MORPHEUS CTS: 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.
MORPHEUS CTS
Largest movements
- Tangible fixed assets +€310,451
up €310,451 (+293%), from €105,991 to €416,442
of which Land and buildings: +€333,086
- Cash -€70,223
down €70,223 (-43.0%), from €163,408 to €93,185
mainly Investment in fixed assets (net) (-€332,251) and Contributions, distributions and other (-€138,517)
- Current investments +€20,000
up €20,000 (+20.0%), from €100,000 to €120,000
- Receivables within one year -€7,849
down €7,849 (-23.7%), from €33,091 to €25,241
of which Other amounts receivable: -€8,343
- Debts after one year +€153,743
up €153,743 (+2,312%), from €6,650 to €160,394
- Other debts +€107,938
up €107,938 (+230%), from €46,893 to €154,831
- Reserves -€10,724
down €10,724 (-3.3%), from €326,763 to €316,039
of which Distributable reserves: -€10,724
- Gross operating margin +€93,743
up €93,743 (+74.8%), from €125,335 to €219,078
- Taxes +€32,819
up €32,819 (+118%), from €27,720 to €60,538
- Financial charges +€8,236
up €8,236 (+987%), from €834 to €9,070
- Depreciation -€4,157
down €4,157 (-16.0%), from €25,956 to €21,799
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 | €402,489 | €654,868 | +€252,379 | +62.7% |
| Fixed assets | 21/28 | €105,991 | €416,442 | +€310,451 | +293% |
| Tangible fixed assets | 22/27 | €105,991 | €416,442 | +€310,451 | +293% |
| Land and buildings | 22 | €4,869 | €337,954 | +€333,086 | +6,842% |
| Plant, machinery and equipment | 23 | €61,532 | €56,061 | -€5,471 | -8.9% |
| Furniture and vehicles | 24 | €38,170 | €21,210 | -€16,960 | -44.4% |
| Other tangible fixed assets | 26 | €1,420 | €1,217 | -€203 | -14.3% |
| Current assets | 29/58 | €296,498 | €238,426 | -€58,072 | -19.6% |
| Amounts receivable within one year | 40/41 | €33,091 | €25,241 | -€7,849 | -23.7% |
| Trade receivables | 40 | €21,961 | €22,455 | +€494 | +2.2% |
| Other amounts receivable | 41 | €11,130 | €2,787 | -€8,343 | -75.0% |
| Current investments | 50/53 | €100,000 | €120,000 | +€20,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €163,408 | €93,185 | -€70,223 | -43.0% |
| Total equity and liabilities | 10/49 | €402,489 | €654,868 | +€252,379 | +62.7% |
| Equity | 10/15 | €332,963 | €322,239 | -€10,724 | -3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €326,763 | €316,039 | -€10,724 | -3.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €324,903 | €314,179 | -€10,724 | -3.3% |
| Amounts payable | 17/49 | €69,526 | €332,629 | +€263,103 | +378% |
| Amounts payable after more than one year | 17 | €6,650 | €160,394 | +€153,743 | +2,312% |
| Financial debts | 170/4 | €6,650 | €160,394 | +€153,743 | +2,312% |
| Amounts payable within one year | 42/48 | €62,876 | €172,236 | +€109,360 | +174% |
| Current portion of amounts payable after more than one year | 42 | €12,249 | €6,136 | -€6,113 | -49.9% |
| Trade debts | 44 | - | €1,345 | +€1,345 | |
| Suppliers | 440/4 | - | €1,345 | +€1,345 | |
| Taxes, remuneration and social security | 45 | €3,733 | €9,924 | +€6,191 | +166% |
| Taxes | 450/3 | €3,733 | €9,924 | +€6,191 | +166% |
| Other amounts payable | 47/48 | €46,893 | €154,831 | +€107,938 | +230% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,956 | €21,799 | -€4,157 | -16.0% |
| Other operating charges | 640/8 | €961 | €1,433 | +€472 | +49.0% |
| Gross operating margin | 9900 | €125,335 | €219,078 | +€93,743 | +74.8% |
| Operating profit (loss) | 9901 | €98,417 | €195,846 | +€97,428 | +99.0% |
| Financial income | 75/76B | €2,497 | €1,556 | -€941 | -37.7% |
| Recurring financial income | 75 | €2,497 | €1,556 | -€941 | -37.7% |
| Financial charges | 65/66B | €834 | €9,070 | +€8,236 | +987% |
| Recurring financial charges | 65 | €834 | €9,070 | +€8,236 | +987% |
| Profit (loss) for the period before taxes | 9903 | €100,080 | €188,331 | +€88,252 | +88.2% |
| Income taxes | 67/77 | €27,720 | €60,538 | +€32,819 | +118% |
| Profit (loss) for the period | 9904 | €72,360 | €127,793 | +€55,433 | +76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €72,360 | €127,793 | +€55,433 | +76.6% |
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.