MORLITERM: 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.
MORLITERM
Largest movements
- Receivables within one year +€127,294
up €127,294 (+56.1%), from €226,708 to €354,002
of which Trade receivables: +€136,029
- Cash +€112,393
up €112,393 (+45.7%), from €246,110 to €358,503
mainly Net result for the year (+€362,909) and Depreciation (+€74,016)
- Stocks and contracts -€47,531
down €47,531 (-10.5%), from €454,082 to €406,552
of which Contracts in progress: -€27,206
- Tangible fixed assets -€21,771
down €21,771 (-10.0%), from €217,290 to €195,519
of which Plant, machinery and equipment: -€11,299
- Reserves +€361,929
up €361,929 (+42.2%), from €858,008 to €1.2m
of which Distributable reserves: +€212,032
- Other debts -€72,780
down €72,780 (-62.9%), from €115,637 to €42,858
- Trade debts -€68,290
down €68,290 (-63.8%), from €107,112 to €38,822
- Tax, wage and social debts -€26,374
down €26,374 (-72.1%), from €36,596 to €10,222
of which Remuneration and social security: -€19,158
- Accrued charges and deferred income -€18,661
down €18,661 (-92.4%), from €20,194 to €1,534
- Gross operating margin +€49,336
up €49,336 (+3.0%), from €1.7m to €1.7m
- Depreciation -€22,352
down €22,352 (-23.2%), from €96,368 to €74,016
- Taxes +€21,949
up €21,949 (+21.8%), from €100,716 to €122,666
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 | €1,216,827 | €1,391,786 | +€174,959 | +14.4% |
| Fixed assets | 21/28 | €217,540 | €195,769 | -€21,771 | -10.0% |
| Tangible fixed assets | 22/27 | €217,290 | €195,519 | -€21,771 | -10.0% |
| Plant, machinery and equipment | 23 | €67,367 | €56,069 | -€11,299 | -16.8% |
| Furniture and vehicles | 24 | €149,923 | €139,451 | -€10,472 | -7.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €999,287 | €1,196,016 | +€196,730 | +19.7% |
| Amounts receivable after more than one year | 29 | €6,316 | - | -€6,316 | |
| Other amounts receivable | 291 | €6,316 | - | -€6,316 | |
| Stocks and contracts in progress | 3 | €454,082 | €406,552 | -€47,531 | -10.5% |
| Stocks | 30/36 | €402,144 | €381,820 | -€20,324 | -5.1% |
| Contracts in progress | 37 | €51,938 | €24,731 | -€27,206 | -52.4% |
| Amounts receivable within one year | 40/41 | €226,708 | €354,002 | +€127,294 | +56.1% |
| Trade receivables | 40 | €206,337 | €342,366 | +€136,029 | +65.9% |
| Other amounts receivable | 41 | €20,370 | €11,635 | -€8,735 | -42.9% |
| Cash at bank and in hand | 54/58 | €246,110 | €358,503 | +€112,393 | +45.7% |
| Deferred charges and accrued income | 490/1 | €66,071 | €76,960 | +€10,889 | +16.5% |
| Total equity and liabilities | 10/49 | €1,216,827 | €1,391,786 | +€174,959 | +14.4% |
| Equity | 10/15 | €864,187 | €1,226,117 | +€361,929 | +41.9% |
| Contributions | 10/11 | €6,180 | €6,180 | = | 0.0% |
| Reserves | 13 | €858,008 | €1,219,937 | +€361,929 | +42.2% |
| Non-distributable reserves | 130/1 | €2,472 | €2,472 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,472 | €2,472 | = | 0.0% |
| Tax-exempt reserves | 132 | €98,065 | €247,963 | +€149,898 | +152.9% |
| Distributable reserves | 133 | €757,471 | €969,502 | +€212,032 | +28.0% |
| Provisions and deferred taxes | 16 | €4,000 | - | -€4,000 | |
| Provisions for liabilities and charges | 160/5 | €4,000 | - | -€4,000 | |
| Other liabilities and charges | 164/5 | €4,000 | - | -€4,000 | |
| Amounts payable | 17/49 | €348,639 | €165,669 | -€182,970 | -52.5% |
| Amounts payable after more than one year | 17 | €45,488 | €44,892 | -€595 | -1.3% |
| Financial debts | 170/4 | €45,488 | €44,892 | -€595 | -1.3% |
| Amounts payable within one year | 42/48 | €282,957 | €119,243 | -€163,715 | -57.9% |
| Current portion of amounts payable after more than one year | 42 | €23,612 | €27,341 | +€3,729 | +15.8% |
| Trade debts | 44 | €107,112 | €38,822 | -€68,290 | -63.8% |
| Suppliers | 440/4 | €107,112 | €38,822 | -€68,290 | -63.8% |
| Taxes, remuneration and social security | 45 | €36,596 | €10,222 | -€26,374 | -72.1% |
| Taxes | 450/3 | €7,216 | - | -€7,216 | |
| Remuneration and social security | 454/9 | €29,380 | €10,222 | -€19,158 | -65.2% |
| Other amounts payable | 47/48 | €115,637 | €42,858 | -€72,780 | -62.9% |
| Accrued charges and deferred income | 492/3 | €20,194 | €1,534 | -€18,661 | -92.4% |
| Non-recurring operating income | 76A | €21,396 | €7,716 | -€13,680 | -63.9% |
| Remuneration, social security and pensions | 62 | €1,134,974 | €1,136,523 | +€1,549 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,368 | €74,016 | -€22,352 | -23.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,000 | -€4,000 | -€8,000 | |
| Other operating charges | 640/8 | €12,876 | €11,669 | -€1,207 | -9.4% |
| Non-recurring operating charges | 66A | €2,261 | - | -€2,261 | |
| Gross operating margin | 9900 | €1,659,995 | €1,709,331 | +€49,336 | +3.0% |
| Operating profit (loss) | 9901 | €409,516 | €491,123 | +€81,607 | +19.9% |
| Financial income | 75/76B | €20,225 | €5,249 | -€14,976 | -74.0% |
| Recurring financial income | 75 | €20,225 | €5,249 | -€14,976 | -74.0% |
| Financial charges | 65/66B | €25,245 | €10,797 | -€14,448 | -57.2% |
| Recurring financial charges | 65 | €25,245 | €10,797 | -€14,448 | -57.2% |
| Profit (loss) for the period before taxes | 9903 | €404,496 | €485,575 | +€81,079 | +20.0% |
| Income taxes | 67/77 | €100,716 | €122,666 | +€21,949 | +21.8% |
| Profit (loss) for the period | 9904 | €303,780 | €362,909 | +€59,130 | +19.5% |
| Transfer from tax-exempt reserves | 789 | - | €26,922 | +€26,922 | |
| Transfer to tax-exempt reserves | 689 | €63,150 | €176,820 | +€113,670 | +180.0% |
| Profit (loss) for the period to be appropriated | 9905 | €240,630 | €213,012 | -€27,618 | -11.5% |
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 9 October 2026 via checked.be.