Morren - Vanheukelom: 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
Morren - Vanheukelom
NACE 66.210, Risk and damage evaluation
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€25,872
2024 · -€3,491-€22,380
Equity
€33,763
2024 · €59,635-€25,872
Cash
€7,114
2024 · €8,901-€1,788
Balance sheet total
€529,184
2024 · €605,540-€76,356
Largest movements
Assets
- Tangible fixed assets -€78,093
down €78,093 (-13.7%), from €569,938 to €491,844
Equity and liabilities
- Debts after one year -€70,688
down €70,688 (-15.5%), from €454,956 to €384,268
- Profit (loss) carried forward -€25,872
down €25,872 (-460.0%), from -€5,624 to -€31,496
- Current portion of long-term debt +€20,546
up €20,546 (+27.4%), from €75,054 to €95,600
Income statement
- Gross operating margin -€19,785
down €19,785 (-18.8%), from €105,313 to €85,528
- Depreciation +€6,513
up €6,513 (+8.1%), from €80,443 to €86,956
- Taxes -€2,849
down €2,849 (-84.5%), from €3,372 to €523
- Other operating charges -€1,533
down €1,533 (-24.1%), from €6,349 to €4,816
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
-€3,491
Gross operating margin
-€19,785
Depreciation
-€6,513
Other operating charges
+€1,533
Other operating items
-€824
Financial income
-€10
Financial charges
+€369
Taxes
+€2,849
Result 2025
-€25,872
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.
From operations
+€57,217
Investment
-€8,863
Financing
-€50,142
Cash 2024
€8,901
From operations (derived)
+€57,217
Net result for the year
-€25,872
Depreciation
+€86,956
Stocks and contracts
-€1,776
Receivables within one year
-€1,908
Deferred charges and accrued income
+€160
Trade debts
+€3,899
Tax, wage and social debts
-€3,947
Other debts
-€295
Investment (derived)
-€8,863
Investment in fixed assets (net)
-€8,863
Financing
-€50,142
Debts after one year
-€70,688
Current portion of long-term debt
+€20,546
Cash 2025
€7,114
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €605,540 | €529,184 | -€76,356 | -12.6% |
| Fixed assets | 21/28 | €570,188 | €492,094 | -€78,093 | -13.7% |
| Tangible fixed assets | 22/27 | €569,938 | €491,844 | -€78,093 | -13.7% |
| Land and buildings | 22 | €336,265 | €314,542 | -€21,723 | -6.5% |
| Plant, machinery and equipment | 23 | €18,811 | €13,208 | -€5,602 | -29.8% |
| Furniture and vehicles | 24 | €33,400 | €13,958 | -€19,442 | -58.2% |
| Leasing and similar rights | 25 | €181,462 | €150,137 | -€31,326 | -17.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €35,353 | €37,090 | +€1,737 | +4.9% |
| Stocks and contracts in progress | 3 | €4,723 | €6,499 | +€1,776 | +37.6% |
| Stocks | 30/36 | €4,723 | €6,499 | +€1,776 | +37.6% |
| Amounts receivable within one year | 40/41 | €20,377 | €22,285 | +€1,908 | +9.4% |
| Trade receivables | 40 | €18,948 | €17,870 | -€1,078 | -5.7% |
| Other amounts receivable | 41 | €1,430 | €4,416 | +€2,986 | +208.9% |
| Cash at bank and in hand | 54/58 | €8,901 | €7,114 | -€1,788 | -20.1% |
| Deferred charges and accrued income | 490/1 | €1,351 | €1,192 | -€160 | -11.8% |
| Total equity and liabilities | 10/49 | €605,540 | €529,184 | -€76,356 | -12.6% |
| Equity | 10/15 | €59,635 | €33,763 | -€25,872 | -43.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,659 | €46,659 | = | 0.0% |
| Distributable reserves | 133 | €46,659 | €46,659 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,624 | -€31,496 | -€25,872 | -460.0% |
| Amounts payable | 17/49 | €545,905 | €495,421 | -€50,485 | -9.2% |
| Amounts payable after more than one year | 17 | €454,956 | €384,268 | -€70,688 | -15.5% |
| Financial debts | 170/4 | €454,956 | €384,268 | -€70,688 | -15.5% |
| Amounts payable within one year | 42/48 | €90,949 | €111,152 | +€20,203 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €75,054 | €95,600 | +€20,546 | +27.4% |
| Trade debts | 44 | €5,194 | €9,093 | +€3,899 | +75.1% |
| Suppliers | 440/4 | €5,194 | €9,093 | +€3,899 | +75.1% |
| Taxes, remuneration and social security | 45 | €6,422 | €2,475 | -€3,947 | -61.5% |
| Taxes | 450/3 | €6,422 | €2,475 | -€3,947 | -61.5% |
| Other amounts payable | 47/48 | €4,280 | €3,985 | -€295 | -6.9% |
| Non-recurring operating income | 76A | - | €4,502 | +€4,502 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,443 | €86,956 | +€6,513 | +8.1% |
| Other operating charges | 640/8 | €6,349 | €4,816 | -€1,533 | -24.1% |
| Non-recurring operating charges | 66A | - | €824 | +€824 | |
| Gross operating margin | 9900 | €105,313 | €85,528 | -€19,785 | -18.8% |
| Operating profit (loss) | 9901 | €18,521 | -€7,067 | -€25,588 | |
| Financial income | 75/76B | €25 | €15 | -€10 | -41.7% |
| Recurring financial income | 75 | €25 | €15 | -€10 | -41.7% |
| Financial charges | 65/66B | €18,666 | €18,296 | -€369 | -2.0% |
| Recurring financial charges | 65 | €18,666 | €18,296 | -€369 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | -€120 | -€25,349 | -€25,229 | -21057.8% |
| Income taxes | 67/77 | €3,372 | €523 | -€2,849 | -84.5% |
| Profit (loss) for the period | 9904 | -€3,491 | -€25,872 | -€22,380 | -641.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,491 | -€25,872 | -€22,380 | -641.0% |
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 12 October 2026 via checked.be.