Dr. Goedele Malfroid: what changed
Dr. Goedele Malfroid
Largest movements
- Receivables within one year +€58,182
up €58,182 (+100%), from €57,959 to €116,142
of which Other amounts receivable: +€44,759
- Tangible fixed assets -€47,198
down €47,198 (-12.8%), from €367,541 to €320,343
of which Land and buildings: -€48,049
- Cash -€12,468
down €12,468 (-51.9%), from €24,040 to €11,572
mainly Other debts (-€66,312) and Receivables within one year (-€58,182)
- Other debts -€66,312
down €66,312 (-98.3%), from €67,475 to €1,163
- Reserves +€58,204
up €58,204 (+10.7%), from €542,301 to €600,504
- Short-term financial debts +€6,727
up €6,727, from €0 to €6,727
- Gross operating margin +€26,173
up €26,173 (+16.8%), from €156,179 to €182,352
- Financial income +€8,171
up €8,171 (+317%), from €2,576 to €10,747
- Financial charges -€3,758
down €3,758 (-55.2%), from €6,809 to €3,051
- Taxes +€1,901
up €1,901 (+5.0%), from €38,374 to €40,275
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 | €633,215 | €633,425 | +€210 | 0.0% |
| Fixed assets | 21/28 | €367,541 | €320,343 | -€47,198 | -12.8% |
| Tangible fixed assets | 22/27 | €367,541 | €320,343 | -€47,198 | -12.8% |
| Land and buildings | 22 | €367,541 | €319,491 | -€48,049 | -13.1% |
| Furniture and vehicles | 24 | - | €852 | +€852 | |
| Current assets | 29/58 | €265,674 | €313,082 | +€47,408 | +17.8% |
| Amounts receivable within one year | 40/41 | €57,959 | €116,142 | +€58,182 | +100% |
| Trade receivables | 40 | €55,118 | €68,541 | +€13,423 | +24.4% |
| Other amounts receivable | 41 | €2,841 | €47,600 | +€44,759 | +1,575% |
| Current investments | 50/53 | €183,675 | €185,368 | +€1,693 | +0.9% |
| Cash at bank and in hand | 54/58 | €24,040 | €11,572 | -€12,468 | -51.9% |
| Total equity and liabilities | 10/49 | €633,215 | €633,425 | +€210 | 0.0% |
| Equity | 10/15 | €560,901 | €619,104 | +€58,204 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €542,301 | €600,504 | +€58,204 | +10.7% |
| Distributable reserves | 133 | €542,301 | €600,504 | +€58,204 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,314 | €14,321 | -€57,993 | -80.2% |
| Amounts payable within one year | 42/48 | €71,614 | €14,321 | -€57,293 | -80.0% |
| Financial debts | 43 | €0 | €6,727 | +€6,727 | |
| Credit institutions | 430/8 | €0 | €6,727 | +€6,727 | |
| Trade debts | 44 | - | €3,252 | +€3,252 | |
| Suppliers | 440/4 | - | €3,252 | +€3,252 | |
| Taxes, remuneration and social security | 45 | €4,140 | €3,180 | -€960 | -23.2% |
| Taxes | 450/3 | €1,643 | €3,180 | +€1,537 | +93.6% |
| Remuneration and social security | 454/9 | €2,497 | €0 | -€2,497 | -100% |
| Other amounts payable | 47/48 | €67,475 | €1,163 | -€66,312 | -98.3% |
| Accrued charges and deferred income | 492/3 | €700 | €0 | -€700 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,149 | €49,471 | +€322 | +0.7% |
| Other operating charges | 640/8 | €3,175 | €3,871 | +€695 | +21.9% |
| Gross operating margin | 9900 | €156,179 | €182,352 | +€26,173 | +16.8% |
| Operating profit (loss) | 9901 | €103,855 | €129,010 | +€25,156 | +24.2% |
| Financial income | 75/76B | €2,576 | €10,747 | +€8,171 | +317% |
| Recurring financial income | 75 | €2,576 | €10,747 | +€8,171 | +317% |
| Financial charges | 65/66B | €6,809 | €3,051 | -€3,758 | -55.2% |
| Recurring financial charges | 65 | €6,809 | €3,051 | -€3,758 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | €99,622 | €136,706 | +€37,085 | +37.2% |
| Income taxes | 67/77 | €38,374 | €40,275 | +€1,901 | +5.0% |
| Profit (loss) for the period | 9904 | €61,248 | €96,431 | +€35,183 | +57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,248 | €96,431 | +€35,183 | +57.4% |
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 7 November 2026 via checked.be.