MORPHEO: 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.
MORPHEO
Largest movements
- Cash +€398,930
up €398,930 (+102%), from €391,802 to €790,732
mainly Net result for the year (+€435,536) and Depreciation (+€91,987)
- Current investments +€100,000
up €100,000 (+9.4%), from €1.1m to €1.2m
- Intangible fixed assets -€74,000
down €74,000 (-28.6%), from €259,000 to €185,000
- Receivables within one year +€64,972
up €64,972 (+13.5%), from €480,703 to €545,675
of which Other amounts receivable: +€90,987
- Reserves +€435,536
up €435,536 (+28.8%), from €1.5m to €1.9m
of which Distributable reserves: +€582,886
- Other debts +€45,000
new in 2024: €45,000
- Gross operating margin +€33,714
up €33,714 (+4.8%), from €702,629 to €736,343
- Financial income +€30,633
up €30,633 (+433%), from €7,079 to €37,712
- Taxes +€25,113
up €25,113 (+13.4%), from €187,795 to €212,908
- Depreciation +€8,195
up €8,195 (+9.8%), from €83,792 to €91,987
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,263,467 | €2,737,980 | +€474,513 | +21.0% |
| Fixed assets | 21/28 | €329,308 | €240,321 | -€88,987 | -27.0% |
| Intangible fixed assets | 21 | €259,000 | €185,000 | -€74,000 | -28.6% |
| Tangible fixed assets | 22/27 | €70,308 | €55,321 | -€14,987 | -21.3% |
| Furniture and vehicles | 24 | €70,308 | €55,321 | -€14,987 | -21.3% |
| Current assets | 29/58 | €1,934,159 | €2,497,659 | +€563,500 | +29.1% |
| Amounts receivable within one year | 40/41 | €480,703 | €545,675 | +€64,972 | +13.5% |
| Trade receivables | 40 | €313,812 | €287,796 | -€26,015 | -8.3% |
| Other amounts receivable | 41 | €166,892 | €257,879 | +€90,987 | +54.5% |
| Current investments | 50/53 | €1,059,998 | €1,159,998 | +€100,000 | +9.4% |
| Cash at bank and in hand | 54/58 | €391,802 | €790,732 | +€398,930 | +102% |
| Deferred charges and accrued income | 490/1 | €1,656 | €1,254 | -€401 | -24.2% |
| Total equity and liabilities | 10/49 | €2,263,467 | €2,737,980 | +€474,513 | +21.0% |
| Equity | 10/15 | €2,257,337 | €2,692,873 | +€435,536 | +19.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,513,240 | €1,948,776 | +€435,536 | +28.8% |
| Tax-exempt reserves | 132 | €583,085 | €435,735 | -€147,350 | -25.3% |
| Distributable reserves | 133 | €930,155 | €1,513,041 | +€582,886 | +62.7% |
| Profit (loss) carried forward | 14 | €731,697 | €731,697 | = | 0.0% |
| Amounts payable | 17/49 | €6,130 | €45,107 | +€38,977 | +636% |
| Amounts payable within one year | 42/48 | €6,130 | €45,107 | +€38,977 | +636% |
| Trade debts | 44 | €3,303 | €107 | -€3,196 | -96.8% |
| Suppliers | 440/4 | €3,303 | €107 | -€3,196 | -96.8% |
| Taxes, remuneration and social security | 45 | €2,827 | - | -€2,827 | |
| Taxes | 450/3 | €2,827 | - | -€2,827 | |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,792 | €91,987 | +€8,195 | +9.8% |
| Other operating charges | 640/8 | €1,143 | €968 | -€176 | -15.4% |
| Gross operating margin | 9900 | €702,629 | €736,343 | +€33,714 | +4.8% |
| Operating profit (loss) | 9901 | €617,693 | €643,388 | +€25,695 | +4.2% |
| Financial income | 75/76B | €7,079 | €37,712 | +€30,633 | +433% |
| Recurring financial income | 75 | €7,079 | €37,712 | +€30,633 | +433% |
| Financial charges | 65/66B | €34,143 | €32,657 | -€1,486 | -4.4% |
| Recurring financial charges | 65 | €34,143 | €32,657 | -€1,486 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €590,630 | €648,444 | +€57,814 | +9.8% |
| Income taxes | 67/77 | €187,795 | €212,908 | +€25,113 | +13.4% |
| Profit (loss) for the period | 9904 | €402,835 | €435,536 | +€32,701 | +8.1% |
| Transfer from tax-exempt reserves | 789 | €195,800 | €336,800 | +€141,000 | +72.0% |
| Transfer to tax-exempt reserves | 689 | €147,350 | €189,450 | +€42,100 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €451,285 | €582,886 | +€131,601 | +29.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.