MALFROID & COENE: 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.
MALFROID & COENE
Largest movements
- Cash +€32,969
up €32,969 (+551%), from €5,987 to €38,956
mainly Net result for the year (+€51,782) and Tax, wage and social debts (+€13,456)
- Receivables within one year +€28,384
up €28,384 (+82.4%), from €34,433 to €62,817
of which Other amounts receivable: +€22,229
- Tangible fixed assets -€10,203
down €10,203 (-47.6%), from €21,430 to €11,227
of which Furniture and vehicles: -€9,901
- Stocks and contracts -€1,758
down €1,758 (-40.2%), from €4,375 to €2,617
- Reserves +€43,282
up €43,282 (+481%), from €8,992 to €52,275
- Tax, wage and social debts +€13,456
up €13,456 (+73.3%), from €18,351 to €31,807
of which Taxes: +€17,174
- Debts after one year -€5,200
down €5,200 (-59.4%), from €8,754 to €3,554
- Current portion of long-term debt -€4,062
down €4,062 (-45.8%), from €8,875 to €4,813
- Trade debts +€1,915
up €1,915 (+153%), from €1,253 to €3,168
- Gross operating margin +€65,065
up €65,065 (+98.1%), from €66,301 to €131,365
- Taxes +€16,113
up €16,113 (+506%), from €3,185 to €19,298
- Staff costs +€9,672
up €9,672 (+24.7%), from €39,108 to €48,780
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 | €66,225 | €115,617 | +€49,392 | +74.6% |
| Fixed assets | 21/28 | €21,430 | €11,227 | -€10,203 | -47.6% |
| Tangible fixed assets | 22/27 | €21,430 | €11,227 | -€10,203 | -47.6% |
| Plant, machinery and equipment | 23 | €970 | €668 | -€302 | -31.1% |
| Furniture and vehicles | 24 | €20,460 | €10,558 | -€9,901 | -48.4% |
| Current assets | 29/58 | €44,795 | €104,390 | +€59,595 | +133% |
| Stocks and contracts in progress | 3 | €4,375 | €2,617 | -€1,758 | -40.2% |
| Stocks | 30/36 | €4,375 | €2,617 | -€1,758 | -40.2% |
| Amounts receivable within one year | 40/41 | €34,433 | €62,817 | +€28,384 | +82.4% |
| Trade receivables | 40 | €12,319 | €18,474 | +€6,155 | +50.0% |
| Other amounts receivable | 41 | €22,114 | €44,343 | +€22,229 | +101% |
| Cash at bank and in hand | 54/58 | €5,987 | €38,956 | +€32,969 | +551% |
| Total equity and liabilities | 10/49 | €66,225 | €115,617 | +€49,392 | +74.6% |
| Equity | 10/15 | €28,992 | €72,275 | +€43,282 | +149% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €8,992 | €52,275 | +€43,282 | +481% |
| Distributable reserves | 133 | €8,992 | €52,275 | +€43,282 | +481% |
| Amounts payable | 17/49 | €37,232 | €43,343 | +€6,110 | +16.4% |
| Amounts payable after more than one year | 17 | €8,754 | €3,554 | -€5,200 | -59.4% |
| Financial debts | 170/4 | €8,754 | €3,554 | -€5,200 | -59.4% |
| Amounts payable within one year | 42/48 | €28,478 | €39,788 | +€11,310 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €8,875 | €4,813 | -€4,062 | -45.8% |
| Trade debts | 44 | €1,253 | €3,168 | +€1,915 | +153% |
| Suppliers | 440/4 | €1,253 | €3,168 | +€1,915 | +153% |
| Taxes, remuneration and social security | 45 | €18,351 | €31,807 | +€13,456 | +73.3% |
| Taxes | 450/3 | €6,584 | €23,758 | +€17,174 | +261% |
| Remuneration and social security | 454/9 | €11,767 | €8,049 | -€3,718 | -31.6% |
| Remuneration, social security and pensions | 62 | €39,108 | €48,780 | +€9,672 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,868 | €10,203 | -€665 | -6.1% |
| Other operating charges | 640/8 | €950 | €1,083 | +€133 | +14.0% |
| Gross operating margin | 9900 | €66,301 | €131,365 | +€65,065 | +98.1% |
| Operating profit (loss) | 9901 | €15,375 | €71,300 | +€55,924 | +364% |
| Financial income | 75/76B | €46 | €431 | +€385 | +839% |
| Recurring financial income | 75 | €46 | €431 | +€385 | +839% |
| Financial charges | 65/66B | €915 | €650 | -€265 | -28.9% |
| Recurring financial charges | 65 | €915 | €650 | -€265 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €14,506 | €71,081 | +€56,574 | +390% |
| Income taxes | 67/77 | €3,185 | €19,298 | +€16,113 | +506% |
| Profit (loss) for the period | 9904 | €11,321 | €51,782 | +€40,461 | +357% |
| Profit (loss) for the period to be appropriated | 9905 | €11,321 | €51,782 | +€40,461 | +357% |
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 22 October 2026 via checked.be.