MALMEDY SABLAGE: 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
MALMEDY SABLAGE
NACE 43.350, Other building finishing work
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€64,633
2024 · €145,556-€80,923
Equity
€1.1m
2024 · €1.0m+€54,237
Cash
€298,290
2024 · €273,965+€24,325
Balance sheet total
€2.0m
2024 · €1.9m+€92,393
Largest movements
Assets
- Current investments +€85,000
new in 2025: €85,000
- Receivables within one year -€75,006
down €75,006 (-29.3%), from €255,984 to €180,978
of which Trade receivables: -€92,502
- Tangible fixed assets +€71,564
up €71,564 (+5.9%), from €1.2m to €1.3m
of which Land and buildings: +€76,971
- Cash +€24,325
up €24,325 (+8.9%), from €273,965 to €298,290
mainly Depreciation (+€95,143) and Receivables within one year (+€75,006)
Equity and liabilities
- Reserves +€65,131
up €65,131 (+6.8%), from €964,600 to €1.0m
Income statement
- Gross operating margin -€162,363
down €162,363 (-22.8%), from €711,313 to €548,950
- Taxes -€42,177
down €42,177 (-66.0%), from €63,873 to €21,696
- Staff costs -€40,140
down €40,140 (-10.7%), from €374,322 to €334,182
- Write-downs -€15,894
down €15,894, from €13,265 to -€2,629
- Other operating charges +€14,867
up €14,867 (+101%), from €14,668 to €29,536
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
€145,556
Gross operating margin
-€162,363
Staff costs
+€40,140
Depreciation
-€9,596
Write-downs
+€15,894
Other operating charges
-€14,867
Other operating items
+€2,855
Financial income
+€7,203
Financial charges
-€2,365
Taxes
+€42,177
Result 2025
€64,633
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
+€259,793
Investment
-€251,707
Financing
+€16,239
Cash 2024
€273,965
From operations (derived)
+€259,793
Net result for the year
+€64,633
Depreciation
+€95,143
Stocks and contracts
+€1,060
Receivables within one year
+€75,006
Deferred charges and accrued income
+€12,430
Provisions
-€2,723
Trade debts
+€621
Tax, wage and social debts
+€3,711
Other debts
+€9,911
Investment (derived)
-€251,707
Investment in fixed assets (net)
-€166,707
Current investments
-€85,000
Financing
+€16,239
Debts after one year
+€11,269
Current portion of long-term debt
+€15,366
Contributions, distributions and other
-€10,397
Cash 2025
€298,290
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,881,047 | €1,973,440 | +€92,393 | +4.9% |
| Fixed assets | 21/28 | €1,218,487 | €1,290,050 | +€71,564 | +5.9% |
| Tangible fixed assets | 22/27 | €1,217,960 | €1,289,523 | +€71,564 | +5.9% |
| Land and buildings | 22 | €992,238 | €1,069,209 | +€76,971 | +7.8% |
| Plant, machinery and equipment | 23 | €175,199 | €175,566 | +€367 | +0.2% |
| Furniture and vehicles | 24 | €50,522 | €44,748 | -€5,774 | -11.4% |
| Financial fixed assets | 28 | €527 | €527 | = | 0.0% |
| Current assets | 29/58 | €662,560 | €683,390 | +€20,829 | +3.1% |
| Stocks and contracts in progress | 3 | €113,528 | €112,468 | -€1,060 | -0.9% |
| Stocks | 30/36 | €113,528 | €112,468 | -€1,060 | -0.9% |
| Amounts receivable within one year | 40/41 | €255,984 | €180,978 | -€75,006 | -29.3% |
| Trade receivables | 40 | €243,818 | €151,317 | -€92,502 | -37.9% |
| Other amounts receivable | 41 | €12,166 | €29,661 | +€17,496 | +144% |
| Current investments | 50/53 | - | €85,000 | +€85,000 | |
| Cash at bank and in hand | 54/58 | €273,965 | €298,290 | +€24,325 | +8.9% |
| Deferred charges and accrued income | 490/1 | €19,083 | €6,653 | -€12,430 | -65.1% |
| Total equity and liabilities | 10/49 | €1,881,047 | €1,973,440 | +€92,393 | +4.9% |
| Equity | 10/15 | €1,038,491 | €1,092,728 | +€54,237 | +5.2% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €964,600 | €1,029,731 | +€65,131 | +6.8% |
| Distributable reserves | 133 | €964,600 | €1,029,731 | +€65,131 | +6.8% |
| Profit (loss) carried forward | 14 | €498 | €0 | -€498 | -100% |
| Investment grants | 15 | €45,893 | €35,497 | -€10,397 | -22.7% |
| Provisions and deferred taxes | 16 | €2,723 | €0 | -€2,723 | -100% |
| Deferred taxes | 168 | €2,723 | €0 | -€2,723 | -100% |
| Amounts payable | 17/49 | €839,833 | €880,712 | +€40,879 | +4.9% |
| Amounts payable after more than one year | 17 | €576,923 | €588,192 | +€11,269 | +2.0% |
| Financial debts | 170/4 | €576,923 | €588,192 | +€11,269 | +2.0% |
| Amounts payable within one year | 42/48 | €262,910 | €292,520 | +€29,610 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €91,365 | €106,731 | +€15,366 | +16.8% |
| Trade debts | 44 | €32,248 | €32,869 | +€621 | +1.9% |
| Suppliers | 440/4 | €32,248 | €32,869 | +€621 | +1.9% |
| Taxes, remuneration and social security | 45 | €81,933 | €85,644 | +€3,711 | +4.5% |
| Taxes | 450/3 | €42,188 | €50,255 | +€8,067 | +19.1% |
| Remuneration and social security | 454/9 | €39,745 | €35,390 | -€4,356 | -11.0% |
| Other amounts payable | 47/48 | €57,365 | €67,277 | +€9,911 | +17.3% |
| Remuneration, social security and pensions | 62 | €374,322 | €334,182 | -€40,140 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,547 | €95,143 | +€9,596 | +11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,265 | -€2,629 | -€15,894 | |
| Other operating charges | 640/8 | €14,668 | €29,536 | +€14,867 | +101% |
| Non-recurring operating charges | 66A | €2,855 | €0 | -€2,855 | -100% |
| Gross operating margin | 9900 | €711,313 | €548,950 | -€162,363 | -22.8% |
| Operating profit (loss) | 9901 | €220,655 | €92,717 | -€127,938 | -58.0% |
| Financial income | 75/76B | €8,160 | €15,363 | +€7,203 | +88.3% |
| Recurring financial income | 75 | €8,160 | €15,363 | +€7,203 | +88.3% |
| Financial charges | 65/66B | €19,387 | €21,751 | +€2,365 | +12.2% |
| Recurring financial charges | 65 | €19,387 | €21,751 | +€2,365 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €209,429 | €86,329 | -€123,100 | -58.8% |
| Income taxes | 67/77 | €63,873 | €21,696 | -€42,177 | -66.0% |
| Profit (loss) for the period | 9904 | €145,556 | €64,633 | -€80,923 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €145,556 | €64,633 | -€80,923 | -55.6% |
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 28 October 2026 via checked.be.