MORLOTTI - LEROY: what changed
MORLOTTI - LEROY
Largest movements
- Tangible fixed assets -€15,663
down €15,663 (-6.8%), from €231,485 to €215,822
of which Plant, machinery and equipment: -€12,232
- Cash -€5,927
down €5,927 (-20.2%), from €29,350 to €23,423
mainly Current portion of long-term debt (-€37,791) and Investment in fixed assets (net) (-€14,753)
- Profit (loss) carried forward +€40,381
up €40,381 (+101%), from €39,812 to €80,193
- Current portion of long-term debt -€37,791
down €37,791 (-73.1%), from €51,732 to €13,941
- Debts after one year -€13,941
down €13,941 (-17.9%), from €78,095 to €64,154
- Other debts -€8,044
down €8,044 (-99.4%), from €8,094 to €50
- Tax, wage and social debts -€4,603
down €4,603 (-31.6%), from €14,561 to €9,958
of which Taxes: -€5,164
- Gross operating margin +€11,990
up €11,990 (+7.8%), from €152,823 to €164,813
- Other operating charges +€9,327
up €9,327 (+1,022%), from €912 to €10,239
- Staff costs +€3,391
up €3,391 (+6.0%), from €56,643 to €60,033
- Depreciation +€2,935
up €2,935 (+10.7%), from €27,481 to €30,416
- Financial income -€2,776
down €2,776 (-99.1%), from €2,800 to €24
of which Non-recurring financial income: -€2,800
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €270,954 | €248,117 | -€22,837 | -8.4% |
| Fixed assets | 21/28 | €231,485 | €215,822 | -€15,663 | -6.8% |
| Tangible fixed assets | 22/27 | €231,485 | €215,822 | -€15,663 | -6.8% |
| Land and buildings | 22 | €118,504 | €118,451 | -€52 | 0.0% |
| Plant, machinery and equipment | 23 | €97,749 | €85,517 | -€12,232 | -12.5% |
| Furniture and vehicles | 24 | €15,233 | €11,854 | -€3,379 | -22.2% |
| Current assets | 29/58 | €39,469 | €32,295 | -€7,174 | -18.2% |
| Stocks and contracts in progress | 3 | €1,744 | €3,401 | +€1,656 | +95.0% |
| Stocks | 30/36 | €1,744 | €3,401 | +€1,656 | +95.0% |
| Amounts receivable within one year | 40/41 | €6,194 | €4,324 | -€1,870 | -30.2% |
| Trade receivables | 40 | €645 | €242 | -€403 | -62.5% |
| Other amounts receivable | 41 | €5,550 | €4,082 | -€1,468 | -26.4% |
| Cash at bank and in hand | 54/58 | €29,350 | €23,423 | -€5,927 | -20.2% |
| Deferred charges and accrued income | 490/1 | €2,180 | €1,147 | -€1,033 | -47.4% |
| Total equity and liabilities | 10/49 | €270,954 | €248,117 | -€22,837 | -8.4% |
| Equity | 10/15 | €81,589 | €121,970 | +€40,381 | +49.5% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €35,580 | €35,580 | = | 0.0% |
| Distributable reserves | 133 | €35,580 | €35,580 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,812 | €80,193 | +€40,381 | +101% |
| Amounts payable | 17/49 | €189,365 | €126,147 | -€63,218 | -33.4% |
| Amounts payable after more than one year | 17 | €78,095 | €64,154 | -€13,941 | -17.9% |
| Financial debts | 170/4 | €78,095 | €64,154 | -€13,941 | -17.9% |
| Amounts payable within one year | 42/48 | €111,271 | €61,993 | -€49,277 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €51,732 | €13,941 | -€37,791 | -73.1% |
| Financial debts | 43 | €26,501 | €26,501 | = | 0.0% |
| Other loans | 439 | €26,501 | €26,501 | = | 0.0% |
| Trade debts | 44 | €10,383 | €11,044 | +€661 | +6.4% |
| Suppliers | 440/4 | €10,383 | €11,044 | +€661 | +6.4% |
| Advances received on contracts in progress | 46 | - | €500 | +€500 | |
| Taxes, remuneration and social security | 45 | €14,561 | €9,958 | -€4,603 | -31.6% |
| Taxes | 450/3 | €6,926 | €1,762 | -€5,164 | -74.6% |
| Remuneration and social security | 454/9 | €7,634 | €8,196 | +€561 | +7.3% |
| Other amounts payable | 47/48 | €8,094 | €50 | -€8,044 | -99.4% |
| Non-recurring operating income | 76A | - | €3,238 | +€3,238 | |
| Remuneration, social security and pensions | 62 | €56,643 | €60,033 | +€3,391 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,481 | €30,416 | +€2,935 | +10.7% |
| Other operating charges | 640/8 | €912 | €10,239 | +€9,327 | +1,022% |
| Non-recurring operating charges | 66A | €129 | €522 | +€393 | +305% |
| Gross operating margin | 9900 | €152,823 | €164,813 | +€11,990 | +7.8% |
| Operating profit (loss) | 9901 | €67,657 | €63,602 | -€4,055 | -6.0% |
| Financial income | 75/76B | €2,800 | €24 | -€2,776 | -99.1% |
| Recurring financial income | 75 | €0 | €24 | +€24 | +8,162% |
| Non-recurring financial income | 76B | €2,800 | - | -€2,800 | |
| Financial charges | 65/66B | €7,680 | €5,968 | -€1,712 | -22.3% |
| Recurring financial charges | 65 | €7,680 | €5,968 | -€1,712 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €62,778 | €57,658 | -€5,120 | -8.2% |
| Income taxes | 67/77 | €16,001 | €17,277 | +€1,276 | +8.0% |
| Profit (loss) for the period | 9904 | €46,776 | €40,381 | -€6,395 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,776 | €40,381 | -€6,395 | -13.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.