MALAUDENT: 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.
MALAUDENT
Largest movements
- Receivables within one year -€161,566
down €161,566 (-98.1%), from €164,773 to €3,207
of which Other amounts receivable: -€105,171
- Cash +€81,446
up €81,446 (+46.0%), from €177,182 to €258,628
mainly Receivables within one year (+€161,566) and Investment in fixed assets (net) (+€45,912)
- Tangible fixed assets -€46,697
down €46,697 (-95.7%), from €48,798 to €2,102
of which Other tangible fixed assets: -€45,873
- Reserves -€60,000
down €60,000 (-22.6%), from €265,500 to €205,500
- Tax, wage and social debts -€38,172
down €38,172 (-92.7%), from €41,172 to €3,000
of which Taxes: -€28,202
- Trade debts -€24,875
down €24,875 (-89.3%), from €27,869 to €2,995
- Gross operating margin -€148,031
down €148,031 (-87.8%), from €168,644 to €20,614
- Staff costs -€36,220
down €36,220 (-99.1%), from €36,537 to €317
- Taxes -€30,433
down €30,433 (-83.4%), from €36,502 to €6,069
- Depreciation -€5,843
down €5,843 (-87.6%), from €6,667 to €824
- Financial charges -€3,328
down €3,328 (-89.0%), from €3,739 to €411
of which Financial charges: -€2,080
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 | €393,692 | €267,100 | -€126,592 | -32.2% |
| Fixed assets | 21/28 | €48,837 | €2,102 | -€46,736 | -95.7% |
| Tangible fixed assets | 22/27 | €48,798 | €2,102 | -€46,697 | -95.7% |
| Plant, machinery and equipment | 23 | €1,215 | €741 | -€474 | -39.0% |
| Furniture and vehicles | 24 | €1,711 | €1,361 | -€350 | -20.4% |
| Other tangible fixed assets | 26 | €45,873 | - | -€45,873 | |
| Financial fixed assets | 28 | €39 | - | -€39 | |
| Current assets | 29/58 | €344,855 | €264,998 | -€79,856 | -23.2% |
| Amounts receivable within one year | 40/41 | €164,773 | €3,207 | -€161,566 | -98.1% |
| Trade receivables | 40 | €57,174 | €779 | -€56,395 | -98.6% |
| Other amounts receivable | 41 | €107,599 | €2,428 | -€105,171 | -97.7% |
| Cash at bank and in hand | 54/58 | €177,182 | €258,628 | +€81,446 | +46.0% |
| Deferred charges and accrued income | 490/1 | €2,900 | €3,163 | +€263 | +9.1% |
| Total equity and liabilities | 10/49 | €393,692 | €267,100 | -€126,592 | -32.2% |
| Equity | 10/15 | €298,135 | €239,036 | -€59,099 | -19.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €265,500 | €205,500 | -€60,000 | -22.6% |
| Distributable reserves | 133 | €265,500 | €205,500 | -€60,000 | -22.6% |
| Profit (loss) carried forward | 14 | €20,135 | €21,036 | +€901 | +4.5% |
| Amounts payable | 17/49 | €95,557 | €28,064 | -€67,493 | -70.6% |
| Amounts payable within one year | 42/48 | €92,082 | €28,064 | -€64,018 | -69.5% |
| Current portion of amounts payable after more than one year | 42 | €3,041 | - | -€3,041 | |
| Trade debts | 44 | €27,869 | €2,995 | -€24,875 | -89.3% |
| Suppliers | 440/4 | €27,869 | €2,995 | -€24,875 | -89.3% |
| Taxes, remuneration and social security | 45 | €41,172 | €3,000 | -€38,172 | -92.7% |
| Taxes | 450/3 | €31,202 | €3,000 | -€28,202 | -90.4% |
| Remuneration and social security | 454/9 | €9,970 | - | -€9,970 | |
| Other amounts payable | 47/48 | €20,000 | €22,069 | +€2,069 | +10.3% |
| Accrued charges and deferred income | 492/3 | €3,475 | - | -€3,475 | |
| Non-recurring operating income | 76A | €83,466 | €7,338 | -€76,128 | -91.2% |
| Remuneration, social security and pensions | 62 | €36,537 | €317 | -€36,220 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,667 | €824 | -€5,843 | -87.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €223 | - | -€223 | |
| Other operating charges | 640/8 | €1,040 | €769 | -€272 | -26.1% |
| Non-recurring operating charges | 66A | €699 | €1,323 | +€624 | +89.3% |
| Gross operating margin | 9900 | €168,644 | €20,614 | -€148,031 | -87.8% |
| Operating profit (loss) | 9901 | €123,480 | €17,381 | -€106,098 | -85.9% |
| Financial income | 75/76B | €280 | - | -€280 | |
| Recurring financial income | 75 | €280 | - | -€280 | |
| Financial charges | 65/66B | €3,739 | €411 | -€3,328 | -89.0% |
| Recurring financial charges | 65 | €2,490 | €411 | -€2,080 | -83.5% |
| Non-recurring financial charges | 66B | €1,248 | - | -€1,248 | |
| Profit (loss) for the period before taxes | 9903 | €120,021 | €16,971 | -€103,050 | -85.9% |
| Income taxes | 67/77 | €36,502 | €6,069 | -€30,433 | -83.4% |
| Profit (loss) for the period | 9904 | €83,519 | €10,901 | -€72,618 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €83,519 | €10,901 | -€72,618 | -86.9% |
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 6 October 2026 via checked.be.