MALAM: 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.
MALAM
Largest movements
- Tangible fixed assets -€3,672
down €3,672 (-29.7%), from €12,366 to €8,693
of which Furniture and vehicles: -€2,303
- Cash -€1,306
down €1,306 (-28.2%), from €4,638 to €3,332
mainly Net result for the year (-€46,443) and Trade debts (-€13,195)
- Stocks and contracts -€1,064
down €1,064 (-57.5%), from €1,850 to €786
- Receivables within one year +€409
up €409 (+21.9%), from €1,868 to €2,277
- Other debts +€47,203
up €47,203 (+32.6%), from €144,779 to €191,981
- Profit (loss) carried forward -€46,443
down €46,443 (-23.4%), from -€198,822 to -€245,265
- Trade debts -€13,195
down €13,195 (-25.6%), from €51,602 to €38,408
- Tax, wage and social debts +€6,802
up €6,802 (+44.5%), from €15,279 to €22,080
of which Remuneration and social security: +€6,426
- Financial charges +€3,435
up €3,435 (+188.5%), from €1,822 to €5,257
- Other operating charges -€3,277
down €3,277 (-41.9%), from €7,822 to €4,545
- Staff costs -€2,888
down €2,888 (-2.7%), from €108,546 to €105,658
- Gross operating margin -€2,283
down €2,283 (-3.0%), from €74,972 to €72,689
- Depreciation -€894
down €894 (-19.6%), from €4,566 to €3,672
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 | €20,898 | €15,264 | -€5,634 | -27.0% |
| Fixed assets | 21/28 | €12,541 | €8,869 | -€3,672 | -29.3% |
| Tangible fixed assets | 22/27 | €12,366 | €8,693 | -€3,672 | -29.7% |
| Furniture and vehicles | 24 | €4,069 | €1,766 | -€2,303 | -56.6% |
| Other tangible fixed assets | 26 | €8,297 | €6,928 | -€1,369 | -16.5% |
| Financial fixed assets | 28 | €176 | €176 | = | 0.0% |
| Current assets | 29/58 | €8,356 | €6,395 | -€1,962 | -23.5% |
| Stocks and contracts in progress | 3 | €1,850 | €786 | -€1,064 | -57.5% |
| Stocks | 30/36 | €1,850 | €786 | -€1,064 | -57.5% |
| Amounts receivable within one year | 40/41 | €1,868 | €2,277 | +€409 | +21.9% |
| Trade receivables | 40 | €1,868 | €2,277 | +€409 | +21.9% |
| Cash at bank and in hand | 54/58 | €4,638 | €3,332 | -€1,306 | -28.2% |
| Total equity and liabilities | 10/49 | €20,898 | €15,264 | -€5,634 | -27.0% |
| Equity | 10/15 | -€190,762 | -€237,205 | -€46,443 | -24.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€198,822 | -€245,265 | -€46,443 | -23.4% |
| Amounts payable | 17/49 | €211,660 | €252,469 | +€40,809 | +19.3% |
| Amounts payable within one year | 42/48 | €211,660 | €252,469 | +€40,809 | +19.3% |
| Trade debts | 44 | €51,602 | €38,408 | -€13,195 | -25.6% |
| Suppliers | 440/4 | €51,602 | €38,408 | -€13,195 | -25.6% |
| Taxes, remuneration and social security | 45 | €15,279 | €22,080 | +€6,802 | +44.5% |
| Taxes | 450/3 | €12,955 | €13,330 | +€375 | +2.9% |
| Remuneration and social security | 454/9 | €2,324 | €8,750 | +€6,426 | +276.5% |
| Other amounts payable | 47/48 | €144,779 | €191,981 | +€47,203 | +32.6% |
| Remuneration, social security and pensions | 62 | €108,546 | €105,658 | -€2,888 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,566 | €3,672 | -€894 | -19.6% |
| Other operating charges | 640/8 | €7,822 | €4,545 | -€3,277 | -41.9% |
| Gross operating margin | 9900 | €74,972 | €72,689 | -€2,283 | -3.0% |
| Operating profit (loss) | 9901 | -€45,962 | -€41,187 | +€4,775 | +10.4% |
| Financial charges | 65/66B | €1,822 | €5,257 | +€3,435 | +188.5% |
| Recurring financial charges | 65 | €1,822 | €5,257 | +€3,435 | +188.5% |
| Profit (loss) for the period before taxes | 9903 | -€47,784 | -€46,444 | +€1,340 | +2.8% |
| Income taxes | 67/77 | - | -€0 | -€0 | |
| Profit (loss) for the period | 9904 | -€47,784 | -€46,443 | +€1,341 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,784 | -€46,443 | +€1,341 | +2.8% |
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 8 October 2026 via checked.be.