MORINI: 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.
MORINI
Largest movements
- Receivables within one year +€11,094
up €11,094 (+94.8%), from €11,702 to €22,797
of which Other amounts receivable: +€10,148
- Deferred charges and accrued income +€2,223
up €2,223 (+1282.9%), from €173 to €2,396
- Profit (loss) carried forward +€13,272
up €13,272 (+8.8%), from -€150,040 to -€136,768
- Depreciation -€9,026
down €9,026 (-94.7%), from €9,526 to €500
- Gross operating margin +€4,096
up €4,096 (+42.6%), from €9,621 to €13,717
- Taxes -€2,334
down €2,334, from €1,511 to -€823
- Financial income +€770
up €770 (+228.8%), from €336 to €1,106
- Other operating charges -€165
no longer reported in 2025 (was €165)
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 | €138,479 | €150,962 | +€12,482 | +9.0% |
| Fixed assets | 21/28 | €124,610 | €124,110 | -€500 | -0.4% |
| Intangible fixed assets | 21 | €103,197 | €103,197 | = | 0.0% |
| Tangible fixed assets | 22/27 | €20,242 | €19,741 | -€500 | -2.5% |
| Land and buildings | 22 | €20,242 | €19,741 | -€500 | -2.5% |
| Financial fixed assets | 28 | €1,171 | €1,171 | = | 0.0% |
| Current assets | 29/58 | €13,869 | €26,852 | +€12,983 | +93.6% |
| Stocks and contracts in progress | 3 | €1,984 | €1,629 | -€355 | -17.9% |
| Stocks | 30/36 | €1,984 | €1,629 | -€355 | -17.9% |
| Amounts receivable within one year | 40/41 | €11,702 | €22,797 | +€11,094 | +94.8% |
| Trade receivables | 40 | €598 | €1,544 | +€946 | +158.2% |
| Other amounts receivable | 41 | €11,104 | €21,253 | +€10,148 | +91.4% |
| Cash at bank and in hand | 54/58 | €10 | €31 | +€21 | +206.6% |
| Deferred charges and accrued income | 490/1 | €173 | €2,396 | +€2,223 | +1282.9% |
| Total equity and liabilities | 10/49 | €138,479 | €150,962 | +€12,482 | +9.0% |
| Equity | 10/15 | €14,377 | €27,649 | +€13,272 | +92.3% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €24,417 | €24,417 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €22,557 | €22,557 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€150,040 | -€136,768 | +€13,272 | +8.8% |
| Amounts payable | 17/49 | €124,103 | €123,313 | -€790 | -0.6% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €24,103 | €23,313 | -€790 | -3.3% |
| Financial debts | 43 | €12,290 | €11,171 | -€1,120 | -9.1% |
| Credit institutions | 430/8 | €12,290 | €11,171 | -€1,120 | -9.1% |
| Trade debts | 44 | €6,506 | €7,994 | +€1,487 | +22.9% |
| Suppliers | 440/4 | €6,506 | €7,994 | +€1,487 | +22.9% |
| Taxes, remuneration and social security | 45 | €2,188 | €1,031 | -€1,157 | -52.9% |
| Taxes | 450/3 | €2,188 | €1,031 | -€1,157 | -52.9% |
| Other amounts payable | 47/48 | €3,118 | €3,118 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,564 | +€1,564 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,526 | €500 | -€9,026 | -94.7% |
| Other operating charges | 640/8 | €165 | - | -€165 | |
| Gross operating margin | 9900 | €9,621 | €13,717 | +€4,096 | +42.6% |
| Operating profit (loss) | 9901 | -€70 | €13,217 | +€13,287 | |
| Financial income | 75/76B | €336 | €1,106 | +€770 | +228.8% |
| Recurring financial income | 75 | €336 | €1,106 | +€770 | +228.8% |
| Financial charges | 65/66B | €1,825 | €1,874 | +€49 | +2.7% |
| Recurring financial charges | 65 | €1,825 | €1,874 | +€49 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,559 | €12,450 | +€14,008 | |
| Income taxes | 67/77 | €1,511 | -€823 | -€2,334 | |
| Profit (loss) for the period | 9904 | -€3,070 | €13,272 | +€16,342 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,070 | €13,272 | +€16,342 |
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 12 October 2026 via checked.be.