MALFAIT MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€752,476
down €752,476 (-47.2%), from €1.6m to €841,923
of which Land and buildings: -€732,965
- Current investments +€580,000
up €580,000 (+48.3%), from €1.2m to €1.8m
- Cash -€65,032
down €65,032 (-82.2%), from €79,098 to €14,066
mainly Current investments (-€580,000) and Tax, wage and social debts (-€114,650)
- Tax, wage and social debts -€114,650
down €114,650 (-100%), from €114,650 to €0
- Profit (loss) carried forward -€107,840
down €107,840, from €0 to -€107,840
- Financial income -€11,852
down €11,852 (-27.2%), from €43,618 to €31,766
- Depreciation -€991
down €991 (-2.5%), from €40,276 to €39,286
- Gross operating margin -€988
down €988 (-12.0%), from -€8,234 to -€9,223
- Other operating charges +€938
up €938 (+20.8%), from €4,512 to €5,450
- Financial charges +€465
up €465 (+0.5%), from €84,853 to €85,318
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 | €2,883,991 | €2,658,079 | -€225,912 | -7.8% |
| Fixed assets | 21/28 | €1,594,483 | €842,007 | -€752,476 | -47.2% |
| Tangible fixed assets | 22/27 | €1,594,400 | €841,923 | -€752,476 | -47.2% |
| Land and buildings | 22 | €1,473,045 | €740,079 | -€732,965 | -49.8% |
| Plant, machinery and equipment | 23 | €1,830 | €1,413 | -€418 | -22.8% |
| Furniture and vehicles | 24 | €119,525 | €100,432 | -€19,093 | -16.0% |
| Financial fixed assets | 28 | €83 | €83 | = | 0.0% |
| Current assets | 29/58 | €1,289,508 | €1,816,073 | +€526,565 | +40.8% |
| Amounts receivable within one year | 40/41 | €9,959 | €18,616 | +€8,657 | +86.9% |
| Trade receivables | 40 | €0 | €9,196 | +€9,196 | |
| Other amounts receivable | 41 | €9,959 | €9,420 | -€538 | -5.4% |
| Current investments | 50/53 | €1,200,000 | €1,780,000 | +€580,000 | +48.3% |
| Cash at bank and in hand | 54/58 | €79,098 | €14,066 | -€65,032 | -82.2% |
| Deferred charges and accrued income | 490/1 | €451 | €3,390 | +€2,940 | +652% |
| Total equity and liabilities | 10/49 | €2,883,991 | €2,658,079 | -€225,912 | -7.8% |
| Equity | 10/15 | €1,799,529 | €1,691,689 | -€107,840 | -6.0% |
| Contributions | 10/11 | €1,370,600 | €1,370,600 | = | 0.0% |
| Reserves | 13 | €428,929 | €428,929 | = | 0.0% |
| Distributable reserves | 133 | €428,929 | €428,929 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€107,840 | -€107,840 | |
| Provisions and deferred taxes | 16 | €834,358 | €825,080 | -€9,278 | -1.1% |
| Provisions for liabilities and charges | 160/5 | €834,358 | €825,080 | -€9,278 | -1.1% |
| Other liabilities and charges | 164/5 | €834,358 | €825,080 | -€9,278 | -1.1% |
| Amounts payable | 17/49 | €250,103 | €141,310 | -€108,793 | -43.5% |
| Amounts payable after more than one year | 17 | €125,314 | €131,855 | +€6,541 | +5.2% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €125,314 | €131,855 | +€6,541 | +5.2% |
| Amounts payable within one year | 42/48 | €124,790 | €9,455 | -€115,334 | -92.4% |
| Current portion of amounts payable after more than one year | 42 | €2,420 | €0 | -€2,420 | -100% |
| Trade debts | 44 | €116 | €9,312 | +€9,196 | +7,927% |
| Suppliers | 440/4 | €116 | €9,312 | +€9,196 | +7,927% |
| Taxes, remuneration and social security | 45 | €114,650 | €0 | -€114,650 | -100% |
| Taxes | 450/3 | €114,650 | €0 | -€114,650 | -100% |
| Other amounts payable | 47/48 | €7,604 | €143 | -€7,461 | -98.1% |
| Non-recurring operating income | 76A | €11,088 | €69,697 | +€58,609 | +529% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,276 | €39,286 | -€991 | -2.5% |
| Other operating charges | 640/8 | €4,512 | €5,450 | +€938 | +20.8% |
| Gross operating margin | 9900 | -€8,234 | -€9,223 | -€988 | -12.0% |
| Operating profit (loss) | 9901 | -€53,022 | -€53,959 | -€936 | -1.8% |
| Financial income | 75/76B | €43,618 | €31,766 | -€11,852 | -27.2% |
| Recurring financial income | 75 | €43,618 | €31,766 | -€11,852 | -27.2% |
| Financial charges | 65/66B | €84,853 | €85,318 | +€465 | +0.5% |
| Recurring financial charges | 65 | €84,853 | €85,318 | +€465 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | -€94,257 | -€107,511 | -€13,254 | -14.1% |
| Income taxes | 67/77 | €317 | €329 | +€13 | +4.1% |
| Profit (loss) for the period | 9904 | -€94,574 | -€107,840 | -€13,266 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€94,574 | -€107,840 | -€13,266 | -14.0% |
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 19 October 2026 via checked.be.