MORREN STEVEN: 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.
MORREN STEVEN
Largest movements
- Cash +€56,970
up €56,970 (+71.8%), from €79,388 to €136,358
mainly Receivables within one year (+€34,107) and Depreciation (+€30,855)
- Receivables within one year -€34,107
down €34,107 (-49.4%), from €68,991 to €34,884
of which Trade receivables: -€31,756
- Tangible fixed assets -€25,675
down €25,675 (-37.8%), from €67,890 to €42,214
of which Plant, machinery and equipment: -€15,440
- Trade debts +€11,790
up €11,790 (+58.7%), from €20,074 to €31,864
- Other debts -€6,415
down €6,415 (-71.4%), from €8,984 to €2,569
- Debts after one year -€4,227
down €4,227 (-44.7%), from €9,453 to €5,227
- Reserves -€3,234
down €3,234 (-1.9%), from €170,976 to €167,741
of which Tax-exempt reserves: -€4,000
- Gross operating margin -€11,125
down €11,125 (-26.2%), from €42,450 to €31,325
- Financial charges +€5,148
up €5,148 (+271%), from €1,901 to €7,049
of which Non-recurring financial charges: +€4,887
- Taxes -€4,496
down €4,496 (-82.7%), from €5,436 to €939
- Financial income +€1,387
up €1,387 (+40.2%), from €3,450 to €4,836
of which Non-recurring financial income: +€1,315
- Depreciation +€817
up €817 (+2.7%), from €30,038 to €30,855
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 | €242,829 | €238,107 | -€4,722 | -1.9% |
| Fixed assets | 21/28 | €68,025 | €42,349 | -€25,675 | -37.7% |
| Tangible fixed assets | 22/27 | €67,890 | €42,214 | -€25,675 | -37.8% |
| Plant, machinery and equipment | 23 | €44,959 | €29,519 | -€15,440 | -34.3% |
| Furniture and vehicles | 24 | €11,105 | €4,050 | -€7,055 | -63.5% |
| Other tangible fixed assets | 26 | €11,825 | €8,645 | -€3,180 | -26.9% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €174,805 | €195,758 | +€20,953 | +12.0% |
| Stocks and contracts in progress | 3 | €253 | €253 | = | 0.0% |
| Stocks | 30/36 | €253 | €253 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €68,991 | €34,884 | -€34,107 | -49.4% |
| Trade receivables | 40 | €61,633 | €29,876 | -€31,756 | -51.5% |
| Other amounts receivable | 41 | €7,358 | €5,008 | -€2,350 | -31.9% |
| Cash at bank and in hand | 54/58 | €79,388 | €136,358 | +€56,970 | +71.8% |
| Deferred charges and accrued income | 490/1 | €26,174 | €24,264 | -€1,910 | -7.3% |
| Total equity and liabilities | 10/49 | €242,829 | €238,107 | -€4,722 | -1.9% |
| Equity | 10/15 | €189,576 | €186,341 | -€3,234 | -1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €170,976 | €167,741 | -€3,234 | -1.9% |
| Tax-exempt reserves | 132 | €14,433 | €10,433 | -€4,000 | -27.7% |
| Distributable reserves | 133 | €156,543 | €157,309 | +€766 | +0.5% |
| Provisions and deferred taxes | 16 | €3,608 | €2,608 | -€1,000 | -27.7% |
| Deferred taxes | 168 | €3,608 | €2,608 | -€1,000 | -27.7% |
| Amounts payable | 17/49 | €49,645 | €49,157 | -€488 | -1.0% |
| Amounts payable after more than one year | 17 | €9,453 | €5,227 | -€4,227 | -44.7% |
| Financial debts | 170/4 | €9,453 | €5,227 | -€4,227 | -44.7% |
| Amounts payable within one year | 42/48 | €40,192 | €43,931 | +€3,739 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €10,862 | €9,227 | -€1,636 | -15.1% |
| Trade debts | 44 | €20,074 | €31,864 | +€11,790 | +58.7% |
| Suppliers | 440/4 | €20,074 | €31,864 | +€11,790 | +58.7% |
| Taxes, remuneration and social security | 45 | €271 | €271 | = | 0.0% |
| Taxes | 450/3 | €271 | €271 | = | 0.0% |
| Other amounts payable | 47/48 | €8,984 | €2,569 | -€6,415 | -71.4% |
| Non-recurring operating income | 76A | €14,246 | - | -€14,246 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,038 | €30,855 | +€817 | +2.7% |
| Other operating charges | 640/8 | €2,044 | €1,552 | -€491 | -24.0% |
| Gross operating margin | 9900 | €42,450 | €31,325 | -€11,125 | -26.2% |
| Operating profit (loss) | 9901 | €10,368 | -€1,083 | -€11,451 | |
| Financial income | 75/76B | €3,450 | €4,836 | +€1,387 | +40.2% |
| Recurring financial income | 75 | €3,450 | €3,521 | +€72 | +2.1% |
| Non-recurring financial income | 76B | - | €1,315 | +€1,315 | |
| Financial charges | 65/66B | €1,901 | €7,049 | +€5,148 | +271% |
| Recurring financial charges | 65 | €1,502 | €1,764 | +€261 | +17.4% |
| Non-recurring financial charges | 66B | €398 | €5,285 | +€4,887 | +1,227% |
| Profit (loss) for the period before taxes | 9903 | €11,917 | -€3,295 | -€15,212 | |
| Transfer from deferred taxes | 780 | €1,000 | €1,000 | = | 0.0% |
| Income taxes | 67/77 | €5,436 | €939 | -€4,496 | -82.7% |
| Profit (loss) for the period | 9904 | €7,481 | -€3,234 | -€10,715 | |
| Transfer from tax-exempt reserves | 789 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,481 | €766 | -€10,715 | -93.3% |
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 22 October 2026 via checked.be.