Morus: 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.
Morus
Largest movements
- Current investments +€199,145
up €199,145 (+97.7%), from €203,782 to €402,926
- Cash -€130,857
down €130,857 (-38.2%), from €342,695 to €211,838
mainly Current investments (-€199,145) and Contributions, distributions and other (-€112,378)
- Tangible fixed assets -€17,300
down €17,300 (-48.9%), from €35,351 to €18,051
- Other debts +€74,310
up €74,310 (+47.5%), from €156,327 to €230,636
- Reserves -€28,611
down €28,611 (-6.8%), from €422,593 to €393,982
- Financial income +€9,543
up €9,543 (+275.2%), from €3,468 to €13,011
- Financial charges -€9,419
down €9,419 (-99.6%), from €9,459 to €40
- Taxes +€6,068
up €6,068 (+17.8%), from €34,120 to €40,188
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 | €610,881 | €659,491 | +€48,610 | +8.0% |
| Fixed assets | 21/28 | €35,351 | €18,051 | -€17,300 | -48.9% |
| Tangible fixed assets | 22/27 | €35,351 | €18,051 | -€17,300 | -48.9% |
| Furniture and vehicles | 24 | €35,351 | €18,051 | -€17,300 | -48.9% |
| Current assets | 29/58 | €575,529 | €641,439 | +€65,910 | +11.5% |
| Amounts receivable within one year | 40/41 | €28,059 | €25,443 | -€2,616 | -9.3% |
| Trade receivables | 40 | €21,139 | €18,522 | -€2,616 | -12.4% |
| Other amounts receivable | 41 | €6,920 | €6,920 | = | 0.0% |
| Current investments | 50/53 | €203,782 | €402,926 | +€199,145 | +97.7% |
| Cash at bank and in hand | 54/58 | €342,695 | €211,838 | -€130,857 | -38.2% |
| Deferred charges and accrued income | 490/1 | €993 | €1,232 | +€238 | +24.0% |
| Total equity and liabilities | 10/49 | €610,881 | €659,491 | +€48,610 | +8.0% |
| Equity | 10/15 | €442,593 | €413,982 | -€28,611 | -6.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €422,593 | €393,982 | -€28,611 | -6.8% |
| Distributable reserves | 133 | €422,593 | €393,982 | -€28,611 | -6.8% |
| Amounts payable | 17/49 | €168,288 | €245,509 | +€77,221 | +45.9% |
| Amounts payable within one year | 42/48 | €168,288 | €245,509 | +€77,221 | +45.9% |
| Trade debts | 44 | €1,710 | €1,362 | -€348 | -20.3% |
| Suppliers | 440/4 | €1,710 | €1,362 | -€348 | -20.3% |
| Taxes, remuneration and social security | 45 | €10,252 | €13,510 | +€3,259 | +31.8% |
| Taxes | 450/3 | €10,252 | €13,510 | +€3,259 | +31.8% |
| Other amounts payable | 47/48 | €156,327 | €230,636 | +€74,310 | +47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,295 | €19,385 | +€90 | +0.5% |
| Other operating charges | 640/8 | €1,128 | €997 | -€131 | -11.6% |
| Gross operating margin | 9900 | €132,287 | €131,366 | -€921 | -0.7% |
| Operating profit (loss) | 9901 | €111,865 | €110,985 | -€880 | -0.8% |
| Financial income | 75/76B | €3,468 | €13,011 | +€9,543 | +275.2% |
| Recurring financial income | 75 | €3,468 | €13,011 | +€9,543 | +275.2% |
| Financial charges | 65/66B | €9,459 | €40 | -€9,419 | -99.6% |
| Recurring financial charges | 65 | €9,459 | €40 | -€9,419 | -99.6% |
| Profit (loss) for the period before taxes | 9903 | €105,873 | €123,955 | +€18,082 | +17.1% |
| Income taxes | 67/77 | €34,120 | €40,188 | +€6,068 | +17.8% |
| Profit (loss) for the period | 9904 | €71,753 | €83,767 | +€12,014 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,753 | €83,767 | +€12,014 | +16.7% |
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 9 October 2026 via checked.be.