DR MALENGREAUX: 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 MALENGREAUX
Largest movements
- Financial fixed assets +€204,680
up €204,680 (+106%), from €192,820 to €397,500
- Receivables within one year +€21,254
up €21,254 (+2,489%), from €854 to €22,108
of which Other amounts receivable: +€20,266
- Tangible fixed assets +€18,094
up €18,094 (+2.9%), from €629,065 to €647,160
of which Plant, machinery and equipment: +€74,654
- Profit (loss) carried forward +€300,239
up €300,239 (+150%), from €200,708 to €500,947
- Other debts -€69,011
down €69,011 (-33.5%), from €206,122 to €137,111
- Financial income +€415,136
up €415,136 (+14,695%), from €2,825 to €417,961
of which Non-recurring financial income: +€415,180
- Depreciation +€40,748
up €40,748 (+232%), from €17,552 to €58,299
- Gross operating margin +€14,412
up €14,412 (+37.7%), from €38,248 to €52,661
- Financial charges +€1,288
up €1,288 (+36.7%), from €3,514 to €4,802
- Other operating charges -€1,131
down €1,131 (-13.7%), from €8,240 to €7,109
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 | €833,525 | €1,069,966 | +€236,441 | +28.4% |
| Fixed assets | 21/28 | €821,885 | €1,044,660 | +€222,774 | +27.1% |
| Tangible fixed assets | 22/27 | €629,065 | €647,160 | +€18,094 | +2.9% |
| Land and buildings | 22 | €592,384 | €528,077 | -€64,306 | -10.9% |
| Plant, machinery and equipment | 23 | €79 | €74,733 | +€74,654 | +94,355% |
| Furniture and vehicles | 24 | €36,603 | €44,350 | +€7,747 | +21.2% |
| Financial fixed assets | 28 | €192,820 | €397,500 | +€204,680 | +106% |
| Current assets | 29/58 | €11,639 | €25,306 | +€13,667 | +117% |
| Amounts receivable within one year | 40/41 | €854 | €22,108 | +€21,254 | +2,489% |
| Trade receivables | 40 | - | €988 | +€988 | |
| Other amounts receivable | 41 | €854 | €21,120 | +€20,266 | +2,373% |
| Cash at bank and in hand | 54/58 | €8,316 | €1,405 | -€6,911 | -83.1% |
| Deferred charges and accrued income | 490/1 | €2,470 | €1,794 | -€676 | -27.4% |
| Total equity and liabilities | 10/49 | €833,525 | €1,069,966 | +€236,441 | +28.4% |
| Equity | 10/15 | €619,029 | €919,268 | +€300,239 | +48.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €399,722 | €399,722 | = | 0.0% |
| Non-distributable reserves | 130/1 | €399,360 | €399,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,360 | €24,360 | = | 0.0% |
| Financial assistance | 1313 | €375,000 | €375,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €362 | €362 | = | 0.0% |
| Profit (loss) carried forward | 14 | €200,708 | €500,947 | +€300,239 | +150% |
| Amounts payable | 17/49 | €214,496 | €150,698 | -€63,798 | -29.7% |
| Amounts payable within one year | 42/48 | €214,478 | €150,698 | -€63,780 | -29.7% |
| Trade debts | 44 | €460 | €985 | +€525 | +114% |
| Suppliers | 440/4 | €460 | €985 | +€525 | +114% |
| Taxes, remuneration and social security | 45 | €7,895 | €12,602 | +€4,707 | +59.6% |
| Taxes | 450/3 | €150 | €17 | -€133 | -88.6% |
| Remuneration and social security | 454/9 | €7,745 | €12,585 | +€4,840 | +62.5% |
| Other amounts payable | 47/48 | €206,122 | €137,111 | -€69,011 | -33.5% |
| Accrued charges and deferred income | 492/3 | €18 | - | -€18 | |
| Non-recurring operating income | 76A | €9,000 | €85,186 | +€76,186 | +847% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,552 | €58,299 | +€40,748 | +232% |
| Other operating charges | 640/8 | €8,240 | €7,109 | -€1,131 | -13.7% |
| Gross operating margin | 9900 | €38,248 | €52,661 | +€14,412 | +37.7% |
| Operating profit (loss) | 9901 | €12,457 | -€12,748 | -€25,205 | |
| Financial income | 75/76B | €2,825 | €417,961 | +€415,136 | +14,695% |
| Recurring financial income | 75 | €2,825 | €2,781 | -€44 | -1.6% |
| Non-recurring financial income | 76B | - | €415,180 | +€415,180 | |
| Financial charges | 65/66B | €3,514 | €4,802 | +€1,288 | +36.7% |
| Recurring financial charges | 65 | €3,514 | €4,802 | +€1,288 | +36.7% |
| Profit (loss) for the period before taxes | 9903 | €11,768 | €400,411 | +€388,643 | +3,303% |
| Income taxes | 67/77 | €427 | €172 | -€255 | -59.7% |
| Profit (loss) for the period | 9904 | €11,341 | €400,239 | +€388,898 | +3,429% |
| Profit (loss) for the period to be appropriated | 9905 | €11,341 | €400,239 | +€388,898 | +3,429% |
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 22 October 2026 via checked.be.