MALAGO: 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.
MALAGO
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+36.5%), from €3.2m to €4.4m
of which Land and buildings: +€1.2m
- Receivables after one year -€104,349
down €104,349 (-18.1%), from €575,416 to €471,066
- Receivables within one year +€63,015
up €63,015 (+20.7%), from €303,847 to €366,862
of which Other amounts receivable: +€62,617
- Debts after one year +€864,124
up €864,124 (+39.7%), from €2.2m to €3.0m
of which Financial debts: +€798,640
- Reserves +€91,523
up €91,523 (+5.2%), from €1.7m to €1.8m
- Other debts +€89,083
up €89,083 (+89.6%), from €99,441 to €188,524
- Current portion of long-term debt +€85,052
up €85,052 (+52.2%), from €162,877 to €247,929
- Depreciation +€208,809
up €208,809 (+111%), from €187,513 to €396,322
- Taxes -€72,867
down €72,867 (-49.8%), from €146,333 to €73,466
- Gross operating margin -€44,416
down €44,416 (-5.3%), from €833,983 to €789,567
- Financial charges +€28,657
up €28,657 (+47.0%), from €60,920 to €89,577
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 | €4,373,105 | €5,464,415 | +€1.1m | +25.0% |
| Fixed assets | 21/28 | €3,231,633 | €4,412,714 | +€1.2m | +36.5% |
| Tangible fixed assets | 22/27 | €3,231,633 | €4,412,714 | +€1.2m | +36.5% |
| Land and buildings | 22 | €3,094,384 | €4,295,278 | +€1.2m | +38.8% |
| Plant, machinery and equipment | 23 | €20,912 | €18,005 | -€2,907 | -13.9% |
| Furniture and vehicles | 24 | €83,088 | €67,458 | -€15,630 | -18.8% |
| Other tangible fixed assets | 26 | €33,249 | €31,972 | -€1,278 | -3.8% |
| Current assets | 29/58 | €1,141,472 | €1,051,701 | -€89,771 | -7.9% |
| Amounts receivable after more than one year | 29 | €575,416 | €471,066 | -€104,349 | -18.1% |
| Other amounts receivable | 291 | €575,416 | €471,066 | -€104,349 | -18.1% |
| Amounts receivable within one year | 40/41 | €303,847 | €366,862 | +€63,015 | +20.7% |
| Trade receivables | 40 | €31,702 | €32,100 | +€398 | +1.3% |
| Other amounts receivable | 41 | €272,145 | €334,762 | +€62,617 | +23.0% |
| Cash at bank and in hand | 54/58 | €249,574 | €199,883 | -€49,691 | -19.9% |
| Deferred charges and accrued income | 490/1 | €12,635 | €13,890 | +€1,255 | +9.9% |
| Total equity and liabilities | 10/49 | €4,373,105 | €5,464,415 | +€1.1m | +25.0% |
| Equity | 10/15 | €1,750,052 | €1,853,975 | +€103,923 | +5.9% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €1,743,852 | €1,835,375 | +€91,523 | +5.2% |
| Distributable reserves | 133 | €1,743,852 | €1,835,375 | +€91,523 | +5.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,623,053 | €3,610,440 | +€987,387 | +37.6% |
| Amounts payable after more than one year | 17 | €2,176,018 | €3,040,142 | +€864,124 | +39.7% |
| Financial debts | 170/4 | €2,175,834 | €2,974,474 | +€798,640 | +36.7% |
| Other amounts payable | 178/9 | €183 | €65,668 | +€65,485 | +35,704% |
| Amounts payable within one year | 42/48 | €443,694 | €566,113 | +€122,419 | +27.6% |
| Current portion of amounts payable after more than one year | 42 | €162,877 | €247,929 | +€85,052 | +52.2% |
| Financial debts | 43 | €30,000 | €30,000 | = | 0.0% |
| Credit institutions | 430/8 | - | €30,000 | +€30,000 | |
| Other loans | 439 | €30,000 | €0 | -€30,000 | -100% |
| Trade debts | 44 | €108,148 | €59,199 | -€48,949 | -45.3% |
| Suppliers | 440/4 | €108,148 | €59,199 | -€48,949 | -45.3% |
| Taxes, remuneration and social security | 45 | €43,228 | €40,461 | -€2,767 | -6.4% |
| Taxes | 450/3 | €43,228 | €40,461 | -€2,767 | -6.4% |
| Other amounts payable | 47/48 | €99,441 | €188,524 | +€89,083 | +89.6% |
| Accrued charges and deferred income | 492/3 | €3,341 | €4,185 | +€843 | +25.2% |
| Non-recurring operating income | 76A | - | €13,099 | +€13,099 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187,513 | €396,322 | +€208,809 | +111% |
| Other operating charges | 640/8 | €10,709 | €13,746 | +€3,037 | +28.4% |
| Gross operating margin | 9900 | €833,983 | €789,567 | -€44,416 | -5.3% |
| Operating profit (loss) | 9901 | €635,761 | €379,499 | -€256,262 | -40.3% |
| Financial income | 75/76B | €26,790 | €26,167 | -€623 | -2.3% |
| Recurring financial income | 75 | €26,790 | €26,167 | -€623 | -2.3% |
| Financial charges | 65/66B | €60,920 | €89,577 | +€28,657 | +47.0% |
| Recurring financial charges | 65 | €60,920 | €89,577 | +€28,657 | +47.0% |
| Profit (loss) for the period before taxes | 9903 | €601,631 | €316,089 | -€285,542 | -47.5% |
| Income taxes | 67/77 | €146,333 | €73,466 | -€72,867 | -49.8% |
| Profit (loss) for the period | 9904 | €455,298 | €242,623 | -€212,675 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €455,298 | €242,623 | -€212,675 | -46.7% |
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.