GUY MALPAIX: 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.
GUY MALPAIX
Largest movements
- Receivables within one year -€31,806
down €31,806 (-57.1%), from €55,713 to €23,908
of which Trade receivables: -€32,597
- Intangible fixed assets -€27,500
down €27,500 (-12.9%), from €213,125 to €185,625
- Deferred charges and accrued income +€10,144
up €10,144 (+510%), from €1,987 to €12,131
- Stocks and contracts +€3,839
up €3,839 (+122%), from €3,155 to €6,994
- Tangible fixed assets -€3,049
down €3,049 (-43.8%), from €6,957 to €3,908
- Profit (loss) carried forward -€35,281
down €35,281 (-51.5%), from €68,552 to €33,271
- Debts after one year -€20,896
down €20,896 (-20.6%), from €101,575 to €80,679
- Accrued charges and deferred income +€16,862
up €16,862 (+16,862%), from €100 to €16,962
- Trade debts -€14,495
down €14,495 (-29.6%), from €49,027 to €34,533
- Short-term financial debts +€6,813
up €6,813 (+26.2%), from €26,023 to €32,836
- Gross operating margin -€63,597
down €63,597 (-44.8%), from €141,981 to €78,384
- Taxes -€10,624
down €10,624 (-98.8%), from €10,756 to €132
- Staff costs +€7,576
up €7,576 (+11.4%), from €66,622 to €74,198
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €281,943 | €233,571 | -€48,372 | -17.2% |
| Fixed assets | 21/28 | €221,087 | €190,538 | -€30,549 | -13.8% |
| Intangible fixed assets | 21 | €213,125 | €185,625 | -€27,500 | -12.9% |
| Tangible fixed assets | 22/27 | €6,957 | €3,908 | -€3,049 | -43.8% |
| Plant, machinery and equipment | 23 | €1,188 | - | -€1,188 | |
| Furniture and vehicles | 24 | €1,312 | - | -€1,312 | |
| Other tangible fixed assets | 26 | €4,457 | €3,908 | -€549 | -12.3% |
| Financial fixed assets | 28 | €1,005 | €1,005 | = | 0.0% |
| Current assets | 29/58 | €60,855 | €43,033 | -€17,822 | -29.3% |
| Stocks and contracts in progress | 3 | €3,155 | €6,994 | +€3,839 | +122% |
| Stocks | 30/36 | €3,155 | €6,994 | +€3,839 | +122% |
| Amounts receivable within one year | 40/41 | €55,713 | €23,908 | -€31,806 | -57.1% |
| Trade receivables | 40 | €50,954 | €18,357 | -€32,597 | -64.0% |
| Other amounts receivable | 41 | €4,759 | €5,550 | +€791 | +16.6% |
| Deferred charges and accrued income | 490/1 | €1,987 | €12,131 | +€10,144 | +510% |
| Total equity and liabilities | 10/49 | €281,943 | €233,571 | -€48,372 | -17.2% |
| Equity | 10/15 | €73,552 | €38,271 | -€35,281 | -48.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,552 | €33,271 | -€35,281 | -51.5% |
| Amounts payable | 17/49 | €208,390 | €195,300 | -€13,091 | -6.3% |
| Amounts payable after more than one year | 17 | €101,575 | €80,679 | -€20,896 | -20.6% |
| Financial debts | 170/4 | €101,575 | €80,679 | -€20,896 | -20.6% |
| Amounts payable within one year | 42/48 | €106,715 | €97,658 | -€9,057 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €20,011 | €20,896 | +€885 | +4.4% |
| Financial debts | 43 | €26,023 | €32,836 | +€6,813 | +26.2% |
| Credit institutions | 430/8 | €26,023 | €32,836 | +€6,813 | +26.2% |
| Trade debts | 44 | €49,027 | €34,533 | -€14,495 | -29.6% |
| Suppliers | 440/4 | €49,027 | €34,533 | -€14,495 | -29.6% |
| Taxes, remuneration and social security | 45 | €7,729 | €8,757 | +€1,028 | +13.3% |
| Taxes | 450/3 | €756 | €756 | = | 0.0% |
| Remuneration and social security | 454/9 | €6,973 | €8,001 | +€1,028 | +14.7% |
| Other amounts payable | 47/48 | €3,925 | €637 | -€3,288 | -83.8% |
| Accrued charges and deferred income | 492/3 | €100 | €16,962 | +€16,862 | +16,862% |
| Remuneration, social security and pensions | 62 | €66,622 | €74,198 | +€7,576 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,383 | €30,549 | -€833 | -2.7% |
| Other operating charges | 640/8 | €685 | €805 | +€120 | +17.5% |
| Gross operating margin | 9900 | €141,981 | €78,384 | -€63,597 | -44.8% |
| Operating profit (loss) | 9901 | €43,292 | -€27,167 | -€70,460 | |
| Financial income | 75/76B | €835 | €205 | -€629 | -75.4% |
| Recurring financial income | 75 | €835 | €205 | -€629 | -75.4% |
| Financial charges | 65/66B | €8,879 | €8,187 | -€692 | -7.8% |
| Recurring financial charges | 65 | €8,879 | €8,187 | -€692 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €35,248 | -€35,149 | -€70,397 | |
| Income taxes | 67/77 | €10,756 | €132 | -€10,624 | -98.8% |
| Profit (loss) for the period | 9904 | €24,492 | -€35,281 | -€59,773 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,492 | -€35,281 | -€59,773 |
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.