DR. MANU MALBRAIN: 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.
What changed
DR. MANU MALBRAIN
NACE 86.220, Specialist medical practice
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€46,951
2024 · €66,418-€19,467
Equity
€1.1m
2024 · €1.1m+€45,285
Cash
€581,418
2024 · €473,114+€108,304
Balance sheet total
€1.6m
2024 · €1.6m+€7,124
Largest movements
Assets
- Current investments -€110,588
down €110,588 (-23.3%), from €474,838 to €364,250
- Cash +€108,304
up €108,304 (+22.9%), from €473,114 to €581,418
mainly Current investments (+€110,588) and Net result for the year (+€46,951)
Equity and liabilities
- Reserves +€45,285
up €45,285 (+4.3%), from €1.1m to €1.1m
of which Distributable reserves: +€108,435
- Debts after one year -€23,826
down €23,826 (-7.4%), from €319,814 to €295,988
Income statement
- Financial charges +€19,439
up €19,439 (+75.3%), from €25,801 to €45,239
- Gross operating margin +€12,425
up €12,425 (+8.0%), from €155,431 to €167,857
- Financial income -€11,399
down €11,399 (-67.6%), from €16,862 to €5,464
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.
Result 2024
€66,418
Gross operating margin
+€12,425
Depreciation
-€1,206
Other operating charges
+€666
Other operating items
+€557
Financial income
-€11,399
Financial charges
-€19,439
Taxes
-€1,073
Result 2025
€46,951
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.
From operations
+€60,685
Investment
+€68,890
Financing
-€21,271
Cash 2024
€473,114
From operations (derived)
+€60,685
Net result for the year
+€46,951
Depreciation
+€41,308
Receivables within one year
-€11,164
Deferred charges and accrued income
+€2,145
Trade debts
+€896
Tax, wage and social debts
-€3,091
Other debts
-€11,945
Accrued charges and deferred income
-€4,416
Investment (derived)
+€68,890
Investment in fixed assets (net)
-€41,698
Current investments
+€110,588
Financing
-€21,271
Debts after one year
-€23,826
Current portion of long-term debt
+€848
Short-term financial debts
+€3,372
Contributions, distributions and other
-€1,666
Cash 2025
€581,418
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,556,004 | €1,563,128 | +€7,124 | +0.5% |
| Fixed assets | 21/28 | €535,437 | €535,827 | +€390 | +0.1% |
| Tangible fixed assets | 22/27 | €535,437 | €535,827 | +€390 | +0.1% |
| Land and buildings | 22 | €527,168 | €531,478 | +€4,309 | +0.8% |
| Plant, machinery and equipment | 23 | €2,803 | €1,609 | -€1,193 | -42.6% |
| Furniture and vehicles | 24 | €5,466 | - | -€5,466 | |
| Other tangible fixed assets | 26 | - | €2,740 | +€2,740 | |
| Current assets | 29/58 | €1,020,567 | €1,027,301 | +€6,734 | +0.7% |
| Amounts receivable within one year | 40/41 | €66,643 | €77,807 | +€11,164 | +16.8% |
| Trade receivables | 40 | €62,611 | €70,462 | +€7,851 | +12.5% |
| Other amounts receivable | 41 | €4,033 | €7,345 | +€3,312 | +82.1% |
| Current investments | 50/53 | €474,838 | €364,250 | -€110,588 | -23.3% |
| Cash at bank and in hand | 54/58 | €473,114 | €581,418 | +€108,304 | +22.9% |
| Deferred charges and accrued income | 490/1 | €5,971 | €3,826 | -€2,145 | -35.9% |
| Total equity and liabilities | 10/49 | €1,556,004 | €1,563,128 | +€7,124 | +0.5% |
| Equity | 10/15 | €1,074,266 | €1,119,551 | +€45,285 | +4.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,064,266 | €1,109,551 | +€45,285 | +4.3% |
| Tax-exempt reserves | 132 | €95,356 | €32,206 | -€63,150 | -66.2% |
| Distributable reserves | 133 | €968,910 | €1,077,345 | +€108,435 | +11.2% |
| Amounts payable | 17/49 | €481,738 | €443,576 | -€38,161 | -7.9% |
| Amounts payable after more than one year | 17 | €319,814 | €295,988 | -€23,826 | -7.4% |
| Financial debts | 170/4 | €319,814 | €295,988 | -€23,826 | -7.4% |
| Amounts payable within one year | 42/48 | €142,149 | €132,229 | -€9,920 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €22,978 | €23,826 | +€848 | +3.7% |
| Financial debts | 43 | - | €3,372 | +€3,372 | |
| Other loans | 439 | - | €3,372 | +€3,372 | |
| Trade debts | 44 | €4,326 | €5,221 | +€896 | +20.7% |
| Suppliers | 440/4 | €4,326 | €5,221 | +€896 | +20.7% |
| Taxes, remuneration and social security | 45 | €33,345 | €30,254 | -€3,091 | -9.3% |
| Taxes | 450/3 | €33,345 | €30,254 | -€3,091 | -9.3% |
| Other amounts payable | 47/48 | €81,502 | €69,556 | -€11,945 | -14.7% |
| Accrued charges and deferred income | 492/3 | €19,774 | €15,359 | -€4,416 | -22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,102 | €41,308 | +€1,206 | +3.0% |
| Other operating charges | 640/8 | €7,058 | €6,392 | -€666 | -9.4% |
| Non-recurring operating charges | 66A | €557 | - | -€557 | |
| Gross operating margin | 9900 | €155,431 | €167,857 | +€12,425 | +8.0% |
| Operating profit (loss) | 9901 | €107,714 | €120,156 | +€12,442 | +11.6% |
| Financial income | 75/76B | €16,862 | €5,464 | -€11,399 | -67.6% |
| Recurring financial income | 75 | €16,862 | €5,464 | -€11,399 | -67.6% |
| Financial charges | 65/66B | €25,801 | €45,239 | +€19,439 | +75.3% |
| Recurring financial charges | 65 | €25,801 | €45,239 | +€19,439 | +75.3% |
| Profit (loss) for the period before taxes | 9903 | €98,775 | €80,380 | -€18,395 | -18.6% |
| Income taxes | 67/77 | €32,357 | €33,429 | +€1,073 | +3.3% |
| Profit (loss) for the period | 9904 | €66,418 | €46,951 | -€19,467 | -29.3% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | - | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,418 | €110,101 | +€43,683 | +65.8% |
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 9 October 2026 via checked.be.