Erbo Malasi: what changed
Erbo Malasi
Largest movements
- Tangible fixed assets +€187,818
up €187,818 (+52.3%), from €358,785 to €546,602
of which Other tangible fixed assets: +€188,195
- Cash -€70,531
down €70,531 (-16.9%), from €416,685 to €346,154
mainly Contributions, distributions and other (-€415,813) and Investment in fixed assets (net) (-€217,956)
- Intangible fixed assets -€26,339
down €26,339 (-31.6%), from €83,405 to €57,067
- Receivables within one year -€11,248
down €11,248 (-8.6%), from €130,215 to €118,967
of which Trade receivables: -€10,376
- Other debts +€286,131
up €286,131 (+65.8%), from €435,067 to €721,199
- Reserves -€153,136
down €153,136 (-53.4%), from €286,626 to €133,490
- Debts after one year -€26,876
down €26,876 (-29.7%), from €90,588 to €63,712
- Provisions -€11,235
down €11,235 (-13.2%), from €85,075 to €73,840
- Gross operating margin +€72,949
up €72,949 (+18.5%), from €394,915 to €467,863
- Provisions -€19,380
down €19,380, from €8,145 to -€11,235
- Financial charges +€18,985
up €18,985 (+26.2%), from €72,448 to €91,433
- Taxes +€11,130
up €11,130 (+18.7%), from €59,397 to €70,527
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 | €992,732 | €1,072,275 | +€79,544 | +8.0% |
| Fixed assets | 21/28 | €442,190 | €603,669 | +€161,479 | +36.5% |
| Intangible fixed assets | 21 | €83,405 | €57,067 | -€26,339 | -31.6% |
| Tangible fixed assets | 22/27 | €358,785 | €546,602 | +€187,818 | +52.3% |
| Furniture and vehicles | 24 | €2,246 | €1,869 | -€377 | -16.8% |
| Other tangible fixed assets | 26 | €356,539 | €544,734 | +€188,195 | +52.8% |
| Current assets | 29/58 | €550,542 | €468,606 | -€81,936 | -14.9% |
| Amounts receivable within one year | 40/41 | €130,215 | €118,967 | -€11,248 | -8.6% |
| Trade receivables | 40 | €129,076 | €118,700 | -€10,376 | -8.0% |
| Other amounts receivable | 41 | €1,139 | €267 | -€872 | -76.5% |
| Cash at bank and in hand | 54/58 | €416,685 | €346,154 | -€70,531 | -16.9% |
| Deferred charges and accrued income | 490/1 | €3,641 | €3,485 | -€156 | -4.3% |
| Total equity and liabilities | 10/49 | €992,732 | €1,072,275 | +€79,544 | +8.0% |
| Equity | 10/15 | €305,226 | €152,090 | -€153,136 | -50.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €286,626 | €133,490 | -€153,136 | -53.4% |
| Distributable reserves | 133 | €286,626 | €133,490 | -€153,136 | -53.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €85,075 | €73,840 | -€11,235 | -13.2% |
| Deferred taxes | 168 | €85,075 | €73,840 | -€11,235 | -13.2% |
| Amounts payable | 17/49 | €602,431 | €846,345 | +€243,914 | +40.5% |
| Amounts payable after more than one year | 17 | €90,588 | €63,712 | -€26,876 | -29.7% |
| Financial debts | 170/4 | €90,588 | €63,712 | -€26,876 | -29.7% |
| Amounts payable within one year | 42/48 | €511,843 | €782,633 | +€270,790 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €28,829 | €29,104 | +€275 | +1.0% |
| Trade debts | 44 | €27,715 | €17,446 | -€10,269 | -37.1% |
| Suppliers | 440/4 | €27,715 | €17,446 | -€10,269 | -37.1% |
| Taxes, remuneration and social security | 45 | €20,232 | €14,884 | -€5,348 | -26.4% |
| Taxes | 450/3 | €20,232 | €14,756 | -€5,476 | -27.1% |
| Remuneration and social security | 454/9 | - | €128 | +€128 | |
| Other amounts payable | 47/48 | €435,067 | €721,199 | +€286,131 | +65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,896 | €56,477 | -€3,419 | -5.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €8,145 | -€11,235 | -€19,380 | |
| Other operating charges | 640/8 | €1,940 | €1,439 | -€501 | -25.8% |
| Gross operating margin | 9900 | €394,915 | €467,863 | +€72,949 | +18.5% |
| Operating profit (loss) | 9901 | €324,933 | €421,183 | +€96,249 | +29.6% |
| Financial income | 75/76B | €3,350 | €3,456 | +€106 | +3.2% |
| Recurring financial income | 75 | €3,350 | €3,456 | +€106 | +3.2% |
| Financial charges | 65/66B | €72,448 | €91,433 | +€18,985 | +26.2% |
| Recurring financial charges | 65 | €72,448 | €91,433 | +€18,985 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €255,835 | €333,205 | +€77,370 | +30.2% |
| Income taxes | 67/77 | €59,397 | €70,527 | +€11,130 | +18.7% |
| Profit (loss) for the period | 9904 | €196,437 | €262,678 | +€66,240 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €196,437 | €262,678 | +€66,240 | +33.7% |
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 8 November 2026 via checked.be.