MALIBOU: 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.
MALIBOU
Largest movements
- Receivables within one year +€284,717
up €284,717 (+85.2%), from €334,060 to €618,777
of which Trade receivables: +€283,462
- Cash -€194,410
down €194,410 (-53.2%), from €365,324 to €170,914
mainly Receivables within one year (-€284,717) and Investment in fixed assets (net) (-€91,927)
- Tangible fixed assets +€48,173
up €48,173 (+27.3%), from €176,638 to €224,811
of which Other tangible fixed assets: +€86,520
- Stocks and contracts +€28,855
up €28,855 (+72.3%), from €39,888 to €68,743
- Reserves +€106,799
up €106,799 (+16.9%), from €630,565 to €737,364
of which Distributable reserves: +€106,799
- Trade debts +€46,491
up €46,491 (+19.7%), from €235,893 to €282,384
- Tax, wage and social debts +€15,413
up €15,413 (+22.9%), from €67,222 to €82,635
of which Taxes: +€13,728
- Gross operating margin +€23,647
up €23,647 (+6.4%), from €369,657 to €393,304
- Depreciation +€21,877
up €21,877 (+100.0%), from €21,878 to €43,755
- Staff costs -€14,076
down €14,076 (-7.3%), from €192,032 to €177,956
- Taxes +€9,300
up €9,300 (+24.5%), from €37,931 to €47,231
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 | €953,539 | €1,121,736 | +€168,197 | +17.6% |
| Fixed assets | 21/28 | €207,575 | €255,748 | +€48,173 | +23.2% |
| Tangible fixed assets | 22/27 | €176,638 | €224,811 | +€48,173 | +27.3% |
| Plant, machinery and equipment | 23 | €61,828 | €42,977 | -€18,851 | -30.5% |
| Furniture and vehicles | 24 | €100,371 | €80,874 | -€19,497 | -19.4% |
| Other tangible fixed assets | 26 | €14,440 | €100,960 | +€86,520 | +599.2% |
| Financial fixed assets | 28 | €30,937 | €30,937 | = | 0.0% |
| Current assets | 29/58 | €745,963 | €865,988 | +€120,025 | +16.1% |
| Stocks and contracts in progress | 3 | €39,888 | €68,743 | +€28,855 | +72.3% |
| Stocks | 30/36 | €39,888 | €68,743 | +€28,855 | +72.3% |
| Amounts receivable within one year | 40/41 | €334,060 | €618,777 | +€284,717 | +85.2% |
| Trade receivables | 40 | €329,743 | €613,205 | +€283,462 | +86.0% |
| Other amounts receivable | 41 | €4,317 | €5,571 | +€1,254 | +29.1% |
| Cash at bank and in hand | 54/58 | €365,324 | €170,914 | -€194,410 | -53.2% |
| Deferred charges and accrued income | 490/1 | €6,692 | €7,554 | +€863 | +12.9% |
| Total equity and liabilities | 10/49 | €953,539 | €1,121,736 | +€168,197 | +17.6% |
| Equity | 10/15 | €644,951 | €751,750 | +€106,799 | +16.6% |
| Contributions | 10/11 | €14,386 | €14,386 | = | 0.0% |
| Reserves | 13 | €630,565 | €737,364 | +€106,799 | +16.9% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €628,665 | €735,464 | +€106,799 | +17.0% |
| Amounts payable | 17/49 | €308,588 | €369,986 | +€61,398 | +19.9% |
| Amounts payable within one year | 42/48 | €308,588 | €369,986 | +€61,398 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | = | |
| Trade debts | 44 | €235,893 | €282,384 | +€46,491 | +19.7% |
| Suppliers | 440/4 | €235,893 | €282,384 | +€46,491 | +19.7% |
| Taxes, remuneration and social security | 45 | €67,222 | €82,635 | +€15,413 | +22.9% |
| Taxes | 450/3 | €32,475 | €46,203 | +€13,728 | +42.3% |
| Remuneration and social security | 454/9 | €34,747 | €36,432 | +€1,684 | +4.8% |
| Other amounts payable | 47/48 | €5,472 | €4,967 | -€505 | -9.2% |
| Remuneration, social security and pensions | 62 | €192,032 | €177,956 | -€14,076 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,878 | €43,755 | +€21,877 | +100.0% |
| Other operating charges | 640/8 | €12,298 | €9,302 | -€2,996 | -24.4% |
| Non-recurring operating charges | 66A | €3,454 | - | -€3,454 | |
| Gross operating margin | 9900 | €369,657 | €393,304 | +€23,647 | +6.4% |
| Operating profit (loss) | 9901 | €139,995 | €162,291 | +€22,296 | +15.9% |
| Financial income | 75/76B | €52 | €63 | +€11 | +21.2% |
| Recurring financial income | 75 | €52 | €63 | +€11 | +21.2% |
| Financial charges | 65/66B | €6,891 | €8,323 | +€1,432 | +20.8% |
| Recurring financial charges | 65 | €6,891 | €8,323 | +€1,432 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €133,156 | €154,030 | +€20,874 | +15.7% |
| Income taxes | 67/77 | €37,931 | €47,231 | +€9,300 | +24.5% |
| Profit (loss) for the period | 9904 | €95,225 | €106,799 | +€11,574 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,225 | €106,799 | +€11,574 | +12.2% |
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 1 October 2026 via checked.be.