S. MALERBA: what changed
Two fiscal 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.
S. MALERBA
Largest movements
- Cash -€11,972
down €11,972 (-1.8%), from €656,025 to €644,053
mainly Contributions, distributions and other (-€85,431) and Other debts (-€58,859)
- Tangible fixed assets -€11,098
down €11,098 (-12.8%), from €86,595 to €75,497
- Other debts -€58,859
down €58,859 (-41.9%), from €140,425 to €81,566
- Reserves +€49,585
up €49,585 (+9.3%), from €531,075 to €580,660
of which Distributable reserves: +€49,585
- Gross operating margin +€25,029
up €25,029 (+13.1%), from €190,525 to €215,554
- Taxes +€21,675
up €21,675 (+43.7%), from €49,611 to €71,286
- Other operating charges -€7,828
down €7,828 (-93.9%), from €8,337 to €509
- Depreciation -€3,311
down €3,311 (-23.0%), from €14,409 to €11,098
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 | €744,791 | €728,858 | -€15,933 | -2.1% |
| Fixed assets | 21/28 | €86,595 | €75,497 | -€11,098 | -12.8% |
| Tangible fixed assets | 22/27 | €86,595 | €75,497 | -€11,098 | -12.8% |
| Land and buildings | 22 | €86,595 | €75,497 | -€11,098 | -12.8% |
| Current assets | 29/58 | €658,196 | €653,361 | -€4,835 | -0.7% |
| Amounts receivable within one year | 40/41 | €301 | €7,229 | +€6,928 | +2305.6% |
| Trade receivables | 40 | €242 | €7,170 | +€6,928 | +2863.0% |
| Other amounts receivable | 41 | €59 | €59 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €656,025 | €644,053 | -€11,972 | -1.8% |
| Deferred charges and accrued income | 490/1 | €1,870 | €2,079 | +€208 | +11.1% |
| Total equity and liabilities | 10/49 | €744,791 | €728,858 | -€15,933 | -2.1% |
| Equity | 10/15 | €566,075 | €615,660 | +€49,585 | +8.8% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €531,075 | €580,660 | +€49,585 | +9.3% |
| Non-distributable reserves | 130/1 | €3,500 | €3,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,500 | €3,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,750 | €26,750 | = | 0.0% |
| Distributable reserves | 133 | €500,825 | €550,410 | +€49,585 | +9.9% |
| Amounts payable | 17/49 | €178,716 | €113,197 | -€65,519 | -36.7% |
| Amounts payable within one year | 42/48 | €178,716 | €113,197 | -€65,519 | -36.7% |
| Trade debts | 44 | €505 | €334 | -€172 | -33.9% |
| Suppliers | 440/4 | €505 | €334 | -€172 | -33.9% |
| Taxes, remuneration and social security | 45 | €37,785 | €31,297 | -€6,488 | -17.2% |
| Taxes | 450/3 | €37,785 | €31,297 | -€6,488 | -17.2% |
| Other amounts payable | 47/48 | €140,425 | €81,566 | -€58,859 | -41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,409 | €11,098 | -€3,311 | -23.0% |
| Other operating charges | 640/8 | €8,337 | €509 | -€7,828 | -93.9% |
| Gross operating margin | 9900 | €190,525 | €215,554 | +€25,029 | +13.1% |
| Operating profit (loss) | 9901 | €167,779 | €203,947 | +€36,168 | +21.6% |
| Financial income | 75/76B | €731 | €2,647 | +€1,916 | +262.3% |
| Recurring financial income | 75 | €731 | €2,647 | +€1,916 | +262.3% |
| Financial charges | 65/66B | €249 | €291 | +€42 | +16.7% |
| Recurring financial charges | 65 | €249 | €291 | +€42 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €168,260 | €206,302 | +€38,042 | +22.6% |
| Income taxes | 67/77 | €49,611 | €71,286 | +€21,675 | +43.7% |
| Profit (loss) for the period | 9904 | €118,650 | €135,016 | +€16,367 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €118,650 | €135,016 | +€16,367 | +13.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.