MORVAN MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€20,785
new in 2025: €20,785
- Cash -€20,269
down €20,269 (-33.9%), from €59,754 to €39,485
mainly Investment in fixed assets (net) (-€24,402) and Receivables within one year (-€20,785)
- Tangible fixed assets +€15,824
up €15,824 (+52.8%), from €29,960 to €45,784
of which Furniture and vehicles: +€12,713
- Reserves +€18,500
up €18,500 (+94.9%), from €19,500 to €38,000
- Debts after one year -€12,260
down €12,260 (-80.0%), from €15,325 to €3,065
- Tax, wage and social debts +€9,753
up €9,753 (+35.7%), from €27,343 to €37,096
of which Taxes: +€8,540
- Other debts +€3,459
up €3,459 (+33.1%), from €10,461 to €13,920
- Trade debts -€3,048
down €3,048 (-100.0%), from €3,048 to €0
- Turnover +€25,000
up €25,000 (+20.0%), from €125,000 to €150,000
- Purchases and services +€8,994
up €8,994 (+8.6%), from €104,099 to €113,092
- Depreciation +€3,638
up €3,638 (+73.6%), from €4,940 to €8,578
- Gross operating margin +€2,609
up €2,609 (+7.2%), from €36,165 to €38,774
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 | €91,149 | €107,993 | +€16,844 | +18.5% |
| Fixed assets | 21/28 | €29,960 | €45,784 | +€15,824 | +52.8% |
| Tangible fixed assets | 22/27 | €29,960 | €45,784 | +€15,824 | +52.8% |
| Plant, machinery and equipment | 23 | - | €3,111 | +€3,111 | |
| Furniture and vehicles | 24 | €29,960 | €42,673 | +€12,713 | +42.4% |
| Current assets | 29/58 | €61,189 | €62,208 | +€1,019 | +1.7% |
| Amounts receivable within one year | 40/41 | - | €20,785 | +€20,785 | |
| Trade receivables | 40 | - | €20,785 | +€20,785 | |
| Cash at bank and in hand | 54/58 | €59,754 | €39,485 | -€20,269 | -33.9% |
| Deferred charges and accrued income | 490/1 | €1,435 | €1,938 | +€503 | +35.1% |
| Total equity and liabilities | 10/49 | €91,149 | €107,993 | +€16,844 | +18.5% |
| Equity | 10/15 | €22,711 | €41,652 | +€18,941 | +83.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Other | 1109/19 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €19,500 | €38,000 | +€18,500 | +94.9% |
| Distributable reserves | 133 | €19,500 | €38,000 | +€18,500 | +94.9% |
| Profit (loss) carried forward | 14 | €211 | €652 | +€441 | +208.6% |
| Amounts payable | 17/49 | €68,438 | €66,341 | -€2,097 | -3.1% |
| Amounts payable after more than one year | 17 | €15,325 | €3,065 | -€12,260 | -80.0% |
| Financial debts | 170/4 | €15,325 | €3,065 | -€12,260 | -80.0% |
| Amounts payable within one year | 42/48 | €53,113 | €63,276 | +€10,163 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €12,260 | €12,260 | = | 0.0% |
| Trade debts | 44 | €3,048 | €0 | -€3,048 | -100.0% |
| Suppliers | 440/4 | €3,048 | €0 | -€3,048 | -100.0% |
| Taxes, remuneration and social security | 45 | €27,343 | €37,096 | +€9,753 | +35.7% |
| Taxes | 450/3 | €19,543 | €28,083 | +€8,540 | +43.7% |
| Remuneration and social security | 454/9 | €7,800 | €9,012 | +€1,212 | +15.5% |
| Other amounts payable | 47/48 | €10,461 | €13,920 | +€3,459 | +33.1% |
| Turnover | 70 | €125,000 | €150,000 | +€25,000 | +20.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €104,099 | €113,092 | +€8,994 | +8.6% |
| Remuneration, social security and pensions | 62 | €1,320 | €1,431 | +€111 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,940 | €8,578 | +€3,638 | +73.6% |
| Other operating charges | 640/8 | €1,140 | €992 | -€148 | -13.0% |
| Gross operating margin | 9900 | €36,165 | €38,774 | +€2,609 | +7.2% |
| Operating profit (loss) | 9901 | €28,765 | €27,774 | -€992 | -3.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €804 | €985 | +€181 | +22.6% |
| Recurring financial charges | 65 | €804 | €985 | +€181 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €27,961 | €26,788 | -€1,173 | -4.2% |
| Income taxes | 67/77 | €8,250 | €7,847 | -€403 | -4.9% |
| Profit (loss) for the period | 9904 | €19,711 | €18,941 | -€770 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,711 | €18,941 | -€770 | -3.9% |
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 6 October 2026 via checked.be.