MALIBOU ORTHO: 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.
MALIBOU ORTHO
Largest movements
- Cash +€561,350
up €561,350 (+875%), from €64,170 to €625,520
mainly Net result for the year (+€1.1m) and Depreciation (+€131,976)
- Current investments +€500,000
new in 2025: €500,000
- Tangible fixed assets -€106,132
down €106,132 (-7.6%), from €1.4m to €1.3m
of which Land and buildings: -€53,852
- Deferred charges and accrued income +€37,542
up €37,542 (+100%), from €37,444 to €74,986
- Reserves +€1.1m
up €1.1m (+910%), from €117,989 to €1.2m
of which Distributable reserves: +€551,257
- Debts after one year -€102,616
down €102,616 (-8.6%), from €1.2m to €1.1m
- Trade debts -€64,243
down €64,243 (-71.7%), from €89,539 to €25,296
- Tax, wage and social debts +€43,997
up €43,997 (+71.4%), from €61,635 to €105,632
of which Remuneration and social security: +€26,548
- Gross operating margin +€1.4m
up €1.4m (+257%), from €526,438 to €1.9m
- Taxes +€383,691
up €383,691 (+975%), from €39,338 to €423,029
- Depreciation -€131,573
down €131,573 (-49.9%), from €263,549 to €131,976
- Staff costs +€127,509
up €127,509 (+249%), from €51,274 to €178,783
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 | €1,560,025 | €2,538,118 | +€978,093 | +62.7% |
| Fixed assets | 21/28 | €1,393,984 | €1,287,852 | -€106,132 | -7.6% |
| Tangible fixed assets | 22/27 | €1,393,984 | €1,287,852 | -€106,132 | -7.6% |
| Land and buildings | 22 | €1,045,193 | €991,341 | -€53,852 | -5.2% |
| Plant, machinery and equipment | 23 | €296,245 | €257,690 | -€38,555 | -13.0% |
| Furniture and vehicles | 24 | €52,546 | €38,821 | -€13,725 | -26.1% |
| Current assets | 29/58 | €166,041 | €1,250,266 | +€1.1m | +653% |
| Amounts receivable within one year | 40/41 | €64,427 | €49,760 | -€14,667 | -22.8% |
| Trade receivables | 40 | €64,427 | €7,663 | -€56,764 | -88.1% |
| Other amounts receivable | 41 | - | €42,097 | +€42,097 | |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €64,170 | €625,520 | +€561,350 | +875% |
| Deferred charges and accrued income | 490/1 | €37,444 | €74,986 | +€37,542 | +100% |
| Total equity and liabilities | 10/49 | €1,560,025 | €2,538,118 | +€978,093 | +62.7% |
| Equity | 10/15 | €127,989 | €1,201,286 | +€1.1m | +839% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €117,989 | €1,191,286 | +€1.1m | +910% |
| Tax-exempt reserves | 132 | - | €522,040 | +€522,040 | |
| Distributable reserves | 133 | €117,989 | €669,246 | +€551,257 | +467% |
| Amounts payable | 17/49 | €1,432,036 | €1,336,831 | -€95,205 | -6.6% |
| Amounts payable after more than one year | 17 | €1,198,615 | €1,096,000 | -€102,616 | -8.6% |
| Financial debts | 170/4 | €1,198,615 | €1,096,000 | -€102,616 | -8.6% |
| Amounts payable within one year | 42/48 | €233,420 | €240,831 | +€7,411 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €77,179 | €101,982 | +€24,802 | +32.1% |
| Financial debts | 43 | €26 | €0 | -€26 | -100% |
| Credit institutions | 430/8 | €26 | €0 | -€26 | -100% |
| Trade debts | 44 | €89,539 | €25,296 | -€64,243 | -71.7% |
| Suppliers | 440/4 | €89,539 | €25,296 | -€64,243 | -71.7% |
| Taxes, remuneration and social security | 45 | €61,635 | €105,632 | +€43,997 | +71.4% |
| Taxes | 450/3 | €48,966 | €66,415 | +€17,449 | +35.6% |
| Remuneration and social security | 454/9 | €12,668 | €39,217 | +€26,548 | +210% |
| Other amounts payable | 47/48 | €5,042 | €7,922 | +€2,880 | +57.1% |
| Remuneration, social security and pensions | 62 | €51,274 | €178,783 | +€127,509 | +249% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €263,549 | €131,976 | -€131,573 | -49.9% |
| Other operating charges | 640/8 | €6,452 | €6,446 | -€6 | -0.1% |
| Gross operating margin | 9900 | €526,438 | €1,879,292 | +€1.4m | +257% |
| Operating profit (loss) | 9901 | €205,162 | €1,562,086 | +€1.4m | +661% |
| Financial income | 75/76B | €273 | €415 | +€142 | +52.1% |
| Recurring financial income | 75 | €273 | €415 | +€142 | +52.1% |
| Financial charges | 65/66B | €48,108 | €66,175 | +€18,067 | +37.6% |
| Recurring financial charges | 65 | €48,108 | €66,175 | +€18,067 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €157,327 | €1,496,326 | +€1.3m | +851% |
| Income taxes | 67/77 | €39,338 | €423,029 | +€383,691 | +975% |
| Profit (loss) for the period | 9904 | €117,989 | €1,073,297 | +€955,308 | +810% |
| Transfer to tax-exempt reserves | 689 | - | €522,040 | +€522,040 | |
| Profit (loss) for the period to be appropriated | 9905 | €117,989 | €551,257 | +€433,268 | +367% |
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 16 October 2026 via checked.be.