ANDY MALENGIER: 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.
ANDY MALENGIER
Largest movements
- Cash +€161,122
up €161,122 (+343%), from €46,967 to €208,089
mainly Current investments (+€130,000) and Net result for the year (+€32,969)
- Current investments -€130,000
down €130,000 (-100%), from €130,000 to €0
- Tangible fixed assets -€16,615
down €16,615 (-31.8%), from €52,250 to €35,636
of which Furniture and vehicles: -€11,041
- Receivables within one year -€10,700
down €10,700 (-36.1%), from €29,663 to €18,963
of which Trade receivables: -€8,987
- Reserves +€19,969
up €19,969 (+10.6%), from €188,559 to €208,528
- Trade debts -€11,897
down €11,897 (-91.9%), from €12,945 to €1,049
- Tax, wage and social debts +€8,012
up €8,012 (+40.8%), from €19,633 to €27,645
of which Taxes: +€7,031
- Debts after one year -€7,011
down €7,011 (-47.0%), from €14,911 to €7,900
- Current portion of long-term debt -€3,350
down €3,350 (-32.3%), from €10,361 to €7,011
- Gross operating margin -€8,021
down €8,021 (-5.3%), from €151,826 to €143,805
- Staff costs +€4,054
up €4,054 (+5.4%), from €75,135 to €79,188
- Financial income +€2,678
up €2,678 (+9,787%), from €27 to €2,705
- Taxes -€1,710
down €1,710 (-10.7%), from €15,911 to €14,201
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.
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 | €267,184 | €273,136 | +€5,951 | +2.2% |
| Fixed assets | 21/28 | €55,522 | €38,566 | -€16,956 | -30.5% |
| Intangible fixed assets | 21 | €1,052 | €711 | -€341 | -32.4% |
| Tangible fixed assets | 22/27 | €52,250 | €35,636 | -€16,615 | -31.8% |
| Plant, machinery and equipment | 23 | €21,313 | €15,740 | -€5,573 | -26.2% |
| Furniture and vehicles | 24 | €30,937 | €19,896 | -€11,041 | -35.7% |
| Financial fixed assets | 28 | €2,219 | €2,219 | = | 0.0% |
| Current assets | 29/58 | €211,663 | €234,570 | +€22,907 | +10.8% |
| Amounts receivable within one year | 40/41 | €29,663 | €18,963 | -€10,700 | -36.1% |
| Trade receivables | 40 | €27,727 | €18,740 | -€8,987 | -32.4% |
| Other amounts receivable | 41 | €1,936 | €223 | -€1,713 | -88.5% |
| Current investments | 50/53 | €130,000 | €0 | -€130,000 | -100% |
| Cash at bank and in hand | 54/58 | €46,967 | €208,089 | +€161,122 | +343% |
| Deferred charges and accrued income | 490/1 | €5,033 | €7,518 | +€2,486 | +49.4% |
| Total equity and liabilities | 10/49 | €267,184 | €273,136 | +€5,951 | +2.2% |
| Equity | 10/15 | €200,959 | €220,928 | +€19,969 | +9.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €188,559 | €208,528 | +€19,969 | +10.6% |
| Distributable reserves | 133 | €188,559 | €208,528 | +€19,969 | +10.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €66,226 | €52,208 | -€14,017 | -21.2% |
| Amounts payable after more than one year | 17 | €14,911 | €7,900 | -€7,011 | -47.0% |
| Financial debts | 170/4 | €14,911 | €7,900 | -€7,011 | -47.0% |
| Amounts payable within one year | 42/48 | €51,314 | €44,308 | -€7,006 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €10,361 | €7,011 | -€3,350 | -32.3% |
| Trade debts | 44 | €12,945 | €1,049 | -€11,897 | -91.9% |
| Suppliers | 440/4 | €12,945 | €1,049 | -€11,897 | -91.9% |
| Taxes, remuneration and social security | 45 | €19,633 | €27,645 | +€8,012 | +40.8% |
| Taxes | 450/3 | €4,397 | €11,428 | +€7,031 | +160% |
| Remuneration and social security | 454/9 | €15,236 | €16,217 | +€982 | +6.4% |
| Other amounts payable | 47/48 | €8,375 | €8,603 | +€228 | +2.7% |
| Remuneration, social security and pensions | 62 | €75,135 | €79,188 | +€4,054 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,433 | €16,956 | -€1,477 | -8.0% |
| Other operating charges | 640/8 | €3,369 | €2,058 | -€1,311 | -38.9% |
| Gross operating margin | 9900 | €151,826 | €143,805 | -€8,021 | -5.3% |
| Operating profit (loss) | 9901 | €54,889 | €45,603 | -€9,287 | -16.9% |
| Financial income | 75/76B | €27 | €2,705 | +€2,678 | +9,787% |
| Recurring financial income | 75 | €27 | €2,705 | +€2,678 | +9,787% |
| Financial charges | 65/66B | €1,506 | €1,138 | -€368 | -24.4% |
| Recurring financial charges | 65 | €1,506 | €1,138 | -€368 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €53,411 | €47,170 | -€6,241 | -11.7% |
| Income taxes | 67/77 | €15,911 | €14,201 | -€1,710 | -10.7% |
| Profit (loss) for the period | 9904 | €37,500 | €32,969 | -€4,531 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,500 | €32,969 | -€4,531 | -12.1% |
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 26 October 2026 via checked.be.