MALOE: 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.
MALOE
Largest movements
- Receivables within one year -€100,912
down €100,912 (-91.6%), from €110,108 to €9,196
of which Other amounts receivable: -€87,680
- Receivables after one year +€87,678
new in 2025: €87,678
- Tangible fixed assets -€7,998
down €7,998 (-73.7%), from €10,859 to €2,861
of which Furniture and vehicles: -€7,275
- Trade debts -€14,741
down €14,741 (-30.1%), from €48,987 to €34,246
- Debts after one year -€4,951
no longer reported in 2025 (was €4,951)
- Tax, wage and social debts -€4,481
down €4,481 (-58.4%), from €7,671 to €3,190
of which Remuneration and social security: -€2,502
- Accrued charges and deferred income +€2,810
new in 2025: €2,810
- Profit (loss) carried forward +€1,859
up €1,859 (+24.2%), from -€7,681 to -€5,822
- Gross operating margin +€8,398
up €8,398 (+78.5%), from €10,694 to €19,092
- Staff costs -€5,780
down €5,780 (-33.1%), from €17,482 to €11,702
- Other operating charges -€4,027
down €4,027 (-90.1%), from €4,471 to €444
- Financial charges -€2,589
down €2,589 (-69.8%), from €3,707 to €1,118
- Depreciation -€1,177
down €1,177 (-12.8%), from €9,174 to €7,998
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 | €125,782 | €104,333 | -€21,449 | -17.1% |
| Fixed assets | 21/28 | €11,934 | €3,936 | -€7,998 | -67.0% |
| Tangible fixed assets | 22/27 | €10,859 | €2,861 | -€7,998 | -73.7% |
| Land and buildings | 22 | €723 | - | -€723 | |
| Furniture and vehicles | 24 | €10,136 | €2,861 | -€7,275 | -71.8% |
| Financial fixed assets | 28 | €1,075 | €1,075 | = | 0.0% |
| Current assets | 29/58 | €113,848 | €100,396 | -€13,452 | -11.8% |
| Amounts receivable after more than one year | 29 | - | €87,678 | +€87,678 | |
| Trade receivables | 290 | - | €87,678 | +€87,678 | |
| Stocks and contracts in progress | 3 | €1,503 | €1,503 | = | 0.0% |
| Stocks | 30/36 | €1,503 | €1,503 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,108 | €9,196 | -€100,912 | -91.6% |
| Trade receivables | 40 | €22,428 | €9,196 | -€13,232 | -59.0% |
| Other amounts receivable | 41 | €87,680 | - | -€87,680 | |
| Cash at bank and in hand | 54/58 | €665 | €470 | -€195 | -29.4% |
| Deferred charges and accrued income | 490/1 | €1,573 | €1,550 | -€23 | -1.5% |
| Total equity and liabilities | 10/49 | €125,782 | €104,333 | -€21,449 | -17.1% |
| Equity | 10/15 | €54,901 | €56,760 | +€1,859 | +3.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Outside capital | 11 | €6,197 | €6,197 | = | 0.0% |
| Other | 1109/19 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €56,385 | €56,385 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €54,525 | €54,525 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,681 | -€5,822 | +€1,859 | +24.2% |
| Amounts payable | 17/49 | €70,881 | €47,573 | -€23,308 | -32.9% |
| Amounts payable after more than one year | 17 | €4,951 | - | -€4,951 | |
| Financial debts | 170/4 | €4,951 | - | -€4,951 | |
| Amounts payable within one year | 42/48 | €65,930 | €44,763 | -€21,167 | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €3,239 | €2,888 | -€351 | -10.8% |
| Financial debts | 43 | €6,033 | €4,438 | -€1,595 | -26.4% |
| Credit institutions | 430/8 | €6,033 | €4,438 | -€1,595 | -26.4% |
| Trade debts | 44 | €48,987 | €34,246 | -€14,741 | -30.1% |
| Suppliers | 440/4 | €48,987 | €34,246 | -€14,741 | -30.1% |
| Taxes, remuneration and social security | 45 | €7,671 | €3,190 | -€4,481 | -58.4% |
| Taxes | 450/3 | €3,006 | €1,027 | -€1,979 | -65.8% |
| Remuneration and social security | 454/9 | €4,665 | €2,163 | -€2,502 | -53.6% |
| Accrued charges and deferred income | 492/3 | - | €2,810 | +€2,810 | |
| Remuneration, social security and pensions | 62 | €17,482 | €11,702 | -€5,780 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,174 | €7,998 | -€1,177 | -12.8% |
| Other operating charges | 640/8 | €4,471 | €444 | -€4,027 | -90.1% |
| Gross operating margin | 9900 | €10,694 | €19,092 | +€8,398 | +78.5% |
| Operating profit (loss) | 9901 | -€20,433 | -€1,051 | +€19,382 | +94.9% |
| Financial income | 75/76B | €4,806 | €4,213 | -€594 | -12.4% |
| Recurring financial income | 75 | €4,806 | €4,213 | -€594 | -12.4% |
| Financial charges | 65/66B | €3,707 | €1,118 | -€2,589 | -69.8% |
| Recurring financial charges | 65 | €3,707 | €1,118 | -€2,589 | -69.8% |
| Profit (loss) for the period before taxes | 9903 | -€19,334 | €2,044 | +€21,378 | |
| Income taxes | 67/77 | €500 | €185 | -€315 | -63.0% |
| Profit (loss) for the period | 9904 | -€19,834 | €1,859 | +€21,692 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,834 | €1,859 | +€21,692 |
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 3 October 2026 via checked.be.