MORSE: 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.
MORSE
Largest movements
- Tangible fixed assets -€2,472
down €2,472 (-37.6%), from €6,568 to €4,095
- Cash -€1,307
down €1,307 (-22.8%), from €5,728 to €4,420
mainly Tax, wage and social debts (-€2,678) and Receivables within one year (-€1,187)
- Receivables within one year +€1,187
up €1,187 (+3.9%), from €30,630 to €31,817
of which Trade receivables: +€1,165
- Deferred charges and accrued income +€1,007
up €1,007, from €0 to €1,007
- Tax, wage and social debts -€2,678
down €2,678 (-28.3%), from €9,451 to €6,773
of which Remuneration and social security: -€1,679
- Reserves +€1,380
up €1,380 (+7.6%), from €18,137 to €19,516
of which Distributable reserves: +€1,380
- Accrued charges and deferred income +€815
new in 2025: €815
- Trade debts -€780
down €780 (-26.2%), from €2,977 to €2,197
- Gross operating margin +€5,877
up €5,877 (+1,139%), from €516 to €6,392
- Financial charges +€1,119
up €1,119 (+245%), from €456 to €1,575
- Taxes +€781
up €781, from €0 to €781
- Other operating charges -€631
down €631 (-77.4%), from €815 to €184
- Depreciation +€223
up €223 (+9.9%), from €2,249 to €2,472
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.
Derived cash bridge
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 | €42,926 | €41,341 | -€1,585 | -3.7% |
| Fixed assets | 21/28 | €6,568 | €4,095 | -€2,472 | -37.6% |
| Tangible fixed assets | 22/27 | €6,568 | €4,095 | -€2,472 | -37.6% |
| Furniture and vehicles | 24 | €6,568 | €4,095 | -€2,472 | -37.6% |
| Current assets | 29/58 | €36,358 | €37,245 | +€887 | +2.4% |
| Amounts receivable within one year | 40/41 | €30,630 | €31,817 | +€1,187 | +3.9% |
| Trade receivables | 40 | €30,622 | €31,787 | +€1,165 | +3.8% |
| Other amounts receivable | 41 | €8 | €30 | +€22 | +275% |
| Cash at bank and in hand | 54/58 | €5,728 | €4,420 | -€1,307 | -22.8% |
| Deferred charges and accrued income | 490/1 | €0 | €1,007 | +€1,007 | |
| Total equity and liabilities | 10/49 | €42,926 | €41,341 | -€1,585 | -3.7% |
| Equity | 10/15 | €24,337 | €25,716 | +€1,380 | +5.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €18,137 | €19,516 | +€1,380 | +7.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €18,137 | €19,516 | +€1,380 | +7.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €18,589 | €15,624 | -€2,965 | -15.9% |
| Amounts payable within one year | 42/48 | €18,589 | €14,809 | -€3,780 | -20.3% |
| Trade debts | 44 | €2,977 | €2,197 | -€780 | -26.2% |
| Suppliers | 440/4 | €2,977 | €2,197 | -€780 | -26.2% |
| Taxes, remuneration and social security | 45 | €9,451 | €6,773 | -€2,678 | -28.3% |
| Taxes | 450/3 | €4,772 | €3,773 | -€999 | -20.9% |
| Remuneration and social security | 454/9 | €4,679 | €3,000 | -€1,679 | -35.9% |
| Other amounts payable | 47/48 | €6,161 | €5,840 | -€322 | -5.2% |
| Accrued charges and deferred income | 492/3 | - | €815 | +€815 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,249 | €2,472 | +€223 | +9.9% |
| Other operating charges | 640/8 | €815 | €184 | -€631 | -77.4% |
| Gross operating margin | 9900 | €516 | €6,392 | +€5,877 | +1,139% |
| Operating profit (loss) | 9901 | -€2,549 | €3,736 | +€6,285 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €456 | €1,575 | +€1,119 | +245% |
| Recurring financial charges | 65 | €456 | €1,575 | +€1,119 | +245% |
| Profit (loss) for the period before taxes | 9903 | -€3,005 | €2,161 | +€5,165 | |
| Income taxes | 67/77 | €0 | €781 | +€781 | |
| Profit (loss) for the period | 9904 | -€3,005 | €1,380 | +€4,385 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,005 | €1,380 | +€4,385 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.