MORSO EVENTS: 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.
MORSO EVENTS
Largest movements
- Receivables within one year +€192,714
up €192,714 (+648%), from €29,738 to €222,452
of which Other amounts receivable: +€174,719
- Cash +€81,247
up €81,247 (+262%), from €31,060 to €112,307
mainly Net result for the year (+€311,242) and Other debts (+€183,401)
- Tangible fixed assets +€37,936
up €37,936 (+17.2%), from €220,883 to €258,819
of which Leasing and similar rights: +€41,482
- Deferred charges and accrued income -€10,549
down €10,549 (-68.4%), from €15,416 to €4,867
- Stocks and contracts -€8,435
down €8,435 (-87.3%), from €9,661 to €1,226
- Other debts +€183,401
up €183,401 (+467%), from €39,244 to €222,645
- Tax, wage and social debts +€73,907
up €73,907 (+173%), from €42,734 to €116,641
of which Taxes: +€63,863
- Profit (loss) carried forward +€71,657
no longer reported in 2025 (was -€71,657)
- Trade debts -€58,019
down €58,019 (-53.6%), from €108,246 to €50,227
- Debts after one year -€34,554
down €34,554 (-29.0%), from €119,256 to €84,702
- Gross operating margin +€576,353
up €576,353 (+177%), from €326,377 to €902,730
- Taxes +€74,062
up €74,062 (+57,861%), from €128 to €74,190
- Staff costs +€72,886
up €72,886 (+22.4%), from €325,128 to €398,014
- Depreciation +€36,458
up €36,458 (+76.3%), from €47,765 to €84,223
- Financial charges +€15,448
up €15,448 (+96.5%), from €16,013 to €31,461
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 | €313,973 | €604,754 | +€290,781 | +92.6% |
| Fixed assets | 21/28 | €228,099 | €263,902 | +€35,803 | +15.7% |
| Intangible fixed assets | 21 | €5,217 | €3,083 | -€2,133 | -40.9% |
| Tangible fixed assets | 22/27 | €220,883 | €258,819 | +€37,936 | +17.2% |
| Plant, machinery and equipment | 23 | €180,345 | €172,715 | -€7,629 | -4.2% |
| Furniture and vehicles | 24 | €40,538 | €35,021 | -€5,517 | -13.6% |
| Leasing and similar rights | 25 | - | €41,482 | +€41,482 | |
| Other tangible fixed assets | 26 | - | €9,600 | +€9,600 | |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €85,874 | €340,852 | +€254,978 | +297% |
| Stocks and contracts in progress | 3 | €9,661 | €1,226 | -€8,435 | -87.3% |
| Stocks | 30/36 | €9,661 | €1,226 | -€8,435 | -87.3% |
| Amounts receivable within one year | 40/41 | €29,738 | €222,452 | +€192,714 | +648% |
| Trade receivables | 40 | €20,018 | €38,014 | +€17,995 | +89.9% |
| Other amounts receivable | 41 | €9,719 | €184,438 | +€174,719 | +1,798% |
| Cash at bank and in hand | 54/58 | €31,060 | €112,307 | +€81,247 | +262% |
| Deferred charges and accrued income | 490/1 | €15,416 | €4,867 | -€10,549 | -68.4% |
| Total equity and liabilities | 10/49 | €313,973 | €604,754 | +€290,781 | +92.6% |
| Equity | 10/15 | -€61,657 | €44,585 | +€106,242 | |
| Contributions | 10/11 | €10,000 | €15,000 | +€5,000 | +50.0% |
| Reserves | 13 | - | €29,585 | +€29,585 | |
| Distributable reserves | 133 | - | €29,585 | +€29,585 | |
| Profit (loss) carried forward | 14 | -€71,657 | - | +€71,657 | |
| Amounts payable | 17/49 | €375,630 | €560,169 | +€184,539 | +49.1% |
| Amounts payable after more than one year | 17 | €119,256 | €84,702 | -€34,554 | -29.0% |
| Financial debts | 170/4 | €119,256 | €84,702 | -€34,554 | -29.0% |
| Amounts payable within one year | 42/48 | €256,374 | €475,369 | +€218,995 | +85.4% |
| Current portion of amounts payable after more than one year | 42 | €66,149 | €85,856 | +€19,707 | +29.8% |
| Trade debts | 44 | €108,246 | €50,227 | -€58,019 | -53.6% |
| Suppliers | 440/4 | €108,246 | €50,227 | -€58,019 | -53.6% |
| Taxes, remuneration and social security | 45 | €42,734 | €116,641 | +€73,907 | +173% |
| Taxes | 450/3 | €18,373 | €82,236 | +€63,863 | +348% |
| Remuneration and social security | 454/9 | €24,362 | €34,405 | +€10,043 | +41.2% |
| Other amounts payable | 47/48 | €39,244 | €222,645 | +€183,401 | +467% |
| Accrued charges and deferred income | 492/3 | - | €98 | +€98 | |
| Remuneration, social security and pensions | 62 | €325,128 | €398,014 | +€72,886 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,765 | €84,223 | +€36,458 | +76.3% |
| Other operating charges | 640/8 | €20,082 | €8,123 | -€11,959 | -59.5% |
| Gross operating margin | 9900 | €326,377 | €902,730 | +€576,353 | +177% |
| Operating profit (loss) | 9901 | -€66,598 | €412,370 | +€478,968 | |
| Financial income | 75/76B | €803 | €4,523 | +€3,720 | +463% |
| Recurring financial income | 75 | €803 | €4,523 | +€3,720 | +463% |
| Financial charges | 65/66B | €16,013 | €31,461 | +€15,448 | +96.5% |
| Recurring financial charges | 65 | €16,013 | €31,461 | +€15,448 | +96.5% |
| Profit (loss) for the period before taxes | 9903 | -€81,808 | €385,432 | +€467,239 | |
| Income taxes | 67/77 | €128 | €74,190 | +€74,062 | +57,861% |
| Profit (loss) for the period | 9904 | -€81,936 | €311,242 | +€393,177 | |
| Profit (loss) for the period to be appropriated | 9905 | -€81,936 | €311,242 | +€393,177 |
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 18 October 2026 via checked.be.