MALBAG: 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.
MALBAG
Largest movements
- Stocks and contracts +€79,500
up €79,500 (+15.0%), from €529,500 to €609,000
- Tangible fixed assets +€52,774
up €52,774 (+10.0%), from €529,013 to €581,787
of which Plant, machinery and equipment: +€54,926
- Receivables within one year +€18,605
up €18,605 (+12.2%), from €152,099 to €170,704
of which Other amounts receivable: +€22,694
- Trade debts +€141,446
up €141,446 (+89.0%), from €158,842 to €300,288
- Other debts +€16,604
up €16,604 (+4.3%), from €383,398 to €400,002
- Other operating charges -€13,594
down €13,594 (-90.1%), from €15,096 to €1,502
- Depreciation +€10,599
up €10,599 (+54.9%), from €19,320 to €29,919
- Gross operating margin -€3,564
down €3,564 (-9.4%), from €38,082 to €34,518
- Financial charges -€734
down €734 (-20.2%), from €3,625 to €2,892
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 | €1,212,479 | €1,363,025 | +€150,546 | +12.4% |
| Fixed assets | 21/28 | €529,013 | €581,787 | +€52,774 | +10.0% |
| Tangible fixed assets | 22/27 | €529,013 | €581,787 | +€52,774 | +10.0% |
| Land and buildings | 22 | €437,997 | €435,845 | -€2,152 | -0.5% |
| Plant, machinery and equipment | 23 | €91,016 | €145,942 | +€54,926 | +60.3% |
| Current assets | 29/58 | €683,466 | €781,238 | +€97,772 | +14.3% |
| Stocks and contracts in progress | 3 | €529,500 | €609,000 | +€79,500 | +15.0% |
| Stocks | 30/36 | €529,500 | €609,000 | +€79,500 | +15.0% |
| Amounts receivable within one year | 40/41 | €152,099 | €170,704 | +€18,605 | +12.2% |
| Trade receivables | 40 | €33,685 | €29,596 | -€4,089 | -12.1% |
| Other amounts receivable | 41 | €118,415 | €141,108 | +€22,694 | +19.2% |
| Cash at bank and in hand | 54/58 | €1,163 | €1,534 | +€371 | +31.9% |
| Deferred charges and accrued income | 490/1 | €703 | - | -€703 | |
| Total equity and liabilities | 10/49 | €1,212,479 | €1,363,025 | +€150,546 | +12.4% |
| Equity | 10/15 | €662,457 | €662,734 | +€278 | 0.0% |
| Contributions | 10/11 | €663,693 | €663,693 | = | 0.0% |
| Reserves | 13 | €14,014 | €14,014 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,014 | €14,014 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,014 | €14,014 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,251 | -€14,973 | +€278 | +1.8% |
| Amounts payable | 17/49 | €550,022 | €700,290 | +€150,268 | +27.3% |
| Amounts payable within one year | 42/48 | €550,022 | €700,290 | +€150,268 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €7,782 | - | -€7,782 | |
| Trade debts | 44 | €158,842 | €300,288 | +€141,446 | +89.0% |
| Suppliers | 440/4 | €158,842 | €300,288 | +€141,446 | +89.0% |
| Other amounts payable | 47/48 | €383,398 | €400,002 | +€16,604 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,320 | €29,919 | +€10,599 | +54.9% |
| Other operating charges | 640/8 | €15,096 | €1,502 | -€13,594 | -90.1% |
| Gross operating margin | 9900 | €38,082 | €34,518 | -€3,564 | -9.4% |
| Operating profit (loss) | 9901 | €3,667 | €3,098 | -€570 | -15.5% |
| Financial income | 75/76B | €1 | €72 | +€71 | +11665.6% |
| Recurring financial income | 75 | €1 | €72 | +€71 | +11665.6% |
| Financial charges | 65/66B | €3,625 | €2,892 | -€734 | -20.2% |
| Recurring financial charges | 65 | €3,625 | €2,892 | -€734 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €43 | €278 | +€235 | +551.6% |
| Profit (loss) for the period | 9904 | €43 | €278 | +€235 | +551.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43 | €278 | +€235 | +551.6% |
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 1 October 2026 via checked.be.