Malo Ventures: 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.
What changed
Malo Ventures
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€272,404
2024 · €1.7m-€1.4m
Equity
€89.9m
2024 · €92.7m-€2.7m
Cash
€1.3m
2024 · €1.6m-€348,492
Balance sheet total
€92.5m
2024 · €94.4m-€1.9m
Largest movements
Assets
- Financial fixed assets +€34.6m
up €34.6m (+117%), from €29.6m to €64.2m
- Current investments -€34.6m
down €34.6m (-56.6%), from €61.1m to €26.5m
- Deferred charges and accrued income -€1.7m
down €1.7m (-90.2%), from €1.9m to €190,132
Equity and liabilities
- Contributions -€3.0m
down €3.0m (-3.3%), from €90.0m to €87.0m
- Short-term financial debts +€2.0m
up €2.0m, from €0 to €2.0m
Income statement
- Financial income -€1.1m
down €1.1m (-44.0%), from €2.4m to €1.4m
- Gross operating margin -€672,613
down €672,613 (-560%), from -€120,108 to -€792,721
- Taxes -€432,980
down €432,980 (-78.9%), from €548,828 to €115,848
- Financial charges +€48,513
up €48,513 (+169%), from €28,712 to €77,225
- Staff costs +€14,420
up €14,420 (+22.7%), from €63,529 to €77,950
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.
Result 2024
€1.7m
Gross operating margin
-€672,613
Staff costs
-€14,420
Depreciation
-€5,881
Other operating charges
-€9,185
Financial income
-€1.1m
Financial charges
-€48,513
Taxes
+€432,980
Result 2025
€272,404
raises the resultlowers the result
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.
From operations
+€699,637
Investment
-€48,129
Financing
-€1.0m
Cash 2024
€1.6m
From operations (derived)
+€699,637
Net result for the year
+€272,404
Depreciation
+€5,881
Receivables within one year
-€130,369
Deferred charges and accrued income
+€1.7m
Smaller working-capital items
+€14,401
Other debts
-€659,611
Accrued charges and deferred income
-€548,101
Investment (derived)
-€48,129
Investment in fixed assets (net)
-€34.6m
Current investments
+€34.6m
Financing
-€1.0m
Short-term financial debts
+€2.0m
Contributions, distributions and other
-€3.0m
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €94,414,053 | €92,493,146 | -€1.9m | -2.0% |
| Fixed assets | 21/28 | €29,556,519 | €64,183,832 | +€34.6m | +117% |
| Tangible fixed assets | 22/27 | - | €29,542 | +€29,542 | |
| Furniture and vehicles | 24 | - | €29,542 | +€29,542 | |
| Financial fixed assets | 28 | €29,556,519 | €64,154,290 | +€34.6m | +117% |
| Current assets | 29/58 | €64,857,534 | €28,309,314 | -€36.5m | -56.4% |
| Amounts receivable within one year | 40/41 | €212,710 | €343,078 | +€130,369 | +61.3% |
| Trade receivables | 40 | €12,500 | €12,500 | = | 0.0% |
| Other amounts receivable | 41 | €200,210 | €330,578 | +€130,369 | +65.1% |
| Current investments | 50/53 | €61,105,401 | €26,520,336 | -€34.6m | -56.6% |
| Cash at bank and in hand | 54/58 | €1,604,260 | €1,255,768 | -€348,492 | -21.7% |
| Deferred charges and accrued income | 490/1 | €1,935,163 | €190,132 | -€1.7m | -90.2% |
| Total equity and liabilities | 10/49 | €94,414,053 | €92,493,146 | -€1.9m | -2.0% |
| Equity | 10/15 | €92,653,116 | €89,925,520 | -€2.7m | -2.9% |
| Contributions | 10/11 | €90,000,000 | €87,000,000 | -€3.0m | -3.3% |
| Capital | 10 | €90,000,000 | €87,000,000 | -€3.0m | -3.3% |
| Issued capital | 100 | €90,000,000 | €87,000,000 | -€3.0m | -3.3% |
| Reserves | 13 | €2,653,116 | €2,925,520 | +€272,404 | +10.3% |
| Non-distributable reserves | 130/1 | €132,656 | €146,276 | +€13,620 | +10.3% |
| Legal reserve | 130 | €132,656 | €146,276 | +€13,620 | +10.3% |
| Distributable reserves | 133 | €2,520,460 | €2,779,244 | +€258,784 | +10.3% |
| Amounts payable | 17/49 | €1,760,937 | €2,567,626 | +€806,689 | +45.8% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €681,474 | €2,036,264 | +€1.4m | +199% |
| Financial debts | 43 | €0 | €2,000,000 | +€2.0m | |
| Credit institutions | 430/8 | €0 | €2,000,000 | +€2.0m | |
| Trade debts | 44 | €817 | €11,075 | +€10,258 | +1,256% |
| Suppliers | 440/4 | €817 | €11,075 | +€10,258 | +1,256% |
| Taxes, remuneration and social security | 45 | €18,255 | €22,398 | +€4,142 | +22.7% |
| Taxes | 450/3 | €4,802 | €6,224 | +€1,422 | +29.6% |
| Remuneration and social security | 454/9 | €13,454 | €16,174 | +€2,720 | +20.2% |
| Other amounts payable | 47/48 | €662,403 | €2,791 | -€659,611 | -99.6% |
| Accrued charges and deferred income | 492/3 | €579,463 | €31,362 | -€548,101 | -94.6% |
| Remuneration, social security and pensions | 62 | €63,529 | €77,950 | +€14,420 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,881 | +€5,881 | |
| Other operating charges | 640/8 | €513 | €9,699 | +€9,185 | +1,789% |
| Gross operating margin | 9900 | -€120,108 | -€792,721 | -€672,613 | -560% |
| Operating profit (loss) | 9901 | -€184,150 | -€886,250 | -€702,100 | -381% |
| Financial income | 75/76B | €2,415,915 | €1,351,728 | -€1.1m | -44.0% |
| Recurring financial income | 75 | €2,415,915 | €1,351,728 | -€1.1m | -44.0% |
| Financial charges | 65/66B | €28,712 | €77,225 | +€48,513 | +169% |
| Recurring financial charges | 65 | €28,712 | €77,225 | +€48,513 | +169% |
| Profit (loss) for the period before taxes | 9903 | €2,203,054 | €388,253 | -€1.8m | -82.4% |
| Income taxes | 67/77 | €548,828 | €115,848 | -€432,980 | -78.9% |
| Profit (loss) for the period | 9904 | €1,654,225 | €272,404 | -€1.4m | -83.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,654,225 | €272,404 | -€1.4m | -83.5% |
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 20 October 2026 via checked.be.