MALBROECKEN: 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.
What changed
MALBROECKEN
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€248,111
2024 · €36,534-€284,645
Equity
-€22,288
2024 · €225,823-€248,111
Cash
€7,719
2024 · €16,383-€8,665
Balance sheet total
€6.5m
2024 · €3.5m+€3.0m
Largest movements
Assets
- Tangible fixed assets +€2.4m
up €2.4m (+115.0%), from €2.1m to €4.5m
of which Land and buildings: +€2.4m
- Current investments +€1.6m
new in 2025: €1.6m
- Stocks and contracts -€1.1m
down €1.1m (-81.8%), from €1.3m to €244,685
Equity and liabilities
- Other debts +€2.2m
up €2.2m (+85.2%), from €2.6m to €4.9m
- Short-term financial debts +€1.1m
new in 2025: €1.1m
- Profit (loss) carried forward -€247,937
down €247,937 (-112.0%), from -€221,331 to -€469,267
- Debts after one year -€109,454
down €109,454 (-22.2%), from €492,418 to €382,964
Income statement
- Gross operating margin -€257,995
down €257,995, from €171,673 to -€86,322
- Financial charges +€24,580
up €24,580 (+38.1%), from €64,525 to €89,104
- Depreciation +€12,166
up €12,166 (+22.9%), from €53,014 to €65,180
- Taxes -€9,066
no longer reported in 2025 (was €9,066)
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
€36,534
Gross operating margin
-€257,995
Depreciation
-€12,166
Other operating charges
-€487
Financial income
+€1,517
Financial charges
-€24,580
Taxes
+€9,066
Result 2025
-€248,111
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
+€3.1m
Investment
-€4.1m
Financing
+€943,858
Cash 2024
€16,383
From operations (derived)
+€3.1m
Net result for the year
-€248,111
Depreciation
+€65,180
Stocks and contracts
+€1.1m
Receivables within one year
-€48,332
Smaller working-capital items
+€3,830
Other debts
+€2.2m
Accrued charges and deferred income
+€22,634
Investment (derived)
-€4.1m
Investment in fixed assets (net)
-€2.5m
Current investments
-€1.6m
Financing
+€943,858
Debts after one year
-€109,454
Current portion of long-term debt
+€3,312
Short-term financial debts
+€1.1m
Cash 2025
€7,719
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,492,234 | €6,458,522 | +€3.0m | +84.9% |
| Fixed assets | 21/28 | €2,084,482 | €4,480,732 | +€2.4m | +115.0% |
| Tangible fixed assets | 22/27 | €2,084,482 | €4,480,732 | +€2.4m | +115.0% |
| Land and buildings | 22 | €2,084,482 | €4,435,661 | +€2.4m | +112.8% |
| Plant, machinery and equipment | 23 | - | €5,177 | +€5,177 | |
| Furniture and vehicles | 24 | - | €39,894 | +€39,894 | |
| Current assets | 29/58 | €1,407,751 | €1,977,790 | +€570,039 | +40.5% |
| Stocks and contracts in progress | 3 | €1,343,882 | €244,685 | -€1.1m | -81.8% |
| Stocks | 30/36 | €1,343,882 | €244,685 | -€1.1m | -81.8% |
| Amounts receivable within one year | 40/41 | €46,552 | €94,884 | +€48,332 | +103.8% |
| Trade receivables | 40 | €24,274 | €63,220 | +€38,946 | +160.4% |
| Other amounts receivable | 41 | €22,278 | €31,664 | +€9,386 | +42.1% |
| Current investments | 50/53 | - | €1,629,175 | +€1.6m | |
| Cash at bank and in hand | 54/58 | €16,383 | €7,719 | -€8,665 | -52.9% |
| Deferred charges and accrued income | 490/1 | €934 | €1,328 | +€394 | +42.2% |
| Total equity and liabilities | 10/49 | €3,492,234 | €6,458,522 | +€3.0m | +84.9% |
| Equity | 10/15 | €225,823 | -€22,288 | -€248,111 | |
| Contributions | 10/11 | €426,600 | €426,600 | = | 0.0% |
| Capital | 10 | €426,600 | €426,600 | = | 0.0% |
| Issued capital | 100 | €426,600 | €426,600 | = | 0.0% |
| Reserves | 13 | €20,554 | €20,379 | -€174 | -0.8% |
| Non-distributable reserves | 130/1 | €13,500 | €13,500 | = | 0.0% |
| Legal reserve | 130 | €13,500 | €13,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,054 | €6,879 | -€174 | -2.5% |
| Profit (loss) carried forward | 14 | -€221,331 | -€469,267 | -€247,937 | -112.0% |
| Provisions and deferred taxes | 16 | €1,543 | €1,485 | -€58 | -3.8% |
| Deferred taxes | 168 | €1,543 | €1,485 | -€58 | -3.8% |
| Amounts payable | 17/49 | €3,264,868 | €6,479,326 | +€3.2m | +98.5% |
| Amounts payable after more than one year | 17 | €492,418 | €382,964 | -€109,454 | -22.2% |
| Financial debts | 170/4 | €492,418 | €382,964 | -€109,454 | -22.2% |
| Amounts payable within one year | 42/48 | €2,771,244 | €6,072,522 | +€3.3m | +119.1% |
| Current portion of amounts payable after more than one year | 42 | €115,126 | €118,438 | +€3,312 | +2.9% |
| Financial debts | 43 | - | €1,050,000 | +€1.1m | |
| Credit institutions | 430/8 | - | €1,050,000 | +€1.1m | |
| Trade debts | 44 | €21,674 | €24,549 | +€2,874 | +13.3% |
| Suppliers | 440/4 | €21,674 | €24,549 | +€2,874 | +13.3% |
| Taxes, remuneration and social security | 45 | - | €1,408 | +€1,408 | |
| Taxes | 450/3 | - | €1,408 | +€1,408 | |
| Other amounts payable | 47/48 | €2,634,444 | €4,878,128 | +€2.2m | +85.2% |
| Accrued charges and deferred income | 492/3 | €1,206 | €23,839 | +€22,634 | +1876.9% |
| Non-recurring operating income | 76A | €214,652 | - | -€214,652 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,014 | €65,180 | +€12,166 | +22.9% |
| Other operating charges | 640/8 | €8,593 | €9,080 | +€487 | +5.7% |
| Gross operating margin | 9900 | €171,673 | -€86,322 | -€257,995 | |
| Operating profit (loss) | 9901 | €110,066 | -€160,583 | -€270,649 | |
| Financial income | 75/76B | - | €1,517 | +€1,517 | |
| Recurring financial income | 75 | - | €1,517 | +€1,517 | |
| Financial charges | 65/66B | €64,525 | €89,104 | +€24,580 | +38.1% |
| Recurring financial charges | 65 | €64,525 | €89,104 | +€24,580 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | €45,541 | -€248,169 | -€293,711 | |
| Transfer from deferred taxes | 780 | €58 | €58 | = | 0.0% |
| Income taxes | 67/77 | €9,066 | - | -€9,066 | |
| Profit (loss) for the period | 9904 | €36,534 | -€248,111 | -€284,645 | |
| Transfer from tax-exempt reserves | 789 | €174 | €174 | +€0 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,708 | -€247,937 | -€284,645 |
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 4 October 2026 via checked.be.