MALHERBE A.W.: 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.
MALHERBE A.W.
Largest movements
- Cash +€13,528
up €13,528 (+74.6%), from €18,146 to €31,673
mainly Net result for the year (+€5,607) and Trade debts (+€5,400)
- Tangible fixed assets -€3,717
down €3,717 (-38.3%), from €9,701 to €5,984
of which Furniture and vehicles: -€3,154
- Receivables within one year -€554
down €554 (-5.3%), from €10,532 to €9,977
of which Other amounts receivable: -€1,986
- Reserves +€5,607
up €5,607 (+73.5%), from €7,630 to €13,236
- Trade debts +€5,400
up €5,400 (+226%), from €2,394 to €7,794
- Tax, wage and social debts -€2,935
down €2,935 (-35.6%), from €8,243 to €5,308
- Other debts +€1,000
up €1,000 (+200%), from €500 to €1,500
- Gross operating margin -€20,112
down €20,112 (-59.9%), from €33,595 to €13,483
- Other operating charges -€19,006
down €19,006 (-97.8%), from €19,443 to €437
- Depreciation +€1,531
up €1,531 (+58.5%), from €2,616 to €4,147
- Taxes -€938
down €938 (-25.1%), from €3,743 to €2,805
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 | €39,721 | €48,793 | +€9,072 | +22.8% |
| Fixed assets | 21/28 | €10,148 | €6,002 | -€4,147 | -40.9% |
| Intangible fixed assets | 21 | €448 | €18 | -€430 | -96.0% |
| Tangible fixed assets | 22/27 | €9,701 | €5,984 | -€3,717 | -38.3% |
| Plant, machinery and equipment | 23 | €715 | €153 | -€563 | -78.6% |
| Furniture and vehicles | 24 | €8,985 | €5,831 | -€3,154 | -35.1% |
| Current assets | 29/58 | €29,573 | €42,791 | +€13,218 | +44.7% |
| Amounts receivable within one year | 40/41 | €10,532 | €9,977 | -€554 | -5.3% |
| Trade receivables | 40 | €8,545 | €9,977 | +€1,432 | +16.8% |
| Other amounts receivable | 41 | €1,986 | - | -€1,986 | |
| Cash at bank and in hand | 54/58 | €18,146 | €31,673 | +€13,528 | +74.6% |
| Deferred charges and accrued income | 490/1 | €896 | €1,141 | +€245 | +27.4% |
| Total equity and liabilities | 10/49 | €39,721 | €48,793 | +€9,072 | +22.8% |
| Equity | 10/15 | €28,584 | €34,191 | +€5,607 | +19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,630 | €13,236 | +€5,607 | +73.5% |
| Distributable reserves | 133 | €7,630 | €13,236 | +€5,607 | +73.5% |
| Profit (loss) carried forward | 14 | €2,354 | €2,354 | = | 0.0% |
| Amounts payable | 17/49 | €11,137 | €14,602 | +€3,465 | +31.1% |
| Amounts payable within one year | 42/48 | €11,137 | €14,602 | +€3,465 | +31.1% |
| Trade debts | 44 | €2,394 | €7,794 | +€5,400 | +226% |
| Suppliers | 440/4 | €2,394 | €7,794 | +€5,400 | +226% |
| Taxes, remuneration and social security | 45 | €8,243 | €5,308 | -€2,935 | -35.6% |
| Taxes | 450/3 | €8,243 | €5,308 | -€2,935 | -35.6% |
| Other amounts payable | 47/48 | €500 | €1,500 | +€1,000 | +200% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,616 | €4,147 | +€1,531 | +58.5% |
| Other operating charges | 640/8 | €19,443 | €437 | -€19,006 | -97.8% |
| Gross operating margin | 9900 | €33,595 | €13,483 | -€20,112 | -59.9% |
| Operating profit (loss) | 9901 | €11,537 | €8,900 | -€2,637 | -22.9% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €485 | €489 | +€3 | +0.7% |
| Recurring financial charges | 65 | €485 | €489 | +€3 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €11,052 | €8,411 | -€2,641 | -23.9% |
| Income taxes | 67/77 | €3,743 | €2,805 | -€938 | -25.1% |
| Profit (loss) for the period | 9904 | €7,309 | €5,607 | -€1,703 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,309 | €5,607 | -€1,703 | -23.3% |
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 19 October 2026 via checked.be.