MOROX: 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.
MOROX
Largest movements
- Tangible fixed assets -€87,793
down €87,793 (-10.0%), from €880,849 to €793,057
of which Land and buildings: -€55,038
- Debts after one year -€73,235
down €73,235 (-10.7%), from €684,471 to €611,236
of which Financial debts: -€73,235
- Profit (loss) carried forward +€35,458
up €35,458 (+11.8%), from -€300,518 to -€265,060
- Trade debts -€29,722
down €29,722 (-28.8%), from €103,310 to €73,588
- Other debts -€11,832
down €11,832 (-3.4%), from €346,780 to €334,948
- Depreciation -€27,283
down €27,283 (-23.7%), from €115,075 to €87,793
- Gross operating margin +€10,209
up €10,209 (+6.9%), from €148,775 to €158,985
- Financial charges -€3,989
down €3,989 (-17.2%), from €23,161 to €19,172
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 | €924,738 | €847,021 | -€77,717 | -8.4% |
| Fixed assets | 21/28 | €880,849 | €793,057 | -€87,793 | -10.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €880,849 | €793,057 | -€87,793 | -10.0% |
| Land and buildings | 22 | €682,327 | €627,289 | -€55,038 | -8.1% |
| Plant, machinery and equipment | 23 | €198,522 | €165,768 | -€32,754 | -16.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €43,888 | €53,964 | +€10,076 | +23.0% |
| Amounts receivable within one year | 40/41 | €14,610 | €17,594 | +€2,984 | +20.4% |
| Trade receivables | 40 | €9,800 | €12,784 | +€2,984 | +30.4% |
| Other amounts receivable | 41 | €4,810 | €4,810 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €29,278 | €35,323 | +€6,045 | +20.6% |
| Deferred charges and accrued income | 490/1 | €0 | €1,048 | +€1,048 | |
| Total equity and liabilities | 10/49 | €924,738 | €847,021 | -€77,717 | -8.4% |
| Equity | 10/15 | -€281,926 | -€246,468 | +€35,458 | +12.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€300,518 | -€265,060 | +€35,458 | +11.8% |
| Amounts payable | 17/49 | €1,206,664 | €1,093,489 | -€113,174 | -9.4% |
| Amounts payable after more than one year | 17 | €684,471 | €611,236 | -€73,235 | -10.7% |
| Financial debts | 170/4 | €684,471 | €611,236 | -€73,235 | -10.7% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €522,193 | €482,254 | -€39,939 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €71,797 | €73,235 | +€1,439 | +2.0% |
| Trade debts | 44 | €103,310 | €73,588 | -€29,722 | -28.8% |
| Suppliers | 440/4 | €103,310 | €73,588 | -€29,722 | -28.8% |
| Taxes, remuneration and social security | 45 | €306 | €482 | +€176 | +57.6% |
| Taxes | 450/3 | €306 | €482 | +€176 | +57.6% |
| Other amounts payable | 47/48 | €346,780 | €334,948 | -€11,832 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,075 | €87,793 | -€27,283 | -23.7% |
| Other operating charges | 640/8 | €16,508 | €16,386 | -€121 | -0.7% |
| Gross operating margin | 9900 | €148,775 | €158,985 | +€10,209 | +6.9% |
| Operating profit (loss) | 9901 | €17,192 | €54,806 | +€37,614 | +218.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €23,161 | €19,172 | -€3,989 | -17.2% |
| Recurring financial charges | 65 | €23,161 | €19,172 | -€3,989 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,968 | €35,634 | +€41,602 | |
| Income taxes | 67/77 | €217 | €176 | -€41 | -18.7% |
| Profit (loss) for the period | 9904 | -€6,185 | €35,458 | +€41,643 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,185 | €35,458 | +€41,643 |
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 3 October 2026 via checked.be.