MORVAN: 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
MORVAN
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€26,105
2024 · €72,990-€99,095
Equity
€7.5m
2024 · €7.6m-€26,105
Cash
€56,105
2024 · €29,131+€26,974
Balance sheet total
€18.5m
2024 · €13.9m+€4.6m
Largest movements
Assets
- Stocks and contracts +€3.0m
up €3.0m (+52.5%), from €5.8m to €8.8m
- Tangible fixed assets +€1.5m
up €1.5m (+18.2%), from €8.1m to €9.6m
Equity and liabilities
- Other debts +€4.5m
up €4.5m (+75.5%), from €6.0m to €10.6m
Income statement
- Depreciation +€201,523
up €201,523 (+167.8%), from €120,070 to €321,593
- Gross operating margin +€140,620
up €140,620 (+29.6%), from €474,689 to €615,309
- Financial charges +€56,046
up €56,046 (+50.6%), from €110,722 to €166,768
- Taxes -€18,755
down €18,755 (-52.1%), from €35,964 to €17,210
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
€72,990
Gross operating margin
+€140,620
Staff costs
-€3,974
Depreciation
-€201,523
Other operating charges
+€2,963
Financial income
+€111
Financial charges
-€56,046
Taxes
+€18,755
Result 2025
-€26,105
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
+€1.8m
Investment
-€1.8m
Financing
€0
Cash 2024
€29,131
From operations (derived)
+€1.8m
Net result for the year
-€26,105
Depreciation
+€321,593
Stocks and contracts
-€3.0m
Receivables within one year
-€12,581
Smaller working-capital items
-€18,383
Other debts
+€4.5m
Accrued charges and deferred income
+€54,251
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.8m
Cash 2025
€56,105
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,945,434 | €18,502,565 | +€4.6m | +32.7% |
| Fixed assets | 21/28 | €8,124,495 | €9,605,691 | +€1.5m | +18.2% |
| Tangible fixed assets | 22/27 | €8,124,495 | €9,605,691 | +€1.5m | +18.2% |
| Land and buildings | 22 | €8,124,495 | €9,605,691 | +€1.5m | +18.2% |
| Current assets | 29/58 | €5,820,938 | €8,896,874 | +€3.1m | +52.8% |
| Stocks and contracts in progress | 3 | €5,760,983 | €8,788,332 | +€3.0m | +52.5% |
| Stocks | 30/36 | €5,760,983 | €8,788,332 | +€3.0m | +52.5% |
| Amounts receivable within one year | 40/41 | €9,502 | €22,083 | +€12,581 | +132.4% |
| Trade receivables | 40 | €9,502 | €20,041 | +€10,538 | +110.9% |
| Other amounts receivable | 41 | - | €2,043 | +€2,043 | |
| Cash at bank and in hand | 54/58 | €29,131 | €56,105 | +€26,974 | +92.6% |
| Deferred charges and accrued income | 490/1 | €21,322 | €30,355 | +€9,032 | +42.4% |
| Total equity and liabilities | 10/49 | €13,945,434 | €18,502,565 | +€4.6m | +32.7% |
| Equity | 10/15 | €7,556,993 | €7,530,887 | -€26,105 | -0.3% |
| Contributions | 10/11 | €4,340,408 | €4,340,408 | = | 0.0% |
| Capital | 10 | €4,340,408 | €4,340,408 | = | 0.0% |
| Issued capital | 100 | €4,340,408 | €4,340,408 | = | 0.0% |
| Reserves | 13 | €3,216,585 | €3,190,479 | -€26,105 | -0.8% |
| Non-distributable reserves | 130/1 | €309,120 | €309,137 | +€17 | 0.0% |
| Legal reserve | 130 | €309,120 | €309,137 | +€17 | 0.0% |
| Tax-exempt reserves | 132 | €548,162 | €521,718 | -€26,444 | -4.8% |
| Distributable reserves | 133 | €2,359,303 | €2,359,625 | +€322 | 0.0% |
| Provisions and deferred taxes | 16 | €183,128 | €174,613 | -€8,516 | -4.7% |
| Deferred taxes | 168 | €183,128 | €174,613 | -€8,516 | -4.7% |
| Amounts payable | 17/49 | €6,205,313 | €10,797,065 | +€4.6m | +74.0% |
| Amounts payable within one year | 42/48 | €6,088,898 | €10,626,400 | +€4.5m | +74.5% |
| Trade debts | 44 | €19,782 | €13,284 | -€6,498 | -32.8% |
| Suppliers | 440/4 | €19,782 | €13,284 | -€6,498 | -32.8% |
| Taxes, remuneration and social security | 45 | €56,779 | €62,442 | +€5,663 | +10.0% |
| Taxes | 450/3 | €38,573 | €43,298 | +€4,725 | +12.2% |
| Remuneration and social security | 454/9 | €18,206 | €19,144 | +€938 | +5.1% |
| Other amounts payable | 47/48 | €6,012,337 | €10,550,674 | +€4.5m | +75.5% |
| Accrued charges and deferred income | 492/3 | €116,415 | €170,666 | +€54,251 | +46.6% |
| Remuneration, social security and pensions | 62 | €110,570 | €114,544 | +€3,974 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,070 | €321,593 | +€201,523 | +167.8% |
| Other operating charges | 640/8 | €32,891 | €29,928 | -€2,963 | -9.0% |
| Gross operating margin | 9900 | €474,689 | €615,309 | +€140,620 | +29.6% |
| Operating profit (loss) | 9901 | €211,158 | €149,244 | -€61,914 | -29.3% |
| Financial income | 75/76B | €1 | €112 | +€111 | +8519.2% |
| Recurring financial income | 75 | €1 | €112 | +€111 | +8519.2% |
| Financial charges | 65/66B | €110,722 | €166,768 | +€56,046 | +50.6% |
| Recurring financial charges | 65 | €110,722 | €166,768 | +€56,046 | +50.6% |
| Profit (loss) for the period before taxes | 9903 | €100,438 | -€17,411 | -€117,849 | |
| Transfer from deferred taxes | 780 | €8,516 | €8,516 | = | 0.0% |
| Income taxes | 67/77 | €35,964 | €17,210 | -€18,755 | -52.1% |
| Profit (loss) for the period | 9904 | €72,990 | -€26,105 | -€99,095 | |
| Transfer from tax-exempt reserves | 789 | €26,444 | €26,444 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €99,434 | €339 | -€99,095 | -99.7% |
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 8 October 2026 via checked.be.