MORSUS: 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.
MORSUS
Largest movements
- Cash +€50,585
up €50,585 (+61.6%), from €82,138 to €132,723
mainly Trade debts (+€21,018) and Other debts (+€16,142)
- Receivables within one year -€12,158
down €12,158 (-28.5%), from €42,638 to €30,480
of which Other amounts receivable: -€23,245
- Tangible fixed assets -€4,291
down €4,291 (-7.9%), from €54,355 to €50,063
of which Furniture and vehicles: -€6,684
- Intangible fixed assets -€2,500
down €2,500 (-34.1%), from €7,322 to €4,822
- Trade debts +€21,018
up €21,018 (+342.8%), from €6,130 to €27,148
- Other debts +€16,142
new in 2025: €16,142
- Debts after one year -€9,944
down €9,944 (-26.5%), from €37,565 to €27,621
- Tax, wage and social debts +€3,859
up €3,859 (+9.9%), from €38,920 to €42,779
of which Remuneration and social security: +€4,000
- Gross operating margin -€109,340
down €109,340 (-83.2%), from €131,420 to €22,080
- Taxes -€29,756
down €29,756 (-93.6%), from €31,791 to €2,034
- Depreciation +€9,105
up €9,105 (+146.3%), from €6,225 to €15,330
- Financial charges +€3,112
up €3,112 (+204.5%), from €1,522 to €4,633
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 | €186,605 | €218,844 | +€32,239 | +17.3% |
| Fixed assets | 21/28 | €61,677 | €54,886 | -€6,791 | -11.0% |
| Intangible fixed assets | 21 | €7,322 | €4,822 | -€2,500 | -34.1% |
| Tangible fixed assets | 22/27 | €54,355 | €50,063 | -€4,291 | -7.9% |
| Land and buildings | 22 | - | €988 | +€988 | |
| Plant, machinery and equipment | 23 | €1,145 | €2,549 | +€1,404 | +122.7% |
| Furniture and vehicles | 24 | €53,210 | €46,525 | -€6,684 | -12.6% |
| Current assets | 29/58 | €124,928 | €163,959 | +€39,031 | +31.2% |
| Amounts receivable within one year | 40/41 | €42,638 | €30,480 | -€12,158 | -28.5% |
| Trade receivables | 40 | €19,393 | €30,480 | +€11,087 | +57.2% |
| Other amounts receivable | 41 | €23,245 | - | -€23,245 | |
| Cash at bank and in hand | 54/58 | €82,138 | €132,723 | +€50,585 | +61.6% |
| Deferred charges and accrued income | 490/1 | €152 | €756 | +€604 | +396.9% |
| Total equity and liabilities | 10/49 | €186,605 | €218,844 | +€32,239 | +17.3% |
| Equity | 10/15 | €94,438 | €95,210 | +€772 | +0.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,938 | €92,710 | +€772 | +0.8% |
| Amounts payable | 17/49 | €92,166 | €123,634 | +€31,468 | +34.1% |
| Amounts payable after more than one year | 17 | €37,565 | €27,621 | -€9,944 | -26.5% |
| Financial debts | 170/4 | €37,565 | €27,621 | -€9,944 | -26.5% |
| Amounts payable within one year | 42/48 | €54,601 | €96,012 | +€41,411 | +75.8% |
| Current portion of amounts payable after more than one year | 42 | €9,551 | €9,944 | +€393 | +4.1% |
| Trade debts | 44 | €6,130 | €27,148 | +€21,018 | +342.8% |
| Suppliers | 440/4 | €6,130 | €27,148 | +€21,018 | +342.8% |
| Taxes, remuneration and social security | 45 | €38,920 | €42,779 | +€3,859 | +9.9% |
| Taxes | 450/3 | €38,920 | €38,779 | -€141 | -0.4% |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | - | €16,142 | +€16,142 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,225 | €15,330 | +€9,105 | +146.3% |
| Other operating charges | 640/8 | €445 | - | -€445 | |
| Gross operating margin | 9900 | €131,420 | €22,080 | -€109,340 | -83.2% |
| Operating profit (loss) | 9901 | €124,750 | €6,750 | -€118,000 | -94.6% |
| Financial income | 75/76B | €447 | €690 | +€243 | +54.3% |
| Recurring financial income | 75 | €447 | €690 | +€243 | +54.3% |
| Financial charges | 65/66B | €1,522 | €4,633 | +€3,112 | +204.5% |
| Recurring financial charges | 65 | €1,522 | €4,633 | +€3,112 | +204.5% |
| Profit (loss) for the period before taxes | 9903 | €123,675 | €2,806 | -€120,869 | -97.7% |
| Income taxes | 67/77 | €31,791 | €2,034 | -€29,756 | -93.6% |
| Profit (loss) for the period | 9904 | €91,884 | €772 | -€91,112 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €91,884 | €772 | -€91,112 | -99.2% |
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 4 October 2026 via checked.be.