MORRAN: 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.
What changed
MORRAN
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€789,200
2024 · -€3.6m+€4.3m
Equity
€4.1m
2024 · €3.3m+€789,200
Cash
€202,765
2024 · €488,541-€285,776
Balance sheet total
€8.1m
2024 · €6.4m+€1.6m
Largest movements
Assets
- Receivables within one year +€1.4m
up €1.4m (+265%), from €529,728 to €1.9m
of which Trade receivables: +€1.3m
- Financial fixed assets +€425,000
up €425,000 (+9.0%), from €4.7m to €5.2m
- Cash -€285,776
down €285,776 (-58.5%), from €488,541 to €202,765
mainly Receivables within one year (-€1.4m) and Investment in fixed assets (net) (-€521,233)
Equity and liabilities
- Profit (loss) carried forward +€789,200
up €789,200 (+24.5%), from -€3.2m to -€2.4m
- Other debts +€682,291
up €682,291 (+22.5%), from €3.0m to €3.7m
- Tax, wage and social debts +€146,127
up €146,127 (+261%), from €56,091 to €202,217
of which Taxes: +€117,125
Income statement
- Financial charges -€3.4m
down €3.4m (-91.0%), from €3.7m to €334,281
of which Non-recurring financial charges: -€3.4m
- Turnover +€1.4m
up €1.4m (+414%), from €330,253 to €1.7m
- Services and other goods +€193,666
up €193,666 (+145%), from €133,169 to €326,835
- Financial income -€132,266
down €132,266 (-75.1%), from €176,050 to €43,784
- Taxes +€76,756
up €76,756 (+253%), from €30,314 to €107,070
of which Taxes: +€76,756
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.
Result 2024
-€3.6m
Turnover
+€1.4m
Other operating income
+€11,936
Services and other goods
-€193,666
Staff costs
-€10,568
Depreciation
-€13,533
Other operating charges
-€7,748
Other operating items
+€731
Financial income
-€132,266
Financial charges
+€3.4m
Taxes
-€76,756
Result 2025
€789,200
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€280,321
Investment
-€521,233
Financing
-€44,863
Cash 2024
€488,541
From operations (derived)
+€280,321
Net result for the year
+€789,200
Depreciation
+€26,618
Receivables within one year
-€1.4m
Deferred charges and accrued income
-€3,507
Trade debts
+€43,027
Tax, wage and social debts
+€146,127
Other debts
+€682,291
Investment (derived)
-€521,233
Investment in fixed assets (net)
-€521,233
Financing
-€44,863
Debts after one year
-€26,657
Current portion of long-term debt
-€18,206
Cash 2025
€202,765
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,435,158 | €8,050,940 | +€1.6m | +25.1% |
| Fixed assets | 21/28 | €4,764,079 | €5,258,695 | +€494,616 | +10.4% |
| Tangible fixed assets | 22/27 | €21,544 | €91,159 | +€69,616 | +323% |
| Furniture and vehicles | 24 | €21,544 | €91,159 | +€69,616 | +323% |
| Financial fixed assets | 28 | €4,742,535 | €5,167,535 | +€425,000 | +9.0% |
| Affiliated companies | 280/1 | €4,742,535 | €5,167,535 | +€425,000 | +9.0% |
| Participating interests | 280 | €4,742,535 | €4,492,535 | -€250,000 | -5.3% |
| Amounts receivable | 281 | - | €675,000 | +€675,000 | |
| Current assets | 29/58 | €1,671,080 | €2,792,246 | +€1.1m | +67.1% |
| Amounts receivable after more than one year | 29 | €650,000 | €650,000 | = | 0.0% |
| Other amounts receivable | 291 | €650,000 | €650,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €529,728 | €1,933,162 | +€1.4m | +265% |
| Trade receivables | 40 | €103,024 | €1,358,620 | +€1.3m | +1,219% |
| Other amounts receivable | 41 | €426,704 | €574,542 | +€147,838 | +34.6% |
| Cash at bank and in hand | 54/58 | €488,541 | €202,765 | -€285,776 | -58.5% |
| Deferred charges and accrued income | 490/1 | €2,811 | €6,318 | +€3,507 | +125% |
| Total equity and liabilities | 10/49 | €6,435,158 | €8,050,940 | +€1.6m | +25.1% |
| Equity | 10/15 | €3,267,142 | €4,056,343 | +€789,200 | +24.2% |
| Contributions | 10/11 | €6,428,774 | €6,428,774 | = | 0.0% |
| Capital | 10 | €6,428,774 | €6,428,774 | = | 0.0% |
| Issued capital | 100 | €6,428,774 | €6,428,774 | = | 0.0% |
| Reserves | 13 | €64,680 | €64,680 | = | 0.0% |
| Non-distributable reserves | 130/1 | €64,680 | €64,680 | = | 0.0% |
| Legal reserve | 130 | €64,680 | €64,680 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€3,226,312 | -€2,437,112 | +€789,200 | +24.5% |
| Amounts payable | 17/49 | €3,168,016 | €3,994,597 | +€826,581 | +26.1% |
| Amounts payable after more than one year | 17 | €26,657 | €0 | -€26,657 | -100% |
| Financial debts | 170/4 | €26,657 | €0 | -€26,657 | -100% |
| Credit institutions | 173 | €26,657 | €0 | -€26,657 | -100% |
| Amounts payable within one year | 42/48 | €3,136,359 | €3,989,597 | +€853,239 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €44,863 | €26,657 | -€18,206 | -40.6% |
| Trade debts | 44 | €7,172 | €50,198 | +€43,027 | +600% |
| Suppliers | 440/4 | €7,172 | €50,198 | +€43,027 | +600% |
| Taxes, remuneration and social security | 45 | €56,091 | €202,217 | +€146,127 | +261% |
| Taxes | 450/3 | €26,105 | €143,230 | +€117,125 | +449% |
| Remuneration and social security | 454/9 | €29,986 | €58,988 | +€29,001 | +96.7% |
| Other amounts payable | 47/48 | €3,028,233 | €3,710,524 | +€682,291 | +22.5% |
| Accrued charges and deferred income | 492/3 | €5,000 | €5,000 | = | 0.0% |
| Operating income | 70/76A | €341,262 | €1,721,869 | +€1.4m | +405% |
| Turnover | 70 | €330,253 | €1,698,193 | +€1.4m | +414% |
| Other operating income | 74 | €11,008 | €22,945 | +€11,936 | +108% |
| Non-recurring operating income | 76A | - | €731 | +€731 | |
| Operating charges | 60/66A | €309,586 | €535,101 | +€225,516 | +72.8% |
| Services and other goods | 61 | €133,169 | €326,835 | +€193,666 | +145% |
| Remuneration, social security and pensions | 62 | €159,883 | €170,450 | +€10,568 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,084 | €26,618 | +€13,533 | +103% |
| Other operating charges | 640/8 | €3,450 | €11,198 | +€7,748 | +225% |
| Operating profit (loss) | 9901 | €31,676 | €1,186,767 | +€1.2m | +3,647% |
| Financial income | 75/76B | €176,050 | €43,784 | -€132,266 | -75.1% |
| Recurring financial income | 75 | €176,050 | €43,784 | -€132,266 | -75.1% |
| Income from financial fixed assets | 750 | €145,202 | €0 | -€145,202 | -100% |
| Income from current assets | 751 | €30,849 | €43,783 | +€12,935 | +41.9% |
| Other financial income | 752/9 | €0 | €1 | +€1 | +800% |
| Financial charges | 65/66B | €3,732,372 | €334,281 | -€3.4m | -91.0% |
| Recurring financial charges | 65 | €41,866 | €84,281 | +€42,415 | +101% |
| Debt charges | 650 | €41,866 | €84,277 | +€42,411 | +101% |
| Other financial charges | 652/9 | €0 | €4 | +€4 | |
| Non-recurring financial charges | 66B | €3,690,506 | €250,000 | -€3.4m | -93.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,524,646 | €896,271 | +€4.4m | |
| Income taxes | 67/77 | €30,314 | €107,070 | +€76,756 | +253% |
| Taxes | 670/3 | €30,314 | €107,070 | +€76,756 | +253% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€3,554,960 | €789,200 | +€4.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,554,960 | €789,200 | +€4.3m |
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 22 October 2026 via checked.be.