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 43.221, Plumbing work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€364,263
2024 · €389,945-€25,682
Equity
€2.5m
2024 · €2.3m+€176,527
Cash
€362,987
2024 · €582,088-€219,102
Balance sheet total
€2.7m
2024 · €2.6m+€114,987
Largest movements
Assets
- Current investments +€368,507
up €368,507 (+26.0%), from €1.4m to €1.8m
- Cash -€219,102
down €219,102 (-37.6%), from €582,088 to €362,987
mainly Current investments (-€368,507) and Contributions, distributions and other (-€187,736)
- Stocks and contracts -€34,208
down €34,208 (-7.3%), from €466,353 to €432,145
Equity and liabilities
- Reserves +€176,527
up €176,527 (+7.8%), from €2.3m to €2.5m
of which Distributable reserves: +€176,527
Income statement
- Gross operating margin -€47,403
down €47,403 (-6.4%), from €744,814 to €697,411
- Staff costs -€19,413
down €19,413 (-9.4%), from €205,704 to €186,291
- Financial income -€16,364
down €16,364 (-22.3%), from €73,391 to €57,027
- Write-downs -€13,308
down €13,308, from €7,392 to -€5,916
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
€389,945
Gross operating margin
-€47,403
Staff costs
+€19,413
Depreciation
+€2,190
Write-downs
+€13,308
Other operating charges
-€529
Financial income
-€16,364
Financial charges
-€381
Taxes
+€4,084
Result 2025
€364,263
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
+€360,216
Investment
-€375,446
Financing
-€203,872
Cash 2024
€582,088
From operations (derived)
+€360,216
Net result for the year
+€364,263
Depreciation
+€25,588
Stocks and contracts
+€34,208
Receivables within one year
-€13,709
Deferred charges and accrued income
-€4,729
Trade debts
-€8,139
Tax, wage and social debts
-€16,894
Other debts
-€19,305
Accrued charges and deferred income
-€1,068
Investment (derived)
-€375,446
Investment in fixed assets (net)
-€6,939
Current investments
-€368,507
Financing
-€203,872
Debts after one year
-€16,000
Short-term financial debts
-€136
Contributions, distributions and other
-€187,736
Cash 2025
€362,987
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,583,504 | €2,698,490 | +€114,987 | +4.5% |
| Fixed assets | 21/28 | €68,332 | €49,684 | -€18,649 | -27.3% |
| Tangible fixed assets | 22/27 | €68,292 | €49,644 | -€18,649 | -27.3% |
| Plant, machinery and equipment | 23 | €39,951 | €33,738 | -€6,213 | -15.6% |
| Furniture and vehicles | 24 | €28,341 | €15,906 | -€12,435 | -43.9% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €2,515,171 | €2,648,807 | +€133,635 | +5.3% |
| Stocks and contracts in progress | 3 | €466,353 | €432,145 | -€34,208 | -7.3% |
| Stocks | 30/36 | €466,353 | €432,145 | -€34,208 | -7.3% |
| Amounts receivable within one year | 40/41 | €41,750 | €55,458 | +€13,709 | +32.8% |
| Trade receivables | 40 | €41,750 | €54,161 | +€12,412 | +29.7% |
| Other amounts receivable | 41 | - | €1,297 | +€1,297 | |
| Current investments | 50/53 | €1,414,769 | €1,783,277 | +€368,507 | +26.0% |
| Cash at bank and in hand | 54/58 | €582,088 | €362,987 | -€219,102 | -37.6% |
| Deferred charges and accrued income | 490/1 | €10,212 | €14,941 | +€4,729 | +46.3% |
| Total equity and liabilities | 10/49 | €2,583,504 | €2,698,490 | +€114,987 | +4.5% |
| Equity | 10/15 | €2,294,942 | €2,471,470 | +€176,527 | +7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,276,342 | €2,452,870 | +€176,527 | +7.8% |
| Non-distributable reserves | 130/1 | €4,237 | €4,237 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,237 | €4,237 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,186 | €52,186 | = | 0.0% |
| Distributable reserves | 133 | €2,219,919 | €2,396,447 | +€176,527 | +8.0% |
| Provisions and deferred taxes | 16 | €14,436 | €14,436 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €14,436 | €14,436 | = | 0.0% |
| Other liabilities and charges | 164/5 | €14,436 | €14,436 | = | 0.0% |
| Amounts payable | 17/49 | €274,126 | €212,585 | -€61,541 | -22.4% |
| Amounts payable after more than one year | 17 | €50,000 | €34,000 | -€16,000 | -32.0% |
| Other amounts payable | 178/9 | €50,000 | €34,000 | -€16,000 | -32.0% |
| Amounts payable within one year | 42/48 | €219,204 | €174,731 | -€44,473 | -20.3% |
| Financial debts | 43 | €27,070 | €26,933 | -€136 | -0.5% |
| Credit institutions | 430/8 | €27,070 | €26,933 | -€136 | -0.5% |
| Trade debts | 44 | €103,505 | €95,367 | -€8,139 | -7.9% |
| Suppliers | 440/4 | €103,505 | €95,367 | -€8,139 | -7.9% |
| Taxes, remuneration and social security | 45 | €56,495 | €39,602 | -€16,894 | -29.9% |
| Taxes | 450/3 | €36,787 | €17,299 | -€19,488 | -53.0% |
| Remuneration and social security | 454/9 | €19,709 | €22,303 | +€2,594 | +13.2% |
| Other amounts payable | 47/48 | €32,134 | €12,829 | -€19,305 | -60.1% |
| Accrued charges and deferred income | 492/3 | €4,922 | €3,854 | -€1,068 | -21.7% |
| Remuneration, social security and pensions | 62 | €205,704 | €186,291 | -€19,413 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,778 | €25,588 | -€2,190 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,392 | -€5,916 | -€13,308 | |
| Other operating charges | 640/8 | €9,727 | €10,256 | +€529 | +5.4% |
| Gross operating margin | 9900 | €744,814 | €697,411 | -€47,403 | -6.4% |
| Operating profit (loss) | 9901 | €494,214 | €481,193 | -€13,021 | -2.6% |
| Financial income | 75/76B | €73,391 | €57,027 | -€16,364 | -22.3% |
| Recurring financial income | 75 | €73,391 | €57,027 | -€16,364 | -22.3% |
| Financial charges | 65/66B | €10,020 | €10,401 | +€381 | +3.8% |
| Recurring financial charges | 65 | €10,020 | €10,401 | +€381 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €557,585 | €527,819 | -€29,766 | -5.3% |
| Income taxes | 67/77 | €167,640 | €163,556 | -€4,084 | -2.4% |
| Profit (loss) for the period | 9904 | €389,945 | €364,263 | -€25,682 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €389,945 | €364,263 | -€25,682 | -6.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.