MALECON: 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.
MALECON
Largest movements
- Stocks and contracts -€4.6m
down €4.6m (-98.5%), from €4.6m to €69,309
- Cash -€2.1m
down €2.1m (-55.5%), from €3.7m to €1.7m
mainly Advances received (-€6.4m) and Other debts (-€2.2m)
- Receivables within one year +€189,444
up €189,444 (+52.0%), from €364,174 to €553,618
of which Other amounts receivable: +€105,883
- Advances received -€6.4m
down €6.4m (-100.0%), from €6.4m to €0
- Other debts -€2.2m
down €2.2m (-100.0%), from €2.2m to €0
- Reserves +€1.3m
up €1.3m (+1264.9%), from €99,157 to €1.4m
of which Distributable reserves: +€1.3m
- Trade debts +€878,177
up €878,177 (+499.3%), from €175,894 to €1.1m
- Gross operating margin +€1.6m
up €1.6m (+1909.0%), from €81,687 to €1.6m
- Taxes +€346,407
new in 2025: €346,407
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 | €8,921,043 | €2,475,375 | -€6.4m | -72.3% |
| Fixed assets | 21/28 | €190,210 | €184,166 | -€6,043 | -3.2% |
| Tangible fixed assets | 22/27 | €136,210 | €125,316 | -€10,893 | -8.0% |
| Land and buildings | 22 | €136,210 | €125,316 | -€10,893 | -8.0% |
| Financial fixed assets | 28 | €54,000 | €58,850 | +€4,850 | +9.0% |
| Current assets | 29/58 | €8,730,834 | €2,291,209 | -€6.4m | -73.8% |
| Stocks and contracts in progress | 3 | €4,620,666 | €69,309 | -€4.6m | -98.5% |
| Stocks | 30/36 | €4,620,666 | €69,309 | -€4.6m | -98.5% |
| Amounts receivable within one year | 40/41 | €364,174 | €553,618 | +€189,444 | +52.0% |
| Trade receivables | 40 | €364,137 | €447,697 | +€83,560 | +22.9% |
| Other amounts receivable | 41 | €37 | €105,920 | +€105,883 | +285169.0% |
| Cash at bank and in hand | 54/58 | €3,730,345 | €1,660,823 | -€2.1m | -55.5% |
| Deferred charges and accrued income | 490/1 | €15,648 | €7,459 | -€8,189 | -52.3% |
| Total equity and liabilities | 10/49 | €8,921,043 | €2,475,375 | -€6.4m | -72.3% |
| Equity | 10/15 | €161,157 | €1,415,341 | +€1.3m | +778.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €99,157 | €1,353,341 | +€1.3m | +1264.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €92,957 | €1,347,141 | +€1.3m | +1349.2% |
| Amounts payable | 17/49 | €8,759,887 | €1,060,034 | -€7.7m | -87.9% |
| Amounts payable within one year | 42/48 | €8,754,088 | €1,054,071 | -€7.7m | -88.0% |
| Trade debts | 44 | €175,894 | €1,054,071 | +€878,177 | +499.3% |
| Suppliers | 440/4 | €175,894 | €1,054,071 | +€878,177 | +499.3% |
| Advances received on contracts in progress | 46 | €6,367,174 | €0 | -€6.4m | -100.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,211,020 | €0 | -€2.2m | -100.0% |
| Accrued charges and deferred income | 492/3 | €5,799 | €5,963 | +€164 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,893 | €10,893 | = | 0.0% |
| Other operating charges | 640/8 | €7,461 | €11,712 | +€4,250 | +57.0% |
| Gross operating margin | 9900 | €81,687 | €1,641,105 | +€1.6m | +1909.0% |
| Operating profit (loss) | 9901 | €63,332 | €1,618,500 | +€1.6m | +2455.6% |
| Financial income | 75/76B | €4,904 | €975 | -€3,929 | -80.1% |
| Recurring financial income | 75 | €4,904 | €975 | -€3,929 | -80.1% |
| Financial charges | 65/66B | €34,962 | €18,883 | -€16,078 | -46.0% |
| Recurring financial charges | 65 | €34,962 | €18,883 | -€16,078 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €33,274 | €1,600,592 | +€1.6m | +4710.3% |
| Income taxes | 67/77 | - | €346,407 | +€346,407 | |
| Profit (loss) for the period | 9904 | €33,274 | €1,254,184 | +€1.2m | +3669.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,274 | €1,254,184 | +€1.2m | +3669.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.