MALAGRO: 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.
MALAGRO
Largest movements
- Receivables within one year -€121,085
down €121,085 (-29.2%), from €414,907 to €293,822
of which Trade receivables: -€114,398
- Cash +€112,067
up €112,067 (+22.3%), from €501,420 to €613,487
mainly Depreciation (+€234,537) and Receivables within one year (+€121,085)
- Stocks and contracts -€39,119
down €39,119 (-41.7%), from €93,881 to €54,762
- Tangible fixed assets -€19,662
down €19,662 (-4.6%), from €429,973 to €410,310
of which Plant, machinery and equipment: -€58,492
- Debts after one year -€130,984
down €130,984 (-67.8%), from €193,114 to €62,130
- Reserves +€66,061
up €66,061 (+11.1%), from €593,866 to €659,927
- Staff costs -€54,662
down €54,662 (-12.0%), from €454,749 to €400,087
- Gross operating margin -€15,336
down €15,336 (-2.0%), from €761,243 to €745,907
- Taxes -€13,349
down €13,349 (-39.0%), from €34,210 to €20,861
- Depreciation +€9,704
up €9,704 (+4.3%), from €224,833 to €234,537
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 | €1,467,494 | €1,395,313 | -€72,181 | -4.9% |
| Fixed assets | 21/28 | €429,973 | €410,310 | -€19,662 | -4.6% |
| Tangible fixed assets | 22/27 | €429,973 | €410,310 | -€19,662 | -4.6% |
| Land and buildings | 22 | €11,592 | €9,900 | -€1,692 | -14.6% |
| Plant, machinery and equipment | 23 | €276,663 | €218,172 | -€58,492 | -21.1% |
| Furniture and vehicles | 24 | €141,718 | €182,238 | +€40,521 | +28.6% |
| Current assets | 29/58 | €1,037,521 | €985,003 | -€52,519 | -5.1% |
| Stocks and contracts in progress | 3 | €93,881 | €54,762 | -€39,119 | -41.7% |
| Contracts in progress | 37 | €93,881 | €54,762 | -€39,119 | -41.7% |
| Amounts receivable within one year | 40/41 | €414,907 | €293,822 | -€121,085 | -29.2% |
| Trade receivables | 40 | €398,263 | €283,865 | -€114,398 | -28.7% |
| Other amounts receivable | 41 | €16,644 | €9,957 | -€6,687 | -40.2% |
| Cash at bank and in hand | 54/58 | €501,420 | €613,487 | +€112,067 | +22.3% |
| Deferred charges and accrued income | 490/1 | €27,314 | €22,933 | -€4,381 | -16.0% |
| Total equity and liabilities | 10/49 | €1,467,494 | €1,395,313 | -€72,181 | -4.9% |
| Equity | 10/15 | €700,940 | €767,000 | +€66,061 | +9.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €593,866 | €659,927 | +€66,061 | +11.1% |
| Distributable reserves | 133 | €593,866 | €659,927 | +€66,061 | +11.1% |
| Profit (loss) carried forward | 14 | €100,874 | €100,874 | = | 0.0% |
| Provisions and deferred taxes | 16 | €2,330 | €2,420 | +€90 | +3.9% |
| Provisions for liabilities and charges | 160/5 | €2,330 | €2,420 | +€90 | +3.9% |
| Other liabilities and charges | 164/5 | €2,330 | €2,420 | +€90 | +3.9% |
| Amounts payable | 17/49 | €764,225 | €625,893 | -€138,332 | -18.1% |
| Amounts payable after more than one year | 17 | €193,114 | €62,130 | -€130,984 | -67.8% |
| Financial debts | 170/4 | €193,114 | €62,130 | -€130,984 | -67.8% |
| Amounts payable within one year | 42/48 | €570,838 | €562,990 | -€7,849 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €137,757 | €128,699 | -€9,059 | -6.6% |
| Trade debts | 44 | €282,657 | €287,929 | +€5,272 | +1.9% |
| Suppliers | 440/4 | €282,657 | €287,929 | +€5,272 | +1.9% |
| Taxes, remuneration and social security | 45 | €73,176 | €68,939 | -€4,238 | -5.8% |
| Taxes | 450/3 | €28,431 | €13,931 | -€14,500 | -51.0% |
| Remuneration and social security | 454/9 | €44,745 | €55,007 | +€10,262 | +22.9% |
| Other amounts payable | 47/48 | €77,247 | €77,423 | +€176 | +0.2% |
| Accrued charges and deferred income | 492/3 | €272 | €773 | +€501 | +184.1% |
| Non-recurring operating income | 76A | €46,110 | €55,000 | +€8,890 | +19.3% |
| Remuneration, social security and pensions | 62 | €454,749 | €400,087 | -€54,662 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,833 | €234,537 | +€9,704 | +4.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €90 | €90 | = | 0.0% |
| Other operating charges | 640/8 | €3,370 | €5,294 | +€1,924 | +57.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €761,243 | €745,907 | -€15,336 | -2.0% |
| Operating profit (loss) | 9901 | €78,201 | €105,899 | +€27,698 | +35.4% |
| Financial income | 75/76B | €1 | €53 | +€52 | +4952.9% |
| Recurring financial income | 75 | €1 | €53 | +€52 | +4952.9% |
| Financial charges | 65/66B | €10,555 | €8,503 | -€2,052 | -19.4% |
| Recurring financial charges | 65 | €10,555 | €8,503 | -€2,052 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €67,647 | €97,448 | +€29,801 | +44.1% |
| Income taxes | 67/77 | €34,210 | €20,861 | -€13,349 | -39.0% |
| Profit (loss) for the period | 9904 | €33,437 | €76,587 | +€43,150 | +129.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,437 | €76,587 | +€43,150 | +129.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.