MALO: 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.
MALO
Largest movements
- Tangible fixed assets +€37,835
up €37,835 (+2867.6%), from €1,319 to €39,154
- Receivables within one year -€32,933
down €32,933 (-50.8%), from €64,800 to €31,867
of which Trade receivables: -€34,300
- Cash +€5,015
up €5,015 (+36.0%), from €13,932 to €18,947
mainly Debts after one year (+€64,386) and Receivables within one year (+€32,933)
- Other debts -€95,250
down €95,250 (-100.0%), from €95,250 to €0
- Debts after one year +€64,386
new in 2025: €64,386
- Current portion of long-term debt +€20,258
new in 2025: €20,258
- Profit (loss) carried forward +€16,392
new in 2025: €16,392
- Tax, wage and social debts +€3,306
up €3,306 (+16.1%), from €20,509 to €23,815
- Depreciation +€8,129
up €8,129 (+1180.3%), from €689 to €8,818
- Taxes -€5,333
down €5,333 (-49.3%), from €10,819 to €5,485
- Financial charges +€1,987
up €1,987 (+9497.5%), from €21 to €2,008
- Gross operating margin -€1,880
down €1,880 (-5.4%), from €34,711 to €32,831
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 | €155,051 | €164,968 | +€9,917 | +6.4% |
| Fixed assets | 21/28 | €76,319 | €114,154 | +€37,835 | +49.6% |
| Tangible fixed assets | 22/27 | €1,319 | €39,154 | +€37,835 | +2867.6% |
| Furniture and vehicles | 24 | €1,319 | €39,154 | +€37,835 | +2867.6% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €78,732 | €50,814 | -€27,918 | -35.5% |
| Amounts receivable within one year | 40/41 | €64,800 | €31,867 | -€32,933 | -50.8% |
| Trade receivables | 40 | €42,300 | €8,000 | -€34,300 | -81.1% |
| Other amounts receivable | 41 | €22,500 | €23,867 | +€1,367 | +6.1% |
| Cash at bank and in hand | 54/58 | €13,932 | €18,947 | +€5,015 | +36.0% |
| Total equity and liabilities | 10/49 | €155,051 | €164,968 | +€9,917 | +6.4% |
| Equity | 10/15 | €38,083 | €54,475 | +€16,392 | +43.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €33,083 | €33,083 | = | 0.0% |
| Distributable reserves | 133 | €33,083 | €33,083 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €16,392 | +€16,392 | |
| Amounts payable | 17/49 | €116,968 | €110,493 | -€6,475 | -5.5% |
| Amounts payable after more than one year | 17 | - | €64,386 | +€64,386 | |
| Financial debts | 170/4 | - | €64,386 | +€64,386 | |
| Amounts payable within one year | 42/48 | €116,968 | €46,107 | -€70,861 | -60.6% |
| Current portion of amounts payable after more than one year | 42 | - | €20,258 | +€20,258 | |
| Trade debts | 44 | €1,210 | €2,034 | +€824 | +68.1% |
| Suppliers | 440/4 | €1,210 | €2,034 | +€824 | +68.1% |
| Taxes, remuneration and social security | 45 | €20,509 | €23,815 | +€3,306 | +16.1% |
| Taxes | 450/3 | €20,509 | €23,815 | +€3,306 | +16.1% |
| Other amounts payable | 47/48 | €95,250 | €0 | -€95,250 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €689 | €8,818 | +€8,129 | +1180.3% |
| Other operating charges | 640/8 | - | €128 | +€128 | |
| Gross operating margin | 9900 | €34,711 | €32,831 | -€1,880 | -5.4% |
| Operating profit (loss) | 9901 | €34,022 | €23,885 | -€10,137 | -29.8% |
| Financial charges | 65/66B | €21 | €2,008 | +€1,987 | +9497.5% |
| Recurring financial charges | 65 | €21 | €2,008 | +€1,987 | +9497.5% |
| Profit (loss) for the period before taxes | 9903 | €34,001 | €21,877 | -€12,124 | -35.7% |
| Income taxes | 67/77 | €10,819 | €5,485 | -€5,333 | -49.3% |
| Profit (loss) for the period | 9904 | €23,183 | €16,392 | -€6,790 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,183 | €16,392 | -€6,790 | -29.3% |
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 30 September 2026 via checked.be.