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MOROXCO: 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.

What changed

MOROXCO

BE 0719.795.230
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€248,652
2024 · €170,892+€77,761
Equity
-€1.1m
2024 · -€1.3m+€248,652
Cash
€84,061
2024 · €54,207+€29,854
Balance sheet total
€495,431
2024 · €261,260+€234,171

Largest movements

2024 to 2025
Assets
  • Current investments +€71,554

    up €71,554 (+161%), from €44,316 to €115,870

  • Tangible fixed assets +€58,541

    up €58,541 (+130%), from €45,132 to €103,674

    of which Leasing and similar rights: +€56,745

  • Receivables within one year +€44,676

    up €44,676 (+148%), from €30,237 to €74,913

    of which Trade receivables: +€45,008

  • Cash +€29,854

    up €29,854 (+55.1%), from €54,207 to €84,061

    mainly Current portion of long-term debt (+€259,518) and Net result for the year (+€248,652)

  • Receivables after one year +€20,000

    up €20,000 (+33.3%), from €60,000 to €80,000

Equity and liabilities
  • Current portion of long-term debt +€259,518

    up €259,518 (+454%), from €57,211 to €316,729

  • Debts after one year -€254,224

    down €254,224 (-18.1%), from €1.4m to €1.1m

  • Profit (loss) carried forward +€248,652

    up €248,652 (+18.8%), from -€1.3m to -€1.1m

  • Other debts -€20,584

    down €20,584 (-26.7%), from €77,191 to €56,608

Income statement
  • Gross operating margin +€90,419

    up €90,419 (+37.5%), from €241,063 to €331,483

  • Depreciation +€9,252

    up €9,252 (+96.4%), from €9,593 to €18,845

  • Financial income +€7,371

    up €7,371 (+1,118%), from €659 to €8,030

  • Financial charges +€5,177

    up €5,177 (+11.8%), from €43,777 to €48,954

    of which Financial charges: +€5,177

From the 2024 result to the 2025 result

effect on the 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.

Result 2024 €170,892
Gross operating margin +€90,419
Staff costs -€704
Depreciation -€9,252
Other operating charges -€1,312
Other operating items -€3,294
Financial income +€7,371
Financial charges -€5,177
Taxes -€291
Result 2025 €248,652
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2024 to 2025

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.

From operations +€189,661
Investment -€165,066
Financing +€5,258
Cash 2024 €54,207
Net result for the year +€248,652
Depreciation +€18,845
Receivables after one year -€20,000
Receivables within one year -€44,676
Deferred charges and accrued income +€6,580
Trade debts -€3,619
Tax, wage and social debts +€4,589
Other debts -€20,584
Accrued charges and deferred income -€126
Investment in fixed assets (net) -€93,512
Current investments -€71,554
Debts after one year -€254,224
Current portion of long-term debt +€259,518
Short-term financial debts -€36
Cash 2025 €84,061
brings cash intakes cash out
Every line side by side 50 lines
Line Code 2024 2025 Change %
Total assets 20/58 €261,260 €495,431 +€234,171 +89.6%
Fixed assets 21/28 €64,257 €138,924 +€74,666 +116%
Tangible fixed assets 22/27 €45,132 €103,674 +€58,541 +130%
Plant, machinery and equipment 23 €4,980 €4,300 -€680 -13.7%
Furniture and vehicles 24 €12,098 €7,755 -€4,343 -35.9%
Leasing and similar rights 25 €13,517 €70,263 +€56,745 +420%
Other tangible fixed assets 26 €14,537 €21,356 +€6,819 +46.9%
Financial fixed assets 28 €19,125 €35,250 +€16,125 +84.3%
Current assets 29/58 €197,003 €356,507 +€159,505 +81.0%
Amounts receivable after more than one year 29 €60,000 €80,000 +€20,000 +33.3%
Other amounts receivable 291 €60,000 €80,000 +€20,000 +33.3%
Amounts receivable within one year 40/41 €30,237 €74,913 +€44,676 +148%
Trade receivables 40 €29,487 €74,495 +€45,008 +153%
Other amounts receivable 41 €750 €418 -€331 -44.2%
Current investments 50/53 €44,316 €115,870 +€71,554 +161%
Cash at bank and in hand 54/58 €54,207 €84,061 +€29,854 +55.1%
Deferred charges and accrued income 490/1 €8,243 €1,664 -€6,580 -79.8%
Total equity and liabilities 10/49 €261,260 €495,431 +€234,171 +89.6%
Equity 10/15 -€1,301,890 -€1,053,238 +€248,652 +19.1%
Contributions 10/11 €20,000 €20,000 = 0.0%
Profit (loss) carried forward 14 -€1,321,890 -€1,073,238 +€248,652 +18.8%
Amounts payable 17/49 €1,563,150 €1,548,669 -€14,481 -0.9%
Amounts payable after more than one year 17 €1,403,613 €1,149,389 -€254,224 -18.1%
Financial debts 170/4 €1,403,613 €1,149,389 -€254,224 -18.1%
Amounts payable within one year 42/48 €159,411 €399,280 +€239,869 +150%
Current portion of amounts payable after more than one year 42 €57,211 €316,729 +€259,518 +454%
Financial debts 43 €36 €0 -€36 -100%
Credit institutions 430/8 €36 €0 -€36 -100%
Trade debts 44 €6,929 €3,311 -€3,619 -52.2%
Suppliers 440/4 €6,929 €3,311 -€3,619 -52.2%
Taxes, remuneration and social security 45 €18,043 €22,632 +€4,589 +25.4%
Taxes 450/3 €16,749 €21,194 +€4,445 +26.5%
Remuneration and social security 454/9 €1,295 €1,438 +€144 +11.1%
Other amounts payable 47/48 €77,191 €56,608 -€20,584 -26.7%
Accrued charges and deferred income 492/3 €126 €0 -€126 -100%
Remuneration, social security and pensions 62 €14,665 €15,369 +€704 +4.8%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €9,593 €18,845 +€9,252 +96.4%
Other operating charges 640/8 €2,447 €3,759 +€1,312 +53.6%
Non-recurring operating charges 66A - €3,294 +€3,294
Gross operating margin 9900 €241,063 €331,483 +€90,419 +37.5%
Operating profit (loss) 9901 €214,358 €290,216 +€75,857 +35.4%
Financial income 75/76B €659 €8,030 +€7,371 +1,118%
Recurring financial income 75 €659 €8,030 +€7,371 +1,118%
Financial charges 65/66B €43,777 €48,954 +€5,177 +11.8%
Recurring financial charges 65 €43,777 €48,954 +€5,177 +11.8%
Non-recurring financial charges 66B €0 - =
Profit (loss) for the period before taxes 9903 €171,240 €249,292 +€78,051 +45.6%
Income taxes 67/77 €349 €640 +€291 +83.3%
Profit (loss) for the period 9904 €170,892 €248,652 +€77,761 +45.5%
Profit (loss) for the period to be appropriated 9905 €170,892 €248,652 +€77,761 +45.5%

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 24 October 2026 via checked.be.