Malines Group: 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.
Malines Group
Largest movements
- Cash -€230,972
down €230,972 (-61.5%), from €375,832 to €144,860
mainly Accrued charges and deferred income (-€208,325) and Contributions, distributions and other (-€100,000)
- Receivables within one year -€66,838
down €66,838 (-35.2%), from €189,930 to €123,092
of which Trade receivables: -€54,275
- Deferred charges and accrued income +€10,742
up €10,742 (+26.9%), from €39,996 to €50,738
- Accrued charges and deferred income -€208,325
down €208,325 (-67.6%), from €308,067 to €99,742
- Other debts +€117,146
up €117,146 (+79163.3%), from €148 to €117,294
- Reserves -€92,061
down €92,061 (-44.9%), from €204,918 to €112,856
of which Distributable reserves: -€92,061
- Tax, wage and social debts -€57,640
down €57,640 (-37.1%), from €155,291 to €97,650
of which Taxes: -€48,637
- Trade debts -€26,485
down €26,485 (-17.9%), from €147,631 to €121,146
- Gross operating margin -€117,988
down €117,988 (-34.7%), from €340,429 to €222,441
- Staff costs -€51,457
down €51,457 (-23.6%), from €218,153 to €166,695
- Financial charges -€34,946
down €34,946 (-66.7%), from €52,429 to €17,483
- Financial income -€8,171
down €8,171 (-54.5%), from €14,999 to €6,829
- Depreciation -€7,299
down €7,299 (-23.7%), from €30,770 to €23,471
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 | €1,045,939 | €757,016 | -€288,923 | -27.6% |
| Fixed assets | 21/28 | €137,306 | €124,997 | -€12,309 | -9.0% |
| Intangible fixed assets | 21 | €8,237 | €5,416 | -€2,821 | -34.2% |
| Tangible fixed assets | 22/27 | €124,152 | €114,664 | -€9,488 | -7.6% |
| Land and buildings | 22 | €2,045 | €1,484 | -€562 | -27.5% |
| Plant, machinery and equipment | 23 | €3,807 | €6,725 | +€2,918 | +76.7% |
| Furniture and vehicles | 24 | €21,296 | €14,623 | -€6,673 | -31.3% |
| Other tangible fixed assets | 26 | €97,004 | €91,833 | -€5,172 | -5.3% |
| Financial fixed assets | 28 | €4,917 | €4,917 | = | 0.0% |
| Current assets | 29/58 | €908,633 | €632,019 | -€276,614 | -30.4% |
| Amounts receivable after more than one year | 29 | €302,874 | €313,328 | +€10,454 | +3.5% |
| Other amounts receivable | 291 | €302,874 | €313,328 | +€10,454 | +3.5% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €189,930 | €123,092 | -€66,838 | -35.2% |
| Trade receivables | 40 | €144,517 | €90,243 | -€54,275 | -37.6% |
| Other amounts receivable | 41 | €45,413 | €32,849 | -€12,564 | -27.7% |
| Cash at bank and in hand | 54/58 | €375,832 | €144,860 | -€230,972 | -61.5% |
| Deferred charges and accrued income | 490/1 | €39,996 | €50,738 | +€10,742 | +26.9% |
| Total equity and liabilities | 10/49 | €1,045,939 | €757,016 | -€288,923 | -27.6% |
| Equity | 10/15 | €267,418 | €175,356 | -€92,061 | -34.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €204,918 | €112,856 | -€92,061 | -44.9% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €198,668 | €106,606 | -€92,061 | -46.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €778,522 | €581,660 | -€196,862 | -25.3% |
| Amounts payable after more than one year | 17 | €142,462 | €118,093 | -€24,369 | -17.1% |
| Financial debts | 170/4 | €142,462 | €118,093 | -€24,369 | -17.1% |
| Amounts payable within one year | 42/48 | €327,992 | €363,825 | +€35,832 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €24,923 | €24,369 | -€554 | -2.2% |
| Financial debts | 43 | €0 | €3,365 | +€3,365 | |
| Credit institutions | 430/8 | €0 | €3,365 | +€3,365 | |
| Trade debts | 44 | €147,631 | €121,146 | -€26,485 | -17.9% |
| Suppliers | 440/4 | €147,631 | €121,146 | -€26,485 | -17.9% |
| Taxes, remuneration and social security | 45 | €155,291 | €97,650 | -€57,640 | -37.1% |
| Taxes | 450/3 | €132,316 | €83,679 | -€48,637 | -36.8% |
| Remuneration and social security | 454/9 | €22,975 | €13,971 | -€9,004 | -39.2% |
| Other amounts payable | 47/48 | €148 | €117,294 | +€117,146 | +79163.3% |
| Accrued charges and deferred income | 492/3 | €308,067 | €99,742 | -€208,325 | -67.6% |
| Non-recurring operating income | 76A | €1,258 | €3,153 | +€1,895 | +150.6% |
| Remuneration, social security and pensions | 62 | €218,153 | €166,695 | -€51,457 | -23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,770 | €23,471 | -€7,299 | -23.7% |
| Other operating charges | 640/8 | €5,505 | €5,308 | -€197 | -3.6% |
| Gross operating margin | 9900 | €340,429 | €222,441 | -€117,988 | -34.7% |
| Operating profit (loss) | 9901 | €86,002 | €26,967 | -€59,035 | -68.6% |
| Financial income | 75/76B | €14,999 | €6,829 | -€8,171 | -54.5% |
| Recurring financial income | 75 | €14,999 | €6,829 | -€8,171 | -54.5% |
| Financial charges | 65/66B | €52,429 | €17,483 | -€34,946 | -66.7% |
| Recurring financial charges | 65 | €52,429 | €17,483 | -€34,946 | -66.7% |
| Profit (loss) for the period before taxes | 9903 | €48,572 | €16,313 | -€32,259 | -66.4% |
| Income taxes | 67/77 | €14,710 | €8,375 | -€6,335 | -43.1% |
| Profit (loss) for the period | 9904 | €33,862 | €7,939 | -€25,924 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,862 | €7,939 | -€25,924 | -76.6% |
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 10 October 2026 via checked.be.