MALDINI: 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.
MALDINI
Largest movements
- Current investments -€50,000
down €50,000 (-17.4%), from €288,102 to €238,102
- Receivables within one year -€21,006
down €21,006 (-93.8%), from €22,391 to €1,385
of which Other amounts receivable: -€21,628
- Reserves -€46,268
down €46,268 (-13.0%), from €354,770 to €308,501
of which Distributable reserves: -€46,268
- Advances received -€18,500
down €18,500 (-100.0%), from €18,500 to €0
- Financial income +€28,780
up €28,780 (+315.4%), from €9,126 to €37,907
- Gross operating margin +€11,353
up €11,353 (+35.5%), from -€32,009 to -€20,656
- Financial charges -€4,845
down €4,845 (-97.6%), from €4,962 to €117
- Other operating charges +€2,103
up €2,103 (+168.3%), from €1,249 to €3,352
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 | €917,174 | €856,312 | -€60,862 | -6.6% |
| Fixed assets | 21/28 | €57,197 | €52,442 | -€4,755 | -8.3% |
| Tangible fixed assets | 22/27 | €9,687 | €4,932 | -€4,755 | -49.1% |
| Furniture and vehicles | 24 | €6,434 | €2,056 | -€4,378 | -68.0% |
| Other tangible fixed assets | 26 | €3,253 | €2,876 | -€377 | -11.6% |
| Financial fixed assets | 28 | €47,510 | €47,510 | = | 0.0% |
| Current assets | 29/58 | €859,976 | €803,869 | -€56,107 | -6.5% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,391 | €1,385 | -€21,006 | -93.8% |
| Trade receivables | 40 | €255 | €878 | +€622 | +243.8% |
| Other amounts receivable | 41 | €22,136 | €508 | -€21,628 | -97.7% |
| Current investments | 50/53 | €288,102 | €238,102 | -€50,000 | -17.4% |
| Cash at bank and in hand | 54/58 | €29,684 | €35,582 | +€5,898 | +19.9% |
| Deferred charges and accrued income | 490/1 | €19,800 | €28,800 | +€9,000 | +45.5% |
| Total equity and liabilities | 10/49 | €917,174 | €856,312 | -€60,862 | -6.6% |
| Equity | 10/15 | €875,330 | €837,906 | -€37,425 | -4.3% |
| Contributions | 10/11 | €471,779 | €471,779 | = | 0.0% |
| Reserves | 13 | €354,770 | €308,501 | -€46,268 | -13.0% |
| Non-distributable reserves | 130/1 | €48,458 | €48,458 | = | 0.0% |
| Reserves not available under the articles | 1311 | €48,458 | €48,458 | = | 0.0% |
| Distributable reserves | 133 | €306,312 | €260,043 | -€46,268 | -15.1% |
| Profit (loss) carried forward | 14 | €48,782 | €57,625 | +€8,844 | +18.1% |
| Amounts payable | 17/49 | €41,843 | €18,406 | -€23,438 | -56.0% |
| Amounts payable within one year | 42/48 | €41,843 | €18,406 | -€23,438 | -56.0% |
| Trade debts | 44 | €3,009 | €2,428 | -€580 | -19.3% |
| Suppliers | 440/4 | €3,009 | €2,428 | -€580 | -19.3% |
| Advances received on contracts in progress | 46 | €18,500 | €0 | -€18,500 | -100.0% |
| Taxes, remuneration and social security | 45 | €7,040 | €183 | -€6,857 | -97.4% |
| Taxes | 450/3 | €7,040 | €183 | -€6,857 | -97.4% |
| Other amounts payable | 47/48 | €13,295 | €15,795 | +€2,500 | +18.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,755 | €4,755 | = | 0.0% |
| Other operating charges | 640/8 | €1,249 | €3,352 | +€2,103 | +168.3% |
| Gross operating margin | 9900 | -€32,009 | -€20,656 | +€11,353 | +35.5% |
| Operating profit (loss) | 9901 | -€38,013 | -€28,763 | +€9,250 | +24.3% |
| Financial income | 75/76B | €9,126 | €37,907 | +€28,780 | +315.4% |
| Recurring financial income | 75 | €9,126 | €37,907 | +€28,780 | +315.4% |
| Financial charges | 65/66B | €4,962 | €117 | -€4,845 | -97.6% |
| Recurring financial charges | 65 | €4,962 | €117 | -€4,845 | -97.6% |
| Profit (loss) for the period before taxes | 9903 | -€33,849 | €9,027 | +€42,875 | |
| Income taxes | 67/77 | €140 | €183 | +€43 | +30.8% |
| Profit (loss) for the period | 9904 | -€33,988 | €8,844 | +€42,832 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,988 | €8,844 | +€42,832 |
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.