Dr. Lore De Malsche: 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.
Dr. Lore De Malsche
Largest movements
- Financial fixed assets +€33,891
up €33,891 (+96.0%), from €35,305 to €69,196
- Receivables within one year +€20,828
up €20,828 (+241%), from €8,628 to €29,457
of which Other amounts receivable: +€19,428
- Tangible fixed assets -€9,398
down €9,398 (-25.7%), from €36,609 to €27,211
- Cash -€2,972
down €2,972 (-23.7%), from €12,530 to €9,559
mainly Investment in fixed assets (net) (-€33,891) and Receivables within one year (-€20,828)
- Reserves +€46,692
up €46,692 (+92.3%), from €50,607 to €97,299
- Debts after one year -€8,290
down €8,290 (-31.3%), from €26,458 to €18,168
- Other debts +€3,080
up €3,080 (+73.8%), from €4,172 to €7,252
- Tax, wage and social debts +€2,755
new in 2025: €2,755
- Gross operating margin +€18,697
up €18,697 (+36.7%), from €50,948 to €69,646
- Taxes +€4,001
up €4,001 (+45.6%), from €8,777 to €12,778
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 | €97,348 | €140,615 | +€43,267 | +44.4% |
| Fixed assets | 21/28 | €71,914 | €96,407 | +€24,493 | +34.1% |
| Tangible fixed assets | 22/27 | €36,609 | €27,211 | -€9,398 | -25.7% |
| Furniture and vehicles | 24 | €36,609 | €27,211 | -€9,398 | -25.7% |
| Financial fixed assets | 28 | €35,305 | €69,196 | +€33,891 | +96.0% |
| Current assets | 29/58 | €25,434 | €44,208 | +€18,774 | +73.8% |
| Amounts receivable within one year | 40/41 | €8,628 | €29,457 | +€20,828 | +241% |
| Trade receivables | 40 | - | €1,400 | +€1,400 | |
| Other amounts receivable | 41 | €8,628 | €28,057 | +€19,428 | +225% |
| Cash at bank and in hand | 54/58 | €12,530 | €9,559 | -€2,972 | -23.7% |
| Deferred charges and accrued income | 490/1 | €4,275 | €5,193 | +€918 | +21.5% |
| Total equity and liabilities | 10/49 | €97,348 | €140,615 | +€43,267 | +44.4% |
| Equity | 10/15 | €55,607 | €102,299 | +€46,692 | +84.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €50,607 | €97,299 | +€46,692 | +92.3% |
| Distributable reserves | 133 | €50,607 | €97,299 | +€46,692 | +92.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €41,740 | €38,316 | -€3,425 | -8.2% |
| Amounts payable after more than one year | 17 | €26,458 | €18,168 | -€8,290 | -31.3% |
| Financial debts | 170/4 | €26,458 | €18,168 | -€8,290 | -31.3% |
| Amounts payable within one year | 42/48 | €14,959 | €19,788 | +€4,829 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €8,023 | €8,290 | +€267 | +3.3% |
| Trade debts | 44 | €2,763 | €1,490 | -€1,273 | -46.1% |
| Suppliers | 440/4 | €2,763 | €1,490 | -€1,273 | -46.1% |
| Taxes, remuneration and social security | 45 | - | €2,755 | +€2,755 | |
| Taxes | 450/3 | - | €2,755 | +€2,755 | |
| Other amounts payable | 47/48 | €4,172 | €7,252 | +€3,080 | +73.8% |
| Accrued charges and deferred income | 492/3 | €324 | €360 | +€36 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,897 | €9,398 | +€500 | +5.6% |
| Other operating charges | 640/8 | €272 | €318 | +€47 | +17.2% |
| Gross operating margin | 9900 | €50,948 | €69,646 | +€18,697 | +36.7% |
| Operating profit (loss) | 9901 | €41,779 | €59,930 | +€18,150 | +43.4% |
| Financial income | 75/76B | €408 | €1,055 | +€647 | +158% |
| Recurring financial income | 75 | €408 | €1,055 | +€647 | +158% |
| Financial charges | 65/66B | €1,736 | €1,515 | -€221 | -12.7% |
| Recurring financial charges | 65 | €1,736 | €1,515 | -€221 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €40,452 | €59,470 | +€19,018 | +47.0% |
| Income taxes | 67/77 | €8,777 | €12,778 | +€4,001 | +45.6% |
| Profit (loss) for the period | 9904 | €31,675 | €46,692 | +€15,017 | +47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,675 | €46,692 | +€15,017 | +47.4% |
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 27 October 2026 via checked.be.