TB MORGAN: what changed
Two financial 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.
TB MORGAN
Largest movements
- Cash -€6,140
down €6,140 (-40.5%), from €15,175 to €9,035
mainly Current portion of long-term debt (-€13,463) and Net result for the year (-€13,283)
- Intangible fixed assets -€5,714
down €5,714 (-25.0%), from €22,857 to €17,143
- Stocks and contracts -€4,553
down €4,553 (-38.3%), from €11,878 to €7,325
- Current portion of long-term debt -€13,463
down €13,463 (-79.1%), from €17,028 to €3,565
- Profit (loss) carried forward -€13,283
down €13,283 (-10.4%), from -€127,488 to -€140,771
- Short-term financial debts +€10,349
up €10,349 (+249.3%), from €4,151 to €14,499
- Debts after one year +€4,587
new in 2024: €4,587
- Other debts -€3,500
down €3,500 (-2.4%), from €148,313 to €144,813
- Gross operating margin +€4,346
up €4,346 (+884.6%), from €491 to €4,837
- Staff costs +€2,448
up €2,448 (+309.6%), from €791 to €3,239
- Financial income +€644
up €644 (+1018.9%), from €63 to €707
- Other operating charges +€620
up €620 (+102.7%), from €604 to €1,224
- Depreciation +€365
up €365 (+3.4%), from €10,777 to €11,142
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,500 | €48,803 | -€15,697 | -24.3% |
| Fixed assets | 21/28 | €37,020 | €31,690 | -€5,329 | -14.4% |
| Intangible fixed assets | 21 | €22,857 | €17,143 | -€5,714 | -25.0% |
| Tangible fixed assets | 22/27 | €14,162 | €14,547 | +€385 | +2.7% |
| Plant, machinery and equipment | 23 | €10,758 | €7,328 | -€3,430 | -31.9% |
| Furniture and vehicles | 24 | €3,404 | €7,219 | +€3,815 | +112.1% |
| Current assets | 29/58 | €27,480 | €17,113 | -€10,368 | -37.7% |
| Stocks and contracts in progress | 3 | €11,878 | €7,325 | -€4,553 | -38.3% |
| Stocks | 30/36 | €11,878 | €7,325 | -€4,553 | -38.3% |
| Cash at bank and in hand | 54/58 | €15,175 | €9,035 | -€6,140 | -40.5% |
| Deferred charges and accrued income | 490/1 | €427 | €752 | +€325 | +76.1% |
| Total equity and liabilities | 10/49 | €64,500 | €48,803 | -€15,697 | -24.3% |
| Equity | 10/15 | -€108,888 | -€122,171 | -€13,283 | -12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,488 | -€140,771 | -€13,283 | -10.4% |
| Amounts payable | 17/49 | €173,388 | €170,974 | -€2,414 | -1.4% |
| Amounts payable after more than one year | 17 | - | €4,587 | +€4,587 | |
| Financial debts | 170/4 | - | €4,587 | +€4,587 | |
| Amounts payable within one year | 42/48 | €173,388 | €166,388 | -€7,001 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €17,028 | €3,565 | -€13,463 | -79.1% |
| Financial debts | 43 | €4,151 | €14,499 | +€10,349 | +249.3% |
| Credit institutions | 430/8 | €4,151 | €14,499 | +€10,349 | +249.3% |
| Trade debts | 44 | €2,146 | €1,533 | -€613 | -28.6% |
| Suppliers | 440/4 | €2,146 | €1,533 | -€613 | -28.6% |
| Taxes, remuneration and social security | 45 | €1,751 | €1,978 | +€227 | +13.0% |
| Taxes | 450/3 | €1,558 | €1,959 | +€402 | +25.8% |
| Remuneration and social security | 454/9 | €193 | €19 | -€174 | -90.3% |
| Other amounts payable | 47/48 | €148,313 | €144,813 | -€3,500 | -2.4% |
| Remuneration, social security and pensions | 62 | €791 | €3,239 | +€2,448 | +309.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,777 | €11,142 | +€365 | +3.4% |
| Other operating charges | 640/8 | €604 | €1,224 | +€620 | +102.7% |
| Gross operating margin | 9900 | €491 | €4,837 | +€4,346 | +884.6% |
| Operating profit (loss) | 9901 | -€11,680 | -€10,768 | +€912 | +7.8% |
| Financial income | 75/76B | €63 | €707 | +€644 | +1018.9% |
| Recurring financial income | 75 | €63 | €707 | +€644 | +1018.9% |
| Financial charges | 65/66B | €2,748 | €3,033 | +€285 | +10.4% |
| Recurring financial charges | 65 | €2,748 | €3,033 | +€285 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | -€14,365 | -€13,094 | +€1,271 | +8.8% |
| Income taxes | 67/77 | €85 | €189 | +€104 | +122.7% |
| Profit (loss) for the period | 9904 | -€14,450 | -€13,283 | +€1,167 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,450 | -€13,283 | +€1,167 | +8.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.