MORPHEUS MEDICAL: 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 MEDICAL
Largest movements
- Receivables within one year -€283,742
down €283,742 (-93.4%), from €303,696 to €19,954
of which Other amounts receivable: -€283,780
- Cash -€27,747
down €27,747 (-20.4%), from €135,955 to €108,209
mainly Contributions, distributions and other (-€500,000) and Deferred charges and accrued income (-€3,343)
- Profit (loss) carried forward -€463,730
no longer reported in 2025 (was €463,730)
- Other debts +€83,203
new in 2025: €83,203
- Tax, wage and social debts +€64,880
up €64,880 (+601%), from €10,800 to €75,680
- Reserves +€6,796
new in 2025: €6,796
- Gross operating margin -€71,065
down €71,065 (-40.4%), from €175,912 to €104,847
- Financial charges +€22,906
up €22,906 (+56.0%), from €40,879 to €63,784
- Taxes -€18,474
down €18,474 (-60.2%), from €30,708 to €12,234
- Financial income +€8,186
up €8,186 (+99.8%), from €8,200 to €16,385
- Depreciation -€4,554
down €4,554 (-68.0%), from €6,701 to €2,147
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 | €477,534 | €169,532 | -€308,003 | -64.5% |
| Fixed assets | 21/28 | €1,972 | €2,116 | +€144 | +7.3% |
| Tangible fixed assets | 22/27 | €1,972 | €2,116 | +€144 | +7.3% |
| Furniture and vehicles | 24 | €1,972 | €2,116 | +€144 | +7.3% |
| Current assets | 29/58 | €475,562 | €167,416 | -€308,146 | -64.8% |
| Amounts receivable within one year | 40/41 | €303,696 | €19,954 | -€283,742 | -93.4% |
| Trade receivables | 40 | €1,461 | €1,498 | +€37 | +2.5% |
| Other amounts receivable | 41 | €302,235 | €18,456 | -€283,780 | -93.9% |
| Cash at bank and in hand | 54/58 | €135,955 | €108,209 | -€27,747 | -20.4% |
| Deferred charges and accrued income | 490/1 | €35,911 | €39,253 | +€3,343 | +9.3% |
| Total equity and liabilities | 10/49 | €477,534 | €169,532 | -€308,003 | -64.5% |
| Equity | 10/15 | €466,230 | €9,296 | -€456,934 | -98.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €6,796 | +€6,796 | |
| Distributable reserves | 133 | - | €6,796 | +€6,796 | |
| Profit (loss) carried forward | 14 | €463,730 | - | -€463,730 | |
| Amounts payable | 17/49 | €11,304 | €160,235 | +€148,931 | +1,318% |
| Amounts payable within one year | 42/48 | €11,304 | €160,235 | +€148,931 | +1,318% |
| Trade debts | 44 | €504 | €1,353 | +€848 | +168% |
| Suppliers | 440/4 | €504 | €1,353 | +€848 | +168% |
| Taxes, remuneration and social security | 45 | €10,800 | €75,680 | +€64,880 | +601% |
| Taxes | 450/3 | €10,800 | €75,680 | +€64,880 | +601% |
| Other amounts payable | 47/48 | - | €83,203 | +€83,203 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,701 | €2,147 | -€4,554 | -68.0% |
| Gross operating margin | 9900 | €175,912 | €104,847 | -€71,065 | -40.4% |
| Operating profit (loss) | 9901 | €169,211 | €102,699 | -€66,511 | -39.3% |
| Financial income | 75/76B | €8,200 | €16,385 | +€8,186 | +99.8% |
| Recurring financial income | 75 | €8,200 | €16,385 | +€8,186 | +99.8% |
| Financial charges | 65/66B | €40,879 | €63,784 | +€22,906 | +56.0% |
| Recurring financial charges | 65 | €40,879 | €63,784 | +€22,906 | +56.0% |
| Profit (loss) for the period before taxes | 9903 | €136,531 | €55,300 | -€81,231 | -59.5% |
| Income taxes | 67/77 | €30,708 | €12,234 | -€18,474 | -60.2% |
| Profit (loss) for the period | 9904 | €105,824 | €43,066 | -€62,758 | -59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €105,824 | €43,066 | -€62,758 | -59.3% |
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 28 October 2026 via checked.be.