MORTI: 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.
What changed
MORTI
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.7m
2024 · €4.5m+€186,381
Equity
€50.0m
2024 · €45.6m+€4.4m
Cash
€7.5m
2024 · €6.6m+€891,309
Balance sheet total
€69.3m
2024 · €62.3m+€6.9m
Largest movements
Assets
- Receivables within one year +€7.9m
up €7.9m (+40.2%), from €19.8m to €27.7m
of which Other amounts receivable: +€4.5m
- Current investments -€4.8m
down €4.8m (-20.8%), from €23.2m to €18.4m
- Financial fixed assets +€3.4m
up €3.4m (+64,876%), from €5,194 to €3.4m
of which Affiliated companies: +€3.4m
- Cash +€891,309
up €891,309 (+13.4%), from €6.6m to €7.5m
mainly Current investments (+€4.8m) and Net result for the year (+€4.7m)
Equity and liabilities
- Reserves +€4.4m
up €4.4m (+9.6%), from €45.2m to €49.5m
of which Distributable reserves: +€4.3m
- Debts after one year +€1.9m
up €1.9m (+299%), from €618,557 to €2.5m
- Advances received -€1.7m
down €1.7m (-51.0%), from €3.4m to €1.7m
- Trade debts +€1.7m
up €1.7m (+15.7%), from €10.6m to €12.3m
Income statement
- Turnover +€13.0m
up €13.0m (+17.9%), from €72.8m to €85.8m
- Goods and materials +€11.3m
up €11.3m (+24.0%), from €46.9m to €58.1m
of which Purchases: +€11.4m
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.
Result 2024
€4.5m
Turnover
+€13.0m
Other operating income
+€18,172
Goods and materials
-€11.3m
Services and other goods
-€645,506
Staff costs
-€362,379
Depreciation
-€38,820
Write-downs
-€403,379
Other operating charges
+€406,606
Other operating items
-€329,300
Financial income
-€210,043
Financial charges
+€42,193
Taxes
-€34,534
Deferred taxes and other
-€12,025
Result 2025
€4.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€800,257
Investment
-€144,563
Financing
+€1.8m
Cash 2024
€6.6m
From operations (derived)
-€800,257
Net result for the year
+€4.7m
Depreciation
+€1.9m
Stocks and contracts
+€146,601
Receivables within one year
-€7.9m
Deferred charges and accrued income
-€32,025
Smaller working-capital items
-€3,368
Trade debts
+€1.7m
Tax, wage and social debts
+€97,089
Advances received
-€1.7m
Other debts
+€348,680
Investment (derived)
-€144,563
Investment in fixed assets (net)
-€5.0m
Current investments
+€4.8m
Financing
+€1.8m
Debts after one year
+€1.9m
Current portion of long-term debt
+€335,099
Contributions, distributions and other
-€350,000
Cash 2025
€7.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,328,328 | €69,255,562 | +€6.9m | +11.1% |
| Fixed assets | 21/28 | €8,591,701 | €11,632,589 | +€3.0m | +35.4% |
| Tangible fixed assets | 22/27 | €8,586,507 | €8,258,016 | -€328,491 | -3.8% |
| Land and buildings | 22 | €5,659,320 | €5,230,643 | -€428,678 | -7.6% |
| Plant, machinery and equipment | 23 | €2,036,686 | €1,179,213 | -€857,473 | -42.1% |
| Furniture and vehicles | 24 | €890,501 | €1,848,161 | +€957,660 | +108% |
| Financial fixed assets | 28 | €5,194 | €3,374,573 | +€3.4m | +64,876% |
| Affiliated companies | 280/1 | - | €3,369,379 | +€3.4m | |
| Participating interests | 280 | - | €3,369,379 | +€3.4m | |
| Other financial fixed assets | 284/8 | €5,194 | €5,194 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €5,194 | €5,194 | = | 0.0% |
| Current assets | 29/58 | €53,736,627 | €57,622,974 | +€3.9m | +7.2% |
| Stocks and contracts in progress | 3 | €3,868,644 | €3,722,043 | -€146,601 | -3.8% |
| Stocks | 30/36 | €1,391,244 | €1,597,843 | +€206,599 | +14.8% |
| Raw materials and consumables | 30/31 | €1,391,244 | €1,597,843 | +€206,599 | +14.8% |
| Contracts in progress | 37 | €2,477,400 | €2,124,200 | -€353,200 | -14.3% |
| Amounts receivable within one year | 40/41 | €19,757,515 | €27,692,657 | +€7.9m | +40.2% |
| Trade receivables | 40 | €12,803,186 | €16,279,353 | +€3.5m | +27.2% |
| Other amounts receivable | 41 | €6,954,329 | €11,413,304 | +€4.5m | +64.1% |
| Current investments | 50/53 | €23,177,600 | €18,352,071 | -€4.8m | -20.8% |
| Other investments | 51/53 | €23,177,600 | €18,352,071 | -€4.8m | -20.8% |
| Cash at bank and in hand | 54/58 | €6,640,800 | €7,532,109 | +€891,309 | +13.4% |
| Deferred charges and accrued income | 490/1 | €292,068 | €324,093 | +€32,025 | +11.0% |
| Total equity and liabilities | 10/49 | €62,328,328 | €69,255,562 | +€6.9m | +11.1% |
| Equity | 10/15 | €45,596,973 | €49,954,118 | +€4.4m | +9.6% |
| Contributions | 10/11 | €421,419 | €421,419 | = | 0.0% |
| Capital | 10 | €421,419 | €421,419 | = | 0.0% |
| Issued capital | 100 | €421,419 | €421,419 | = | 0.0% |
| Reserves | 13 | €45,175,554 | €49,532,699 | +€4.4m | +9.6% |
| Non-distributable reserves | 130/1 | €42,142 | €42,142 | = | 0.0% |
| Legal reserve | 130 | €42,142 | €42,142 | = | 0.0% |
| Tax-exempt reserves | 132 | €109,035 | €145,109 | +€36,074 | +33.1% |
| Distributable reserves | 133 | €45,024,377 | €49,345,448 | +€4.3m | +9.6% |
| Provisions and deferred taxes | 16 | - | €12,025 | +€12,025 | |
| Deferred taxes | 168 | - | €12,025 | +€12,025 | |
| Amounts payable | 17/49 | €16,731,355 | €19,289,419 | +€2.6m | +15.3% |
| Amounts payable after more than one year | 17 | €618,557 | €2,469,587 | +€1.9m | +299% |
| Financial debts | 170/4 | €618,557 | €2,469,587 | +€1.9m | +299% |
| Credit institutions | 173 | €618,557 | €2,469,587 | +€1.9m | +299% |
| Amounts payable within one year | 42/48 | €16,084,685 | €16,807,112 | +€722,427 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €150,707 | €485,806 | +€335,099 | +222% |
| Trade debts | 44 | €10,608,284 | €12,274,672 | +€1.7m | +15.7% |
| Suppliers | 440/4 | €10,608,284 | €12,274,672 | +€1.7m | +15.7% |
| Advances received on contracts in progress | 46 | €3,380,540 | €1,655,710 | -€1.7m | -51.0% |
| Taxes, remuneration and social security | 45 | €1,387,339 | €1,484,428 | +€97,089 | +7.0% |
| Taxes | 450/3 | €282,745 | €310,427 | +€27,681 | +9.8% |
| Remuneration and social security | 454/9 | €1,104,594 | €1,174,002 | +€69,408 | +6.3% |
| Other amounts payable | 47/48 | €557,815 | €906,495 | +€348,680 | +62.5% |
| Accrued charges and deferred income | 492/3 | €28,113 | €12,720 | -€15,393 | -54.8% |
| Operating income | 70/76A | €74,354,531 | €87,054,756 | +€12.7m | +17.1% |
| Turnover | 70 | €72,756,879 | €85,768,232 | +€13.0m | +17.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€23,900 | -€353,200 | -€329,300 | -1,378% |
| Other operating income | 74 | €1,621,552 | €1,639,724 | +€18,172 | +1.1% |
| Operating charges | 60/66A | €68,804,221 | €81,103,657 | +€12.3m | +17.9% |
| Goods for resale, raw materials and consumables | 60 | €46,852,513 | €58,108,471 | +€11.3m | +24.0% |
| Purchases | 600/8 | €46,904,560 | €58,315,070 | +€11.4m | +24.3% |
| Change in stocks: decrease (increase) | 609 | -€52,047 | -€206,599 | -€154,552 | -297% |
| Services and other goods | 61 | €7,501,847 | €8,147,353 | +€645,506 | +8.6% |
| Remuneration, social security and pensions | 62 | €12,254,769 | €12,617,148 | +€362,379 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,890,384 | €1,929,204 | +€38,820 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€360,217 | €43,162 | +€403,379 | |
| Other operating charges | 640/8 | €664,926 | €258,320 | -€406,606 | -61.2% |
| Operating profit (loss) | 9901 | €5,550,309 | €5,951,098 | +€400,789 | +7.2% |
| Financial income | 75/76B | €973,508 | €763,465 | -€210,043 | -21.6% |
| Recurring financial income | 75 | €973,508 | €763,465 | -€210,043 | -21.6% |
| Income from current assets | 751 | €786,191 | €549,029 | -€237,162 | -30.2% |
| Other financial income | 752/9 | €187,317 | €214,436 | +€27,119 | +14.5% |
| Financial charges | 65/66B | €429,084 | €386,891 | -€42,193 | -9.8% |
| Recurring financial charges | 65 | €429,084 | €386,891 | -€42,193 | -9.8% |
| Debt charges | 650 | €8,640 | €51,731 | +€43,091 | +499% |
| Other financial charges | 652/9 | €420,445 | €335,160 | -€85,284 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €6,094,732 | €6,327,672 | +€232,940 | +3.8% |
| Transfer from deferred taxes | 780 | - | €1,725 | +€1,725 | |
| Transfer to deferred taxes | 680 | - | €13,750 | +€13,750 | |
| Income taxes | 67/77 | €1,573,967 | €1,608,502 | +€34,534 | +2.2% |
| Taxes | 670/3 | €1,574,282 | €1,615,298 | +€41,016 | +2.6% |
| Tax adjustments and reversals of tax provisions | 77 | €315 | €6,796 | +€6,482 | +2,060% |
| Profit (loss) for the period | 9904 | €4,520,765 | €4,707,146 | +€186,381 | +4.1% |
| Transfer from tax-exempt reserves | 789 | - | €5,176 | +€5,176 | |
| Transfer to tax-exempt reserves | 689 | - | €41,250 | +€41,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,520,765 | €4,671,072 | +€150,307 | +3.3% |
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 17 October 2026 via checked.be.