MALEX: 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.
MALEX
Largest movements
- Stocks and contracts -€180,040
down €180,040 (-52.8%), from €341,258 to €161,219
of which Contracts in progress: -€183,296
- Cash +€150,197
up €150,197 (+74.8%), from €200,817 to €351,014
mainly Net result for the year (+€397,823) and Stocks and contracts (+€180,040)
- Receivables within one year +€71,859
up €71,859 (+24.3%), from €295,934 to €367,793
of which Trade receivables: +€92,883
- Tangible fixed assets -€21,656
down €21,656 (-29.8%), from €72,618 to €50,962
of which Furniture and vehicles: -€11,951
- Profit (loss) carried forward +€342,712
up €342,712 (+291%), from €117,636 to €460,349
- Advances received -€255,600
no longer reported in 2025 (was €255,600)
- Trade debts -€41,667
down €41,667 (-34.6%), from €120,466 to €78,798
- Debts after one year -€11,650
down €11,650 (-41.6%), from €27,988 to €16,338
- Gross operating margin +€293,707
up €293,707 (+41.2%), from €712,026 to €1.0m
- Staff costs -€45,295
down €45,295 (-7.6%), from €599,774 to €554,479
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 | €930,665 | €951,040 | +€20,375 | +2.2% |
| Fixed assets | 21/28 | €73,564 | €51,908 | -€21,656 | -29.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €72,618 | €50,962 | -€21,656 | -29.8% |
| Land and buildings | 22 | €2,920 | €1,211 | -€1,710 | -58.5% |
| Plant, machinery and equipment | 23 | €19,359 | €11,364 | -€7,996 | -41.3% |
| Furniture and vehicles | 24 | €50,338 | €38,388 | -€11,951 | -23.7% |
| Financial fixed assets | 28 | €946 | €946 | = | 0.0% |
| Current assets | 29/58 | €857,102 | €899,132 | +€42,031 | +4.9% |
| Stocks and contracts in progress | 3 | €341,258 | €161,219 | -€180,040 | -52.8% |
| Stocks | 30/36 | €140,545 | €143,802 | +€3,256 | +2.3% |
| Contracts in progress | 37 | €200,713 | €17,417 | -€183,296 | -91.3% |
| Amounts receivable within one year | 40/41 | €295,934 | €367,793 | +€71,859 | +24.3% |
| Trade receivables | 40 | €274,910 | €367,793 | +€92,883 | +33.8% |
| Other amounts receivable | 41 | €21,024 | - | -€21,024 | |
| Current investments | 50/53 | €1,913 | €1,889 | -€25 | -1.3% |
| Cash at bank and in hand | 54/58 | €200,817 | €351,014 | +€150,197 | +74.8% |
| Deferred charges and accrued income | 490/1 | €17,179 | €17,218 | +€39 | +0.2% |
| Total equity and liabilities | 10/49 | €930,665 | €951,040 | +€20,375 | +2.2% |
| Equity | 10/15 | €283,459 | €626,171 | +€342,712 | +121% |
| Contributions | 10/11 | €136,341 | €136,341 | = | 0.0% |
| Capital | 10 | €136,341 | €136,341 | = | 0.0% |
| Issued capital | 100 | €136,341 | €136,341 | = | 0.0% |
| Reserves | 13 | €29,481 | €29,481 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,634 | €13,634 | = | 0.0% |
| Legal reserve | 130 | €13,634 | €13,634 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,847 | €15,847 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,636 | €460,349 | +€342,712 | +291% |
| Investment grants | 15 | €0 | €0 | = | |
| Amounts payable | 17/49 | €647,207 | €324,869 | -€322,338 | -49.8% |
| Amounts payable after more than one year | 17 | €27,988 | €16,338 | -€11,650 | -41.6% |
| Financial debts | 170/4 | €27,988 | €16,338 | -€11,650 | -41.6% |
| Amounts payable within one year | 42/48 | €615,021 | €304,640 | -€310,381 | -50.5% |
| Current portion of amounts payable after more than one year | 42 | €49,646 | €44,570 | -€5,076 | -10.2% |
| Financial debts | 43 | €781 | €58 | -€723 | -92.5% |
| Other loans | 439 | €781 | €58 | -€723 | -92.5% |
| Trade debts | 44 | €120,466 | €78,798 | -€41,667 | -34.6% |
| Suppliers | 440/4 | €120,466 | €78,798 | -€41,667 | -34.6% |
| Advances received on contracts in progress | 46 | €255,600 | - | -€255,600 | |
| Taxes, remuneration and social security | 45 | €83,381 | €77,249 | -€6,133 | -7.4% |
| Taxes | 450/3 | €11,360 | €10,963 | -€397 | -3.5% |
| Remuneration and social security | 454/9 | €72,021 | €66,285 | -€5,736 | -8.0% |
| Other amounts payable | 47/48 | €105,147 | €103,965 | -€1,182 | -1.1% |
| Accrued charges and deferred income | 492/3 | €4,198 | €3,891 | -€307 | -7.3% |
| Remuneration, social security and pensions | 62 | €599,774 | €554,479 | -€45,295 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,126 | €26,148 | +€9,022 | +52.7% |
| Other operating charges | 640/8 | €20,550 | €18,981 | -€1,568 | -7.6% |
| Gross operating margin | 9900 | €712,026 | €1,005,733 | +€293,707 | +41.2% |
| Operating profit (loss) | 9901 | €74,576 | €406,124 | +€331,548 | +445% |
| Financial income | 75/76B | €3,568 | €3,257 | -€310 | -8.7% |
| Recurring financial income | 75 | €41 | €777 | +€736 | +1,788% |
| Non-recurring financial income | 76B | €3,526 | €2,480 | -€1,046 | -29.7% |
| Financial charges | 65/66B | €20,174 | €11,052 | -€9,122 | -45.2% |
| Recurring financial charges | 65 | €20,174 | €11,052 | -€9,122 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €57,970 | €398,329 | +€340,359 | +587% |
| Income taxes | 67/77 | €498 | €506 | +€8 | +1.5% |
| Profit (loss) for the period | 9904 | €57,472 | €397,823 | +€340,351 | +592% |
| Profit (loss) for the period to be appropriated | 9905 | €57,472 | €397,823 | +€340,351 | +592% |
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 27 October 2026 via checked.be.