MALDEMA: what changed
Two financial 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.
MALDEMA
Largest movements
- Cash -€21,556
down €21,556 (-55.2%), from €39,038 to €17,482
mainly Net result for the year (-€60,705) and Receivables within one year (-€13,020)
- Receivables within one year +€13,020
new in 2025: €13,020
of which Trade receivables: +€11,027
- Stocks and contracts +€7,000
up €7,000 (+123%), from €5,682 to €12,682
- Tangible fixed assets +€5,318
up €5,318 (+108%), from €4,935 to €10,253
of which Other tangible fixed assets: +€5,422
- Intangible fixed assets -€4,000
down €4,000 (-21.1%), from €19,000 to €15,000
- Trade debts +€62,657
up €62,657 (+1,027%), from €6,102 to €68,760
- Profit (loss) carried forward -€60,705
down €60,705, from €10,659 to -€50,046
- Debts after one year -€6,108
down €6,108 (-92.2%), from €6,624 to €515
- Other debts +€1,571
up €1,571 (+15.7%), from €10,014 to €11,585
- Staff costs +€60,840
up €60,840 (+51.1%), from €119,070 to €179,910
- Financial income -€5,574
down €5,574 (-97.8%), from €5,701 to €127
- Financial charges -€2,348
down €2,348 (-38.7%), from €6,071 to €3,723
- Depreciation -€1,963
down €1,963 (-26.1%), from €7,527 to €5,564
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.
Derived cash bridge
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 | €70,737 | €68,466 | -€2,271 | -3.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €23,935 | €25,253 | +€1,318 | +5.5% |
| Intangible fixed assets | 21 | €19,000 | €15,000 | -€4,000 | -21.1% |
| Tangible fixed assets | 22/27 | €4,935 | €10,253 | +€5,318 | +108% |
| Plant, machinery and equipment | 23 | €4,935 | €4,831 | -€104 | -2.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €5,422 | +€5,422 | |
| Current assets | 29/58 | €46,802 | €43,213 | -€3,589 | -7.7% |
| Stocks and contracts in progress | 3 | €5,682 | €12,682 | +€7,000 | +123% |
| Stocks | 30/36 | €5,682 | €12,682 | +€7,000 | +123% |
| Amounts receivable within one year | 40/41 | - | €13,020 | +€13,020 | |
| Trade receivables | 40 | - | €11,027 | +€11,027 | |
| Other amounts receivable | 41 | - | €1,993 | +€1,993 | |
| Cash at bank and in hand | 54/58 | €39,038 | €17,482 | -€21,556 | -55.2% |
| Deferred charges and accrued income | 490/1 | €2,082 | €28 | -€2,055 | -98.7% |
| Total equity and liabilities | 10/49 | €70,737 | €68,466 | -€2,271 | -3.2% |
| Equity | 10/15 | €15,659 | -€45,046 | -€60,705 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,659 | -€50,046 | -€60,705 | |
| Amounts payable | 17/49 | €55,077 | €113,511 | +€58,434 | +106% |
| Amounts payable after more than one year | 17 | €6,624 | €515 | -€6,108 | -92.2% |
| Financial debts | 170/4 | €6,624 | €515 | -€6,108 | -92.2% |
| Amounts payable within one year | 42/48 | €48,453 | €112,996 | +€64,542 | +133% |
| Current portion of amounts payable after more than one year | 42 | €5,968 | €6,108 | +€140 | +2.4% |
| Trade debts | 44 | €6,102 | €68,760 | +€62,657 | +1,027% |
| Suppliers | 440/4 | €6,102 | €68,760 | +€62,657 | +1,027% |
| Taxes, remuneration and social security | 45 | €26,369 | €26,543 | +€173 | +0.7% |
| Taxes | 450/3 | €15,985 | €14,660 | -€1,325 | -8.3% |
| Remuneration and social security | 454/9 | €10,384 | €11,882 | +€1,499 | +14.4% |
| Other amounts payable | 47/48 | €10,014 | €11,585 | +€1,571 | +15.7% |
| Remuneration, social security and pensions | 62 | €119,070 | €179,910 | +€60,840 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,527 | €5,564 | -€1,963 | -26.1% |
| Other operating charges | 640/8 | €3,925 | €3,901 | -€24 | -0.6% |
| Gross operating margin | 9900 | €132,742 | €132,267 | -€475 | -0.4% |
| Operating profit (loss) | 9901 | €2,220 | -€57,109 | -€59,329 | |
| Financial income | 75/76B | €5,701 | €127 | -€5,574 | -97.8% |
| Recurring financial income | 75 | €5,701 | €127 | -€5,574 | -97.8% |
| Financial charges | 65/66B | €6,071 | €3,723 | -€2,348 | -38.7% |
| Recurring financial charges | 65 | €6,071 | €3,723 | -€2,348 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €1,850 | -€60,705 | -€62,555 | |
| Profit (loss) for the period | 9904 | €1,850 | -€60,705 | -€62,555 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,850 | -€60,705 | -€62,555 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.