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
- Current investments +€70,723
up €70,723 (+11.2%), from €630,763 to €701,486
- Cash -€49,685
down €49,685 (-43.9%), from €113,125 to €63,440
mainly Current investments (-€70,723) and Debts after one year (-€49,747)
- Profit (loss) carried forward +€91,049
new in 2025: €91,049
- Debts after one year -€49,747
down €49,747 (-100%), from €49,747 to €0
- Short-term financial debts -€15,079
down €15,079 (-100%), from €15,079 to €0
- Gross operating margin -€50,282
down €50,282 (-38.1%), from €132,094 to €81,811
- Financial income +€32,929
up €32,929 (+248%), from €13,274 to €46,202
- Taxes -€12,069
down €12,069 (-30.7%), from €39,369 to €27,300
- Depreciation -€4,926
down €4,926 (-64.6%), from €7,620 to €2,695
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 | €759,314 | €776,049 | +€16,735 | +2.2% |
| Fixed assets | 21/28 | €8,108 | €5,414 | -€2,695 | -33.2% |
| Tangible fixed assets | 22/27 | €8,108 | €5,414 | -€2,695 | -33.2% |
| Land and buildings | 22 | €8,108 | €5,414 | -€2,695 | -33.2% |
| Current assets | 29/58 | €751,205 | €770,635 | +€19,430 | +2.6% |
| Amounts receivable within one year | 40/41 | - | €93 | +€93 | |
| Other amounts receivable | 41 | - | €93 | +€93 | |
| Current investments | 50/53 | €630,763 | €701,486 | +€70,723 | +11.2% |
| Cash at bank and in hand | 54/58 | €113,125 | €63,440 | -€49,685 | -43.9% |
| Deferred charges and accrued income | 490/1 | €7,317 | €5,616 | -€1,701 | -23.2% |
| Total equity and liabilities | 10/49 | €759,314 | €776,049 | +€16,735 | +2.2% |
| Equity | 10/15 | €662,074 | €753,123 | +€91,049 | +13.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Uncalled capital | 101 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €600,074 | €600,074 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €587,674 | €587,674 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €91,049 | +€91,049 | |
| Amounts payable | 17/49 | €97,240 | €22,926 | -€74,314 | -76.4% |
| Amounts payable after more than one year | 17 | €49,747 | €0 | -€49,747 | -100% |
| Financial debts | 170/4 | €49,747 | €0 | -€49,747 | -100% |
| Amounts payable within one year | 42/48 | €44,383 | €18,958 | -€25,426 | -57.3% |
| Financial debts | 43 | €15,079 | €0 | -€15,079 | -100% |
| Credit institutions | 430/8 | €15,079 | €0 | -€15,079 | -100% |
| Trade debts | 44 | €954 | €575 | -€379 | -39.7% |
| Suppliers | 440/4 | €954 | €575 | -€379 | -39.7% |
| Taxes, remuneration and social security | 45 | €9,203 | €2,931 | -€6,272 | -68.2% |
| Taxes | 450/3 | €9,203 | €2,931 | -€6,272 | -68.2% |
| Other amounts payable | 47/48 | €19,147 | €15,452 | -€3,695 | -19.3% |
| Accrued charges and deferred income | 492/3 | €3,109 | €3,968 | +€859 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,620 | €2,695 | -€4,926 | -64.6% |
| Other operating charges | 640/8 | €2,243 | €2,194 | -€49 | -2.2% |
| Gross operating margin | 9900 | €132,094 | €81,811 | -€50,282 | -38.1% |
| Operating profit (loss) | 9901 | €122,231 | €76,922 | -€45,308 | -37.1% |
| Financial income | 75/76B | €13,274 | €46,202 | +€32,929 | +248% |
| Recurring financial income | 75 | €13,274 | €46,202 | +€32,929 | +248% |
| Financial charges | 65/66B | €3,605 | €4,776 | +€1,171 | +32.5% |
| Recurring financial charges | 65 | €3,605 | €4,776 | +€1,171 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | €131,900 | €118,349 | -€13,551 | -10.3% |
| Income taxes | 67/77 | €39,369 | €27,300 | -€12,069 | -30.7% |
| Profit (loss) for the period | 9904 | €92,530 | €91,049 | -€1,482 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €92,530 | €91,049 | -€1,482 | -1.6% |
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 26 October 2026 via checked.be.