MALAMA: 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.
MALAMA
Largest movements
- Cash -€70,013
down €70,013 (-60.6%), from €115,532 to €45,519
mainly Investment in fixed assets (net) (-€53,153) and Trade debts (-€45,685)
- Receivables within one year -€26,806
down €26,806 (-38.7%), from €69,245 to €42,439
of which Other amounts receivable: -€13,876
- Trade debts -€45,685
down €45,685 (-93.3%), from €48,961 to €3,276
- Depreciation +€12,999
up €12,999 (+43.4%), from €29,957 to €42,955
- Financial income -€10,270
down €10,270 (-39.5%), from €25,979 to €15,709
- Other operating charges +€3,097
up €3,097 (+93.3%), from €3,319 to €6,416
- Gross operating margin -€3,075
down €3,075 (-24.0%), from €12,813 to €9,738
- Financial charges +€767
up €767 (+46.1%), from €1,663 to €2,430
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 | €1,613,231 | €1,523,251 | -€89,981 | -5.6% |
| Fixed assets | 21/28 | €859,917 | €870,115 | +€10,198 | +1.2% |
| Tangible fixed assets | 22/27 | €859,318 | €869,011 | +€9,693 | +1.1% |
| Land and buildings | 22 | €858,189 | €868,536 | +€10,347 | +1.2% |
| Plant, machinery and equipment | 23 | €120 | €0 | -€120 | -100.0% |
| Furniture and vehicles | 24 | €1,009 | €475 | -€534 | -52.9% |
| Financial fixed assets | 28 | €599 | €1,104 | +€505 | +84.3% |
| Current assets | 29/58 | €753,314 | €653,136 | -€100,178 | -13.3% |
| Amounts receivable within one year | 40/41 | €69,245 | €42,439 | -€26,806 | -38.7% |
| Trade receivables | 40 | €12,930 | €0 | -€12,930 | -100.0% |
| Other amounts receivable | 41 | €56,315 | €42,439 | -€13,876 | -24.6% |
| Current investments | 50/53 | €558,069 | €560,608 | +€2,539 | +0.5% |
| Cash at bank and in hand | 54/58 | €115,532 | €45,519 | -€70,013 | -60.6% |
| Deferred charges and accrued income | 490/1 | €10,469 | €4,571 | -€5,899 | -56.3% |
| Total equity and liabilities | 10/49 | €1,613,231 | €1,523,251 | -€89,981 | -5.6% |
| Equity | 10/15 | €1,259,828 | €1,237,755 | -€22,073 | -1.8% |
| Contributions | 10/11 | €1,328,150 | €1,328,150 | = | 0.0% |
| Reserves | 13 | €937,122 | €923,262 | -€13,860 | -1.5% |
| Non-distributable reserves | 130/1 | €6,580 | €6,580 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,580 | €6,580 | = | 0.0% |
| Tax-exempt reserves | 132 | €775,683 | €761,823 | -€13,860 | -1.8% |
| Distributable reserves | 133 | €154,859 | €154,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,005,443 | -€1,013,657 | -€8,214 | -0.8% |
| Provisions and deferred taxes | 16 | €245,567 | €240,947 | -€4,620 | -1.9% |
| Deferred taxes | 168 | €245,567 | €240,947 | -€4,620 | -1.9% |
| Amounts payable | 17/49 | €107,836 | €44,549 | -€63,287 | -58.7% |
| Amounts payable within one year | 42/48 | €80,663 | €17,311 | -€63,352 | -78.5% |
| Trade debts | 44 | €48,961 | €3,276 | -€45,685 | -93.3% |
| Suppliers | 440/4 | €48,961 | €3,276 | -€45,685 | -93.3% |
| Taxes, remuneration and social security | 45 | €7,317 | €151 | -€7,166 | -97.9% |
| Taxes | 450/3 | €7,317 | €151 | -€7,166 | -97.9% |
| Other amounts payable | 47/48 | €24,386 | €13,885 | -€10,501 | -43.1% |
| Accrued charges and deferred income | 492/3 | €27,173 | €27,238 | +€65 | +0.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,957 | €42,955 | +€12,999 | +43.4% |
| Other operating charges | 640/8 | €3,319 | €6,416 | +€3,097 | +93.3% |
| Non-recurring operating charges | 66A | - | €120 | +€120 | |
| Gross operating margin | 9900 | €12,813 | €9,738 | -€3,075 | -24.0% |
| Operating profit (loss) | 9901 | -€20,462 | -€39,753 | -€19,290 | -94.3% |
| Financial income | 75/76B | €25,979 | €15,709 | -€10,270 | -39.5% |
| Recurring financial income | 75 | €25,979 | €15,709 | -€10,270 | -39.5% |
| Financial charges | 65/66B | €1,663 | €2,430 | +€767 | +46.1% |
| Recurring financial charges | 65 | €1,663 | €2,430 | +€767 | +46.1% |
| Profit (loss) for the period before taxes | 9903 | €3,853 | -€26,474 | -€30,327 | |
| Transfer from deferred taxes | 780 | €1,948 | €4,620 | +€2,672 | +137.2% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €211 | €219 | +€8 | +3.8% |
| Profit (loss) for the period | 9904 | €5,589 | -€22,073 | -€27,663 | |
| Transfer from tax-exempt reserves | 789 | €5,843 | €13,860 | +€8,017 | +137.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €11,432 | -€8,214 | -€19,646 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.