BRIGITTE MALOU: 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.
BRIGITTE MALOU
Largest movements
- Receivables after one year -€129,400
down €129,400 (-25.0%), from €517,600 to €388,200
- Cash +€117,083
up €117,083 (+785.6%), from €14,904 to €131,987
mainly Receivables after one year (+€129,400) and Receivables within one year (+€29,987)
- Receivables within one year -€29,987
down €29,987 (-50.9%), from €58,915 to €28,928
of which Trade receivables: -€18,887
- Tangible fixed assets -€17,476
down €17,476 (-5.4%), from €324,696 to €307,220
of which Land and buildings: -€16,622
- Tax, wage and social debts -€46,480
down €46,480 (-62.0%), from €74,951 to €28,471
- Current portion of long-term debt -€15,247
down €15,247 (-100.0%), from €15,247 to €0
- Gross operating margin -€71,945
down €71,945 (-69.4%), from €103,725 to €31,780
- Taxes -€34,006
down €34,006 (-91.4%), from €37,217 to €3,211
- Financial charges -€22,710
down €22,710 (-97.7%), from €23,254 to €543
- Financial income -€17,074
down €17,074 (-100.0%), from €17,074 to €0
- Depreciation -€2,098
down €2,098 (-10.0%), from €20,903 to €18,805
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.
Cash bridge derived
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 | €916,115 | €856,822 | -€59,293 | -6.5% |
| Fixed assets | 21/28 | €324,696 | €307,220 | -€17,476 | -5.4% |
| Tangible fixed assets | 22/27 | €324,696 | €307,220 | -€17,476 | -5.4% |
| Land and buildings | 22 | €323,351 | €306,729 | -€16,622 | -5.1% |
| Furniture and vehicles | 24 | €1,346 | €491 | -€854 | -63.5% |
| Current assets | 29/58 | €591,419 | €549,602 | -€41,817 | -7.1% |
| Amounts receivable after more than one year | 29 | €517,600 | €388,200 | -€129,400 | -25.0% |
| Trade receivables | 290 | €517,600 | €388,200 | -€129,400 | -25.0% |
| Amounts receivable within one year | 40/41 | €58,915 | €28,928 | -€29,987 | -50.9% |
| Trade receivables | 40 | €18,887 | €0 | -€18,887 | -100.0% |
| Other amounts receivable | 41 | €40,028 | €28,928 | -€11,100 | -27.7% |
| Cash at bank and in hand | 54/58 | €14,904 | €131,987 | +€117,083 | +785.6% |
| Deferred charges and accrued income | 490/1 | €0 | €487 | +€487 | |
| Total equity and liabilities | 10/49 | €916,115 | €856,822 | -€59,293 | -6.5% |
| Equity | 10/15 | €618,996 | €623,241 | +€4,244 | +0.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €433,710 | €437,950 | +€4,240 | +1.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €433,710 | €437,950 | +€4,240 | +1.0% |
| Profit (loss) carried forward | 14 | €172,886 | €172,891 | +€4 | 0.0% |
| Amounts payable | 17/49 | €297,119 | €233,582 | -€63,537 | -21.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €297,119 | €233,582 | -€63,537 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €15,247 | €0 | -€15,247 | -100.0% |
| Trade debts | 44 | €11,142 | €9,387 | -€1,755 | -15.7% |
| Suppliers | 440/4 | €11,142 | €9,387 | -€1,755 | -15.7% |
| Taxes, remuneration and social security | 45 | €74,951 | €28,471 | -€46,480 | -62.0% |
| Taxes | 450/3 | €74,951 | €28,471 | -€46,480 | -62.0% |
| Other amounts payable | 47/48 | €195,780 | €195,723 | -€57 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,903 | €18,805 | -€2,098 | -10.0% |
| Other operating charges | 640/8 | €3,467 | €4,976 | +€1,509 | +43.5% |
| Gross operating margin | 9900 | €103,725 | €31,780 | -€71,945 | -69.4% |
| Operating profit (loss) | 9901 | €79,355 | €7,999 | -€71,356 | -89.9% |
| Financial income | 75/76B | €17,074 | €0 | -€17,074 | -100.0% |
| Recurring financial income | 75 | €17,074 | €0 | -€17,074 | -100.0% |
| Financial charges | 65/66B | €23,254 | €543 | -€22,710 | -97.7% |
| Recurring financial charges | 65 | €23,254 | €543 | -€22,710 | -97.7% |
| Profit (loss) for the period before taxes | 9903 | €73,175 | €7,455 | -€65,720 | -89.8% |
| Income taxes | 67/77 | €37,217 | €3,211 | -€34,006 | -91.4% |
| Profit (loss) for the period | 9904 | €35,958 | €4,244 | -€31,714 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,958 | €4,244 | -€31,714 | -88.2% |
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 11 October 2026 via checked.be.