MORRISON: 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.
MORRISON
Largest movements
- Cash -€219,876
down €219,876 (-99.8%), from €220,318 to €442
mainly Investment in fixed assets (net) (-€197,804) and Net result for the year (-€119,040)
- Tangible fixed assets +€94,221
up €94,221 (+8.5%), from €1.1m to €1.2m
of which Plant, machinery and equipment: +€120,183
- Receivables within one year +€38,014
up €38,014 (+50.2%), from €75,728 to €113,741
of which Trade receivables: +€37,111
- Stocks and contracts +€28,838
up €28,838 (+42.1%), from €68,420 to €97,258
- Reserves -€119,040
down €119,040 (-20.1%), from €591,397 to €472,357
of which Distributable reserves: -€119,040
- Other debts +€69,946
up €69,946 (+4986.7%), from €1,403 to €71,348
- Short-term financial debts +€23,011
up €23,011 (+130.1%), from €17,691 to €40,703
- Trade debts -€17,442
down €17,442 (-13.6%), from €128,475 to €111,034
- Gross operating margin -€39,227
down €39,227 (-12.2%), from €320,500 to €281,273
- Depreciation +€25,415
up €25,415 (+32.5%), from €78,167 to €103,582
- Staff costs +€11,520
up €11,520 (+4.5%), from €257,327 to €268,846
- Other operating charges -€3,397
down €3,397 (-12.6%), from €26,913 to €23,517
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 | €1,487,211 | €1,427,821 | -€59,391 | -4.0% |
| Fixed assets | 21/28 | €1,107,842 | €1,202,063 | +€94,221 | +8.5% |
| Tangible fixed assets | 22/27 | €1,105,583 | €1,199,804 | +€94,221 | +8.5% |
| Land and buildings | 22 | €572,473 | €547,524 | -€24,949 | -4.4% |
| Plant, machinery and equipment | 23 | €529,661 | €649,844 | +€120,183 | +22.7% |
| Furniture and vehicles | 24 | €3,449 | €2,436 | -€1,013 | -29.4% |
| Financial fixed assets | 28 | €2,259 | €2,259 | = | 0.0% |
| Current assets | 29/58 | €379,369 | €225,757 | -€153,612 | -40.5% |
| Stocks and contracts in progress | 3 | €68,420 | €97,258 | +€28,838 | +42.1% |
| Stocks | 30/36 | €68,420 | €97,258 | +€28,838 | +42.1% |
| Amounts receivable within one year | 40/41 | €75,728 | €113,741 | +€38,014 | +50.2% |
| Trade receivables | 40 | €75,728 | €112,839 | +€37,111 | +49.0% |
| Other amounts receivable | 41 | - | €903 | +€903 | |
| Cash at bank and in hand | 54/58 | €220,318 | €442 | -€219,876 | -99.8% |
| Deferred charges and accrued income | 490/1 | €14,904 | €14,316 | -€588 | -3.9% |
| Total equity and liabilities | 10/49 | €1,487,211 | €1,427,821 | -€59,391 | -4.0% |
| Equity | 10/15 | €603,795 | €484,755 | -€119,040 | -19.7% |
| Contributions | 10/11 | €12,397 | €12,397 | = | 0.0% |
| Reserves | 13 | €591,397 | €472,357 | -€119,040 | -20.1% |
| Tax-exempt reserves | 132 | €56,100 | €56,100 | = | 0.0% |
| Distributable reserves | 133 | €535,297 | €416,257 | -€119,040 | -22.2% |
| Amounts payable | 17/49 | €883,416 | €943,066 | +€59,649 | +6.8% |
| Amounts payable after more than one year | 17 | €640,000 | €640,000 | = | 0.0% |
| Financial debts | 170/4 | €640,000 | €640,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €238,797 | €300,160 | +€61,364 | +25.7% |
| Financial debts | 43 | €17,691 | €40,703 | +€23,011 | +130.1% |
| Credit institutions | 430/8 | €17,691 | €40,703 | +€23,011 | +130.1% |
| Trade debts | 44 | €128,475 | €111,034 | -€17,442 | -13.6% |
| Suppliers | 440/4 | €128,475 | €111,034 | -€17,442 | -13.6% |
| Advances received on contracts in progress | 46 | €4,003 | - | -€4,003 | |
| Taxes, remuneration and social security | 45 | €87,224 | €77,076 | -€10,149 | -11.6% |
| Taxes | 450/3 | €38,416 | €29,656 | -€8,760 | -22.8% |
| Remuneration and social security | 454/9 | €48,808 | €47,420 | -€1,388 | -2.8% |
| Other amounts payable | 47/48 | €1,403 | €71,348 | +€69,946 | +4986.7% |
| Accrued charges and deferred income | 492/3 | €4,620 | €2,905 | -€1,714 | -37.1% |
| Remuneration, social security and pensions | 62 | €257,327 | €268,846 | +€11,520 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,167 | €103,582 | +€25,415 | +32.5% |
| Other operating charges | 640/8 | €26,913 | €23,517 | -€3,397 | -12.6% |
| Gross operating margin | 9900 | €320,500 | €281,273 | -€39,227 | -12.2% |
| Operating profit (loss) | 9901 | -€41,907 | -€114,672 | -€72,765 | -173.6% |
| Financial income | 75/76B | €232 | €666 | +€434 | +186.7% |
| Recurring financial income | 75 | €232 | €666 | +€434 | +186.7% |
| Financial charges | 65/66B | €5,955 | €4,858 | -€1,097 | -18.4% |
| Recurring financial charges | 65 | €5,955 | €4,858 | -€1,097 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | -€47,630 | -€118,864 | -€71,234 | -149.6% |
| Income taxes | 67/77 | €174 | €176 | +€1 | +0.8% |
| Profit (loss) for the period | 9904 | -€47,805 | -€119,040 | -€71,235 | -149.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,805 | -€119,040 | -€71,235 | -149.0% |
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.