MALOUMAX: 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
MALOUMAX
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€8,675
2024 · -€59,716+€51,041
Equity
€306,421
2024 · €214,023+€92,398
Cash
€8,070
2024 · €789+€7,281
Balance sheet total
€4.8m
2024 · €4.5m+€290,526
Largest movements
Assets
- Tangible fixed assets +€277,294
up €277,294 (+7.7%), from €3.6m to €3.9m
of which Land and buildings: +€273,178
Equity and liabilities
- Investment grants +€101,073
up €101,073 (+58.2%), from €173,699 to €274,773
- Tax, wage and social debts +€89,376
up €89,376 (+856.0%), from €10,441 to €99,817
of which Taxes: +€87,980
Income statement
- Gross operating margin +€145,104
up €145,104 (+44.4%), from €326,849 to €471,953
- Financial charges +€36,734
up €36,734 (+33.2%), from €110,635 to €147,370
- Depreciation +€17,578
up €17,578 (+6.5%), from €271,104 to €288,681
- Financial income +€8,779
up €8,779 (+44.2%), from €19,871 to €28,649
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
-€59,716
Gross operating margin
+€145,104
Staff costs
-€3,173
Depreciation
-€17,578
Other operating charges
+€2,345
Other operating items
-€50,503
Financial income
+€8,779
Financial charges
-€36,734
Taxes
+€2,801
Result 2025
-€8,675
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.
From operations
+€381,582
Investment
-€537,145
Financing
+€162,843
Cash 2024
€789
From operations (derived)
+€381,582
Net result for the year
-€8,675
Depreciation
+€288,681
Receivables within one year
-€38,637
Deferred charges and accrued income
+€3,856
Provisions
-€5,794
Trade debts
+€22,008
Tax, wage and social debts
+€89,376
Other debts
+€30,280
Accrued charges and deferred income
+€487
Investment (derived)
-€537,145
Investment in fixed assets (net)
-€537,145
Financing
+€162,843
Debts after one year
+€41,396
Current portion of long-term debt
+€20,374
Contributions, distributions and other
+€101,073
Cash 2025
€8,070
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,532,552 | €4,823,078 | +€290,526 | +6.4% |
| Formation expenses | 20 | €99,675 | €71,594 | -€28,081 | -28.2% |
| Fixed assets | 21/28 | €4,275,182 | €4,551,726 | +€276,544 | +6.5% |
| Intangible fixed assets | 21 | €750 | - | -€750 | |
| Tangible fixed assets | 22/27 | €3,580,432 | €3,857,726 | +€277,294 | +7.7% |
| Land and buildings | 22 | €3,533,233 | €3,806,412 | +€273,178 | +7.7% |
| Plant, machinery and equipment | 23 | - | €14,402 | +€14,402 | |
| Furniture and vehicles | 24 | €47,198 | €36,912 | -€10,286 | -21.8% |
| Financial fixed assets | 28 | €694,000 | €694,000 | = | 0.0% |
| Current assets | 29/58 | €157,695 | €199,758 | +€42,063 | +26.7% |
| Amounts receivable within one year | 40/41 | €148,308 | €186,945 | +€38,637 | +26.1% |
| Trade receivables | 40 | €73,320 | €186,945 | +€113,625 | +155.0% |
| Other amounts receivable | 41 | €74,988 | - | -€74,988 | |
| Cash at bank and in hand | 54/58 | €789 | €8,070 | +€7,281 | +923.0% |
| Deferred charges and accrued income | 490/1 | €8,599 | €4,743 | -€3,856 | -44.8% |
| Total equity and liabilities | 10/49 | €4,532,552 | €4,823,078 | +€290,526 | +6.4% |
| Equity | 10/15 | €214,023 | €306,421 | +€92,398 | +43.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €109,370 | €101,624 | -€7,746 | -7.1% |
| Tax-exempt reserves | 132 | €109,370 | €101,624 | -€7,746 | -7.1% |
| Profit (loss) carried forward | 14 | -€87,646 | -€88,576 | -€929 | -1.1% |
| Investment grants | 15 | €173,699 | €274,773 | +€101,073 | +58.2% |
| Provisions and deferred taxes | 16 | €86,905 | €81,111 | -€5,794 | -6.7% |
| Deferred taxes | 168 | €86,905 | €81,111 | -€5,794 | -6.7% |
| Amounts payable | 17/49 | €4,231,624 | €4,435,546 | +€203,921 | +4.8% |
| Amounts payable after more than one year | 17 | €2,894,301 | €2,935,697 | +€41,396 | +1.4% |
| Financial debts | 170/4 | €2,894,301 | €2,935,697 | +€41,396 | +1.4% |
| Amounts payable within one year | 42/48 | €1,332,997 | €1,495,036 | +€162,039 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €250,824 | €271,198 | +€20,374 | +8.1% |
| Trade debts | 44 | €5,089 | €27,097 | +€22,008 | +432.5% |
| Suppliers | 440/4 | €5,089 | €27,097 | +€22,008 | +432.5% |
| Taxes, remuneration and social security | 45 | €10,441 | €99,817 | +€89,376 | +856.0% |
| Taxes | 450/3 | €8,933 | €96,913 | +€87,980 | +984.9% |
| Remuneration and social security | 454/9 | €1,508 | €2,905 | +€1,397 | +92.6% |
| Other amounts payable | 47/48 | €1,066,643 | €1,096,923 | +€30,280 | +2.8% |
| Accrued charges and deferred income | 492/3 | €4,327 | €4,813 | +€487 | +11.3% |
| Remuneration, social security and pensions | 62 | €18,033 | €21,206 | +€3,173 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271,104 | €288,681 | +€17,578 | +6.5% |
| Other operating charges | 640/8 | €9,516 | €7,170 | -€2,345 | -24.6% |
| Non-recurring operating charges | 66A | - | €50,503 | +€50,503 | |
| Gross operating margin | 9900 | €326,849 | €471,953 | +€145,104 | +44.4% |
| Operating profit (loss) | 9901 | €28,197 | €104,393 | +€76,196 | +270.2% |
| Financial income | 75/76B | €19,871 | €28,649 | +€8,779 | +44.2% |
| Recurring financial income | 75 | €19,871 | €28,649 | +€8,779 | +44.2% |
| Financial charges | 65/66B | €110,635 | €147,370 | +€36,734 | +33.2% |
| Recurring financial charges | 65 | €110,635 | €147,370 | +€36,734 | +33.2% |
| Profit (loss) for the period before taxes | 9903 | -€62,568 | -€14,328 | +€48,240 | +77.1% |
| Transfer from deferred taxes | 780 | €5,794 | €5,794 | = | 0.0% |
| Income taxes | 67/77 | €2,941 | €141 | -€2,801 | -95.2% |
| Profit (loss) for the period | 9904 | -€59,716 | -€8,675 | +€51,041 | +85.5% |
| Transfer from tax-exempt reserves | 789 | €7,746 | €7,746 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,970 | -€929 | +€51,041 | +98.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.