MALEA: 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.
MALEA
Largest movements
- Financial fixed assets +€2.7m
up €2.7m (+34.3%), from €7.9m to €10.5m
- Cash -€1.6m
down €1.6m (-65.0%), from €2.4m to €841,082
mainly Investment in fixed assets (net) (-€2.8m) and Current investments (-€145,774)
- Receivables within one year -€504,644
down €504,644 (-96.9%), from €520,879 to €16,235
of which Other amounts receivable: -€518,230
- Reserves +€830,000
up €830,000 (+4.1%), from €20.3m to €21.1m
- Financial income +€170,096
up €170,096 (+16.5%), from €1.0m to €1.2m
- Financial charges +€41,672
up €41,672 (+70.4%), from €59,231 to €100,903
- Gross operating margin +€15,328
up €15,328 (+30.3%), from -€50,663 to -€35,335
- Taxes +€10,527
up €10,527 (+14.6%), from €72,300 to €82,827
- Other operating charges +€2,215
up €2,215 (+25.1%), from €8,812 to €11,027
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 | €20,857,733 | €21,584,614 | +€726,882 | +3.5% |
| Fixed assets | 21/28 | €10,297,607 | €12,939,451 | +€2.6m | +25.7% |
| Tangible fixed assets | 22/27 | €2,443,813 | €2,393,239 | -€50,574 | -2.1% |
| Land and buildings | 22 | €1,426,535 | €1,399,462 | -€27,073 | -1.9% |
| Furniture and vehicles | 24 | €991,678 | €968,177 | -€23,500 | -2.4% |
| Other tangible fixed assets | 26 | €25,600 | €25,600 | = | 0.0% |
| Financial fixed assets | 28 | €7,853,794 | €10,546,211 | +€2.7m | +34.3% |
| Current assets | 29/58 | €10,560,126 | €8,645,164 | -€1.9m | -18.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €520,879 | €16,235 | -€504,644 | -96.9% |
| Trade receivables | 40 | €1,674 | €15,260 | +€13,586 | +812% |
| Other amounts receivable | 41 | €519,205 | €975 | -€518,230 | -99.8% |
| Current investments | 50/53 | €7,616,913 | €7,762,687 | +€145,774 | +1.9% |
| Cash at bank and in hand | 54/58 | €2,400,335 | €841,082 | -€1.6m | -65.0% |
| Deferred charges and accrued income | 490/1 | €21,998 | €25,159 | +€3,161 | +14.4% |
| Total equity and liabilities | 10/49 | €20,857,733 | €21,584,614 | +€726,882 | +3.5% |
| Equity | 10/15 | €20,678,428 | €21,516,353 | +€837,925 | +4.1% |
| Contributions | 10/11 | €98,000 | €98,000 | = | 0.0% |
| Revaluation surpluses | 12 | €262,617 | €262,617 | = | 0.0% |
| Reserves | 13 | €20,315,000 | €21,145,000 | +€830,000 | +4.1% |
| Distributable reserves | 133 | €20,315,000 | €21,145,000 | +€830,000 | +4.1% |
| Profit (loss) carried forward | 14 | €2,811 | €10,736 | +€7,925 | +282% |
| Amounts payable | 17/49 | €179,305 | €68,261 | -€111,044 | -61.9% |
| Amounts payable within one year | 42/48 | €179,258 | €68,202 | -€111,055 | -62.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €0 | €8,515 | +€8,515 | |
| Suppliers | 440/4 | €0 | €8,515 | +€8,515 | |
| Taxes, remuneration and social security | 45 | €172,658 | €59,687 | -€112,971 | -65.4% |
| Taxes | 450/3 | €172,658 | €59,687 | -€112,971 | -65.4% |
| Other amounts payable | 47/48 | €6,600 | €0 | -€6,600 | -100% |
| Accrued charges and deferred income | 492/3 | €47 | €59 | +€11 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,713 | €135,593 | +€1,880 | +1.4% |
| Other operating charges | 640/8 | €8,812 | €11,027 | +€2,215 | +25.1% |
| Non-recurring operating charges | 66A | €4,068 | €0 | -€4,068 | -100% |
| Gross operating margin | 9900 | -€50,663 | -€35,335 | +€15,328 | +30.3% |
| Operating profit (loss) | 9901 | -€197,256 | -€181,955 | +€15,301 | +7.8% |
| Financial income | 75/76B | €1,033,514 | €1,203,610 | +€170,096 | +16.5% |
| Recurring financial income | 75 | €1,033,514 | €1,203,610 | +€170,096 | +16.5% |
| Financial charges | 65/66B | €59,231 | €100,903 | +€41,672 | +70.4% |
| Recurring financial charges | 65 | €59,231 | €100,903 | +€41,672 | +70.4% |
| Profit (loss) for the period before taxes | 9903 | €777,027 | €920,752 | +€143,725 | +18.5% |
| Income taxes | 67/77 | €72,300 | €82,827 | +€10,527 | +14.6% |
| Profit (loss) for the period | 9904 | €704,727 | €837,925 | +€133,198 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €704,727 | €837,925 | +€133,198 | +18.9% |
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 28 October 2026 via checked.be.