MAALBERG: 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
MAALBERG
NACE 55.203, Holiday cottages, homes and apartments
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€63,605
2024 · -€35,746-€27,860
Equity
€1.1m
2024 · €1.1m-€63,605
Cash
€64,381
2024 · €21,165+€43,216
Balance sheet total
€6.1m
2024 · €5.2m+€836,988
Largest movements
Assets
- Tangible fixed assets +€737,806
up €737,806 (+24.0%), from €3.1m to €3.8m
of which Land and buildings: +€737,826
Equity and liabilities
- Short-term financial debts +€975,000
new in 2025: €975,000
- Other debts -€593,106
down €593,106 (-55.4%), from €1.1m to €478,415
- Debts after one year +€427,461
up €427,461 (+16.8%), from €2.5m to €3.0m
- Trade debts +€100,160
up €100,160 (+158%), from €63,484 to €163,644
Income statement
- Depreciation +€39,346
up €39,346 (+44.1%), from €89,280 to €128,626
- Gross operating margin +€31,807
up €31,807 (+44.3%), from €71,761 to €103,568
- Financial charges +€14,869
up €14,869 (+15.7%), from €95,007 to €109,876
- Taxes +€4,802
no longer reported in 2025 (was -€4,802)
- Financial income +€2,334
up €2,334 (+2.9%), from €80,847 to €83,181
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
-€35,746
Gross operating margin
+€31,807
Depreciation
-€39,346
Other operating charges
-€1,929
Other operating items
-€1,055
Financial income
+€2,334
Financial charges
-€14,869
Taxes
-€4,802
Result 2025
-€63,605
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€496,282
Investment
-€866,432
Financing
+€1.4m
Cash 2024
€21,165
From operations (derived)
-€496,282
Net result for the year
-€63,605
Depreciation
+€128,626
Receivables within one year
-€34,562
Deferred charges and accrued income
-€21,403
Provisions
-€6,457
Trade debts
+€100,160
Other debts
-€593,106
Accrued charges and deferred income
-€5,935
Investment (derived)
-€866,432
Investment in fixed assets (net)
-€866,432
Financing
+€1.4m
Debts after one year
+€427,461
Current portion of long-term debt
+€3,470
Short-term financial debts
+€975,000
Cash 2025
€64,381
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,245,848 | €6,082,835 | +€836,988 | +16.0% |
| Fixed assets | 21/28 | €3,078,172 | €3,815,978 | +€737,806 | +24.0% |
| Tangible fixed assets | 22/27 | €3,078,172 | €3,815,978 | +€737,806 | +24.0% |
| Land and buildings | 22 | €3,074,110 | €3,811,937 | +€737,826 | +24.0% |
| Plant, machinery and equipment | 23 | €1,535 | €1,535 | = | 0.0% |
| Furniture and vehicles | 24 | €2,526 | €2,506 | -€20 | -0.8% |
| Current assets | 29/58 | €2,167,676 | €2,266,857 | +€99,181 | +4.6% |
| Amounts receivable within one year | 40/41 | €2,146,398 | €2,180,960 | +€34,562 | +1.6% |
| Trade receivables | 40 | €33,719 | €23,397 | -€10,322 | -30.6% |
| Other amounts receivable | 41 | €2,112,679 | €2,157,563 | +€44,884 | +2.1% |
| Cash at bank and in hand | 54/58 | €21,165 | €64,381 | +€43,216 | +204% |
| Deferred charges and accrued income | 490/1 | €113 | €21,516 | +€21,403 | +18,966% |
| Total equity and liabilities | 10/49 | €5,245,848 | €6,082,835 | +€836,988 | +16.0% |
| Equity | 10/15 | €1,129,242 | €1,065,637 | -€63,605 | -5.6% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €570,482 | €555,110 | -€15,372 | -2.7% |
| Non-distributable reserves | 130/1 | €45,151 | €45,151 | = | 0.0% |
| Legal reserve | 130 | €45,151 | €45,151 | = | 0.0% |
| Tax-exempt reserves | 132 | €523,412 | €508,040 | -€15,372 | -2.9% |
| Distributable reserves | 133 | €1,918 | €1,918 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,240 | -€89,473 | -€48,233 | -117% |
| Provisions and deferred taxes | 16 | €219,860 | €213,403 | -€6,457 | -2.9% |
| Deferred taxes | 168 | €219,860 | €213,403 | -€6,457 | -2.9% |
| Amounts payable | 17/49 | €3,896,746 | €4,803,796 | +€907,050 | +23.3% |
| Amounts payable after more than one year | 17 | €2,549,729 | €2,977,190 | +€427,461 | +16.8% |
| Financial debts | 170/4 | €2,549,729 | €2,977,190 | +€427,461 | +16.8% |
| Amounts payable within one year | 42/48 | €1,299,281 | €1,784,805 | +€485,524 | +37.4% |
| Current portion of amounts payable after more than one year | 42 | €164,276 | €167,746 | +€3,470 | +2.1% |
| Financial debts | 43 | - | €975,000 | +€975,000 | |
| Credit institutions | 430/8 | - | €975,000 | +€975,000 | |
| Trade debts | 44 | €63,484 | €163,644 | +€100,160 | +158% |
| Suppliers | 440/4 | €63,484 | €163,644 | +€100,160 | +158% |
| Other amounts payable | 47/48 | €1,071,521 | €478,415 | -€593,106 | -55.4% |
| Accrued charges and deferred income | 492/3 | €47,736 | €41,801 | -€5,935 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,280 | €128,626 | +€39,346 | +44.1% |
| Other operating charges | 640/8 | €15,326 | €17,254 | +€1,929 | +12.6% |
| Non-recurring operating charges | 66A | - | €1,055 | +€1,055 | |
| Gross operating margin | 9900 | €71,761 | €103,568 | +€31,807 | +44.3% |
| Operating profit (loss) | 9901 | -€32,845 | -€43,367 | -€10,523 | -32.0% |
| Financial income | 75/76B | €80,847 | €83,181 | +€2,334 | +2.9% |
| Recurring financial income | 75 | €80,847 | €83,181 | +€2,334 | +2.9% |
| Financial charges | 65/66B | €95,007 | €109,876 | +€14,869 | +15.7% |
| Recurring financial charges | 65 | €95,007 | €109,876 | +€14,869 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | -€47,005 | -€70,063 | -€23,058 | -49.1% |
| Transfer from deferred taxes | 780 | €6,457 | €6,457 | = | 0.0% |
| Income taxes | 67/77 | -€4,802 | - | +€4,802 | |
| Profit (loss) for the period | 9904 | -€35,746 | -€63,605 | -€27,860 | -77.9% |
| Transfer from tax-exempt reserves | 789 | €15,372 | €15,372 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,373 | -€48,233 | -€27,860 | -137% |
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.