MORLIMAT: 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.
MORLIMAT
Largest movements
- Tangible fixed assets +€225,026
up €225,026 (+36.0%), from €625,693 to €850,719
of which Furniture and vehicles: +€149,152
- Cash -€46,083
down €46,083 (-35.8%), from €128,656 to €82,573
mainly Investment in fixed assets (net) (-€400,327) and Receivables within one year (-€39,009)
- Receivables within one year +€39,009
up €39,009 (+20.3%), from €191,727 to €230,735
of which Other amounts receivable: +€33,245
- Trade debts +€118,155
up €118,155 (+1034.0%), from €11,427 to €129,581
- Reserves +€50,000
up €50,000 (+9.8%), from €511,860 to €561,860
of which Distributable reserves: +€50,000
- Current portion of long-term debt +€25,754
up €25,754 (+26.3%), from €98,057 to €123,812
- Debts after one year +€18,461
up €18,461 (+7.6%), from €243,196 to €261,657
- Gross operating margin +€58,044
up €58,044 (+32.4%), from €179,102 to €237,146
- Depreciation +€22,992
up €22,992 (+15.1%), from €152,310 to €175,301
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 | €954,383 | €1,168,849 | +€214,466 | +22.5% |
| Fixed assets | 21/28 | €625,693 | €850,719 | +€225,026 | +36.0% |
| Tangible fixed assets | 22/27 | €625,693 | €850,719 | +€225,026 | +36.0% |
| Plant, machinery and equipment | 23 | €469,178 | €545,052 | +€75,874 | +16.2% |
| Furniture and vehicles | 24 | €156,515 | €305,667 | +€149,152 | +95.3% |
| Current assets | 29/58 | €328,690 | €318,130 | -€10,560 | -3.2% |
| Stocks and contracts in progress | 3 | €5,898 | €3,734 | -€2,164 | -36.7% |
| Stocks | 30/36 | €5,898 | €3,734 | -€2,164 | -36.7% |
| Amounts receivable within one year | 40/41 | €191,727 | €230,735 | +€39,009 | +20.3% |
| Trade receivables | 40 | €186,537 | €192,301 | +€5,763 | +3.1% |
| Other amounts receivable | 41 | €5,189 | €38,434 | +€33,245 | +640.7% |
| Cash at bank and in hand | 54/58 | €128,656 | €82,573 | -€46,083 | -35.8% |
| Deferred charges and accrued income | 490/1 | €2,409 | €1,088 | -€1,321 | -54.8% |
| Total equity and liabilities | 10/49 | €954,383 | €1,168,849 | +€214,466 | +22.5% |
| Equity | 10/15 | €519,551 | €571,201 | +€51,650 | +9.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €511,860 | €561,860 | +€50,000 | +9.8% |
| 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 | €510,000 | €560,000 | +€50,000 | +9.8% |
| Profit (loss) carried forward | 14 | €1,491 | €3,141 | +€1,650 | +110.7% |
| Amounts payable | 17/49 | €434,832 | €597,648 | +€162,816 | +37.4% |
| Amounts payable after more than one year | 17 | €243,196 | €261,657 | +€18,461 | +7.6% |
| Financial debts | 170/4 | €243,196 | €261,657 | +€18,461 | +7.6% |
| Amounts payable within one year | 42/48 | €191,636 | €334,427 | +€142,791 | +74.5% |
| Current portion of amounts payable after more than one year | 42 | €98,057 | €123,812 | +€25,754 | +26.3% |
| Trade debts | 44 | €11,427 | €129,581 | +€118,155 | +1034.0% |
| Suppliers | 440/4 | €11,427 | €129,581 | +€118,155 | +1034.0% |
| Taxes, remuneration and social security | 45 | €9,396 | €1,524 | -€7,872 | -83.8% |
| Taxes | 450/3 | €9,396 | €1,524 | -€7,872 | -83.8% |
| Other amounts payable | 47/48 | €72,756 | €79,510 | +€6,754 | +9.3% |
| Accrued charges and deferred income | 492/3 | - | €1,564 | +€1,564 | |
| Non-recurring operating income | 76A | - | €21,424 | +€21,424 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,310 | €175,301 | +€22,992 | +15.1% |
| Other operating charges | 640/8 | €1,214 | €1,192 | -€22 | -1.8% |
| Gross operating margin | 9900 | €179,102 | €237,146 | +€58,044 | +32.4% |
| Operating profit (loss) | 9901 | €25,578 | €60,653 | +€35,075 | +137.1% |
| Financial charges | 65/66B | €5,763 | €7,483 | +€1,720 | +29.8% |
| Recurring financial charges | 65 | €5,763 | €7,483 | +€1,720 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €19,815 | €53,169 | +€33,354 | +168.3% |
| Income taxes | 67/77 | €2,170 | €1,519 | -€651 | -30.0% |
| Profit (loss) for the period | 9904 | €17,645 | €51,650 | +€34,005 | +192.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,645 | €51,650 | +€34,005 | +192.7% |
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.