Morrow: 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.
Morrow
Largest movements
- Intangible fixed assets -€636,383
down €636,383 (-51.8%), from €1.2m to €591,130
- Cash +€604,203
up €604,203 (+159.5%), from €378,836 to €983,039
mainly Contributions, distributions and other (+€4.0m) and Depreciation (+€1.6m)
- Tangible fixed assets -€244,353
down €244,353 (-35.2%), from €693,330 to €448,977
of which Plant, machinery and equipment: -€242,921
- Receivables after one year -€105,120
down €105,120 (-80.3%), from €130,860 to €25,740
- Contributions -€18.5m
down €18.5m (-73.1%), from €25.3m to €6.8m
of which Outside capital: -€13.8m
- Profit (loss) carried forward +€18.3m
up €18.3m (+78.5%), from -€23.3m to -€5.0m
- Accrued charges and deferred income -€253,261
down €253,261 (-100.0%), from €253,261 to €0
- Tax, wage and social debts -€196,827
down €196,827 (-44.9%), from €438,547 to €241,720
of which Taxes: -€167,724
- Trade debts +€152,758
up €152,758 (+32.0%), from €477,909 to €630,667
- Gross operating margin +€2.5m
up €2.5m (+73.6%), from -€3.4m to -€884,562
- Depreciation +€531,769
up €531,769 (+48.2%), from €1.1m to €1.6m
- Staff costs -€408,555
down €408,555 (-19.8%), from €2.1m to €1.7m
- Other operating charges -€163,398
down €163,398 (-98.7%), from €165,515 to €2,117
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 | €3,144,068 | €2,676,680 | -€467,388 | -14.9% |
| Fixed assets | 21/28 | €1,926,472 | €1,040,552 | -€885,920 | -46.0% |
| Intangible fixed assets | 21 | €1,227,513 | €591,130 | -€636,383 | -51.8% |
| Tangible fixed assets | 22/27 | €693,330 | €448,977 | -€244,353 | -35.2% |
| Plant, machinery and equipment | 23 | €678,085 | €435,164 | -€242,921 | -35.8% |
| Furniture and vehicles | 24 | €6,746 | €7,199 | +€453 | +6.7% |
| Other tangible fixed assets | 26 | €8,498 | €6,614 | -€1,885 | -22.2% |
| Financial fixed assets | 28 | €5,630 | €445 | -€5,185 | -92.1% |
| Current assets | 29/58 | €1,217,596 | €1,636,128 | +€418,533 | +34.4% |
| Amounts receivable after more than one year | 29 | €130,860 | €25,740 | -€105,120 | -80.3% |
| Other amounts receivable | 291 | €130,860 | €25,740 | -€105,120 | -80.3% |
| Stocks and contracts in progress | 3 | €406,464 | €377,214 | -€29,250 | -7.2% |
| Stocks | 30/36 | €406,464 | €377,214 | -€29,250 | -7.2% |
| Amounts receivable within one year | 40/41 | €254,416 | €224,797 | -€29,619 | -11.6% |
| Trade receivables | 40 | €42,075 | €34,681 | -€7,394 | -17.6% |
| Other amounts receivable | 41 | €212,341 | €190,116 | -€22,226 | -10.5% |
| Cash at bank and in hand | 54/58 | €378,836 | €983,039 | +€604,203 | +159.5% |
| Deferred charges and accrued income | 490/1 | €47,021 | €25,339 | -€21,682 | -46.1% |
| Total equity and liabilities | 10/49 | €3,144,068 | €2,676,680 | -€467,388 | -14.9% |
| Equity | 10/15 | €1,974,351 | €1,804,293 | -€170,058 | -8.6% |
| Contributions | 10/11 | €25,308,687 | €6,811,394 | -€18.5m | -73.1% |
| Capital | 10 | €11,492,809 | €6,811,394 | -€4.7m | -40.7% |
| Issued capital | 100 | €11,492,809 | €6,811,394 | -€4.7m | -40.7% |
| Outside capital | 11 | €13,815,878 | €0 | -€13.8m | -100.0% |
| Share premium | 1100/10 | €13,815,878 | €0 | -€13.8m | -100.0% |
| Profit (loss) carried forward | 14 | -€23,334,337 | -€5,007,101 | +€18.3m | +78.5% |
| Amounts payable | 17/49 | €1,169,717 | €872,387 | -€297,330 | -25.4% |
| Amounts payable within one year | 42/48 | €916,457 | €872,387 | -€44,069 | -4.8% |
| Trade debts | 44 | €477,909 | €630,667 | +€152,758 | +32.0% |
| Suppliers | 440/4 | €477,909 | €630,667 | +€152,758 | +32.0% |
| Taxes, remuneration and social security | 45 | €438,547 | €241,720 | -€196,827 | -44.9% |
| Taxes | 450/3 | €167,724 | €0 | -€167,724 | -100.0% |
| Remuneration and social security | 454/9 | €270,823 | €241,720 | -€29,103 | -10.7% |
| Accrued charges and deferred income | 492/3 | €253,261 | €0 | -€253,261 | -100.0% |
| Non-recurring operating income | 76A | €0 | €41,606 | +€41,606 | |
| Remuneration, social security and pensions | 62 | €2,066,425 | €1,657,870 | -€408,555 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,104,179 | €1,635,948 | +€531,769 | +48.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €165,515 | €2,117 | -€163,398 | -98.7% |
| Gross operating margin | 9900 | -€3,352,874 | -€884,562 | +€2.5m | +73.6% |
| Operating profit (loss) | 9901 | -€6,688,993 | -€4,180,497 | +€2.5m | +37.5% |
| Financial income | 75/76B | €11,942 | €269 | -€11,673 | -97.7% |
| Recurring financial income | 75 | €11,942 | €269 | -€11,673 | -97.7% |
| Financial charges | 65/66B | €12,903 | €20,570 | +€7,667 | +59.4% |
| Recurring financial charges | 65 | €12,903 | €20,570 | +€7,667 | +59.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,689,954 | -€4,200,798 | +€2.5m | +37.2% |
| Income taxes | 67/77 | €4,402 | -€25,740 | -€30,142 | |
| Profit (loss) for the period | 9904 | -€6,694,356 | -€4,175,058 | +€2.5m | +37.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,694,356 | -€4,175,058 | +€2.5m | +37.6% |
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 29 September 2026 via checked.be.