MORINVEST: 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.
MORINVEST
Largest movements
- Cash +€90,987
up €90,987 (+527%), from €17,253 to €108,240
mainly Other debts (+€153,575) and Receivables within one year (+€36,828)
- Tangible fixed assets +€64,465
up €64,465 (+1,140%), from €5,655 to €70,120
- Receivables within one year -€36,828
down €36,828 (-71.3%), from €51,641 to €14,813
of which Other amounts receivable: -€34,839
- Other debts +€153,575
up €153,575 (+803%), from €19,128 to €172,703
- Profit (loss) carried forward -€20,311
new in 2025: -€20,311
- Reserves -€10,308
down €10,308 (-30.6%), from €33,703 to €23,395
- Tax, wage and social debts -€6,228
down €6,228 (-60.8%), from €10,244 to €4,016
of which Taxes: -€5,178
- Trade debts +€2,604
up €2,604 (+338%), from €771 to €3,374
- Gross operating margin -€49,141
down €49,141, from €28,802 to -€20,339
- Taxes -€11,013
down €11,013 (-98.0%), from €11,237 to €224
- Depreciation +€10,513
up €10,513 (+1,225%), from €858 to €11,372
- Financial income +€2,192
new in 2025: €2,192
- Financial charges -€1,298
down €1,298 (-90.4%), from €1,437 to €139
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 | €82,446 | €201,778 | +€119,332 | +145% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €5,655 | €70,120 | +€64,465 | +1,140% |
| Tangible fixed assets | 22/27 | €5,655 | €70,120 | +€64,465 | +1,140% |
| Furniture and vehicles | 24 | €5,655 | €70,120 | +€64,465 | +1,140% |
| Current assets | 29/58 | €76,791 | €131,658 | +€54,867 | +71.5% |
| Amounts receivable within one year | 40/41 | €51,641 | €14,813 | -€36,828 | -71.3% |
| Trade receivables | 40 | €13,626 | €11,637 | -€1,989 | -14.6% |
| Other amounts receivable | 41 | €38,015 | €3,176 | -€34,839 | -91.6% |
| Current investments | 50/53 | €7,800 | €7,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,253 | €108,240 | +€90,987 | +527% |
| Deferred charges and accrued income | 490/1 | €97 | €805 | +€708 | +731% |
| Total equity and liabilities | 10/49 | €82,446 | €201,778 | +€119,332 | +145% |
| Equity | 10/15 | €52,303 | €21,684 | -€30,619 | -58.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,703 | €23,395 | -€10,308 | -30.6% |
| Distributable reserves | 133 | €33,703 | €23,395 | -€10,308 | -30.6% |
| Profit (loss) carried forward | 14 | - | -€20,311 | -€20,311 | |
| Amounts payable | 17/49 | €30,143 | €180,094 | +€149,951 | +497% |
| Amounts payable within one year | 42/48 | €30,143 | €180,094 | +€149,951 | +497% |
| Trade debts | 44 | €771 | €3,374 | +€2,604 | +338% |
| Suppliers | 440/4 | €771 | €3,374 | +€2,604 | +338% |
| Taxes, remuneration and social security | 45 | €10,244 | €4,016 | -€6,228 | -60.8% |
| Taxes | 450/3 | €7,269 | €2,091 | -€5,178 | -71.2% |
| Remuneration and social security | 454/9 | €2,975 | €1,925 | -€1,050 | -35.3% |
| Other amounts payable | 47/48 | €19,128 | €172,703 | +€153,575 | +803% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €858 | €11,372 | +€10,513 | +1,225% |
| Other operating charges | 640/8 | €338 | €738 | +€400 | +119% |
| Gross operating margin | 9900 | €28,802 | -€20,339 | -€49,141 | |
| Operating profit (loss) | 9901 | €27,607 | -€32,448 | -€60,055 | |
| Financial income | 75/76B | - | €2,192 | +€2,192 | |
| Recurring financial income | 75 | - | €2,192 | +€2,192 | |
| Financial charges | 65/66B | €1,437 | €139 | -€1,298 | -90.4% |
| Recurring financial charges | 65 | €1,437 | €139 | -€1,298 | -90.4% |
| Profit (loss) for the period before taxes | 9903 | €26,170 | -€30,395 | -€56,565 | |
| Income taxes | 67/77 | €11,237 | €224 | -€11,013 | -98.0% |
| Profit (loss) for the period | 9904 | €14,933 | -€30,619 | -€45,552 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,933 | -€30,619 | -€45,552 |
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 25 October 2026 via checked.be.