MALLOWS: 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.
MALLOWS
Largest movements
- Receivables within one year +€187,342
up €187,342 (+87.1%), from €215,095 to €402,437
of which Trade receivables: +€118,581
- Tangible fixed assets -€91,462
down €91,462 (-6.1%), from €1.5m to €1.4m
of which Plant, machinery and equipment: -€65,154
- Stocks and contracts +€38,072
up €38,072 (+17.4%), from €219,007 to €257,079
- Debts after one year +€359,263
up €359,263 (+47.2%), from €761,339 to €1.1m
of which Other amounts payable: +€495,290
- Profit (loss) carried forward -€300,975
down €300,975 (-68.5%), from -€439,214 to -€740,188
- Tax, wage and social debts +€52,684
up €52,684 (+188.1%), from €28,003 to €80,687
of which Remuneration and social security: +€31,218
- Short-term financial debts +€32,000
up €32,000 (+14.7%), from €218,000 to €250,000
- Staff costs +€211,457
up €211,457 (+58.6%), from €361,150 to €572,607
- Gross operating margin +€114,177
up €114,177 (+29.8%), from €383,459 to €497,637
- Financial charges +€14,003
up €14,003 (+64.8%), from €21,624 to €35,627
- Depreciation +€10,784
up €10,784 (+6.7%), from €160,012 to €170,796
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 | €2,009,145 | €2,152,025 | +€142,881 | +7.1% |
| Fixed assets | 21/28 | €1,510,826 | €1,420,845 | -€89,981 | -6.0% |
| Intangible fixed assets | 21 | €14,693 | €16,174 | +€1,481 | +10.1% |
| Tangible fixed assets | 22/27 | €1,496,133 | €1,404,671 | -€91,462 | -6.1% |
| Plant, machinery and equipment | 23 | €856,593 | €791,439 | -€65,154 | -7.6% |
| Furniture and vehicles | 24 | €39,427 | €31,489 | -€7,937 | -20.1% |
| Leasing and similar rights | 25 | €122,018 | €108,518 | -€13,500 | -11.1% |
| Other tangible fixed assets | 26 | €478,096 | €473,225 | -€4,871 | -1.0% |
| Current assets | 29/58 | €498,319 | €731,180 | +€232,862 | +46.7% |
| Stocks and contracts in progress | 3 | €219,007 | €257,079 | +€38,072 | +17.4% |
| Stocks | 30/36 | €219,007 | €257,079 | +€38,072 | +17.4% |
| Amounts receivable within one year | 40/41 | €215,095 | €402,437 | +€187,342 | +87.1% |
| Trade receivables | 40 | €168,715 | €287,296 | +€118,581 | +70.3% |
| Other amounts receivable | 41 | €46,380 | €115,142 | +€68,761 | +148.3% |
| Cash at bank and in hand | 54/58 | €53,690 | €64,263 | +€10,573 | +19.7% |
| Deferred charges and accrued income | 490/1 | €10,526 | €7,401 | -€3,126 | -29.7% |
| Total equity and liabilities | 10/49 | €2,009,145 | €2,152,025 | +€142,881 | +7.1% |
| Equity | 10/15 | €641,813 | €340,838 | -€300,975 | -46.9% |
| Contributions | 10/11 | €1,037,184 | €1,037,184 | = | 0.0% |
| Reserves | 13 | €43,843 | €43,843 | = | 0.0% |
| Distributable reserves | 133 | €43,843 | €43,843 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€439,214 | -€740,188 | -€300,975 | -68.5% |
| Amounts payable | 17/49 | €1,367,332 | €1,811,187 | +€443,855 | +32.5% |
| Amounts payable after more than one year | 17 | €761,339 | €1,120,602 | +€359,263 | +47.2% |
| Financial debts | 170/4 | €531,548 | €395,521 | -€136,027 | -25.6% |
| Other amounts payable | 178/9 | €229,791 | €725,081 | +€495,290 | +215.5% |
| Amounts payable within one year | 42/48 | €593,074 | €690,585 | +€97,511 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €135,950 | €136,027 | +€76 | +0.1% |
| Financial debts | 43 | €218,000 | €250,000 | +€32,000 | +14.7% |
| Other loans | 439 | €218,000 | €250,000 | +€32,000 | +14.7% |
| Trade debts | 44 | €211,002 | €223,103 | +€12,101 | +5.7% |
| Suppliers | 440/4 | €211,002 | €223,103 | +€12,101 | +5.7% |
| Advances received on contracts in progress | 46 | - | €768 | +€768 | |
| Taxes, remuneration and social security | 45 | €28,003 | €80,687 | +€52,684 | +188.1% |
| Taxes | 450/3 | €556 | €22,022 | +€21,466 | +3862.4% |
| Remuneration and social security | 454/9 | €27,447 | €58,665 | +€31,218 | +113.7% |
| Other amounts payable | 47/48 | €118 | €0 | -€118 | -100.0% |
| Accrued charges and deferred income | 492/3 | €12,918 | €0 | -€12,918 | -100.0% |
| Remuneration, social security and pensions | 62 | €361,150 | €572,607 | +€211,457 | +58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,012 | €170,796 | +€10,784 | +6.7% |
| Other operating charges | 640/8 | €14,630 | €19,124 | +€4,494 | +30.7% |
| Non-recurring operating charges | 66A | €6,838 | €0 | -€6,838 | -100.0% |
| Gross operating margin | 9900 | €383,459 | €497,637 | +€114,177 | +29.8% |
| Operating profit (loss) | 9901 | -€159,170 | -€264,891 | -€105,721 | -66.4% |
| Financial income | 75/76B | €4,417 | €156 | -€4,261 | -96.5% |
| Recurring financial income | 75 | €4,417 | €156 | -€4,261 | -96.5% |
| Financial charges | 65/66B | €21,624 | €35,627 | +€14,003 | +64.8% |
| Recurring financial charges | 65 | €21,624 | €35,627 | +€14,003 | +64.8% |
| Profit (loss) for the period before taxes | 9903 | -€176,378 | -€300,362 | -€123,984 | -70.3% |
| Income taxes | 67/77 | €556 | €612 | +€57 | +10.2% |
| Profit (loss) for the period | 9904 | -€176,934 | -€300,975 | -€124,041 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€176,934 | -€300,975 | -€124,041 | -70.1% |
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 30 September 2026 via checked.be.