Morander: 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.
Morander
Largest movements
- Tangible fixed assets -€30,705
down €30,705 (-22.3%), from €137,709 to €107,003
of which Land and buildings: -€30,419
- Receivables within one year +€18,261
up €18,261 (+37.4%), from €48,883 to €67,143
of which Trade receivables: +€10,195
- Cash -€8,723
down €8,723 (-64.4%), from €13,536 to €4,813
mainly Debts after one year (-€29,009) and Receivables within one year (-€18,261)
- Debts after one year -€29,009
down €29,009 (-24.4%), from €118,746 to €89,737
- Reserves +€5,119
up €5,119 (+14.4%), from €35,598 to €40,718
- Gross operating margin -€11,000
down €11,000 (-18.8%), from €58,590 to €47,590
- Taxes -€7,968
down €7,968 (-73.7%), from €10,816 to €2,848
- Financial charges -€2,085
down €2,085 (-24.6%), from €8,482 to €6,397
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.
Derived cash bridge
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 | €200,127 | €178,960 | -€21,167 | -10.6% |
| Fixed assets | 21/28 | €137,709 | €107,003 | -€30,705 | -22.3% |
| Tangible fixed assets | 22/27 | €137,709 | €107,003 | -€30,705 | -22.3% |
| Land and buildings | 22 | €137,099 | €106,680 | -€30,419 | -22.2% |
| Furniture and vehicles | 24 | €610 | €324 | -€286 | -46.9% |
| Current assets | 29/58 | €62,419 | €71,956 | +€9,538 | +15.3% |
| Amounts receivable within one year | 40/41 | €48,883 | €67,143 | +€18,261 | +37.4% |
| Trade receivables | 40 | €35,140 | €45,335 | +€10,195 | +29.0% |
| Other amounts receivable | 41 | €13,743 | €21,808 | +€8,065 | +58.7% |
| Cash at bank and in hand | 54/58 | €13,536 | €4,813 | -€8,723 | -64.4% |
| Total equity and liabilities | 10/49 | €200,127 | €178,960 | -€21,167 | -10.6% |
| Equity | 10/15 | €47,790 | €52,909 | +€5,119 | +10.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €35,598 | €40,718 | +€5,119 | +14.4% |
| Distributable reserves | 133 | €35,598 | €40,718 | +€5,119 | +14.4% |
| Profit (loss) carried forward | 14 | -€8,269 | -€8,269 | = | 0.0% |
| Amounts payable | 17/49 | €152,338 | €126,051 | -€26,287 | -17.3% |
| Amounts payable after more than one year | 17 | €118,746 | €89,737 | -€29,009 | -24.4% |
| Financial debts | 170/4 | €118,746 | €89,737 | -€29,009 | -24.4% |
| Amounts payable within one year | 42/48 | €33,592 | €36,313 | +€2,722 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €27,685 | €28,976 | +€1,290 | +4.7% |
| Trade debts | 44 | €2,634 | €3,320 | +€686 | +26.0% |
| Suppliers | 440/4 | €2,634 | €3,320 | +€686 | +26.0% |
| Taxes, remuneration and social security | 45 | €3,272 | €4,017 | +€745 | +22.8% |
| Taxes | 450/3 | €3,272 | €4,017 | +€745 | +22.8% |
| Remuneration, social security and pensions | 62 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,769 | €30,705 | -€63 | -0.2% |
| Other operating charges | 640/8 | €3,133 | €2,754 | -€380 | -12.1% |
| Gross operating margin | 9900 | €58,590 | €47,590 | -€11,000 | -18.8% |
| Operating profit (loss) | 9901 | €24,301 | €13,731 | -€10,570 | -43.5% |
| Financial income | 75/76B | €634 | €634 | -€1 | -0.1% |
| Recurring financial income | 75 | €634 | €634 | -€1 | -0.1% |
| Financial charges | 65/66B | €8,482 | €6,397 | -€2,085 | -24.6% |
| Recurring financial charges | 65 | €8,482 | €6,397 | -€2,085 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €16,453 | €7,968 | -€8,485 | -51.6% |
| Income taxes | 67/77 | €10,816 | €2,848 | -€7,968 | -73.7% |
| Profit (loss) for the period | 9904 | €5,637 | €5,119 | -€517 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,637 | €5,119 | -€517 | -9.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.