MALPERTUS: 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.
MALPERTUS
Largest movements
- Tangible fixed assets -€407,795
down €407,795 (-18.9%), from €2.2m to €1.7m
of which Land and buildings: -€366,708
- Current investments +€77,581
up €77,581 (+28.2%), from €275,000 to €352,581
- Receivables within one year +€54,472
up €54,472 (+99.4%), from €54,828 to €109,300
of which Trade receivables: +€54,565
- Reserves -€211,803
down €211,803 (-12.3%), from €1.7m to €1.5m
of which Distributable reserves: -€116,411
- Debts after one year -€176,762
down €176,762 (-75.9%), from €233,012 to €56,250
- Other debts +€163,849
up €163,849 (+80.0%), from €204,842 to €368,691
- Current portion of long-term debt -€37,840
down €37,840 (-44.3%), from €85,436 to €47,596
- Provisions -€31,797
down €31,797 (-11.6%), from €273,293 to €241,495
- Gross operating margin +€203,971
up €203,971 (+62.8%), from €324,586 to €528,557
- Taxes +€72,888
up €72,888 (+88.0%), from €82,837 to €155,725
- Depreciation -€6,571
down €6,571 (-5.0%), from €130,706 to €124,136
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 | €2,565,842 | €2,293,440 | -€272,402 | -10.6% |
| Fixed assets | 21/28 | €2,153,713 | €1,745,918 | -€407,795 | -18.9% |
| Tangible fixed assets | 22/27 | €2,153,713 | €1,745,918 | -€407,795 | -18.9% |
| Land and buildings | 22 | €1,702,744 | €1,336,036 | -€366,708 | -21.5% |
| Furniture and vehicles | 24 | €450,969 | €409,882 | -€41,087 | -9.1% |
| Current assets | 29/58 | €412,128 | €547,522 | +€135,394 | +32.9% |
| Amounts receivable within one year | 40/41 | €54,828 | €109,300 | +€54,472 | +99.4% |
| Trade receivables | 40 | €3,623 | €58,188 | +€54,565 | +1,506% |
| Other amounts receivable | 41 | €51,205 | €51,113 | -€93 | -0.2% |
| Current investments | 50/53 | €275,000 | €352,581 | +€77,581 | +28.2% |
| Cash at bank and in hand | 54/58 | €72,908 | €79,903 | +€6,996 | +9.6% |
| Deferred charges and accrued income | 490/1 | €9,393 | €5,737 | -€3,655 | -38.9% |
| Total equity and liabilities | 10/49 | €2,565,842 | €2,293,440 | -€272,402 | -10.6% |
| Equity | 10/15 | €1,739,607 | €1,527,804 | -€211,803 | -12.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,721,057 | €1,509,254 | -€211,803 | -12.3% |
| Tax-exempt reserves | 132 | €819,879 | €724,486 | -€95,392 | -11.6% |
| Distributable reserves | 133 | €901,179 | €784,768 | -€116,411 | -12.9% |
| Provisions and deferred taxes | 16 | €273,293 | €241,495 | -€31,797 | -11.6% |
| Deferred taxes | 168 | €273,293 | €241,495 | -€31,797 | -11.6% |
| Amounts payable | 17/49 | €552,942 | €524,141 | -€28,801 | -5.2% |
| Amounts payable after more than one year | 17 | €233,012 | €56,250 | -€176,762 | -75.9% |
| Financial debts | 170/4 | €233,012 | €56,250 | -€176,762 | -75.9% |
| Amounts payable within one year | 42/48 | €305,775 | €450,685 | +€144,910 | +47.4% |
| Current portion of amounts payable after more than one year | 42 | €85,436 | €47,596 | -€37,840 | -44.3% |
| Financial debts | 43 | €2,205 | €29 | -€2,175 | -98.7% |
| Credit institutions | 430/8 | €2,205 | €29 | -€2,175 | -98.7% |
| Trade debts | 44 | €8,692 | €1,877 | -€6,816 | -78.4% |
| Suppliers | 440/4 | €8,692 | €1,877 | -€6,816 | -78.4% |
| Taxes, remuneration and social security | 45 | €4,600 | €32,492 | +€27,892 | +606% |
| Taxes | 450/3 | €4,600 | €32,492 | +€27,892 | +606% |
| Other amounts payable | 47/48 | €204,842 | €368,691 | +€163,849 | +80.0% |
| Accrued charges and deferred income | 492/3 | €14,155 | €17,206 | +€3,051 | +21.6% |
| Non-recurring operating income | 76A | - | €93,394 | +€93,394 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,706 | €124,136 | -€6,571 | -5.0% |
| Other operating charges | 640/8 | €20,807 | €17,041 | -€3,766 | -18.1% |
| Gross operating margin | 9900 | €324,586 | €528,557 | +€203,971 | +62.8% |
| Operating profit (loss) | 9901 | €173,072 | €387,381 | +€214,308 | +124% |
| Financial income | 75/76B | €7,563 | €7,387 | -€176 | -2.3% |
| Recurring financial income | 75 | €7,563 | €7,387 | -€176 | -2.3% |
| Financial charges | 65/66B | €23,310 | €23,571 | +€262 | +1.1% |
| Recurring financial charges | 65 | €23,310 | €23,571 | +€262 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €157,325 | €371,196 | +€213,871 | +136% |
| Transfer from deferred taxes | 780 | €16,560 | €31,797 | +€15,237 | +92.0% |
| Income taxes | 67/77 | €82,837 | €155,725 | +€72,888 | +88.0% |
| Profit (loss) for the period | 9904 | €91,048 | €247,268 | +€156,220 | +172% |
| Transfer from tax-exempt reserves | 789 | €49,680 | €95,392 | +€45,712 | +92.0% |
| Profit (loss) for the period to be appropriated | 9905 | €140,728 | €342,661 | +€201,933 | +143% |
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 17 October 2026 via checked.be.