MORNAY: 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.
MORNAY
Largest movements
- Tangible fixed assets -€17,548
down €17,548 (-5.1%), from €341,600 to €324,052
of which Land and buildings: -€18,381
- Cash -€6,503
down €6,503 (-76.4%), from €8,510 to €2,007
mainly Debts after one year (-€14,894) and Trade debts (-€10,537)
- Debts after one year -€14,894
down €14,894 (-4.3%), from €343,922 to €329,028
- Trade debts -€10,537
down €10,537 (-31.7%), from €33,252 to €22,715
- Profit (loss) carried forward +€6,394
up €6,394 (+2.1%), from -€304,985 to -€298,591
- Other debts -€5,014
down €5,014 (-2.0%), from €251,660 to €246,646
- Financial charges -€3,933
down €3,933 (-98.4%), from €3,997 to €64
- Gross operating margin +€3,864
up €3,864 (+18.4%), from €20,988 to €24,852
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 | €357,335 | €333,284 | -€24,051 | -6.7% |
| Fixed assets | 21/28 | €341,600 | €324,052 | -€17,548 | -5.1% |
| Tangible fixed assets | 22/27 | €341,600 | €324,052 | -€17,548 | -5.1% |
| Land and buildings | 22 | €341,600 | €323,219 | -€18,381 | -5.4% |
| Furniture and vehicles | 24 | - | €833 | +€833 | |
| Current assets | 29/58 | €15,735 | €9,232 | -€6,503 | -41.3% |
| Amounts receivable within one year | 40/41 | €7,225 | €7,225 | = | 0.0% |
| Other amounts receivable | 41 | €7,225 | €7,225 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,510 | €2,007 | -€6,503 | -76.4% |
| Total equity and liabilities | 10/49 | €357,335 | €333,284 | -€24,051 | -6.7% |
| Equity | 10/15 | -€286,393 | -€279,999 | +€6,394 | +2.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€304,985 | -€298,591 | +€6,394 | +2.1% |
| Amounts payable | 17/49 | €643,728 | €613,283 | -€30,445 | -4.7% |
| Amounts payable after more than one year | 17 | €343,922 | €329,028 | -€14,894 | -4.3% |
| Financial debts | 170/4 | €343,922 | €329,028 | -€14,894 | -4.3% |
| Amounts payable within one year | 42/48 | €299,806 | €284,255 | -€15,551 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €14,894 | €14,894 | = | 0.0% |
| Trade debts | 44 | €33,252 | €22,715 | -€10,537 | -31.7% |
| Suppliers | 440/4 | €33,252 | €22,715 | -€10,537 | -31.7% |
| Other amounts payable | 47/48 | €251,660 | €246,646 | -€5,014 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,413 | €18,395 | -€18 | -0.1% |
| Gross operating margin | 9900 | €20,988 | €24,852 | +€3,864 | +18.4% |
| Operating profit (loss) | 9901 | €2,575 | €6,457 | +€3,882 | +151% |
| Financial charges | 65/66B | €3,997 | €64 | -€3,933 | -98.4% |
| Recurring financial charges | 65 | €3,997 | €64 | -€3,933 | -98.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,422 | €6,393 | +€7,815 | |
| Profit (loss) for the period | 9904 | -€1,422 | €6,393 | +€7,815 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,422 | €6,393 | +€7,815 |
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 18 October 2026 via checked.be.