Malfest: 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.
Malfest
Largest movements
- Receivables within one year +€53,020
up €53,020 (+34.8%), from €152,139 to €205,159
of which Trade receivables: +€52,107
- Intangible fixed assets -€11,259
down €11,259 (-14.5%), from €77,753 to €66,493
- Cash +€9,214
up €9,214 (+92.1%), from €10,005 to €19,219
mainly Trade debts (+€73,046) and Depreciation (+€17,696)
- Stocks and contracts +€8,596
up €8,596 (+15.0%), from €57,351 to €65,947
- Trade debts +€73,046
up €73,046 (+42.2%), from €173,164 to €246,210
- Debts after one year -€14,446
down €14,446 (-41.9%), from €34,501 to €20,055
- Current portion of long-term debt -€9,924
down €9,924 (-40.7%), from €24,370 to €14,446
- Tax, wage and social debts +€4,592
up €4,592 (+30.8%), from €14,929 to €19,521
of which Remuneration and social security: +€7,075
- Staff costs +€23,033
new in 2025: €23,033
- Gross operating margin -€11,303
down €11,303 (-17.6%), from €64,173 to €52,870
- Other operating charges -€9,305
down €9,305 (-54.3%), from €17,142 to €7,837
- Taxes -€6,885
down €6,885 (-90.7%), from €7,592 to €707
- Depreciation +€833
up €833 (+4.9%), from €16,863 to €17,696
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 | €323,125 | €379,720 | +€56,595 | +17.5% |
| Fixed assets | 21/28 | €102,035 | €87,871 | -€14,164 | -13.9% |
| Intangible fixed assets | 21 | €77,753 | €66,493 | -€11,259 | -14.5% |
| Tangible fixed assets | 22/27 | €21,453 | €18,364 | -€3,089 | -14.4% |
| Plant, machinery and equipment | 23 | €102 | €3,095 | +€2,993 | +2927.0% |
| Furniture and vehicles | 24 | €21,350 | €15,269 | -€6,081 | -28.5% |
| Financial fixed assets | 28 | €2,830 | €3,014 | +€184 | +6.5% |
| Current assets | 29/58 | €221,090 | €291,849 | +€70,759 | +32.0% |
| Stocks and contracts in progress | 3 | €57,351 | €65,947 | +€8,596 | +15.0% |
| Stocks | 30/36 | €57,351 | €65,947 | +€8,596 | +15.0% |
| Amounts receivable within one year | 40/41 | €152,139 | €205,159 | +€53,020 | +34.8% |
| Trade receivables | 40 | €149,378 | €201,485 | +€52,107 | +34.9% |
| Other amounts receivable | 41 | €2,761 | €3,674 | +€913 | +33.1% |
| Cash at bank and in hand | 54/58 | €10,005 | €19,219 | +€9,214 | +92.1% |
| Deferred charges and accrued income | 490/1 | €1,594 | €1,524 | -€70 | -4.4% |
| Total equity and liabilities | 10/49 | €323,125 | €379,720 | +€56,595 | +17.5% |
| Equity | 10/15 | €64,243 | €64,324 | +€81 | +0.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €39,243 | €39,243 | = | 0.0% |
| Distributable reserves | 133 | €39,243 | €39,243 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €81 | +€81 | |
| Amounts payable | 17/49 | €258,882 | €315,396 | +€56,514 | +21.8% |
| Amounts payable after more than one year | 17 | €34,501 | €20,055 | -€14,446 | -41.9% |
| Financial debts | 170/4 | €34,501 | €20,055 | -€14,446 | -41.9% |
| Amounts payable within one year | 42/48 | €224,381 | €295,341 | +€70,961 | +31.6% |
| Current portion of amounts payable after more than one year | 42 | €24,370 | €14,446 | -€9,924 | -40.7% |
| Trade debts | 44 | €173,164 | €246,210 | +€73,046 | +42.2% |
| Suppliers | 440/4 | €173,164 | €246,210 | +€73,046 | +42.2% |
| Taxes, remuneration and social security | 45 | €14,929 | €19,521 | +€4,592 | +30.8% |
| Taxes | 450/3 | €10,782 | €8,299 | -€2,483 | -23.0% |
| Remuneration and social security | 454/9 | €4,147 | €11,222 | +€7,075 | +170.6% |
| Other amounts payable | 47/48 | €11,917 | €15,164 | +€3,247 | +27.2% |
| Non-recurring operating income | 76A | €1,148 | - | -€1,148 | |
| Remuneration, social security and pensions | 62 | - | €23,033 | +€23,033 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,863 | €17,696 | +€833 | +4.9% |
| Other operating charges | 640/8 | €17,142 | €7,837 | -€9,305 | -54.3% |
| Gross operating margin | 9900 | €64,173 | €52,870 | -€11,303 | -17.6% |
| Operating profit (loss) | 9901 | €30,168 | €4,304 | -€25,864 | -85.7% |
| Financial income | 75/76B | €41 | €31 | -€10 | -24.8% |
| Recurring financial income | 75 | €41 | €31 | -€10 | -24.8% |
| Financial charges | 65/66B | €3,748 | €3,547 | -€201 | -5.4% |
| Recurring financial charges | 65 | €3,748 | €3,547 | -€201 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €26,461 | €788 | -€25,673 | -97.0% |
| Income taxes | 67/77 | €7,592 | €707 | -€6,885 | -90.7% |
| Profit (loss) for the period | 9904 | €18,869 | €81 | -€18,788 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,869 | €81 | -€18,788 | -99.6% |
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 4 October 2026 via checked.be.