MORPHOSA: 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.
MORPHOSA
Largest movements
- Current investments -€124,942
down €124,942 (-71.3%), from €175,218 to €50,276
- Receivables after one year +€52,113
up €52,113 (+117%), from €44,679 to €96,791
- Cash +€29,303
up €29,303 (+573%), from €5,114 to €34,417
mainly Other debts (+€214,062) and Net result for the year (+€204,342)
- Tangible fixed assets +€16,962
up €16,962 (+213%), from €7,969 to €24,932
of which Furniture and vehicles: +€8,642
- Receivables within one year -€5,812
down €5,812 (-5.1%), from €115,088 to €109,275
of which Other amounts receivable: -€4,609
- Other debts +€214,062
up €214,062, from €0 to €214,062
- Profit (loss) carried forward -€213,267
down €213,267 (-70.3%), from €303,267 to €90,000
- Tax, wage and social debts -€40,491
down €40,491 (-46.1%), from €87,811 to €47,319
- Accrued charges and deferred income +€14,406
new in 2025: €14,406
- Gross operating margin +€47,350
up €47,350 (+20.8%), from €227,870 to €275,220
- Taxes +€7,158
up €7,158 (+13.0%), from €55,122 to €62,280
- Depreciation +€6,272
up €6,272 (+473%), from €1,325 to €7,597
- Financial charges +€4,945
up €4,945 (+1,291%), from €383 to €5,328
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 | €401,501 | €373,023 | -€28,478 | -7.1% |
| Fixed assets | 21/28 | €57,969 | €76,626 | +€18,657 | +32.2% |
| Tangible fixed assets | 22/27 | €7,969 | €24,932 | +€16,962 | +213% |
| Furniture and vehicles | 24 | €4,017 | €12,659 | +€8,642 | +215% |
| Other tangible fixed assets | 26 | €3,952 | €12,272 | +€8,320 | +211% |
| Financial fixed assets | 28 | €50,000 | €51,694 | +€1,694 | +3.4% |
| Current assets | 29/58 | €343,532 | €296,397 | -€47,135 | -13.7% |
| Amounts receivable after more than one year | 29 | €44,679 | €96,791 | +€52,113 | +117% |
| Trade receivables | 290 | €44,679 | €96,791 | +€52,113 | +117% |
| Amounts receivable within one year | 40/41 | €115,088 | €109,275 | -€5,812 | -5.1% |
| Trade receivables | 40 | €110,331 | €109,128 | -€1,203 | -1.1% |
| Other amounts receivable | 41 | €4,757 | €148 | -€4,609 | -96.9% |
| Current investments | 50/53 | €175,218 | €50,276 | -€124,942 | -71.3% |
| Cash at bank and in hand | 54/58 | €5,114 | €34,417 | +€29,303 | +573% |
| Deferred charges and accrued income | 490/1 | €3,434 | €5,638 | +€2,204 | +64.2% |
| Total equity and liabilities | 10/49 | €401,501 | €373,023 | -€28,478 | -7.1% |
| Equity | 10/15 | €306,267 | €93,000 | -€213,267 | -69.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €303,267 | €90,000 | -€213,267 | -70.3% |
| Amounts payable | 17/49 | €95,235 | €280,023 | +€184,789 | +194% |
| Amounts payable within one year | 42/48 | €95,235 | €265,617 | +€170,383 | +179% |
| Financial debts | 43 | €4,169 | €1,061 | -€3,109 | -74.6% |
| Other loans | 439 | €4,169 | €1,061 | -€3,109 | -74.6% |
| Trade debts | 44 | €3,255 | €3,175 | -€80 | -2.4% |
| Suppliers | 440/4 | €3,255 | €3,175 | -€80 | -2.4% |
| Taxes, remuneration and social security | 45 | €87,811 | €47,319 | -€40,491 | -46.1% |
| Taxes | 450/3 | €87,811 | €47,319 | -€40,491 | -46.1% |
| Other amounts payable | 47/48 | €0 | €214,062 | +€214,062 | |
| Accrued charges and deferred income | 492/3 | - | €14,406 | +€14,406 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,325 | €7,597 | +€6,272 | +473% |
| Other operating charges | 640/8 | €196 | €999 | +€802 | +409% |
| Gross operating margin | 9900 | €227,870 | €275,220 | +€47,350 | +20.8% |
| Operating profit (loss) | 9901 | €226,349 | €266,624 | +€40,276 | +17.8% |
| Financial income | 75/76B | €5,270 | €5,325 | +€55 | +1.0% |
| Recurring financial income | 75 | €5,270 | €5,325 | +€55 | +1.0% |
| Financial charges | 65/66B | €383 | €5,328 | +€4,945 | +1,291% |
| Recurring financial charges | 65 | €383 | €5,328 | +€4,945 | +1,291% |
| Profit (loss) for the period before taxes | 9903 | €231,236 | €266,622 | +€35,386 | +15.3% |
| Income taxes | 67/77 | €55,122 | €62,280 | +€7,158 | +13.0% |
| Profit (loss) for the period | 9904 | €176,114 | €204,342 | +€28,228 | +16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €176,114 | €204,342 | +€28,228 | +16.0% |
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 24 October 2026 via checked.be.