MALENA: 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.
MALENA
Largest movements
- Stocks and contracts -€29,533
down €29,533 (-20.8%), from €141,663 to €112,129
- Tangible fixed assets -€13,224
down €13,224 (-12.4%), from €106,323 to €93,099
of which Plant, machinery and equipment: -€7,636
- Cash +€4,759
up €4,759 (+68.1%), from €6,988 to €11,747
mainly Stocks and contracts (+€29,533) and Debts after one year (+€25,000)
- Trade debts -€25,620
down €25,620 (-62.0%), from €41,353 to €15,733
- Debts after one year +€25,000
up €25,000 (+16.8%), from €148,600 to €173,600
- Current portion of long-term debt -€25,000
no longer reported in 2025 (was €25,000)
- Other debts -€4,648
down €4,648 (-38.8%), from €11,969 to €7,321
- Short-term financial debts -€4,479
down €4,479 (-7.0%), from €64,271 to €59,792
- Staff costs -€9,885
down €9,885 (-29.4%), from €33,634 to €23,749
- Gross operating margin -€5,320
down €5,320 (-9.5%), from €55,815 to €50,495
- Depreciation -€679
down €679 (-4.9%), from €13,903 to €13,224
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 | €255,891 | €219,650 | -€36,242 | -14.2% |
| Fixed assets | 21/28 | €106,422 | €93,198 | -€13,224 | -12.4% |
| Tangible fixed assets | 22/27 | €106,323 | €93,099 | -€13,224 | -12.4% |
| Land and buildings | 22 | €27,838 | €22,814 | -€5,023 | -18.0% |
| Plant, machinery and equipment | 23 | €76,900 | €69,265 | -€7,636 | -9.9% |
| Furniture and vehicles | 24 | €1,585 | €1,020 | -€565 | -35.7% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €149,469 | €126,451 | -€23,018 | -15.4% |
| Stocks and contracts in progress | 3 | €141,663 | €112,129 | -€29,533 | -20.8% |
| Stocks | 30/36 | €141,663 | €112,129 | -€29,533 | -20.8% |
| Amounts receivable within one year | 40/41 | €667 | €2,420 | +€1,753 | +262.8% |
| Trade receivables | 40 | €667 | €2,420 | +€1,753 | +262.8% |
| Cash at bank and in hand | 54/58 | €6,988 | €11,747 | +€4,759 | +68.1% |
| Deferred charges and accrued income | 490/1 | €152 | €155 | +€3 | +2.0% |
| Total equity and liabilities | 10/49 | €255,891 | €219,650 | -€36,242 | -14.2% |
| Equity | 10/15 | -€45,195 | -€44,724 | +€471 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,795 | -€63,324 | +€471 | +0.7% |
| Amounts payable | 17/49 | €301,087 | €264,374 | -€36,713 | -12.2% |
| Amounts payable after more than one year | 17 | €148,600 | €173,600 | +€25,000 | +16.8% |
| Financial debts | 170/4 | €148,600 | €173,600 | +€25,000 | +16.8% |
| Amounts payable within one year | 42/48 | €152,487 | €90,774 | -€61,713 | -40.5% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | - | -€25,000 | |
| Financial debts | 43 | €64,271 | €59,792 | -€4,479 | -7.0% |
| Credit institutions | 430/8 | €64,271 | €59,792 | -€4,479 | -7.0% |
| Trade debts | 44 | €41,353 | €15,733 | -€25,620 | -62.0% |
| Suppliers | 440/4 | €41,353 | €15,733 | -€25,620 | -62.0% |
| Taxes, remuneration and social security | 45 | €9,893 | €7,927 | -€1,966 | -19.9% |
| Taxes | 450/3 | €9,893 | €7,927 | -€1,966 | -19.9% |
| Other amounts payable | 47/48 | €11,969 | €7,321 | -€4,648 | -38.8% |
| Non-recurring operating income | 76A | €15,702 | - | -€15,702 | |
| Remuneration, social security and pensions | 62 | €33,634 | €23,749 | -€9,885 | -29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,903 | €13,224 | -€679 | -4.9% |
| Other operating charges | 640/8 | €3,403 | €3,620 | +€217 | +6.4% |
| Gross operating margin | 9900 | €55,815 | €50,495 | -€5,320 | -9.5% |
| Operating profit (loss) | 9901 | €4,875 | €9,902 | +€5,028 | +103.1% |
| Financial income | 75/76B | €136 | €71 | -€64 | -47.5% |
| Recurring financial income | 75 | €136 | €71 | -€64 | -47.5% |
| Financial charges | 65/66B | €9,929 | €9,502 | -€426 | -4.3% |
| Recurring financial charges | 65 | €9,929 | €9,502 | -€426 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,918 | €471 | +€5,389 | |
| Income taxes | 67/77 | €126 | - | -€126 | |
| Profit (loss) for the period | 9904 | -€5,044 | €471 | +€5,515 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,044 | €471 | +€5,515 |
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 8 October 2026 via checked.be.