MALFAIT: 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.
MALFAIT
Largest movements
- Stocks and contracts +€16,151
up €16,151 (+14.5%), from €111,142 to €127,293
- Cash +€11,047
up €11,047 (+202%), from €5,482 to €16,529
mainly Trade debts (+€44,471) and Short-term financial debts (+€11,008)
- Receivables within one year +€9,691
up €9,691 (+2.8%), from €345,976 to €355,667
of which Other amounts receivable: +€14,633
- Tangible fixed assets +€8,265
up €8,265 (+97.3%), from €8,490 to €16,756
of which Furniture and vehicles: +€11,698
- Trade debts +€44,471
up €44,471 (+18.8%), from €236,232 to €280,704
- Short-term financial debts +€11,008
up €11,008 (+10.2%), from €108,065 to €119,073
- Current portion of long-term debt -€9,113
down €9,113 (-100%), from €9,113 to €0
- Profit (loss) carried forward +€8,332
up €8,332 (+14.4%), from €57,762 to €66,094
- Tax, wage and social debts -€7,606
down €7,606 (-19.8%), from €38,345 to €30,740
of which Remuneration and social security: -€4,437
- Other operating charges -€34,098
down €34,098 (-89.3%), from €38,191 to €4,092
- Gross operating margin -€26,009
down €26,009 (-15.3%), from €170,411 to €144,402
- Financial income -€13,869
down €13,869 (-71.4%), from €19,432 to €5,564
- Staff costs -€5,567
down €5,567 (-4.4%), from €125,285 to €119,717
- Taxes -€4,008
down €4,008 (-99.5%), from €4,027 to €19
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 | €471,155 | €519,745 | +€48,590 | +10.3% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €8,490 | €16,756 | +€8,265 | +97.3% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €8,490 | €16,756 | +€8,265 | +97.3% |
| Land and buildings | 22 | - | €0 | = | |
| Plant, machinery and equipment | 23 | €3,500 | €2,213 | -€1,287 | -36.8% |
| Furniture and vehicles | 24 | €699 | €12,397 | +€11,698 | +1,673% |
| Other tangible fixed assets | 26 | €4,291 | €2,146 | -€2,146 | -50.0% |
| Current assets | 29/58 | €462,665 | €502,989 | +€40,324 | +8.7% |
| Stocks and contracts in progress | 3 | €111,142 | €127,293 | +€16,151 | +14.5% |
| Stocks | 30/36 | €111,142 | €127,293 | +€16,151 | +14.5% |
| Amounts receivable within one year | 40/41 | €345,976 | €355,667 | +€9,691 | +2.8% |
| Trade receivables | 40 | €205,907 | €200,966 | -€4,941 | -2.4% |
| Other amounts receivable | 41 | €140,069 | €154,702 | +€14,633 | +10.4% |
| Cash at bank and in hand | 54/58 | €5,482 | €16,529 | +€11,047 | +202% |
| Deferred charges and accrued income | 490/1 | €65 | €3,500 | +€3,435 | +5,321% |
| Total equity and liabilities | 10/49 | €471,155 | €519,745 | +€48,590 | +10.3% |
| Equity | 10/15 | €79,400 | €87,732 | +€8,332 | +10.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Contributions outside capital | 11 | €15,000 | - | -€15,000 | |
| Other | 1109/19 | €15,000 | - | -€15,000 | |
| Reserves | 13 | €6,638 | €6,638 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | - | -€1,855 | |
| Reserves not available under the articles | 1311 | - | €1,855 | +€1,855 | |
| Distributable reserves | 133 | €4,783 | €4,783 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,762 | €66,094 | +€8,332 | +14.4% |
| Amounts payable | 17/49 | €391,755 | €432,013 | +€40,257 | +10.3% |
| Amounts payable within one year | 42/48 | €391,755 | €432,013 | +€40,257 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €9,113 | €0 | -€9,113 | -100% |
| Financial debts | 43 | €108,065 | €119,073 | +€11,008 | +10.2% |
| Credit institutions | 430/8 | €108,065 | €119,073 | +€11,008 | +10.2% |
| Trade debts | 44 | €236,232 | €280,704 | +€44,471 | +18.8% |
| Suppliers | 440/4 | €236,232 | €280,704 | +€44,471 | +18.8% |
| Advances received on contracts in progress | 46 | - | €1,497 | +€1,497 | |
| Taxes, remuneration and social security | 45 | €38,345 | €30,740 | -€7,606 | -19.8% |
| Taxes | 450/3 | €27,060 | €23,892 | -€3,168 | -11.7% |
| Remuneration and social security | 454/9 | €11,285 | €6,847 | -€4,437 | -39.3% |
| Remuneration, social security and pensions | 62 | €125,285 | €119,717 | -€5,567 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,309 | €4,408 | +€99 | +2.3% |
| Other operating charges | 640/8 | €38,191 | €4,092 | -€34,098 | -89.3% |
| Gross operating margin | 9900 | €170,411 | €144,402 | -€26,009 | -15.3% |
| Operating profit (loss) | 9901 | €2,627 | €16,185 | +€13,558 | +516% |
| Financial income | 75/76B | €19,432 | €5,564 | -€13,869 | -71.4% |
| Recurring financial income | 75 | €19,432 | €5,564 | -€13,869 | -71.4% |
| Financial charges | 65/66B | €11,027 | €13,397 | +€2,371 | +21.5% |
| Recurring financial charges | 65 | €11,027 | €13,397 | +€2,371 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €11,033 | €8,351 | -€2,681 | -24.3% |
| Income taxes | 67/77 | €4,027 | €19 | -€4,008 | -99.5% |
| Profit (loss) for the period | 9904 | €7,006 | €8,332 | +€1,326 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,006 | €8,332 | +€1,326 | +18.9% |
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 15 October 2026 via checked.be.