Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Shrinking team NBB
FTE fell two years in a row, from 24.4 to 17.2.
Financials
Financial year 2025
Morrow from Gent, company number BE0656997628, closed financial year 2025 with a result of € -4.2 million after tax. For that financial year Morrow recorded a gross margin of € -884,562 and equity of € 1.8 million. Compared with financial year 2024, the result moved from € -6.7 million to € -4.2 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 20, 2026.
€ 1.8 million
▼ 9% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -4.2 million
▲ 38 % less loss than in 2024
Profit after tax over the fiscal year.
€ 983,039
▲ 159% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -5 million.
People and assets in 2025
17.2
▼ 2.8 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.7 million
▼ 20% vs 2024
€ 96,400 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 7,199
▲ 7% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 630,667
▲ 32% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 241,720
▼ 45% vs 2024
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -2,243,837 | € -1,799,361 | € -3,352,874 | € -884,562 | ▲ € 2.5 million |
| Profit after taxes | € -4,896,606 | € -5,115,159 | € -6,694,356 | € -4,175,058 | ▲ € 2.5 million |
| Equity | € 8,783,866 | € 3,668,706 | € 1,974,351 | € 1,804,293 | ▼ 9% |
| Total debts | € 1,191,815 | € 815,675 | € 1,169,717 | € 872,387 | ▼ 25% |
| Cash | € 6,012,211 | € 822,002 | € 378,836 | € 983,039 | ▲ 159% |
| Retained profit | € -11,524,821 | € -16,639,981 | € -23,334,337 | € -5,007,101 | ▲ € 18.3 million |
| Balance sheet total | € 9,975,681 | € 4,484,382 | € 3,144,068 | € 2,676,680 | ▼ 15% |
| Employees (FTE) | 18.1 | 24.4 | 20 | 17.2 | ▼ 2.8 |
Key figures of Morrow, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Morrow?
What happened at Morrow in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Imec.xpand stepped down as director. NBB
- Jean Pierre Bizet stepped down as director. NBB
- QBIC Venture Partners stepped down as director. NBB
- Tokai Optecs stepped down as director. NBB
- Frederiek Ysebaert stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 4.2 million. Source: NBB ↗
- Imec.xpand became a director. NBB
- Jean Pierre Bizet became a director. NBB
In short
From € 4.9 million loss in 2022 to € 4.2 million loss in 2025.
Paid € 8,770 in corporate taxes since 2022.
Management
The stake of Participatiemaatschappij Vlaanderen, imec.xpand, QBIC Arkiv Fund, QBIC Feeder Fund comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
MorrowThe shares are held by Participatiemaatschappij Vlaanderen (14.7%), imec.xpand (12.7%), QBIC Arkiv Fund (5.2%) and QBIC Feeder Fund (4.8%).
Directors
According to the 2025 annual accounts
Frederiek Ysebaert
Director
since 2024 · until 2027
Director · represented by Martin De Prycker
Also active at: OVIZIO IMAGING SYSTEMS, QBIC Feeder Fund, QBIC Arkiv Fund, QBIC Brussels Fund, UBIDATA
since 2025 · until 2028
Jean Pierre Bizet
Director
since 2025 · until 2028
Director · represented by Vanbekbergen Peter
Also active at: Spectricity, Pharrowtech, Pulsify Medical, Azalea Vision
since 2026 · until 2029
Director · represented by Leuridan Kurt
since 2025 · until 2028
Shareholders
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Frieda Saeysstraat 1
9052 Gent
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Google Workspace
Hosting
WIX_COM, IL
Domain
Domain
morroweyewear.com
Registered
2018-01-30
Registrar
Ascio Technologies, Inc. Danmark - Filial af Ascio technologies, Inc. USA
Expires
2027-01-30
Website info
Features
Security
Network
Details
- Company number
- 0656.997.628
- VAT number
- BE 0656.997.628
- Registered office
- Frieda Saeysstraat 1, 9052 Gent
- Names & denominations
- Morrow
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 27 June 2016
- Peppol
- Active · Active since 8 Dec 2025
- Contact
- morroweyewear.com
- Activities · NACE
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