FRANZ MALHERBE: what changed
Two fiscal 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.
FRANZ MALHERBE
Largest movements
- Tangible fixed assets -€21,522
down €21,522 (-99.6%), from €21,610 to €88
of which Furniture and vehicles: -€21,436
- Receivables within one year -€14,821
down €14,821 (-32.7%), from €45,308 to €30,487
- Cash +€11,529
up €11,529 (+1132.5%), from €1,018 to €12,547
mainly Investment in fixed assets (net) (+€21,436) and Receivables within one year (+€14,821)
- Profit (loss) carried forward -€7,446
down €7,446 (-13.2%), from €56,263 to €48,817
- Short-term financial debts -€6,062
down €6,062 (-99.0%), from €6,124 to €62
- Current portion of long-term debt -€4,382
down €4,382 (-67.7%), from €6,474 to €2,092
- Tax, wage and social debts -€2,404
down €2,404 (-61.2%), from €3,926 to €1,522
- Debts after one year -€2,092
no longer reported in 2025 (was €2,092)
- Gross operating margin -€31,979
down €31,979, from €31,695 to -€284
- Taxes -€9,146
down €9,146, from €8,992 to -€154
- Other operating charges +€6,727
up €6,727 (+291.0%), from €2,312 to €9,039
- Depreciation -€5,797
down €5,797 (-98.5%), from €5,883 to €86
- Financial charges -€1,115
down €1,115 (-45.7%), from €2,441 to €1,326
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €117,936 | €93,122 | -€24,814 | -21.0% |
| Fixed assets | 21/28 | €21,610 | €88 | -€21,522 | -99.6% |
| Tangible fixed assets | 22/27 | €21,610 | €88 | -€21,522 | -99.6% |
| Plant, machinery and equipment | 23 | €174 | €88 | -€86 | -49.4% |
| Furniture and vehicles | 24 | €21,436 | - | -€21,436 | |
| Current assets | 29/58 | €96,326 | €93,034 | -€3,292 | -3.4% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €45,308 | €30,487 | -€14,821 | -32.7% |
| Other amounts receivable | 41 | €45,308 | €30,487 | -€14,821 | -32.7% |
| Cash at bank and in hand | 54/58 | €1,018 | €12,547 | +€11,529 | +1132.5% |
| Total equity and liabilities | 10/49 | €117,936 | €93,122 | -€24,814 | -21.0% |
| Equity | 10/15 | €96,822 | €89,376 | -€7,446 | -7.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €34,359 | €34,359 | = | 0.0% |
| Distributable reserves | 133 | €34,359 | €34,359 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,263 | €48,817 | -€7,446 | -13.2% |
| Amounts payable | 17/49 | €21,114 | €3,746 | -€17,368 | -82.3% |
| Amounts payable after more than one year | 17 | €2,092 | - | -€2,092 | |
| Financial debts | 170/4 | €2,092 | - | -€2,092 | |
| Amounts payable within one year | 42/48 | €18,335 | €3,676 | -€14,659 | -80.0% |
| Current portion of amounts payable after more than one year | 42 | €6,474 | €2,092 | -€4,382 | -67.7% |
| Financial debts | 43 | €6,124 | €62 | -€6,062 | -99.0% |
| Credit institutions | 430/8 | €6,124 | €62 | -€6,062 | -99.0% |
| Trade debts | 44 | €1,811 | - | -€1,811 | |
| Suppliers | 440/4 | €1,811 | - | -€1,811 | |
| Taxes, remuneration and social security | 45 | €3,926 | €1,522 | -€2,404 | -61.2% |
| Taxes | 450/3 | €3,926 | €1,522 | -€2,404 | -61.2% |
| Accrued charges and deferred income | 492/3 | €687 | €70 | -€617 | -89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,883 | €86 | -€5,797 | -98.5% |
| Other operating charges | 640/8 | €2,312 | €9,039 | +€6,727 | +291.0% |
| Gross operating margin | 9900 | €31,695 | -€284 | -€31,979 | |
| Operating profit (loss) | 9901 | €23,500 | -€9,409 | -€32,909 | |
| Financial income | 75/76B | €3,160 | €3,135 | -€25 | -0.8% |
| Recurring financial income | 75 | €3,160 | €3,135 | -€25 | -0.8% |
| Financial charges | 65/66B | €2,441 | €1,326 | -€1,115 | -45.7% |
| Recurring financial charges | 65 | €2,441 | €1,326 | -€1,115 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €24,219 | -€7,600 | -€31,819 | |
| Income taxes | 67/77 | €8,992 | -€154 | -€9,146 | |
| Profit (loss) for the period | 9904 | €15,227 | -€7,446 | -€22,673 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,227 | -€7,446 | -€22,673 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.