Morpheus Projects & Management: 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 Projects & Management
Largest movements
- Cash -€26,850
down €26,850 (-24.7%), from €108,824 to €81,975
mainly Receivables within one year (-€23,098) and Debts after one year (-€9,669)
- Receivables within one year +€23,098
up €23,098 (+107%), from €21,532 to €44,630
of which Trade receivables: +€22,500
- Tangible fixed assets -€6,036
down €6,036 (-3.4%), from €175,258 to €169,223
of which Land and buildings: -€6,768
- Debts after one year -€9,669
no longer reported in 2025 (was €9,669)
- Other debts +€3,339
up €3,339 (+1.5%), from €219,758 to €223,098
- Gross operating margin -€492
down €492 (-4.1%), from €12,061 to €11,569
- Depreciation -€191
down €191 (-2.6%), from €7,415 to €7,224
- Financial charges -€135
down €135 (-24.7%), from €546 to €411
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 | €305,614 | €295,827 | -€9,787 | -3.2% |
| Fixed assets | 21/28 | €175,258 | €169,223 | -€6,036 | -3.4% |
| Tangible fixed assets | 22/27 | €175,258 | €169,223 | -€6,036 | -3.4% |
| Land and buildings | 22 | €174,558 | €167,789 | -€6,768 | -3.9% |
| Plant, machinery and equipment | 23 | €701 | €1,433 | +€733 | +105% |
| Current assets | 29/58 | €130,356 | €126,604 | -€3,752 | -2.9% |
| Amounts receivable within one year | 40/41 | €21,532 | €44,630 | +€23,098 | +107% |
| Trade receivables | 40 | €20,500 | €43,000 | +€22,500 | +110% |
| Other amounts receivable | 41 | €1,032 | €1,630 | +€598 | +57.9% |
| Cash at bank and in hand | 54/58 | €108,824 | €81,975 | -€26,850 | -24.7% |
| Total equity and liabilities | 10/49 | €305,614 | €295,827 | -€9,787 | -3.2% |
| Equity | 10/15 | €61,723 | €61,776 | +€53 | +0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Share premium | 1100/10 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,323 | €49,376 | +€53 | +0.1% |
| Amounts payable | 17/49 | €243,891 | €234,051 | -€9,841 | -4.0% |
| Amounts payable after more than one year | 17 | €9,669 | - | -€9,669 | |
| Financial debts | 170/4 | €9,669 | - | -€9,669 | |
| Amounts payable within one year | 42/48 | €234,223 | €234,051 | -€172 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €10,428 | €9,669 | -€759 | -7.3% |
| Trade debts | 44 | €167 | €418 | +€251 | +150% |
| Suppliers | 440/4 | €167 | €418 | +€251 | +150% |
| Taxes, remuneration and social security | 45 | €3,869 | €867 | -€3,003 | -77.6% |
| Taxes | 450/3 | €3,869 | €867 | -€3,003 | -77.6% |
| Other amounts payable | 47/48 | €219,758 | €223,098 | +€3,339 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,415 | €7,224 | -€191 | -2.6% |
| Other operating charges | 640/8 | €2,939 | €3,015 | +€76 | +2.6% |
| Gross operating margin | 9900 | €12,061 | €11,569 | -€492 | -4.1% |
| Operating profit (loss) | 9901 | €1,707 | €1,330 | -€377 | -22.1% |
| Financial charges | 65/66B | €546 | €411 | -€135 | -24.7% |
| Recurring financial charges | 65 | €546 | €411 | -€135 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €1,162 | €920 | -€242 | -20.8% |
| Income taxes | 67/77 | €924 | €867 | -€57 | -6.2% |
| Profit (loss) for the period | 9904 | €238 | €53 | -€185 | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €238 | €53 | -€185 | -77.7% |
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 13 October 2026 via checked.be.