MORO: what changed
Two fiscal 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.
MORO
Largest movements
- Receivables within one year +€34,253
up €34,253 (+9.6%), from €358,055 to €392,309
of which Trade receivables: +€34,619
- Cash -€22,502
down €22,502 (-6.5%), from €344,450 to €321,948
mainly Receivables within one year (-€34,253) and Net result for the year (-€31,651)
- Tangible fixed assets -€16,544
down €16,544 (-22.6%), from €73,315 to €56,772
of which Plant, machinery and equipment: -€20,020
- Stocks and contracts -€14,803
down €14,803 (-8.6%), from €171,498 to €156,695
of which Stocks: -€14,303
- Formation expenses -€13,500
down €13,500 (-20.0%), from €67,463 to €53,963
- Profit (loss) carried forward -€31,651
new in 2025: -€31,651
- Short-term financial debts +€28,092
up €28,092 (+21.4%), from €131,534 to €159,626
- Trade debts -€12,803
down €12,803 (-6.4%), from €200,133 to €187,330
- Gross operating margin -€69,891
down €69,891 (-11.9%), from €589,190 to €519,299
- Staff costs -€14,042
down €14,042 (-2.9%), from €484,857 to €470,815
- Financial charges -€13,563
down €13,563 (-53.8%), from €25,228 to €11,665
- Depreciation -€6,145
down €6,145 (-11.8%), from €52,259 to €46,114
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 | €1,032,313 | €995,391 | -€36,922 | -3.6% |
| Formation expenses | 20 | €67,463 | €53,963 | -€13,500 | -20.0% |
| Fixed assets | 21/28 | €80,749 | €60,057 | -€20,692 | -25.6% |
| Intangible fixed assets | 21 | €7,433 | €3,285 | -€4,148 | -55.8% |
| Tangible fixed assets | 22/27 | €73,315 | €56,772 | -€16,544 | -22.6% |
| Plant, machinery and equipment | 23 | €60,036 | €40,017 | -€20,020 | -33.3% |
| Furniture and vehicles | 24 | €13,279 | €16,755 | +€3,476 | +26.2% |
| Current assets | 29/58 | €884,101 | €881,370 | -€2,730 | -0.3% |
| Stocks and contracts in progress | 3 | €171,498 | €156,695 | -€14,803 | -8.6% |
| Stocks | 30/36 | €153,998 | €139,695 | -€14,303 | -9.3% |
| Contracts in progress | 37 | €17,500 | €17,000 | -€500 | -2.9% |
| Amounts receivable within one year | 40/41 | €358,055 | €392,309 | +€34,253 | +9.6% |
| Trade receivables | 40 | €337,561 | €372,180 | +€34,619 | +10.3% |
| Other amounts receivable | 41 | €20,494 | €20,128 | -€366 | -1.8% |
| Cash at bank and in hand | 54/58 | €344,450 | €321,948 | -€22,502 | -6.5% |
| Deferred charges and accrued income | 490/1 | €10,097 | €10,419 | +€322 | +3.2% |
| Total equity and liabilities | 10/49 | €1,032,313 | €995,391 | -€36,922 | -3.6% |
| Equity | 10/15 | €449,550 | €417,898 | -€31,651 | -7.0% |
| Contributions | 10/11 | €425,000 | €425,000 | = | 0.0% |
| Capital | 10 | €425,000 | €425,000 | = | 0.0% |
| Issued capital | 100 | €425,000 | €425,000 | = | 0.0% |
| Reserves | 13 | €24,550 | €24,550 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,550 | €24,550 | = | 0.0% |
| Legal reserve | 130 | €24,550 | €24,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€31,651 | -€31,651 | |
| Provisions and deferred taxes | 16 | €28,548 | €36,730 | +€8,182 | +28.7% |
| Provisions for liabilities and charges | 160/5 | €28,548 | €36,730 | +€8,182 | +28.7% |
| Other liabilities and charges | 164/5 | €28,548 | €36,730 | +€8,182 | +28.7% |
| Amounts payable | 17/49 | €554,215 | €540,763 | -€13,452 | -2.4% |
| Amounts payable after more than one year | 17 | €105,570 | €99,215 | -€6,355 | -6.0% |
| Financial debts | 170/4 | €105,570 | €99,215 | -€6,355 | -6.0% |
| Amounts payable within one year | 42/48 | €440,854 | €439,767 | -€1,087 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €16,406 | €6,355 | -€10,051 | -61.3% |
| Financial debts | 43 | €131,534 | €159,626 | +€28,092 | +21.4% |
| Credit institutions | 430/8 | €131,534 | €159,626 | +€28,092 | +21.4% |
| Trade debts | 44 | €200,133 | €187,330 | -€12,803 | -6.4% |
| Suppliers | 440/4 | €200,133 | €187,330 | -€12,803 | -6.4% |
| Taxes, remuneration and social security | 45 | €70,490 | €64,640 | -€5,849 | -8.3% |
| Taxes | 450/3 | €23,047 | €10,249 | -€12,798 | -55.5% |
| Remuneration and social security | 454/9 | €47,443 | €54,392 | +€6,949 | +14.6% |
| Other amounts payable | 47/48 | €22,291 | €21,816 | -€475 | -2.1% |
| Accrued charges and deferred income | 492/3 | €7,791 | €1,780 | -€6,011 | -77.1% |
| Non-recurring operating income | 76A | €0 | €206 | +€206 | |
| Remuneration, social security and pensions | 62 | €484,857 | €470,815 | -€14,042 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,259 | €46,114 | -€6,145 | -11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €12,105 | €8,182 | -€3,923 | -32.4% |
| Other operating charges | 640/8 | €2,556 | €2,104 | -€453 | -17.7% |
| Non-recurring operating charges | 66A | €1,054 | €12,178 | +€11,124 | +1055.5% |
| Gross operating margin | 9900 | €589,190 | €519,299 | -€69,891 | -11.9% |
| Operating profit (loss) | 9901 | €36,358 | -€20,094 | -€56,452 | |
| Financial income | 75/76B | €65 | €108 | +€43 | +66.9% |
| Recurring financial income | 75 | €65 | €108 | +€43 | +66.9% |
| Financial charges | 65/66B | €25,228 | €11,665 | -€13,563 | -53.8% |
| Recurring financial charges | 65 | €25,228 | €11,665 | -€13,563 | -53.8% |
| Profit (loss) for the period before taxes | 9903 | €11,195 | -€31,651 | -€42,846 | |
| Income taxes | 67/77 | €4,084 | €0 | -€4,084 | -100.0% |
| Profit (loss) for the period | 9904 | €7,110 | -€31,651 | -€38,762 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,110 | -€31,651 | -€38,762 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.