MALAPACK: 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.
MALAPACK
Largest movements
- Cash -€1.3m
down €1.3m (-89.3%), from €1.4m to €149,314
mainly Current investments (-€1.2m) and Investment in fixed assets (net) (-€46,634)
- Current investments +€1.2m
up €1.2m (+114%), from €1.1m to €2.3m
- Tangible fixed assets +€33,226
up €33,226 (+209%), from €15,909 to €49,136
of which Furniture and vehicles: +€33,772
- Other debts +€61,466
up €61,466 (+23.8%), from €258,740 to €320,206
- Financial income -€2.2m
down €2.2m (-96.6%), from €2.2m to €75,377
- Financial charges +€46,751
up €46,751 (+383%), from €12,214 to €58,966
- Gross operating margin -€18,681
down €18,681 (-1,625%), from -€1,150 to -€19,831
- Depreciation +€12,862
up €12,862 (+2,356%), from €546 to €13,408
- Taxes +€2,230
new in 2025: €2,230
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 | €2,709,169 | €2,748,085 | +€38,915 | +1.4% |
| Fixed assets | 21/28 | €197,271 | €230,498 | +€33,226 | +16.8% |
| Tangible fixed assets | 22/27 | €15,909 | €49,136 | +€33,226 | +209% |
| Land and buildings | 22 | €15,909 | €15,363 | -€546 | -3.4% |
| Furniture and vehicles | 24 | - | €33,772 | +€33,772 | |
| Financial fixed assets | 28 | €181,362 | €181,362 | = | 0.0% |
| Current assets | 29/58 | €2,511,898 | €2,517,587 | +€5,689 | +0.2% |
| Amounts receivable within one year | 40/41 | €4,438 | €23,383 | +€18,945 | +427% |
| Other amounts receivable | 41 | €4,438 | €23,383 | +€18,945 | +427% |
| Current investments | 50/53 | €1,096,680 | €2,343,620 | +€1.2m | +114% |
| Cash at bank and in hand | 54/58 | €1,400,184 | €149,314 | -€1.3m | -89.3% |
| Deferred charges and accrued income | 490/1 | €10,596 | €1,271 | -€9,325 | -88.0% |
| Total equity and liabilities | 10/49 | €2,709,169 | €2,748,085 | +€38,915 | +1.4% |
| Equity | 10/15 | €2,447,251 | €2,427,479 | -€19,772 | -0.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €9,939 | €9,939 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,939 | €9,939 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,939 | €9,939 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,237,311 | €2,217,539 | -€19,772 | -0.9% |
| Amounts payable | 17/49 | €261,919 | €320,606 | +€58,687 | +22.4% |
| Amounts payable within one year | 42/48 | €258,740 | €320,606 | +€61,866 | +23.9% |
| Trade debts | 44 | - | €400 | +€400 | |
| Suppliers | 440/4 | - | €400 | +€400 | |
| Other amounts payable | 47/48 | €258,740 | €320,206 | +€61,466 | +23.8% |
| Accrued charges and deferred income | 492/3 | €3,179 | €0 | -€3,179 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €546 | €13,408 | +€12,862 | +2,356% |
| Gross operating margin | 9900 | -€1,150 | -€19,831 | -€18,681 | -1,625% |
| Operating profit (loss) | 9901 | -€1,696 | -€33,238 | -€31,543 | -1,860% |
| Financial income | 75/76B | €2,247,910 | €75,377 | -€2.2m | -96.6% |
| Recurring financial income | 75 | €2,247,910 | €75,377 | -€2.2m | -96.6% |
| Financial charges | 65/66B | €12,214 | €58,966 | +€46,751 | +383% |
| Recurring financial charges | 65 | €12,214 | €58,966 | +€46,751 | +383% |
| Profit (loss) for the period before taxes | 9903 | €2,234,000 | -€16,827 | -€2.3m | |
| Income taxes | 67/77 | - | €2,230 | +€2,230 | |
| Profit (loss) for the period | 9904 | €2,234,000 | -€19,057 | -€2.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,234,000 | -€19,057 | -€2.3m |
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 15 October 2026 via checked.be.