MORUBEL: 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.
What changed
MORUBEL
NACE 10.200, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.1m
2024 · €3.4m-€263,132
Equity
€28.4m
2024 · €25.3m+€3.1m
Cash
€1.3m
2024 · €994,078+€265,772
Balance sheet total
€65.7m
2024 · €57.2m+€8.5m
Largest movements
Assets
- Stocks and contracts +€7.1m
up €7.1m (+19.2%), from €37.1m to €44.2m
- Tangible fixed assets +€984,395
up €984,395 (+53.7%), from €1.8m to €2.8m
Equity and liabilities
- Short-term financial debts +€5.0m
up €5.0m (+91.7%), from €5.4m to €10.4m
of which Credit institutions: +€8.0m
- Reserves +€3.1m
up €3.1m (+12.2%), from €25.3m to €28.3m
of which Distributable reserves: +€3.1m
Income statement
- Goods and materials +€13.0m
up €13.0m (+21.3%), from €61.2m to €74.2m
of which Purchases: +€7.1m
- Turnover +€11.8m
up €11.8m (+13.8%), from €85.2m to €97.0m
- Services and other goods +€1.4m
up €1.4m (+12.2%), from €11.4m to €12.8m
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
€3.4m
Turnover
+€11.8m
Other operating income
+€212,557
Goods and materials
-€13.0m
Services and other goods
-€1.4m
Staff costs
-€862,107
Depreciation
-€26,004
Write-downs
+€915,609
Other operating charges
-€2,282
Other operating items
+€1.9m
Financial income
+€86,993
Financial charges
-€12,402
Taxes
+€105,038
Result 2025
€3.1m
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.
From operations
-€3.2m
Investment
-€1.5m
Financing
+€5.0m
Cash 2024
€994,078
From operations (derived)
-€3.2m
Net result for the year
+€3.1m
Depreciation
+€488,162
Stocks and contracts
-€7.1m
Receivables within one year
+€473,347
Deferred charges and accrued income
-€648,779
Trade debts
+€615,441
Tax, wage and social debts
+€151,763
Accrued charges and deferred income
-€283,152
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
+€5.0m
Short-term financial debts
+€5.0m
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €57,198,972 | €65,745,462 | +€8.5m | +14.9% |
| Fixed assets | 21/28 | €1,869,344 | €2,849,885 | +€980,541 | +52.5% |
| Intangible fixed assets | 21 | €35,339 | €31,485 | -€3,854 | -10.9% |
| Tangible fixed assets | 22/27 | €1,834,005 | €2,818,400 | +€984,395 | +53.7% |
| Land and buildings | 22 | €755,844 | €976,152 | +€220,308 | +29.1% |
| Plant, machinery and equipment | 23 | €821,546 | €1,104,793 | +€283,247 | +34.5% |
| Furniture and vehicles | 24 | €256,615 | €401,636 | +€145,021 | +56.5% |
| Assets under construction and advance payments | 27 | €0 | €335,819 | +€335,819 | |
| Current assets | 29/58 | €55,329,628 | €62,895,577 | +€7.6m | +13.7% |
| Stocks and contracts in progress | 3 | €37,066,695 | €44,191,440 | +€7.1m | +19.2% |
| Stocks | 30/36 | €37,066,695 | €44,191,440 | +€7.1m | +19.2% |
| Raw materials and consumables | 30/31 | €21,466,777 | €33,783,050 | +€12.3m | +57.4% |
| Work in progress | 32 | €219,215 | €367,225 | +€148,010 | +67.5% |
| Finished goods | 33 | €5,204,635 | €7,138,958 | +€1.9m | +37.2% |
| Goods purchased for resale | 34 | €10,176,068 | €2,902,207 | -€7.3m | -71.5% |
| Amounts receivable within one year | 40/41 | €17,257,834 | €16,784,487 | -€473,347 | -2.7% |
| Trade receivables | 40 | €16,976,208 | €14,133,828 | -€2.8m | -16.7% |
| Other amounts receivable | 41 | €281,626 | €2,650,659 | +€2.4m | +841.2% |
| Cash at bank and in hand | 54/58 | €994,078 | €1,259,850 | +€265,772 | +26.7% |
| Deferred charges and accrued income | 490/1 | €11,021 | €659,800 | +€648,779 | +5886.8% |
| Total equity and liabilities | 10/49 | €57,198,972 | €65,745,462 | +€8.5m | +14.9% |
| Equity | 10/15 | €25,317,625 | €28,407,013 | +€3.1m | +12.2% |
| Contributions | 10/11 | €61,988 | €61,988 | = | 0.0% |
| Capital | 10 | €61,988 | €61,988 | = | 0.0% |
| Issued capital | 100 | €61,988 | €61,988 | = | 0.0% |
| Reserves | 13 | €25,255,637 | €28,345,025 | +€3.1m | +12.2% |
| Non-distributable reserves | 130/1 | €6,199 | €6,199 | = | 0.0% |
| Legal reserve | 130 | €6,199 | €6,199 | = | 0.0% |
| Distributable reserves | 133 | €25,249,438 | €28,338,826 | +€3.1m | +12.2% |
| Amounts payable | 17/49 | €31,881,347 | €37,338,449 | +€5.5m | +17.1% |
| Amounts payable within one year | 42/48 | €31,558,858 | €37,299,112 | +€5.7m | +18.2% |
| Financial debts | 43 | €5,423,762 | €10,396,812 | +€5.0m | +91.7% |
| Credit institutions | 430/8 | €1,673,762 | €9,646,812 | +€8.0m | +476.4% |
| Other loans | 439 | €3,750,000 | €750,000 | -€3.0m | -80.0% |
| Trade debts | 44 | €24,570,239 | €25,185,680 | +€615,441 | +2.5% |
| Suppliers | 440/4 | €24,570,239 | €25,185,680 | +€615,441 | +2.5% |
| Taxes, remuneration and social security | 45 | €1,564,857 | €1,716,620 | +€151,763 | +9.7% |
| Taxes | 450/3 | €513,029 | €550,653 | +€37,624 | +7.3% |
| Remuneration and social security | 454/9 | €1,051,828 | €1,165,967 | +€114,139 | +10.9% |
| Accrued charges and deferred income | 492/3 | €322,489 | €39,337 | -€283,152 | -87.8% |
| Operating income | 70/76A | €85,484,938 | €99,422,560 | +€13.9m | +16.3% |
| Turnover | 70 | €85,204,516 | €96,994,299 | +€11.8m | +13.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €63,263 | €1,998,545 | +€1.9m | +3059.1% |
| Other operating income | 74 | €217,159 | €429,716 | +€212,557 | +97.9% |
| Operating charges | 60/66A | €80,489,587 | €94,869,970 | +€14.4m | +17.9% |
| Goods for resale, raw materials and consumables | 60 | €61,162,771 | €74,175,654 | +€13.0m | +21.3% |
| Purchases | 600/8 | €71,617,785 | €78,668,553 | +€7.1m | +9.8% |
| Change in stocks: decrease (increase) | 609 | -€10,455,014 | -€4,492,899 | +€6.0m | +57.0% |
| Services and other goods | 61 | €11,384,901 | €12,777,617 | +€1.4m | +12.2% |
| Remuneration, social security and pensions | 62 | €7,065,562 | €7,927,669 | +€862,107 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462,158 | €488,162 | +€26,004 | +5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €282,308 | -€633,301 | -€915,609 | |
| Other operating charges | 640/8 | €131,887 | €134,169 | +€2,282 | +1.7% |
| Operating profit (loss) | 9901 | €4,995,351 | €4,552,590 | -€442,761 | -8.9% |
| Financial income | 75/76B | €8,366 | €95,359 | +€86,993 | +1039.8% |
| Recurring financial income | 75 | €8,366 | €95,359 | +€86,993 | +1039.8% |
| Income from current assets | 751 | €8,252 | €91,337 | +€83,085 | +1006.8% |
| Other financial income | 752/9 | €114 | €4,022 | +€3,908 | +3428.1% |
| Financial charges | 65/66B | €434,959 | €447,361 | +€12,402 | +2.9% |
| Recurring financial charges | 65 | €434,959 | €447,361 | +€12,402 | +2.9% |
| Debt charges | 650 | €385,375 | €393,175 | +€7,800 | +2.0% |
| Other financial charges | 652/9 | €49,584 | €54,186 | +€4,602 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €4,568,758 | €4,200,588 | -€368,170 | -8.1% |
| Income taxes | 67/77 | €1,216,238 | €1,111,200 | -€105,038 | -8.6% |
| Taxes | 670/3 | €1,216,238 | €1,111,200 | -€105,038 | -8.6% |
| Profit (loss) for the period | 9904 | €3,352,520 | €3,089,388 | -€263,132 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,352,520 | €3,089,388 | -€263,132 | -7.8% |
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 2 October 2026 via checked.be.