MALMAC: 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.
MALMAC
Largest movements
- Tangible fixed assets +€60,502
up €60,502 (+161%), from €37,572 to €98,074
of which Other tangible fixed assets: +€55,994
- Receivables within one year +€50,715
up €50,715 (+31.0%), from €163,505 to €214,221
of which Trade receivables: +€84,024
- Cash -€5,705
down €5,705 (-4.8%), from €117,962 to €112,257
mainly Other debts (-€103,265) and Investment in fixed assets (net) (-€81,126)
- Trade debts +€188,547
up €188,547 (+338%), from €55,718 to €244,265
- Other debts -€103,265
down €103,265 (-86.0%), from €120,038 to €16,773
- Accrued charges and deferred income +€26,000
new in 2025: €26,000
- Debts after one year -€5,724
down €5,724 (-38.0%), from €15,060 to €9,336
- Gross operating margin -€78,419
down €78,419 (-34.5%), from €227,258 to €148,838
- Other operating charges +€20,124
up €20,124 (+909%), from €2,215 to €22,339
- Write-downs -€13,356
down €13,356 (-387%), from -€3,448 to -€16,804
- Staff costs +€10,303
up €10,303 (+9.7%), from €106,670 to €116,974
- Depreciation +€6,501
up €6,501 (+46.0%), from €14,123 to €20,624
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.
Derived cash bridge
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 | €341,610 | €446,657 | +€105,048 | +30.8% |
| Fixed assets | 21/28 | €37,572 | €98,074 | +€60,502 | +161% |
| Tangible fixed assets | 22/27 | €37,572 | €98,074 | +€60,502 | +161% |
| Plant, machinery and equipment | 23 | €3,856 | €2,880 | -€976 | -25.3% |
| Furniture and vehicles | 24 | €4,912 | €19,828 | +€14,916 | +304% |
| Leasing and similar rights | 25 | €23,754 | €14,323 | -€9,432 | -39.7% |
| Other tangible fixed assets | 26 | €5,049 | €61,043 | +€55,994 | +1,109% |
| Current assets | 29/58 | €304,038 | €348,583 | +€44,546 | +14.7% |
| Stocks and contracts in progress | 3 | €18,225 | €16,550 | -€1,675 | -9.2% |
| Stocks | 30/36 | €18,225 | €16,550 | -€1,675 | -9.2% |
| Amounts receivable within one year | 40/41 | €163,505 | €214,221 | +€50,715 | +31.0% |
| Trade receivables | 40 | €97,548 | €181,572 | +€84,024 | +86.1% |
| Other amounts receivable | 41 | €65,957 | €32,648 | -€33,309 | -50.5% |
| Cash at bank and in hand | 54/58 | €117,962 | €112,257 | -€5,705 | -4.8% |
| Deferred charges and accrued income | 490/1 | €4,345 | €5,556 | +€1,210 | +27.9% |
| Total equity and liabilities | 10/49 | €341,610 | €446,657 | +€105,048 | +30.8% |
| Equity | 10/15 | €135,175 | €137,087 | +€1,912 | +1.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €55,175 | €57,087 | +€1,912 | +3.5% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €47,175 | €49,087 | +€1,912 | +4.1% |
| Amounts payable | 17/49 | €206,435 | €309,571 | +€103,136 | +50.0% |
| Amounts payable after more than one year | 17 | €15,060 | €9,336 | -€5,724 | -38.0% |
| Financial debts | 170/4 | €15,060 | €9,336 | -€5,724 | -38.0% |
| Amounts payable within one year | 42/48 | €191,375 | €274,235 | +€82,860 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €9,161 | €5,724 | -€3,437 | -37.5% |
| Trade debts | 44 | €55,718 | €244,265 | +€188,547 | +338% |
| Suppliers | 440/4 | €55,718 | €244,265 | +€188,547 | +338% |
| Taxes, remuneration and social security | 45 | €6,458 | €7,472 | +€1,014 | +15.7% |
| Remuneration and social security | 454/9 | €6,458 | €7,472 | +€1,014 | +15.7% |
| Other amounts payable | 47/48 | €120,038 | €16,773 | -€103,265 | -86.0% |
| Accrued charges and deferred income | 492/3 | - | €26,000 | +€26,000 | |
| Remuneration, social security and pensions | 62 | €106,670 | €116,974 | +€10,303 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,123 | €20,624 | +€6,501 | +46.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,448 | -€16,804 | -€13,356 | -387% |
| Other operating charges | 640/8 | €2,215 | €22,339 | +€20,124 | +909% |
| Gross operating margin | 9900 | €227,258 | €148,838 | -€78,419 | -34.5% |
| Operating profit (loss) | 9901 | €107,699 | €5,707 | -€101,992 | -94.7% |
| Financial income | 75/76B | €2,270 | €301 | -€1,969 | -86.7% |
| Recurring financial income | 75 | €2,270 | €301 | -€1,969 | -86.7% |
| Financial charges | 65/66B | €2,565 | €2,678 | +€113 | +4.4% |
| Recurring financial charges | 65 | €2,565 | €2,678 | +€113 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €107,404 | €3,330 | -€104,074 | -96.9% |
| Income taxes | 67/77 | €894 | €1,418 | +€523 | +58.5% |
| Profit (loss) for the period | 9904 | €106,509 | €1,912 | -€104,597 | -98.2% |
| Profit (loss) for the period to be appropriated | 9905 | €106,509 | €1,912 | -€104,597 | -98.2% |
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 16 October 2026 via checked.be.