MALDEX: 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.
MALDEX
Largest movements
- Cash +€103,021
up €103,021 (+38.2%), from €269,510 to €372,531
mainly Net result for the year (+€180,983) and Depreciation (+€129,452)
- Stocks and contracts -€85,715
down €85,715 (-14.3%), from €600,128 to €514,412
- Receivables within one year -€73,908
down €73,908 (-7.5%), from €989,490 to €915,582
of which Trade receivables: -€51,712
- Tangible fixed assets -€34,248
down €34,248 (-4.2%), from €806,633 to €772,385
of which Land and buildings: -€56,754
- Trade debts -€60,542
down €60,542 (-23.3%), from €259,858 to €199,315
- Reserves +€47,588
up €47,588 (+2.5%), from €1.9m to €1.9m
of which Distributable reserves: +€47,588
- Other debts -€40,741
down €40,741 (-34.9%), from €116,805 to €76,064
- Debts after one year -€40,000
down €40,000 (-22.6%), from €176,667 to €136,667
- Gross operating margin -€103,866
down €103,866 (-5.1%), from €2.1m to €1.9m
- Staff costs -€99,761
down €99,761 (-5.9%), from €1.7m to €1.6m
- Write-downs +€29,294
up €29,294, from -€29,294 to €0
- Financial charges -€25,218
down €25,218 (-51.1%), from €49,369 to €24,150
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 | €2,671,056 | €2,579,423 | -€91,633 | -3.4% |
| Fixed assets | 21/28 | €806,633 | €772,385 | -€34,248 | -4.2% |
| Tangible fixed assets | 22/27 | €806,633 | €772,385 | -€34,248 | -4.2% |
| Land and buildings | 22 | €590,402 | €533,647 | -€56,754 | -9.6% |
| Plant, machinery and equipment | 23 | €61,259 | €53,437 | -€7,822 | -12.8% |
| Furniture and vehicles | 24 | €154,973 | €181,800 | +€26,828 | +17.3% |
| Other tangible fixed assets | 26 | - | €3,500 | +€3,500 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,864,423 | €1,807,038 | -€57,385 | -3.1% |
| Stocks and contracts in progress | 3 | €600,128 | €514,412 | -€85,715 | -14.3% |
| Stocks | 30/36 | €600,128 | €514,412 | -€85,715 | -14.3% |
| Amounts receivable within one year | 40/41 | €989,490 | €915,582 | -€73,908 | -7.5% |
| Trade receivables | 40 | €940,116 | €888,403 | -€51,712 | -5.5% |
| Other amounts receivable | 41 | €49,375 | €27,179 | -€22,196 | -45.0% |
| Cash at bank and in hand | 54/58 | €269,510 | €372,531 | +€103,021 | +38.2% |
| Deferred charges and accrued income | 490/1 | €5,295 | €4,512 | -€783 | -14.8% |
| Total equity and liabilities | 10/49 | €2,671,056 | €2,579,423 | -€91,633 | -3.4% |
| Equity | 10/15 | €1,954,813 | €2,002,401 | +€47,588 | +2.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,892,839 | €1,940,428 | +€47,588 | +2.5% |
| Non-distributable reserves | 130/1 | €65,422 | €65,422 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €59,225 | €59,225 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,055 | €3,055 | = | 0.0% |
| Distributable reserves | 133 | €1,824,362 | €1,871,951 | +€47,588 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €716,243 | €577,021 | -€139,222 | -19.4% |
| Amounts payable after more than one year | 17 | €176,667 | €136,667 | -€40,000 | -22.6% |
| Financial debts | 170/4 | €176,667 | €136,667 | -€40,000 | -22.6% |
| Amounts payable within one year | 42/48 | €539,576 | €440,355 | -€99,222 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €40,000 | €40,000 | = | 0.0% |
| Financial debts | 43 | €25,356 | €25,356 | = | 0.0% |
| Credit institutions | 430/8 | €25,356 | €25,356 | = | 0.0% |
| Trade debts | 44 | €259,858 | €199,315 | -€60,542 | -23.3% |
| Suppliers | 440/4 | €259,858 | €199,315 | -€60,542 | -23.3% |
| Taxes, remuneration and social security | 45 | €97,558 | €99,619 | +€2,062 | +2.1% |
| Taxes | 450/3 | €30,839 | €33,386 | +€2,547 | +8.3% |
| Remuneration and social security | 454/9 | €66,719 | €66,234 | -€485 | -0.7% |
| Other amounts payable | 47/48 | €116,805 | €76,064 | -€40,741 | -34.9% |
| Non-recurring operating income | 76A | €1,700 | €80 | -€1,620 | -95.3% |
| Remuneration, social security and pensions | 62 | €1,678,762 | €1,579,001 | -€99,761 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,808 | €129,452 | -€6,356 | -4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€29,294 | €0 | +€29,294 | |
| Other operating charges | 640/8 | €20,834 | €8,323 | -€12,511 | -60.0% |
| Gross operating margin | 9900 | €2,053,638 | €1,949,771 | -€103,866 | -5.1% |
| Operating profit (loss) | 9901 | €247,528 | €232,995 | -€14,532 | -5.9% |
| Financial income | 75/76B | €61,879 | €64,573 | +€2,694 | +4.4% |
| Recurring financial income | 75 | €61,879 | €64,573 | +€2,694 | +4.4% |
| Financial charges | 65/66B | €49,369 | €24,150 | -€25,218 | -51.1% |
| Recurring financial charges | 65 | €49,369 | €24,150 | -€25,218 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | €260,038 | €273,418 | +€13,379 | +5.1% |
| Income taxes | 67/77 | €85,779 | €92,435 | +€6,656 | +7.8% |
| Profit (loss) for the period | 9904 | €174,259 | €180,983 | +€6,723 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €174,259 | €180,983 | +€6,723 | +3.9% |
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 12 October 2026 via checked.be.