MorsaCo: 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.
MorsaCo
Largest movements
- Tangible fixed assets -€12,131
down €12,131 (-60.9%), from €19,918 to €7,787
of which Furniture and vehicles: -€11,668
- Receivables within one year -€6,937
down €6,937 (-22.9%), from €30,306 to €23,369
- Cash +€5,217
up €5,217 (+144.8%), from €3,603 to €8,819
mainly Net result for the year (+€12,792) and Depreciation (+€12,131)
- Reserves -€19,354
down €19,354 (-87.4%), from €22,146 to €2,792
- Trade debts +€8,578
up €8,578 (+1735.3%), from €494 to €9,073
- Debts after one year -€7,379
down €7,379 (-68.8%), from €10,730 to €3,350
- Other debts +€2,611
up €2,611 (+56.1%), from €4,657 to €7,268
- Tax, wage and social debts +€2,132
up €2,132 (+22.6%), from €9,451 to €11,582
of which Remuneration and social security: +€2,415
- Depreciation +€1,259
up €1,259 (+11.6%), from €10,872 to €12,131
- Taxes +€546
up €546 (+12.3%), from €4,432 to €4,977
- Gross operating margin +€445
up €445 (+1.4%), from €31,157 to €31,601
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 | €55,262 | €41,545 | -€13,717 | -24.8% |
| Fixed assets | 21/28 | €20,418 | €8,287 | -€12,131 | -59.4% |
| Tangible fixed assets | 22/27 | €19,918 | €7,787 | -€12,131 | -60.9% |
| Plant, machinery and equipment | 23 | €477 | €14 | -€463 | -97.0% |
| Furniture and vehicles | 24 | €19,441 | €7,773 | -€11,668 | -60.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €34,844 | €33,258 | -€1,586 | -4.6% |
| Amounts receivable within one year | 40/41 | €30,306 | €23,369 | -€6,937 | -22.9% |
| Trade receivables | 40 | €30,306 | €23,369 | -€6,937 | -22.9% |
| Cash at bank and in hand | 54/58 | €3,603 | €8,819 | +€5,217 | +144.8% |
| Deferred charges and accrued income | 490/1 | €936 | €1,070 | +€134 | +14.3% |
| Total equity and liabilities | 10/49 | €55,262 | €41,545 | -€13,717 | -24.8% |
| Equity | 10/15 | €22,246 | €2,892 | -€19,354 | -87.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €22,146 | €2,792 | -€19,354 | -87.4% |
| Distributable reserves | 133 | €22,146 | €2,792 | -€19,354 | -87.4% |
| Amounts payable | 17/49 | €33,016 | €38,653 | +€5,636 | +17.1% |
| Amounts payable after more than one year | 17 | €10,730 | €3,350 | -€7,379 | -68.8% |
| Financial debts | 170/4 | €10,730 | €3,350 | -€7,379 | -68.8% |
| Amounts payable within one year | 42/48 | €22,287 | €35,302 | +€13,015 | +58.4% |
| Current portion of amounts payable after more than one year | 42 | €7,684 | €7,379 | -€305 | -4.0% |
| Trade debts | 44 | €494 | €9,073 | +€8,578 | +1735.3% |
| Suppliers | 440/4 | €494 | €9,073 | +€8,578 | +1735.3% |
| Taxes, remuneration and social security | 45 | €9,451 | €11,582 | +€2,132 | +22.6% |
| Taxes | 450/3 | €9,451 | €9,168 | -€283 | -3.0% |
| Remuneration and social security | 454/9 | - | €2,415 | +€2,415 | |
| Other amounts payable | 47/48 | €4,657 | €7,268 | +€2,611 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,872 | €12,131 | +€1,259 | +11.6% |
| Other operating charges | 640/8 | €739 | €912 | +€173 | +23.3% |
| Gross operating margin | 9900 | €31,157 | €31,601 | +€445 | +1.4% |
| Operating profit (loss) | 9901 | €19,545 | €18,559 | -€987 | -5.0% |
| Financial charges | 65/66B | €1,096 | €789 | -€306 | -28.0% |
| Recurring financial charges | 65 | €1,096 | €789 | -€306 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €18,450 | €17,769 | -€680 | -3.7% |
| Income taxes | 67/77 | €4,432 | €4,977 | +€546 | +12.3% |
| Profit (loss) for the period | 9904 | €14,018 | €12,792 | -€1,226 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,018 | €12,792 | -€1,226 | -8.7% |
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 9 October 2026 via checked.be.