RED MORPHO: 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.
RED MORPHO
Largest movements
- Stocks and contracts +€1.3m
up €1.3m (+4519.8%), from €29,664 to €1.4m
of which Stocks: +€1.3m
- Cash +€366,301
up €366,301 (+3352.5%), from €10,926 to €377,227
mainly Advances received (+€483,789) and Other debts (+€473,058)
- Receivables within one year -€55,200
down €55,200 (-37.0%), from €149,232 to €94,032
of which Other amounts receivable: -€85,130
- Advances received +€483,789
new in 2025: €483,789
- Other debts +€473,058
up €473,058 (+2707.6%), from €17,472 to €490,529
- Short-term financial debts +€415,278
new in 2025: €415,278
- Trade debts +€329,038
up €329,038 (+2619.9%), from €12,559 to €341,597
- Reserves -€68,286
down €68,286 (-26.8%), from €255,238 to €186,952
of which Tax-exempt reserves: -€68,286
- Gross operating margin -€20,155
down €20,155 (-189.0%), from -€10,667 to -€30,822
- Financial income -€1,422
down €1,422 (-79.0%), from €1,800 to €378
- Depreciation +€1,232
up €1,232 (+5.8%), from €21,246 to €22,478
- Financial charges +€666
up €666 (+17.1%), from €3,891 to €4,557
- Other operating charges -€555
down €555 (-31.6%), from €1,756 to €1,201
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 | €480,648 | €2,114,624 | +€1.6m | +340.0% |
| Fixed assets | 21/28 | €286,546 | €268,518 | -€18,028 | -6.3% |
| Tangible fixed assets | 22/27 | €286,409 | €268,518 | -€17,892 | -6.2% |
| Plant, machinery and equipment | 23 | €6,627 | €5,610 | -€1,017 | -15.3% |
| Furniture and vehicles | 24 | - | €1,113 | +€1,113 | |
| Other tangible fixed assets | 26 | €279,783 | €261,794 | -€17,988 | -6.4% |
| Financial fixed assets | 28 | €136 | €0 | -€136 | -100.0% |
| Current assets | 29/58 | €194,102 | €1,846,106 | +€1.7m | +851.1% |
| Stocks and contracts in progress | 3 | €29,664 | €1,370,416 | +€1.3m | +4519.8% |
| Stocks | 30/36 | €29,664 | €1,322,037 | +€1.3m | +4356.7% |
| Contracts in progress | 37 | - | €48,379 | +€48,379 | |
| Amounts receivable within one year | 40/41 | €149,232 | €94,032 | -€55,200 | -37.0% |
| Trade receivables | 40 | €2,683 | €32,612 | +€29,930 | +1115.7% |
| Other amounts receivable | 41 | €146,549 | €61,419 | -€85,130 | -58.1% |
| Cash at bank and in hand | 54/58 | €10,926 | €377,227 | +€366,301 | +3352.5% |
| Deferred charges and accrued income | 490/1 | €4,280 | €4,432 | +€152 | +3.5% |
| Total equity and liabilities | 10/49 | €480,648 | €2,114,624 | +€1.6m | +340.0% |
| Equity | 10/15 | €253,118 | €217,614 | -€35,504 | -14.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €255,238 | €186,952 | -€68,286 | -26.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €249,038 | €180,752 | -€68,286 | -27.4% |
| Profit (loss) carried forward | 14 | -€64,120 | -€31,338 | +€32,782 | +51.1% |
| Provisions and deferred taxes | 16 | €69,249 | €46,072 | -€23,177 | -33.5% |
| Deferred taxes | 168 | €69,249 | €46,072 | -€23,177 | -33.5% |
| Amounts payable | 17/49 | €158,281 | €1,850,938 | +€1.7m | +1069.4% |
| Amounts payable after more than one year | 17 | €118,750 | €109,250 | -€9,500 | -8.0% |
| Financial debts | 170/4 | €118,750 | €109,250 | -€9,500 | -8.0% |
| Amounts payable within one year | 42/48 | €39,531 | €1,740,693 | +€1.7m | +4303.4% |
| Current portion of amounts payable after more than one year | 42 | €9,500 | €9,500 | = | 0.0% |
| Financial debts | 43 | - | €415,278 | +€415,278 | |
| Credit institutions | 430/8 | - | €415,278 | +€415,278 | |
| Trade debts | 44 | €12,559 | €341,597 | +€329,038 | +2619.9% |
| Suppliers | 440/4 | €12,559 | €341,597 | +€329,038 | +2619.9% |
| Advances received on contracts in progress | 46 | - | €483,789 | +€483,789 | |
| Other amounts payable | 47/48 | €17,472 | €490,529 | +€473,058 | +2707.6% |
| Accrued charges and deferred income | 492/3 | - | €994 | +€994 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,246 | €22,478 | +€1,232 | +5.8% |
| Other operating charges | 640/8 | €1,756 | €1,201 | -€555 | -31.6% |
| Gross operating margin | 9900 | -€10,667 | -€30,822 | -€20,155 | -189.0% |
| Operating profit (loss) | 9901 | -€33,669 | -€54,502 | -€20,833 | -61.9% |
| Financial income | 75/76B | €1,800 | €378 | -€1,422 | -79.0% |
| Recurring financial income | 75 | €1,800 | €378 | -€1,422 | -79.0% |
| Financial charges | 65/66B | €3,891 | €4,557 | +€666 | +17.1% |
| Recurring financial charges | 65 | €3,891 | €4,557 | +€666 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | -€35,760 | -€58,681 | -€22,921 | -64.1% |
| Transfer from deferred taxes | 780 | €3,795 | €23,177 | +€19,382 | +510.8% |
| Profit (loss) for the period | 9904 | -€31,966 | -€35,504 | -€3,538 | -11.1% |
| Transfer from tax-exempt reserves | 789 | €11,384 | €68,286 | +€56,902 | +499.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,582 | €32,782 | +€53,364 |
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 9 October 2026 via checked.be.