MALDOFISK: 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.
MALDOFISK
Largest movements
- Cash -€383,433
down €383,433 (-74.2%), from €516,492 to €133,059
mainly Investment in fixed assets (net) (-€401,512) and Current investments (-€351,670)
- Current investments +€351,670
up €351,670 (+100.6%), from €349,508 to €701,178
- Tangible fixed assets +€341,142
up €341,142 (+100.6%), from €339,234 to €680,376
of which Land and buildings: +€338,870
- Receivables within one year -€37,965
down €37,965 (-9.6%), from €395,060 to €357,095
of which Trade receivables: -€48,875
- Debts after one year +€185,773
up €185,773 (+87.4%), from €212,573 to €398,346
- Current portion of long-term debt +€77,379
up €77,379 (+447.7%), from €17,282 to €94,661
- Trade debts -€38,701
down €38,701 (-81.9%), from €47,235 to €8,534
- Reserves +€25,385
up €25,385 (+2.0%), from €1.3m to €1.3m
- Other debts +€22,255
up €22,255 (+56.2%), from €39,619 to €61,874
- Depreciation +€47,846
up €47,846 (+382.0%), from €12,525 to €60,370
- Taxes -€23,898
down €23,898 (-67.5%), from €35,415 to €11,517
- Gross operating margin -€19,282
down €19,282 (-14.4%), from €134,344 to €115,062
- Financial charges +€7,811
up €7,811 (+65.2%), from €11,973 to €19,784
- Other operating charges +€6,650
up €6,650 (+72.1%), from €9,225 to €15,875
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 | €1,618,601 | €1,886,692 | +€268,091 | +16.6% |
| Fixed assets | 21/28 | €339,234 | €680,376 | +€341,142 | +100.6% |
| Tangible fixed assets | 22/27 | €339,234 | €680,376 | +€341,142 | +100.6% |
| Land and buildings | 22 | €337,265 | €676,135 | +€338,870 | +100.5% |
| Plant, machinery and equipment | 23 | €1,969 | €1,316 | -€653 | -33.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | - | €2,925 | +€2,925 | |
| Current assets | 29/58 | €1,279,367 | €1,206,317 | -€73,050 | -5.7% |
| Amounts receivable within one year | 40/41 | €395,060 | €357,095 | -€37,965 | -9.6% |
| Trade receivables | 40 | €80,060 | €31,185 | -€48,875 | -61.0% |
| Other amounts receivable | 41 | €315,000 | €325,910 | +€10,910 | +3.5% |
| Current investments | 50/53 | €349,508 | €701,178 | +€351,670 | +100.6% |
| Cash at bank and in hand | 54/58 | €516,492 | €133,059 | -€383,433 | -74.2% |
| Deferred charges and accrued income | 490/1 | €18,307 | €14,984 | -€3,323 | -18.1% |
| Total equity and liabilities | 10/49 | €1,618,601 | €1,886,692 | +€268,091 | +16.6% |
| Equity | 10/15 | €1,281,303 | €1,306,688 | +€25,385 | +2.0% |
| Reserves | 13 | €1,281,303 | €1,306,688 | +€25,385 | +2.0% |
| Distributable reserves | 133 | €1,281,303 | €1,306,688 | +€25,385 | +2.0% |
| Amounts payable | 17/49 | €337,298 | €580,004 | +€242,706 | +72.0% |
| Amounts payable after more than one year | 17 | €212,573 | €398,346 | +€185,773 | +87.4% |
| Financial debts | 170/4 | €212,573 | €398,346 | +€185,773 | +87.4% |
| Amounts payable within one year | 42/48 | €122,132 | €178,372 | +€56,240 | +46.0% |
| Current portion of amounts payable after more than one year | 42 | €17,282 | €94,661 | +€77,379 | +447.7% |
| Trade debts | 44 | €47,235 | €8,534 | -€38,701 | -81.9% |
| Suppliers | 440/4 | €47,235 | €8,534 | -€38,701 | -81.9% |
| Taxes, remuneration and social security | 45 | €17,996 | €13,303 | -€4,693 | -26.1% |
| Taxes | 450/3 | €17,996 | €10,740 | -€7,256 | -40.3% |
| Remuneration and social security | 454/9 | €0 | €2,563 | +€2,563 | |
| Other amounts payable | 47/48 | €39,619 | €61,874 | +€22,255 | +56.2% |
| Accrued charges and deferred income | 492/3 | €2,593 | €3,286 | +€693 | +26.7% |
| Non-recurring operating income | 76A | €20,729 | €45 | -€20,684 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,525 | €60,370 | +€47,846 | +382.0% |
| Other operating charges | 640/8 | €9,225 | €15,875 | +€6,650 | +72.1% |
| Gross operating margin | 9900 | €134,344 | €115,062 | -€19,282 | -14.4% |
| Operating profit (loss) | 9901 | €112,594 | €38,816 | -€73,778 | -65.5% |
| Financial income | 75/76B | €21,893 | €17,870 | -€4,023 | -18.4% |
| Recurring financial income | 75 | €21,893 | €17,870 | -€4,023 | -18.4% |
| Financial charges | 65/66B | €11,973 | €19,784 | +€7,811 | +65.2% |
| Recurring financial charges | 65 | €11,973 | €19,784 | +€7,811 | +65.2% |
| Profit (loss) for the period before taxes | 9903 | €122,515 | €36,902 | -€85,613 | -69.9% |
| Income taxes | 67/77 | €35,415 | €11,517 | -€23,898 | -67.5% |
| Profit (loss) for the period | 9904 | €87,100 | €25,385 | -€61,714 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,100 | €25,385 | -€61,714 | -70.9% |
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.