MORISET: 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.
MORISET
Largest movements
- Tangible fixed assets -€16,441
down €16,441 (-1.6%), from €999,981 to €983,540
of which Land and buildings: -€20,531
- Cash -€14,867
down €14,867 (-56.5%), from €26,297 to €11,430
mainly Debts after one year (-€67,700) and Investment in fixed assets (net) (-€40,684)
- Reserves +€68,792
up €68,792 (+20.0%), from €344,804 to €413,596
- Debts after one year -€67,700
down €67,700 (-16.0%), from €424,301 to €356,601
- Other debts -€23,206
down €23,206 (-99.4%), from €23,353 to €147
- Gross operating margin -€21,316
down €21,316 (-11.3%), from €188,430 to €167,114
- Taxes -€9,843
down €9,843 (-26.9%), from €36,582 to €26,739
- Depreciation +€8,992
up €8,992 (+18.7%), from €48,133 to €57,125
- Other operating charges -€3,454
down €3,454 (-49.8%), from €6,935 to €3,480
- Financial charges -€2,102
down €2,102 (-16.1%), from €13,028 to €10,926
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 | €1,143,094 | €1,119,555 | -€23,539 | -2.1% |
| Fixed assets | 21/28 | €1,000,031 | €983,590 | -€16,441 | -1.6% |
| Tangible fixed assets | 22/27 | €999,981 | €983,540 | -€16,441 | -1.6% |
| Land and buildings | 22 | €715,371 | €694,840 | -€20,531 | -2.9% |
| Plant, machinery and equipment | 23 | €278,221 | €267,237 | -€10,984 | -3.9% |
| Furniture and vehicles | 24 | €6,389 | €21,463 | +€15,074 | +236% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €143,062 | €135,964 | -€7,098 | -5.0% |
| Amounts receivable within one year | 40/41 | €116,379 | €124,134 | +€7,755 | +6.7% |
| Trade receivables | 40 | €87,379 | €107,134 | +€19,755 | +22.6% |
| Other amounts receivable | 41 | €29,000 | €17,000 | -€12,000 | -41.4% |
| Cash at bank and in hand | 54/58 | €26,297 | €11,430 | -€14,867 | -56.5% |
| Deferred charges and accrued income | 490/1 | €386 | €401 | +€15 | +3.8% |
| Total equity and liabilities | 10/49 | €1,143,094 | €1,119,555 | -€23,539 | -2.1% |
| Equity | 10/15 | €559,095 | €627,887 | +€68,792 | +12.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €344,804 | €413,596 | +€68,792 | +20.0% |
| Distributable reserves | 133 | €344,804 | €413,596 | +€68,792 | +20.0% |
| Profit (loss) carried forward | 14 | €201,791 | €201,791 | = | 0.0% |
| Amounts payable | 17/49 | €583,999 | €491,667 | -€92,331 | -15.8% |
| Amounts payable after more than one year | 17 | €424,301 | €356,601 | -€67,700 | -16.0% |
| Financial debts | 170/4 | €424,301 | €356,601 | -€67,700 | -16.0% |
| Amounts payable within one year | 42/48 | €149,880 | €129,312 | -€20,569 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €63,123 | €63,756 | +€633 | +1.0% |
| Trade debts | 44 | €5,009 | €4,438 | -€571 | -11.4% |
| Suppliers | 440/4 | €5,009 | €4,438 | -€571 | -11.4% |
| Taxes, remuneration and social security | 45 | €58,395 | €60,971 | +€2,575 | +4.4% |
| Taxes | 450/3 | €58,395 | €60,971 | +€2,575 | +4.4% |
| Other amounts payable | 47/48 | €23,353 | €147 | -€23,206 | -99.4% |
| Accrued charges and deferred income | 492/3 | €9,818 | €5,755 | -€4,063 | -41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,133 | €57,125 | +€8,992 | +18.7% |
| Other operating charges | 640/8 | €6,935 | €3,480 | -€3,454 | -49.8% |
| Non-recurring operating charges | 66A | €63 | €110 | +€47 | +74.3% |
| Gross operating margin | 9900 | €188,430 | €167,114 | -€21,316 | -11.3% |
| Operating profit (loss) | 9901 | €133,299 | €106,399 | -€26,900 | -20.2% |
| Financial income | 75/76B | €123 | €58 | -€64 | -52.3% |
| Recurring financial income | 75 | €123 | €58 | -€64 | -52.3% |
| Financial charges | 65/66B | €13,028 | €10,926 | -€2,102 | -16.1% |
| Recurring financial charges | 65 | €13,028 | €10,926 | -€2,102 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €120,394 | €95,532 | -€24,863 | -20.7% |
| Income taxes | 67/77 | €36,582 | €26,739 | -€9,843 | -26.9% |
| Profit (loss) for the period | 9904 | €83,812 | €68,792 | -€15,019 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €83,812 | €68,792 | -€15,019 | -17.9% |
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.