Malherbe Xavier: 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 Xavier
Largest movements
- Cash +€38,700
up €38,700 (+35.8%), from €108,190 to €146,890
mainly Net result for the year (+€51,242) and Tax, wage and social debts (+€9,896)
- Receivables within one year +€20,188
up €20,188 (+172.2%), from €11,722 to €31,910
of which Trade receivables: +€20,188
- Tangible fixed assets +€9,831
up €9,831, from €0 to €9,831
of which Furniture and vehicles: +€8,193
- Formation expenses -€2,910
down €2,910 (-36.1%), from €8,061 to €5,151
- Deferred charges and accrued income +€2,680
up €2,680 (+1716.2%), from €156 to €2,836
- Profit (loss) carried forward +€51,242
up €51,242 (+318.5%), from €16,088 to €67,330
- Tax, wage and social debts +€9,896
up €9,896 (+64.3%), from €15,383 to €25,279
of which Taxes: +€9,896
- Trade debts +€8,455
up €8,455 (+215.8%), from €3,918 to €12,372
- Taxes -€7,185
down €7,185 (-34.3%), from €20,957 to €13,772
- Gross operating margin -€4,764
down €4,764 (-6.0%), from €78,864 to €74,100
- Staff costs +€2,024
new in 2025: €2,024
- Depreciation +€1,535
up €1,535 (+52.7%), from €2,910 to €4,445
- Other operating charges -€1,016
down €1,016 (-59.6%), from €1,705 to €690
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 | €128,130 | €196,619 | +€68,489 | +53.5% |
| Formation expenses | 20 | €8,061 | €5,151 | -€2,910 | -36.1% |
| Fixed assets | 21/28 | €0 | €9,831 | +€9,831 | |
| Tangible fixed assets | 22/27 | €0 | €9,831 | +€9,831 | |
| Plant, machinery and equipment | 23 | - | €1,638 | +€1,638 | |
| Furniture and vehicles | 24 | €0 | €8,193 | +€8,193 | |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Current assets | 29/58 | €120,069 | €181,637 | +€61,568 | +51.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Contracts in progress | 37 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €11,722 | €31,910 | +€20,188 | +172.2% |
| Trade receivables | 40 | €11,722 | €31,910 | +€20,188 | +172.2% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €108,190 | €146,890 | +€38,700 | +35.8% |
| Deferred charges and accrued income | 490/1 | €156 | €2,836 | +€2,680 | +1716.2% |
| Total equity and liabilities | 10/49 | €128,130 | €196,619 | +€68,489 | +53.5% |
| Equity | 10/15 | €94,088 | €145,330 | +€51,242 | +54.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,088 | €67,330 | +€51,242 | +318.5% |
| Amounts payable | 17/49 | €34,042 | €51,289 | +€17,247 | +50.7% |
| Amounts payable after more than one year | 17 | €1,928 | €0 | -€1,928 | -100.0% |
| Financial debts | 170/4 | €1,928 | €0 | -€1,928 | -100.0% |
| Amounts payable within one year | 42/48 | €32,027 | €50,258 | +€18,231 | +56.9% |
| Financial debts | 43 | €12,089 | €11,956 | -€133 | -1.1% |
| Credit institutions | 430/8 | €12,089 | €11,956 | -€133 | -1.1% |
| Trade debts | 44 | €3,918 | €12,372 | +€8,455 | +215.8% |
| Suppliers | 440/4 | €3,918 | €12,372 | +€8,455 | +215.8% |
| Taxes, remuneration and social security | 45 | €15,383 | €25,279 | +€9,896 | +64.3% |
| Taxes | 450/3 | €15,383 | €25,279 | +€9,896 | +64.3% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €638 | €652 | +€14 | +2.2% |
| Accrued charges and deferred income | 492/3 | €87 | €1,031 | +€944 | +1088.0% |
| Remuneration, social security and pensions | 62 | - | €2,024 | +€2,024 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,910 | €4,445 | +€1,535 | +52.7% |
| Other operating charges | 640/8 | €1,705 | €690 | -€1,016 | -59.6% |
| Non-recurring operating charges | 66A | €0 | €63 | +€63 | |
| Gross operating margin | 9900 | €78,864 | €74,100 | -€4,764 | -6.0% |
| Operating profit (loss) | 9901 | €74,249 | €66,878 | -€7,371 | -9.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €850 | €1,864 | +€1,014 | +119.4% |
| Recurring financial charges | 65 | €850 | €1,864 | +€1,014 | +119.4% |
| Profit (loss) for the period before taxes | 9903 | €73,399 | €65,014 | -€8,385 | -11.4% |
| Income taxes | 67/77 | €20,957 | €13,772 | -€7,185 | -34.3% |
| Profit (loss) for the period | 9904 | €52,443 | €51,242 | -€1,200 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,443 | €51,242 | -€1,200 | -2.3% |
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 11 October 2026 via checked.be.