MORPHIMMO: what changed
Two fiscal 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.
MORPHIMMO
Largest movements
- Tangible fixed assets -€9,385
down €9,385 (-6.9%), from €135,866 to €126,481
of which Land and buildings: -€7,590
- Cash -€5,959
down €5,959 (-28.2%), from €21,129 to €15,171
mainly Trade debts (-€10,450) and Debts after one year (-€8,828)
- Reserves +€12,472
up €12,472 (+19.5%), from €63,905 to €76,377
- Trade debts -€10,450
no longer reported in 2025 (was €10,450)
- Debts after one year -€8,828
no longer reported in 2025 (was €8,828)
- Current portion of long-term debt -€8,072
down €8,072 (-47.8%), from €16,899 to €8,828
- Gross operating margin +€3,487
up €3,487 (+9.7%), from €35,878 to €39,365
- Taxes +€1,268
up €1,268 (+27.5%), from €4,613 to €5,882
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.
Cash bridge derived
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 | €159,394 | €143,263 | -€16,131 | -10.1% |
| Fixed assets | 21/28 | €135,866 | €126,481 | -€9,385 | -6.9% |
| Tangible fixed assets | 22/27 | €135,866 | €126,481 | -€9,385 | -6.9% |
| Land and buildings | 22 | €133,114 | €125,525 | -€7,590 | -5.7% |
| Furniture and vehicles | 24 | €2,752 | €957 | -€1,795 | -65.2% |
| Current assets | 29/58 | €23,528 | €16,781 | -€6,746 | -28.7% |
| Amounts receivable within one year | 40/41 | €1,803 | €1,132 | -€671 | -37.2% |
| Other amounts receivable | 41 | €1,803 | €1,132 | -€671 | -37.2% |
| Cash at bank and in hand | 54/58 | €21,129 | €15,171 | -€5,959 | -28.2% |
| Deferred charges and accrued income | 490/1 | €595 | €479 | -€116 | -19.5% |
| Total equity and liabilities | 10/49 | €159,394 | €143,263 | -€16,131 | -10.1% |
| Equity | 10/15 | €98,307 | €110,779 | +€12,472 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,905 | €76,377 | +€12,472 | +19.5% |
| Distributable reserves | 133 | €63,905 | €76,377 | +€12,472 | +19.5% |
| Profit (loss) carried forward | 14 | €15,803 | €15,803 | = | 0.0% |
| Amounts payable | 17/49 | €61,086 | €32,483 | -€28,603 | -46.8% |
| Amounts payable after more than one year | 17 | €8,828 | - | -€8,828 | |
| Financial debts | 170/4 | €8,828 | - | -€8,828 | |
| Amounts payable within one year | 42/48 | €52,259 | €32,483 | -€19,776 | -37.8% |
| Current portion of amounts payable after more than one year | 42 | €16,899 | €8,828 | -€8,072 | -47.8% |
| Trade debts | 44 | €10,450 | - | -€10,450 | |
| Suppliers | 440/4 | €10,450 | - | -€10,450 | |
| Taxes, remuneration and social security | 45 | €2,087 | €882 | -€1,206 | -57.8% |
| Taxes | 450/3 | €2,087 | €882 | -€1,206 | -57.8% |
| Other amounts payable | 47/48 | €22,822 | €22,774 | -€48 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,561 | €9,385 | -€177 | -1.8% |
| Other operating charges | 640/8 | €10,484 | €10,381 | -€103 | -1.0% |
| Gross operating margin | 9900 | €35,878 | €39,365 | +€3,487 | +9.7% |
| Operating profit (loss) | 9901 | €15,832 | €19,599 | +€3,766 | +23.8% |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €1,473 | €1,257 | -€217 | -14.7% |
| Recurring financial charges | 65 | €1,473 | €1,257 | -€217 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €14,359 | €18,354 | +€3,994 | +27.8% |
| Income taxes | 67/77 | €4,613 | €5,882 | +€1,268 | +27.5% |
| Profit (loss) for the period | 9904 | €9,746 | €12,472 | +€2,726 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,746 | €12,472 | +€2,726 | +28.0% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.