MALDEC: 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.
MALDEC
Largest movements
- Tangible fixed assets +€46,048
up €46,048 (+685.3%), from €6,719 to €52,767
of which Furniture and vehicles: +€48,128
- Receivables within one year +€8,452
up €8,452 (+77.5%), from €10,903 to €19,355
- Cash -€836
down €836 (-10.1%), from €8,269 to €7,433
mainly Investment in fixed assets (net) (-€52,251) and Receivables within one year (-€8,452)
- Debts after one year +€37,377
new in 2025: €37,377
- Current portion of long-term debt +€9,096
new in 2025: €9,096
- Trade debts +€4,511
up €4,511 (+69.8%), from €6,460 to €10,971
- Other debts -€4,257
down €4,257 (-7.4%), from €57,698 to €53,441
- Tax, wage and social debts +€4,054
up €4,054 (+80.9%), from €5,009 to €9,064
of which Remuneration and social security: +€3,376
- Staff costs +€29,636
up €29,636 (+405.1%), from €7,315 to €36,951
- Gross operating margin +€20,233
up €20,233 (+58.5%), from €34,558 to €54,791
- Depreciation +€3,839
up €3,839 (+162.4%), from €2,364 to €6,203
- Other operating charges +€3,610
up €3,610 (+148.8%), from €2,427 to €6,037
- Financial charges +€919
up €919 (+101.3%), from €907 to €1,826
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 | €28,341 | €82,672 | +€54,331 | +191.7% |
| Fixed assets | 21/28 | €7,769 | €53,817 | +€46,048 | +592.7% |
| Tangible fixed assets | 22/27 | €6,719 | €52,767 | +€46,048 | +685.3% |
| Land and buildings | 22 | €6,564 | €4,484 | -€2,080 | -31.7% |
| Furniture and vehicles | 24 | €155 | €48,283 | +€48,128 | +31042.4% |
| Leasing and similar rights | 25 | €0 | - | -€0 | |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €20,572 | €28,855 | +€8,283 | +40.3% |
| Stocks and contracts in progress | 3 | €1,400 | €1,400 | = | 0.0% |
| Stocks | 30/36 | €1,400 | €1,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,903 | €19,355 | +€8,452 | +77.5% |
| Trade receivables | 40 | €10,903 | €19,355 | +€8,452 | +77.5% |
| Cash at bank and in hand | 54/58 | €8,269 | €7,433 | -€836 | -10.1% |
| Deferred charges and accrued income | 490/1 | - | €667 | +€667 | |
| Total equity and liabilities | 10/49 | €28,341 | €82,672 | +€54,331 | +191.7% |
| Equity | 10/15 | -€40,827 | -€37,277 | +€3,550 | +8.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,027 | -€43,477 | +€3,550 | +7.5% |
| Amounts payable | 17/49 | €69,168 | €119,949 | +€50,781 | +73.4% |
| Amounts payable after more than one year | 17 | - | €37,377 | +€37,377 | |
| Financial debts | 170/4 | - | €37,377 | +€37,377 | |
| Amounts payable within one year | 42/48 | €69,168 | €82,572 | +€13,404 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | - | €9,096 | +€9,096 | |
| Trade debts | 44 | €6,460 | €10,971 | +€4,511 | +69.8% |
| Suppliers | 440/4 | €6,460 | €10,971 | +€4,511 | +69.8% |
| Taxes, remuneration and social security | 45 | €5,009 | €9,064 | +€4,054 | +80.9% |
| Taxes | 450/3 | €3,903 | €4,581 | +€678 | +17.4% |
| Remuneration and social security | 454/9 | €1,106 | €4,483 | +€3,376 | +305.2% |
| Other amounts payable | 47/48 | €57,698 | €53,441 | -€4,257 | -7.4% |
| Non-recurring operating income | 76A | - | €9,917 | +€9,917 | |
| Remuneration, social security and pensions | 62 | €7,315 | €36,951 | +€29,636 | +405.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,364 | €6,203 | +€3,839 | +162.4% |
| Other operating charges | 640/8 | €2,427 | €6,037 | +€3,610 | +148.8% |
| Gross operating margin | 9900 | €34,558 | €54,791 | +€20,233 | +58.5% |
| Operating profit (loss) | 9901 | €22,452 | €5,600 | -€16,852 | -75.1% |
| Financial income | 75/76B | €123 | €4 | -€119 | -96.8% |
| Recurring financial income | 75 | €123 | €4 | -€119 | -96.8% |
| Financial charges | 65/66B | €907 | €1,826 | +€919 | +101.3% |
| Recurring financial charges | 65 | €907 | €1,826 | +€919 | +101.3% |
| Profit (loss) for the period before taxes | 9903 | €21,667 | €3,778 | -€17,890 | -82.6% |
| Income taxes | 67/77 | €439 | €228 | -€211 | -48.1% |
| Profit (loss) for the period | 9904 | €21,229 | €3,550 | -€17,679 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,229 | €3,550 | -€17,679 | -83.3% |
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 8 October 2026 via checked.be.