49,547 | €54,162 | +€4,615 | +9.3% |
| Gross operating margin | 9900 | €970,892 | €903,102 | -€67,789 | -7.0% |
| Operating profit (loss) | 9901 | €189,162 | €33,048 | -€156,114 | -82.5% |
| Financial income | 75/76B | €10 | €0 | -€10 | -100.0% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -100.0% |
| Financial charges | 65/66B | €24,707 | €17,496 | -€7,211 | -29.2% |
| Recurring financial charges | 65 | €24,707 | €17,496 | -€7,211 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €164,465 | €15,552 | -€148,913 | -90.5% |
| Income taxes | 67/77 | €52,344 | €53,989 | +€1,645 | +3.1% |
| Profit (loss) for the period | 9904 | €112,121 | -€38,437 | -€150,558 | |
| Profit (loss) for the period to be appropriated | 9905 | €112,121 | -€38,437 | -€150,558 |
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 29 September 2026 via checked.be.