Malinas Construct: 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.
Malinas Construct
Largest movements
- Receivables within one year +€28,773
up €28,773 (+50.3%), from €57,155 to €85,928
of which Trade receivables: +€31,221
- Deferred charges and accrued income +€8,292
up €8,292 (+128.0%), from €6,477 to €14,769
- Cash +€3,464
up €3,464 (+16.6%), from €20,870 to €24,334
mainly Trade debts (+€64,766) and Other debts (+€19,433)
- Trade debts +€64,766
up €64,766 (+67.9%), from €95,337 to €160,103
- Profit (loss) carried forward -€38,587
down €38,587 (-86.5%), from -€44,627 to -€83,214
- Other debts +€19,433
up €19,433 (+221.1%), from €8,788 to €28,221
- Tax, wage and social debts -€5,540
down €5,540 (-61.1%), from €9,063 to €3,523
of which Taxes: -€4,457
- Gross operating margin +€45,929
up €45,929, from -€24,859 to €21,070
- Staff costs +€34,751
up €34,751 (+228.2%), from €15,228 to €49,979
- Financial charges +€3,715
up €3,715 (+241.8%), from €1,536 to €5,252
- Other operating charges +€1,511
up €1,511 (+95.4%), from €1,585 to €3,096
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 | €97,603 | €137,676 | +€40,073 | +41.1% |
| Fixed assets | 21/28 | €5,119 | €4,662 | -€457 | -8.9% |
| Tangible fixed assets | 22/27 | €5,119 | €4,662 | -€457 | -8.9% |
| Plant, machinery and equipment | 23 | €4,471 | €3,457 | -€1,013 | -22.7% |
| Furniture and vehicles | 24 | €648 | €1,205 | +€557 | +85.9% |
| Current assets | 29/58 | €92,485 | €133,014 | +€40,530 | +43.8% |
| Stocks and contracts in progress | 3 | €7,982 | €7,982 | = | 0.0% |
| Stocks | 30/36 | €7,982 | €7,982 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €57,155 | €85,928 | +€28,773 | +50.3% |
| Trade receivables | 40 | €43,635 | €74,856 | +€31,221 | +71.6% |
| Other amounts receivable | 41 | €13,520 | €11,072 | -€2,448 | -18.1% |
| Cash at bank and in hand | 54/58 | €20,870 | €24,334 | +€3,464 | +16.6% |
| Deferred charges and accrued income | 490/1 | €6,477 | €14,769 | +€8,292 | +128.0% |
| Total equity and liabilities | 10/49 | €97,603 | €137,676 | +€40,073 | +41.1% |
| Equity | 10/15 | -€15,584 | -€54,171 | -€38,587 | -247.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €24,043 | €24,043 | = | 0.0% |
| Distributable reserves | 133 | €24,043 | €24,043 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,627 | -€83,214 | -€38,587 | -86.5% |
| Amounts payable | 17/49 | €113,187 | €191,847 | +€78,660 | +69.5% |
| Amounts payable within one year | 42/48 | €113,187 | €191,847 | +€78,660 | +69.5% |
| Trade debts | 44 | €95,337 | €160,103 | +€64,766 | +67.9% |
| Suppliers | 440/4 | €95,337 | €160,103 | +€64,766 | +67.9% |
| Taxes, remuneration and social security | 45 | €9,063 | €3,523 | -€5,540 | -61.1% |
| Taxes | 450/3 | €4,457 | - | -€4,457 | |
| Remuneration and social security | 454/9 | €4,606 | €3,523 | -€1,083 | -23.5% |
| Other amounts payable | 47/48 | €8,788 | €28,221 | +€19,433 | +221.1% |
| Remuneration, social security and pensions | 62 | €15,228 | €49,979 | +€34,751 | +228.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,314 | €1,340 | +€26 | +2.0% |
| Other operating charges | 640/8 | €1,585 | €3,096 | +€1,511 | +95.4% |
| Gross operating margin | 9900 | -€24,859 | €21,070 | +€45,929 | |
| Operating profit (loss) | 9901 | -€42,986 | -€33,344 | +€9,641 | +22.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | +50.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +50.0% |
| Financial charges | 65/66B | €1,536 | €5,252 | +€3,715 | +241.8% |
| Recurring financial charges | 65 | €1,536 | €5,252 | +€3,715 | +241.8% |
| Profit (loss) for the period before taxes | 9903 | -€44,522 | -€38,596 | +€5,926 | +13.3% |
| Income taxes | 67/77 | €105 | -€9 | -€114 | |
| Profit (loss) for the period | 9904 | -€44,627 | -€38,587 | +€6,040 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,627 | -€38,587 | +€6,040 | +13.5% |
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.