MALMAR: 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.
MALMAR
Largest movements
- Receivables within one year -€2.5m
down €2.5m (-86.0%), from €2.9m to €403,802
of which Trade receivables: -€2.5m
- Stocks and contracts +€152,831
up €152,831 (+11.1%), from €1.4m to €1.5m
- Tangible fixed assets -€86,202
down €86,202 (-12.3%), from €700,742 to €614,540
of which Leasing and similar rights: -€75,316
- Trade debts -€1.6m
down €1.6m (-50.8%), from €3.2m to €1.6m
- Tax, wage and social debts -€617,745
down €617,745 (-55.8%), from €1.1m to €489,897
of which Taxes: -€558,343
- Profit (loss) carried forward -€206,325
down €206,325 (-226.5%), from -€91,109 to -€297,434
- Gross operating margin -€258,158
down €258,158 (-30.5%), from €845,657 to €587,499
- Write-downs +€42,650
new in 2025: €42,650
- Staff costs -€31,868
down €31,868 (-5.3%), from €599,263 to €567,395
- Taxes -€21,094
down €21,094 (-99.2%), from €21,270 to €176
- Depreciation -€16,740
down €16,740 (-8.9%), from €187,051 to €170,311
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 | €5,039,438 | €2,631,435 | -€2.4m | -47.8% |
| Fixed assets | 21/28 | €767,207 | €683,505 | -€83,702 | -10.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €700,742 | €614,540 | -€86,202 | -12.3% |
| Land and buildings | 22 | €21,194 | €16,354 | -€4,840 | -22.8% |
| Plant, machinery and equipment | 23 | €577,616 | €575,744 | -€1,872 | -0.3% |
| Furniture and vehicles | 24 | €26,615 | €22,442 | -€4,174 | -15.7% |
| Leasing and similar rights | 25 | €75,316 | €0 | -€75,316 | -100.0% |
| Financial fixed assets | 28 | €66,465 | €68,965 | +€2,500 | +3.8% |
| Current assets | 29/58 | €4,272,231 | €1,947,930 | -€2.3m | -54.4% |
| Stocks and contracts in progress | 3 | €1,376,672 | €1,529,503 | +€152,831 | +11.1% |
| Stocks | 30/36 | €1,376,672 | €1,529,503 | +€152,831 | +11.1% |
| Amounts receivable within one year | 40/41 | €2,884,587 | €403,802 | -€2.5m | -86.0% |
| Trade receivables | 40 | €2,673,951 | €157,929 | -€2.5m | -94.1% |
| Other amounts receivable | 41 | €210,636 | €245,874 | +€35,238 | +16.7% |
| Cash at bank and in hand | 54/58 | €4,371 | €6,596 | +€2,225 | +50.9% |
| Deferred charges and accrued income | 490/1 | €6,602 | €8,029 | +€1,428 | +21.6% |
| Total equity and liabilities | 10/49 | €5,039,438 | €2,631,435 | -€2.4m | -47.8% |
| Equity | 10/15 | €392,640 | €186,315 | -€206,325 | -52.5% |
| Contributions | 10/11 | €439,772 | €439,772 | = | 0.0% |
| Reserves | 13 | €43,977 | €43,977 | = | 0.0% |
| Non-distributable reserves | 130/1 | €43,977 | €43,977 | = | 0.0% |
| Reserves not available under the articles | 1311 | €43,977 | €43,977 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,109 | -€297,434 | -€206,325 | -226.5% |
| Amounts payable | 17/49 | €4,646,798 | €2,445,120 | -€2.2m | -47.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €4,488,245 | €2,237,337 | -€2.3m | -50.2% |
| Current portion of amounts payable after more than one year | 42 | €2,890 | €0 | -€2,890 | -100.0% |
| Trade debts | 44 | €3,177,713 | €1,564,330 | -€1.6m | -50.8% |
| Suppliers | 440/4 | €3,177,713 | €1,564,330 | -€1.6m | -50.8% |
| Taxes, remuneration and social security | 45 | €1,107,642 | €489,897 | -€617,745 | -55.8% |
| Taxes | 450/3 | €1,001,280 | €442,937 | -€558,343 | -55.8% |
| Remuneration and social security | 454/9 | €106,363 | €46,961 | -€59,402 | -55.8% |
| Other amounts payable | 47/48 | €200,000 | €183,110 | -€16,890 | -8.4% |
| Accrued charges and deferred income | 492/3 | €158,553 | €207,783 | +€49,230 | +31.0% |
| Non-recurring operating income | 76A | - | €4,463 | +€4,463 | |
| Remuneration, social security and pensions | 62 | €599,263 | €567,395 | -€31,868 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187,051 | €170,311 | -€16,740 | -8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €42,650 | +€42,650 | |
| Other operating charges | 640/8 | €19,565 | €4,167 | -€15,398 | -78.7% |
| Gross operating margin | 9900 | €845,657 | €587,499 | -€258,158 | -30.5% |
| Operating profit (loss) | 9901 | €39,778 | -€197,024 | -€236,802 | |
| Financial income | 75/76B | €16,403 | €4,695 | -€11,708 | -71.4% |
| Recurring financial income | 75 | €16,403 | €4,695 | -€11,708 | -71.4% |
| Financial charges | 65/66B | €13,821 | €13,819 | -€1 | 0.0% |
| Recurring financial charges | 65 | €13,821 | €13,819 | -€1 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €42,361 | -€206,149 | -€248,509 | |
| Income taxes | 67/77 | €21,270 | €176 | -€21,094 | -99.2% |
| Profit (loss) for the period | 9904 | €21,091 | -€206,325 | -€227,416 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,091 | -€206,325 | -€227,416 |
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 5 October 2026 via checked.be.