Liesbeth Van Malderghem: 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.
Liesbeth Van Malderghem
Largest movements
- Cash +€763,785
up €763,785 (+67.8%), from €1.1m to €1.9m
mainly Net result for the year (+€842,481) and Investment in fixed assets (net) (+€606,000)
- Financial fixed assets -€606,000
down €606,000 (-100%), from €606,000 to €0
- Reserves +€842,481
up €842,481 (+266%), from €316,213 to €1.2m
of which Distributable reserves: +€842,481
- Other debts -€537,579
down €537,579 (-57.6%), from €934,063 to €396,484
- Short-term financial debts -€384,417
down €384,417 (-100%), from €384,417 to €0
- Tax, wage and social debts +€279,745
up €279,745 (+875%), from €31,970 to €311,716
- Current portion of long-term debt -€31,375
down €31,375 (-100%), from €31,375 to €0
- Gross operating margin +€639,621
up €639,621 (+119%), from €535,689 to €1.2m
- Taxes +€182,045
up €182,045 (+143%), from €127,395 to €309,441
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 | €1,754,598 | €1,901,153 | +€146,555 | +8.4% |
| Fixed assets | 21/28 | €615,319 | €7,217 | -€608,102 | -98.8% |
| Tangible fixed assets | 22/27 | €9,319 | €7,217 | -€2,102 | -22.6% |
| Plant, machinery and equipment | 23 | €225 | €0 | -€225 | -100% |
| Furniture and vehicles | 24 | €1,394 | €773 | -€621 | -44.6% |
| Other tangible fixed assets | 26 | €7,700 | €6,444 | -€1,256 | -16.3% |
| Financial fixed assets | 28 | €606,000 | €0 | -€606,000 | -100% |
| Current assets | 29/58 | €1,139,279 | €1,893,936 | +€754,657 | +66.2% |
| Amounts receivable within one year | 40/41 | €611 | €206 | -€405 | -66.3% |
| Other amounts receivable | 41 | €611 | €206 | -€405 | -66.3% |
| Cash at bank and in hand | 54/58 | €1,126,128 | €1,889,912 | +€763,785 | +67.8% |
| Deferred charges and accrued income | 490/1 | €12,541 | €3,818 | -€8,723 | -69.6% |
| Total equity and liabilities | 10/49 | €1,754,598 | €1,901,153 | +€146,555 | +8.4% |
| Equity | 10/15 | €346,213 | €1,188,693 | +€842,481 | +243% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €316,213 | €1,158,693 | +€842,481 | +266% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €313,213 | €1,155,693 | +€842,481 | +269% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,408,386 | €712,460 | -€695,926 | -49.4% |
| Amounts payable within one year | 42/48 | €1,387,536 | €712,460 | -€675,076 | -48.7% |
| Current portion of amounts payable after more than one year | 42 | €31,375 | €0 | -€31,375 | -100% |
| Financial debts | 43 | €384,417 | €0 | -€384,417 | -100% |
| Other loans | 439 | €384,417 | €0 | -€384,417 | -100% |
| Trade debts | 44 | €5,711 | €4,260 | -€1,451 | -25.4% |
| Suppliers | 440/4 | €5,711 | €4,260 | -€1,451 | -25.4% |
| Taxes, remuneration and social security | 45 | €31,970 | €311,716 | +€279,745 | +875% |
| Taxes | 450/3 | €31,970 | €311,716 | +€279,745 | +875% |
| Other amounts payable | 47/48 | €934,063 | €396,484 | -€537,579 | -57.6% |
| Accrued charges and deferred income | 492/3 | €20,850 | €0 | -€20,850 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,151 | €2,102 | -€49 | -2.3% |
| Other operating charges | 640/8 | €2,257 | €2,610 | +€353 | +15.6% |
| Gross operating margin | 9900 | €535,689 | €1,175,310 | +€639,621 | +119% |
| Operating profit (loss) | 9901 | €531,281 | €1,170,598 | +€639,317 | +120% |
| Financial income | 75/76B | €13,131 | €13,199 | +€68 | +0.5% |
| Recurring financial income | 75 | €13,131 | €13,199 | +€68 | +0.5% |
| Financial charges | 65/66B | €21,840 | €31,875 | +€10,035 | +46.0% |
| Recurring financial charges | 65 | €21,840 | €31,875 | +€10,035 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €522,572 | €1,151,921 | +€629,350 | +120% |
| Income taxes | 67/77 | €127,395 | €309,441 | +€182,045 | +143% |
| Profit (loss) for the period | 9904 | €395,176 | €842,481 | +€447,304 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €395,176 | €842,481 | +€447,304 | +113% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.