Malinwatt: 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.
Malinwatt
Largest movements
- Tangible fixed assets -€6,763
down €6,763 (-14.8%), from €45,757 to €38,994
of which Plant, machinery and equipment: -€3,759
- Receivables within one year -€2,864
down €2,864 (-34.0%), from €8,413 to €5,550
of which Trade receivables: -€3,469
- Financial fixed assets +€2,300
new in 2025: €2,300
- Cash -€2,147
down €2,147 (-9.9%), from €21,754 to €19,607
mainly Trade debts (-€8,408) and Advances received (-€2,353)
- Stocks and contracts +€968
up €968 (+13.5%), from €7,149 to €8,116
- Trade debts -€8,408
no longer reported in 2025 (was €8,408)
- Accrued charges and deferred income +€2,434
new in 2025: €2,434
- Advances received -€2,353
down €2,353 (-29.1%), from €8,089 to €5,736
- Tax, wage and social debts -€2,217
down €2,217 (-83.5%), from €2,655 to €438
- Reserves +€1,189
up €1,189 (+6.7%), from €17,826 to €19,015
- Gross operating margin -€17,267
down €17,267 (-63.6%), from €27,153 to €9,886
- Taxes -€1,658
down €1,658 (-80.7%), from €2,054 to €396
- Depreciation +€1,316
up €1,316 (+24.2%), from €5,447 to €6,763
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 | €83,654 | €75,169 | -€8,485 | -10.1% |
| Fixed assets | 21/28 | €45,757 | €41,294 | -€4,463 | -9.8% |
| Tangible fixed assets | 22/27 | €45,757 | €38,994 | -€6,763 | -14.8% |
| Plant, machinery and equipment | 23 | €33,843 | €30,084 | -€3,759 | -11.1% |
| Furniture and vehicles | 24 | €3,430 | €1,097 | -€2,334 | -68.0% |
| Other tangible fixed assets | 26 | €8,484 | €7,813 | -€671 | -7.9% |
| Financial fixed assets | 28 | - | €2,300 | +€2,300 | |
| Current assets | 29/58 | €37,896 | €33,875 | -€4,022 | -10.6% |
| Stocks and contracts in progress | 3 | €7,149 | €8,116 | +€968 | +13.5% |
| Stocks | 30/36 | €7,149 | €8,116 | +€968 | +13.5% |
| Amounts receivable within one year | 40/41 | €8,413 | €5,550 | -€2,864 | -34.0% |
| Trade receivables | 40 | €8,413 | €4,944 | -€3,469 | -41.2% |
| Other amounts receivable | 41 | - | €605 | +€605 | |
| Cash at bank and in hand | 54/58 | €21,754 | €19,607 | -€2,147 | -9.9% |
| Deferred charges and accrued income | 490/1 | €581 | €602 | +€22 | +3.7% |
| Total equity and liabilities | 10/49 | €83,654 | €75,169 | -€8,485 | -10.1% |
| Equity | 10/15 | €22,826 | €24,015 | +€1,189 | +5.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €17,826 | €19,015 | +€1,189 | +6.7% |
| Distributable reserves | 133 | €17,826 | €19,015 | +€1,189 | +6.7% |
| Amounts payable | 17/49 | €60,828 | €51,154 | -€9,673 | -15.9% |
| Amounts payable after more than one year | 17 | €40,000 | €40,000 | = | 0.0% |
| Financial debts | 170/4 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €20,828 | €8,721 | -€12,107 | -58.1% |
| Trade debts | 44 | €8,408 | - | -€8,408 | |
| Suppliers | 440/4 | €8,408 | - | -€8,408 | |
| Advances received on contracts in progress | 46 | €8,089 | €5,736 | -€2,353 | -29.1% |
| Taxes, remuneration and social security | 45 | €2,655 | €438 | -€2,217 | -83.5% |
| Taxes | 450/3 | €2,655 | €438 | -€2,217 | -83.5% |
| Other amounts payable | 47/48 | €1,676 | €2,546 | +€870 | +51.9% |
| Accrued charges and deferred income | 492/3 | - | €2,434 | +€2,434 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,447 | €6,763 | +€1,316 | +24.2% |
| Other operating charges | 640/8 | €573 | €344 | -€229 | -39.9% |
| Gross operating margin | 9900 | €27,153 | €9,886 | -€17,267 | -63.6% |
| Operating profit (loss) | 9901 | €21,133 | €2,778 | -€18,354 | -86.9% |
| Financial income | 75/76B | €102 | €37 | -€64 | -63.1% |
| Recurring financial income | 75 | €102 | €37 | -€64 | -63.1% |
| Financial charges | 65/66B | €1,354 | €1,231 | -€123 | -9.1% |
| Recurring financial charges | 65 | €1,354 | €1,231 | -€123 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €19,880 | €1,585 | -€18,295 | -92.0% |
| Income taxes | 67/77 | €2,054 | €396 | -€1,658 | -80.7% |
| Profit (loss) for the period | 9904 | €17,826 | €1,189 | -€16,638 | -93.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,826 | €1,189 | -€16,638 | -93.3% |
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 6 October 2026 via checked.be.