MORRISON & PAGE: 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 & PAGE
Largest movements
- Receivables within one year +€6,155
up €6,155 (+29.3%), from €21,038 to €27,192
- Cash -€4,277
down €4,277 (-65.4%), from €6,544 to €2,267
mainly Receivables within one year (-€6,155) and Tax, wage and social debts (-€508)
- Tangible fixed assets -€1,317
down €1,317 (-52.5%), from €2,506 to €1,189
- Trade debts +€611
up €611 (+46.8%), from €1,307 to €1,919
- Tax, wage and social debts -€508
down €508 (-6.3%), from €8,001 to €7,493
of which Taxes: -€3,845
- Profit (loss) carried forward +€458
up €458 (+2.5%), from €18,193 to €18,651
- Gross operating margin -€11,020
down €11,020 (-68.0%), from €16,199 to €5,179
- Taxes -€2,118
down €2,118 (-57.3%), from €3,698 to €1,580
- Financial charges -€280
down €280 (-21.4%), from €1,310 to €1,030
- Depreciation +€250
up €250 (+23.5%), from €1,066 to €1,317
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 | €30,088 | €30,649 | +€561 | +1.9% |
| Fixed assets | 21/28 | €2,506 | €1,189 | -€1,317 | -52.5% |
| Tangible fixed assets | 22/27 | €2,506 | €1,189 | -€1,317 | -52.5% |
| Furniture and vehicles | 24 | €2,506 | €1,189 | -€1,317 | -52.5% |
| Current assets | 29/58 | €27,582 | €29,460 | +€1,878 | +6.8% |
| Amounts receivable within one year | 40/41 | €21,038 | €27,192 | +€6,155 | +29.3% |
| Trade receivables | 40 | €21,038 | €27,192 | +€6,155 | +29.3% |
| Cash at bank and in hand | 54/58 | €6,544 | €2,267 | -€4,277 | -65.4% |
| Total equity and liabilities | 10/49 | €30,088 | €30,649 | +€561 | +1.9% |
| Equity | 10/15 | €20,193 | €20,651 | +€458 | +2.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,193 | €18,651 | +€458 | +2.5% |
| Amounts payable | 17/49 | €9,895 | €9,998 | +€103 | +1.0% |
| Amounts payable within one year | 42/48 | €9,895 | €9,998 | +€103 | +1.0% |
| Trade debts | 44 | €1,307 | €1,919 | +€611 | +46.8% |
| Suppliers | 440/4 | €1,307 | €1,919 | +€611 | +46.8% |
| Taxes, remuneration and social security | 45 | €8,001 | €7,493 | -€508 | -6.3% |
| Taxes | 450/3 | €7,840 | €3,995 | -€3,845 | -49.0% |
| Remuneration and social security | 454/9 | €161 | €3,498 | +€3,337 | +2070.7% |
| Other amounts payable | 47/48 | €587 | €587 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,066 | €1,317 | +€250 | +23.5% |
| Other operating charges | 640/8 | €765 | €797 | +€31 | +4.1% |
| Gross operating margin | 9900 | €16,199 | €5,179 | -€11,020 | -68.0% |
| Operating profit (loss) | 9901 | €14,367 | €3,066 | -€11,301 | -78.7% |
| Financial income | 75/76B | €0 | €2 | +€2 | +19900.0% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +19900.0% |
| Financial charges | 65/66B | €1,310 | €1,030 | -€280 | -21.4% |
| Recurring financial charges | 65 | €1,310 | €1,030 | -€280 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €13,058 | €2,038 | -€11,020 | -84.4% |
| Income taxes | 67/77 | €3,698 | €1,580 | -€2,118 | -57.3% |
| Profit (loss) for the period | 9904 | €9,360 | €458 | -€8,902 | -95.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,360 | €458 | -€8,902 | -95.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.