MALAUME: 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.
MALAUME
Largest movements
- Current investments +€943,004
up €943,004 (+14.9%), from €6.3m to €7.3m
- Receivables within one year -€485,977
down €485,977 (-100.0%), from €485,977 to €0
of which Other amounts receivable: -€404,621
- Receivables after one year +€404,621
new in 2025: €404,621
- Cash +€199,684
up €199,684 (+182.4%), from €109,481 to €309,165
mainly Net result for the year (+€1.3m) and Receivables within one year (+€485,977)
- Profit (loss) carried forward +€1.3m
up €1.3m (+36.0%), from €3.7m to €5.1m
- Debts after one year -€305,619
down €305,619 (-15.9%), from €1.9m to €1.6m
- Financial income +€238,355
up €238,355 (+20.5%), from €1.2m to €1.4m
- Gross operating margin +€2,893
up €2,893 (+8.7%), from €33,147 to €36,040
- Depreciation -€2,065
down €2,065 (-2.7%), from €75,623 to €73,559
- Taxes -€1,581
down €1,581 (-32.7%), from €4,831 to €3,250
- Other operating charges +€1,456
up €1,456 (+11.5%), from €12,612 to €14,069
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 | €11,355,294 | €12,392,050 | +€1.0m | +9.1% |
| Fixed assets | 21/28 | €4,447,588 | €4,423,012 | -€24,576 | -0.6% |
| Tangible fixed assets | 22/27 | €1,816,888 | €1,792,312 | -€24,576 | -1.4% |
| Land and buildings | 22 | €1,350,277 | €1,561,356 | +€211,078 | +15.6% |
| Plant, machinery and equipment | 23 | €237,768 | €7,170 | -€230,598 | -97.0% |
| Furniture and vehicles | 24 | €228,843 | €33,312 | -€195,530 | -85.4% |
| Other tangible fixed assets | 26 | - | €190,474 | +€190,474 | |
| Financial fixed assets | 28 | €2,630,700 | €2,630,700 | = | 0.0% |
| Current assets | 29/58 | €6,907,706 | €7,969,039 | +€1.1m | +15.4% |
| Amounts receivable after more than one year | 29 | - | €404,621 | +€404,621 | |
| Other amounts receivable | 291 | - | €404,621 | +€404,621 | |
| Amounts receivable within one year | 40/41 | €485,977 | €0 | -€485,977 | -100.0% |
| Trade receivables | 40 | €81,356 | €0 | -€81,356 | -100.0% |
| Other amounts receivable | 41 | €404,621 | €0 | -€404,621 | -100.0% |
| Current investments | 50/53 | €6,312,248 | €7,255,253 | +€943,004 | +14.9% |
| Cash at bank and in hand | 54/58 | €109,481 | €309,165 | +€199,684 | +182.4% |
| Total equity and liabilities | 10/49 | €11,355,294 | €12,392,050 | +€1.0m | +9.1% |
| Equity | 10/15 | €9,429,172 | €10,771,547 | +€1.3m | +14.2% |
| Contributions | 10/11 | €2,250,000 | €2,250,000 | = | 0.0% |
| Outside capital | 11 | €2,250,000 | - | -€2.3m | |
| Share premium | 1100/10 | €2,250,000 | - | -€2.3m | |
| Reserves | 13 | €3,446,261 | €3,446,261 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,831,261 | €2,606,261 | -€225,000 | -7.9% |
| Reserves not available under the articles | 1311 | €225,000 | €0 | -€225,000 | -100.0% |
| Own shares acquired | 1312 | €2,606,261 | €2,606,261 | = | 0.0% |
| Distributable reserves | 133 | €615,000 | €840,000 | +€225,000 | +36.6% |
| Profit (loss) carried forward | 14 | €3,732,911 | €5,075,286 | +€1.3m | +36.0% |
| Amounts payable | 17/49 | €1,926,122 | €1,620,503 | -€305,619 | -15.9% |
| Amounts payable after more than one year | 17 | €1,926,122 | €1,620,503 | -€305,619 | -15.9% |
| Other amounts payable | 178/9 | €1,926,122 | €1,620,503 | -€305,619 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,623 | €73,559 | -€2,065 | -2.7% |
| Other operating charges | 640/8 | €12,612 | €14,069 | +€1,456 | +11.5% |
| Gross operating margin | 9900 | €33,147 | €36,040 | +€2,893 | +8.7% |
| Operating profit (loss) | 9901 | -€55,089 | -€51,588 | +€3,501 | +6.4% |
| Financial income | 75/76B | €1,161,319 | €1,399,674 | +€238,355 | +20.5% |
| Recurring financial income | 75 | €1,161,319 | €1,399,674 | +€238,355 | +20.5% |
| Financial charges | 65/66B | €3,596 | €2,462 | -€1,134 | -31.5% |
| Recurring financial charges | 65 | €3,596 | €2,462 | -€1,134 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €1,102,634 | €1,345,624 | +€242,990 | +22.0% |
| Income taxes | 67/77 | €4,831 | €3,250 | -€1,581 | -32.7% |
| Profit (loss) for the period | 9904 | €1,097,803 | €1,342,375 | +€244,572 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,097,803 | €1,342,375 | +€244,572 | +22.3% |
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 7 October 2026 via checked.be.