MORUS ALBA: 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
MORUS ALBA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €626,900+€1.4m
Equity
€79.9m
2024 · €77.9m+€2.0m
Cash
€36,051
2024 · €18,958+€17,093
Balance sheet total
€81.3m
2024 · €81.3m+€42,195
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves +€2.0m
up €2.0m (+10.5%), from €19.1m to €21.1m
- Debts after one year -€1.5m
down €1.5m (-100%), from €1.5m to €0
Income statement
- Financial income +€1.4m
up €1.4m (+253%), from €559,686 to €2.0m
- Financial charges +€66,157
up €66,157 (+2,565%), from €2,580 to €68,736
- Turnover +€18,989
up €18,989 (+14.6%), from €130,011 to €149,000
- Taxes -€13,486
down €13,486 (-46.8%), from €28,787 to €15,300
- Services and other goods -€2,386
down €2,386 (-7.9%), from €30,322 to €27,937
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
€626,900
Turnover
+€18,989
Services and other goods
+€2,386
Other operating charges
-€35
Financial income
+€1.4m
Financial charges
-€66,157
Taxes
+€13,486
Result 2025
€2.0m
raises the resultlowers the result
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
+€1.5m
Investment
€0
Financing
-€1.5m
Cash 2024
€18,958
From operations (derived)
+€1.5m
Net result for the year
+€2.0m
Receivables within one year
-€25,102
Smaller working-capital items
-€3,706
Other debts
-€516,870
Financing
-€1.5m
Debts after one year
-€1.5m
Cash 2025
€36,051
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,293,870 | €81,336,065 | +€42,195 | +0.1% |
| Fixed assets | 21/28 | €81,274,906 | €81,274,906 | = | 0.0% |
| Financial fixed assets | 28 | €81,274,906 | €81,274,906 | = | 0.0% |
| Affiliated companies | 280/1 | €77,571,316 | €77,571,316 | = | 0.0% |
| Participating interests | 280 | €77,571,316 | €77,571,316 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €3,703,590 | €3,703,590 | = | 0.0% |
| Participating interests | 282 | €3,703,590 | €3,703,590 | = | 0.0% |
| Current assets | 29/58 | €18,963 | €61,159 | +€42,195 | +223% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €5 | €25,108 | +€25,102 | +457,232% |
| Trade receivables | 40 | €0 | €25,108 | +€25,108 | |
| Other amounts receivable | 41 | €5 | €0 | -€5 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €18,958 | €36,051 | +€17,093 | +90.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €81,293,870 | €81,336,065 | +€42,195 | +0.1% |
| Equity | 10/15 | €77,862,677 | €79,875,448 | +€2.0m | +2.6% |
| Contributions | 10/11 | €58,767,000 | €58,767,000 | = | 0.0% |
| Reserves | 13 | €19,095,677 | €21,108,448 | +€2.0m | +10.5% |
| Distributable reserves | 133 | €19,095,677 | €21,108,448 | +€2.0m | +10.5% |
| Amounts payable | 17/49 | €3,431,192 | €1,460,617 | -€2.0m | -57.4% |
| Amounts payable after more than one year | 17 | €1,450,000 | €0 | -€1.5m | -100% |
| Financial debts | 170/4 | €1,450,000 | €0 | -€1.5m | -100% |
| Other loans | 174 | €1,450,000 | €0 | -€1.5m | -100% |
| Amounts payable within one year | 42/48 | €1,978,703 | €1,459,372 | -€519,331 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €1,450,000 | €1,450,000 | = | 0.0% |
| Trade debts | 44 | €1,766 | €778 | -€989 | -56.0% |
| Suppliers | 440/4 | €1,766 | €778 | -€989 | -56.0% |
| Taxes, remuneration and social security | 45 | €10,067 | €8,595 | -€1,472 | -14.6% |
| Taxes | 450/3 | €10,067 | €8,595 | -€1,472 | -14.6% |
| Other amounts payable | 47/48 | €516,870 | €0 | -€516,870 | -100% |
| Accrued charges and deferred income | 492/3 | €2,489 | €1,245 | -€1,245 | -50.0% |
| Operating income | 70/76A | €130,011 | €149,000 | +€18,989 | +14.6% |
| Turnover | 70 | €130,011 | €149,000 | +€18,989 | +14.6% |
| Operating charges | 60/66A | €31,430 | €29,079 | -€2,351 | -7.5% |
| Services and other goods | 61 | €30,322 | €27,937 | -€2,386 | -7.9% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Operating profit (loss) | 9901 | €98,581 | €119,921 | +€21,340 | +21.6% |
| Financial income | 75/76B | €559,686 | €1,976,887 | +€1.4m | +253% |
| Recurring financial income | 75 | €559,686 | €1,976,887 | +€1.4m | +253% |
| Income from financial fixed assets | 750 | €540,540 | €1,966,870 | +€1.4m | +264% |
| Income from current assets | 751 | €19,146 | €10,017 | -€9,129 | -47.7% |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €2,580 | €68,736 | +€66,157 | +2,565% |
| Recurring financial charges | 65 | €2,580 | €68,736 | +€66,157 | +2,565% |
| Debt charges | 650 | €2,489 | €68,645 | +€66,156 | +2,658% |
| Other financial charges | 652/9 | €90 | €91 | +€1 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €655,687 | €2,028,071 | +€1.4m | +209% |
| Income taxes | 67/77 | €28,787 | €15,300 | -€13,486 | -46.8% |
| Taxes | 670/3 | €28,787 | €15,300 | -€13,486 | -46.8% |
| Profit (loss) for the period | 9904 | €626,900 | €2,012,771 | +€1.4m | +221% |
| Profit (loss) for the period to be appropriated | 9905 | €626,900 | €2,012,771 | +€1.4m | +221% |
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 16 October 2026 via checked.be.