MALBAG 2: 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 2
Largest movements
- Cash +€38,027
up €38,027 (+29.1%), from €130,647 to €168,674
mainly Depreciation (+€34,109) and Net result for the year (+€30,702)
- Receivables within one year -€11,967
down €11,967 (-72.9%), from €16,409 to €4,442
of which Other amounts receivable: -€7,079
- Profit (loss) carried forward +€30,702
up €30,702 (+38.4%), from -€79,932 to -€49,230
- Gross operating margin -€3,378
down €3,378 (-4.0%), from €85,295 to €81,916
- Other operating charges +€992
up €992 (+6.2%), from €15,908 to €16,900
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 | €737,008 | €768,658 | +€31,650 | +4.3% |
| Fixed assets | 21/28 | €589,953 | €595,543 | +€5,590 | +0.9% |
| Tangible fixed assets | 22/27 | €589,953 | €595,543 | +€5,590 | +0.9% |
| Land and buildings | 22 | €533,778 | €525,785 | -€7,994 | -1.5% |
| Plant, machinery and equipment | 23 | €42,835 | €61,859 | +€19,024 | +44.4% |
| Furniture and vehicles | 24 | €13,339 | €7,899 | -€5,440 | -40.8% |
| Current assets | 29/58 | €147,055 | €173,115 | +€26,060 | +17.7% |
| Amounts receivable within one year | 40/41 | €16,409 | €4,442 | -€11,967 | -72.9% |
| Trade receivables | 40 | €8,809 | €3,921 | -€4,888 | -55.5% |
| Other amounts receivable | 41 | €7,600 | €521 | -€7,079 | -93.1% |
| Cash at bank and in hand | 54/58 | €130,647 | €168,674 | +€38,027 | +29.1% |
| Total equity and liabilities | 10/49 | €737,008 | €768,658 | +€31,650 | +4.3% |
| Equity | 10/15 | €420,749 | €451,451 | +€30,702 | +7.3% |
| Contributions | 10/11 | €336,307 | €336,307 | = | 0.0% |
| Reserves | 13 | €164,374 | €164,374 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,101 | €7,101 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,101 | €7,101 | = | 0.0% |
| Distributable reserves | 133 | €157,273 | €157,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,932 | -€49,230 | +€30,702 | +38.4% |
| Amounts payable | 17/49 | €316,259 | €317,207 | +€948 | +0.3% |
| Amounts payable within one year | 42/48 | €316,259 | €317,207 | +€948 | +0.3% |
| Trade debts | 44 | €2,913 | €151 | -€2,762 | -94.8% |
| Suppliers | 440/4 | €2,913 | €151 | -€2,762 | -94.8% |
| Other amounts payable | 47/48 | €313,346 | €317,057 | +€3,710 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,724 | €34,109 | +€385 | +1.1% |
| Other operating charges | 640/8 | €15,908 | €16,900 | +€992 | +6.2% |
| Gross operating margin | 9900 | €85,295 | €81,916 | -€3,378 | -4.0% |
| Operating profit (loss) | 9901 | €35,663 | €30,907 | -€4,756 | -13.3% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €208 | €208 | +€0 | +0.1% |
| Recurring financial charges | 65 | €208 | €208 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €35,455 | €30,702 | -€4,753 | -13.4% |
| Profit (loss) for the period | 9904 | €35,455 | €30,702 | -€4,753 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,455 | €30,702 | -€4,753 | -13.4% |
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.