MORPHEO: what changed
MORPHEO
Largest movements
- Cash +€341,627
up €341,627 (+43.2%), from €790,732 to €1.1m
mainly Net result for the year (+€403,296) and Receivables within one year (+€123,575)
- Current investments +€200,000
up €200,000 (+17.2%), from €1.2m to €1.4m
- Receivables within one year -€123,575
down €123,575 (-22.6%), from €545,675 to €422,101
of which Other amounts receivable: -€64,337
- Intangible fixed assets -€74,000
down €74,000 (-40.0%), from €185,000 to €111,000
- Reserves +€296,344
up €296,344 (+15.2%), from €1.9m to €2.2m
of which Tax-exempt reserves: +€210,500
- Gross operating margin -€77,885
down €77,885 (-10.6%), from €736,343 to €658,458
- Taxes -€42,485
down €42,485 (-20.0%), from €212,908 to €170,423
- Financial income +€22,086
up €22,086 (+58.6%), from €37,712 to €59,798
- Financial charges +€19,740
up €19,740 (+60.4%), from €32,657 to €52,397
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,737,980 | €3,065,458 | +€327,478 | +12.0% |
| Fixed assets | 21/28 | €240,321 | €149,934 | -€90,388 | -37.6% |
| Intangible fixed assets | 21 | €185,000 | €111,000 | -€74,000 | -40.0% |
| Tangible fixed assets | 22/27 | €55,321 | €38,934 | -€16,388 | -29.6% |
| Furniture and vehicles | 24 | €55,321 | €38,934 | -€16,388 | -29.6% |
| Current assets | 29/58 | €2,497,659 | €2,915,525 | +€417,866 | +16.7% |
| Amounts receivable within one year | 40/41 | €545,675 | €422,101 | -€123,575 | -22.6% |
| Trade receivables | 40 | €287,796 | €228,559 | -€59,238 | -20.6% |
| Other amounts receivable | 41 | €257,879 | €193,542 | -€64,337 | -24.9% |
| Current investments | 50/53 | €1,159,998 | €1,359,998 | +€200,000 | +17.2% |
| Cash at bank and in hand | 54/58 | €790,732 | €1,132,359 | +€341,627 | +43.2% |
| Deferred charges and accrued income | 490/1 | €1,254 | €1,068 | -€187 | -14.9% |
| Total equity and liabilities | 10/49 | €2,737,980 | €3,065,458 | +€327,478 | +12.0% |
| Equity | 10/15 | €2,692,873 | €2,989,217 | +€296,344 | +11.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,948,776 | €2,245,120 | +€296,344 | +15.2% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €435,735 | €646,235 | +€210,500 | +48.3% |
| Distributable reserves | 133 | €1,513,041 | €1,597,025 | +€83,984 | +5.6% |
| Profit (loss) carried forward | 14 | €731,697 | €731,697 | = | 0.0% |
| Amounts payable | 17/49 | €45,107 | €76,241 | +€31,134 | +69.0% |
| Amounts payable within one year | 42/48 | €45,107 | €76,241 | +€31,134 | +69.0% |
| Trade debts | 44 | €107 | €10 | -€97 | -90.8% |
| Suppliers | 440/4 | €107 | €10 | -€97 | -90.8% |
| Taxes, remuneration and social security | 45 | - | €26,231 | +€26,231 | |
| Taxes | 450/3 | - | €26,231 | +€26,231 | |
| Other amounts payable | 47/48 | €45,000 | €50,000 | +€5,000 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,987 | €90,887 | -€1,100 | -1.2% |
| Other operating charges | 640/8 | €968 | €1,255 | +€287 | +29.7% |
| Gross operating margin | 9900 | €736,343 | €658,458 | -€77,885 | -10.6% |
| Operating profit (loss) | 9901 | €643,388 | €566,317 | -€77,072 | -12.0% |
| Financial income | 75/76B | €37,712 | €59,798 | +€22,086 | +58.6% |
| Recurring financial income | 75 | €37,712 | €59,798 | +€22,086 | +58.6% |
| Financial charges | 65/66B | €32,657 | €52,397 | +€19,740 | +60.4% |
| Recurring financial charges | 65 | €32,657 | €52,397 | +€19,740 | +60.4% |
| Profit (loss) for the period before taxes | 9903 | €648,444 | €573,718 | -€74,726 | -11.5% |
| Income taxes | 67/77 | €212,908 | €170,423 | -€42,485 | -20.0% |
| Profit (loss) for the period | 9904 | €435,536 | €403,296 | -€32,240 | -7.4% |
| Transfer from tax-exempt reserves | 789 | €336,800 | - | -€336,800 | |
| Transfer to tax-exempt reserves | 689 | €189,450 | €210,500 | +€21,050 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €582,886 | €192,796 | -€390,090 | -66.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.