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.
MORVAN
Largest movements
- Tangible fixed assets +€59,860
up €59,860 (+7.9%), from €761,375 to €821,235
- Cash -€25,661
down €25,661 (-68.0%), from €37,714 to €12,053
mainly Investment in fixed assets (net) (-€100,370) and Net result for the year (-€10,599)
- Other debts +€45,000
new in 2025: €45,000
- Reserves -€21,647
down €21,647 (-4.3%), from €499,652 to €478,005
- Profit (loss) carried forward +€11,048
up €11,048 (+4.4%), from €252,380 to €263,428
- Gross operating margin +€8,726
up €8,726 (+34.5%), from €25,257 to €33,983
- Depreciation +€7,734
up €7,734 (+23.6%), from €32,776 to €40,510
- Financial income -€1,547
down €1,547 (-98.5%), from €1,571 to €24
of which Non-recurring financial income: -€1,360
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 | €811,861 | €846,963 | +€35,102 | +4.3% |
| Fixed assets | 21/28 | €761,375 | €821,235 | +€59,860 | +7.9% |
| Tangible fixed assets | 22/27 | €761,375 | €821,235 | +€59,860 | +7.9% |
| Land and buildings | 22 | €761,375 | €821,235 | +€59,860 | +7.9% |
| Current assets | 29/58 | €50,486 | €25,728 | -€24,758 | -49.0% |
| Amounts receivable within one year | 40/41 | €12,772 | €13,675 | +€903 | +7.1% |
| Trade receivables | 40 | €12,319 | €13,675 | +€1,356 | +11.0% |
| Other amounts receivable | 41 | €453 | - | -€453 | |
| Cash at bank and in hand | 54/58 | €37,714 | €12,053 | -€25,661 | -68.0% |
| Total equity and liabilities | 10/49 | €811,861 | €846,963 | +€35,102 | +4.3% |
| Equity | 10/15 | €789,232 | €778,633 | -€10,599 | -1.3% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €499,652 | €478,005 | -€21,647 | -4.3% |
| Tax-exempt reserves | 132 | €499,652 | €478,005 | -€21,647 | -4.3% |
| Profit (loss) carried forward | 14 | €252,380 | €263,428 | +€11,048 | +4.4% |
| Amounts payable | 17/49 | €22,629 | €68,330 | +€45,701 | +202.0% |
| Amounts payable after more than one year | 17 | €9,794 | €9,794 | = | 0.0% |
| Other amounts payable | 178/9 | €9,794 | €9,794 | = | 0.0% |
| Amounts payable within one year | 42/48 | €11,910 | €57,611 | +€45,701 | +383.7% |
| Trade debts | 44 | €11,910 | €12,456 | +€546 | +4.6% |
| Suppliers | 440/4 | €11,910 | €12,456 | +€546 | +4.6% |
| Taxes, remuneration and social security | 45 | - | €155 | +€155 | |
| Taxes | 450/3 | - | €155 | +€155 | |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Accrued charges and deferred income | 492/3 | €925 | €925 | = | 0.0% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,776 | €40,510 | +€7,734 | +23.6% |
| Other operating charges | 640/8 | €3,803 | €3,978 | +€175 | +4.6% |
| Gross operating margin | 9900 | €25,257 | €33,983 | +€8,726 | +34.5% |
| Operating profit (loss) | 9901 | -€11,322 | -€10,505 | +€817 | +7.2% |
| Financial income | 75/76B | €1,571 | €24 | -€1,547 | -98.5% |
| Recurring financial income | 75 | €211 | €24 | -€187 | -88.6% |
| Non-recurring financial income | 76B | €1,360 | €0 | -€1,360 | -100.0% |
| Financial charges | 65/66B | €295 | €118 | -€177 | -60.0% |
| Recurring financial charges | 65 | €295 | €118 | -€177 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,046 | -€10,599 | -€553 | -5.5% |
| Profit (loss) for the period | 9904 | -€10,046 | -€10,599 | -€553 | -5.5% |
| Transfer from tax-exempt reserves | 789 | €21,647 | €21,647 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,601 | €11,048 | -€553 | -4.8% |
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 28 September 2026 via checked.be.