MALPAS MANAGEMENT: 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.
MALPAS MANAGEMENT
Largest movements
- Tangible fixed assets -€620,803
down €620,803 (-73.6%), from €843,332 to €222,529
of which Assets under construction and advance payments: -€756,302
- Deferred charges and accrued income +€15,741
new in 2025: €15,741
- Cash -€11,396
down €11,396 (-83.6%), from €13,633 to €2,237
mainly Short-term financial debts (-€802,259) and Other debts (-€18,732)
- Short-term financial debts -€802,259
no longer reported in 2025 (was €802,259)
- Debts after one year +€123,907
up €123,907 (+559.2%), from €22,159 to €146,066
- Profit (loss) carried forward +€30,762
up €30,762 (+27.6%), from -€111,422 to -€80,660
- Tax, wage and social debts +€24,156
up €24,156 (+102.3%), from €23,614 to €47,770
of which Taxes: +€24,156
- Other debts -€18,732
down €18,732 (-15.7%), from €119,642 to €100,910
- Gross operating margin +€95,120
up €95,120, from -€24,866 to €70,254
- Financial charges -€27,058
down €27,058 (-55.1%), from €49,123 to €22,065
- Other operating charges +€4,191
up €4,191 (+230.0%), from €1,822 to €6,013
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 | €1,051,325 | €427,599 | -€623,726 | -59.3% |
| Fixed assets | 21/28 | €997,332 | €376,529 | -€620,803 | -62.2% |
| Tangible fixed assets | 22/27 | €843,332 | €222,529 | -€620,803 | -73.6% |
| Land and buildings | 22 | €87,030 | - | -€87,030 | |
| Plant, machinery and equipment | 23 | - | €63,862 | +€63,862 | |
| Leasing and similar rights | 25 | - | €158,667 | +€158,667 | |
| Assets under construction and advance payments | 27 | €756,302 | - | -€756,302 | |
| Financial fixed assets | 28 | €154,000 | €154,000 | = | 0.0% |
| Current assets | 29/58 | €53,994 | €51,070 | -€2,923 | -5.4% |
| Amounts receivable within one year | 40/41 | €40,361 | €33,093 | -€7,268 | -18.0% |
| Trade receivables | 40 | €40,361 | €33,093 | -€7,268 | -18.0% |
| Cash at bank and in hand | 54/58 | €13,633 | €2,237 | -€11,396 | -83.6% |
| Deferred charges and accrued income | 490/1 | - | €15,741 | +€15,741 | |
| Total equity and liabilities | 10/49 | €1,051,325 | €427,599 | -€623,726 | -59.3% |
| Equity | 10/15 | -€11,100 | €19,663 | +€30,762 | |
| Contributions | 10/11 | €17,000 | €17,000 | = | 0.0% |
| Reserves | 13 | €83,322 | €83,322 | = | 0.0% |
| Distributable reserves | 133 | €83,322 | €83,322 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€111,422 | -€80,660 | +€30,762 | +27.6% |
| Amounts payable | 17/49 | €1,062,425 | €407,937 | -€654,488 | -61.6% |
| Amounts payable after more than one year | 17 | €22,159 | €146,066 | +€123,907 | +559.2% |
| Financial debts | 170/4 | €22,159 | €146,066 | +€123,907 | +559.2% |
| Amounts payable within one year | 42/48 | €1,037,326 | €261,870 | -€775,456 | -74.8% |
| Current portion of amounts payable after more than one year | 42 | €14,180 | €24,575 | +€10,395 | +73.3% |
| Financial debts | 43 | €802,259 | - | -€802,259 | |
| Credit institutions | 430/8 | €802,259 | - | -€802,259 | |
| Trade debts | 44 | €77,630 | €88,615 | +€10,984 | +14.1% |
| Suppliers | 440/4 | €77,630 | €88,615 | +€10,984 | +14.1% |
| Taxes, remuneration and social security | 45 | €23,614 | €47,770 | +€24,156 | +102.3% |
| Taxes | 450/3 | €19,242 | €43,398 | +€24,156 | +125.5% |
| Remuneration and social security | 454/9 | €4,372 | €4,372 | = | 0.0% |
| Other amounts payable | 47/48 | €119,642 | €100,910 | -€18,732 | -15.7% |
| Accrued charges and deferred income | 492/3 | €2,940 | - | -€2,940 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,879 | €11,423 | +€544 | +5.0% |
| Other operating charges | 640/8 | €1,822 | €6,013 | +€4,191 | +230.0% |
| Gross operating margin | 9900 | -€24,866 | €70,254 | +€95,120 | |
| Operating profit (loss) | 9901 | -€37,567 | €52,818 | +€90,385 | |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €49,123 | €22,065 | -€27,058 | -55.1% |
| Recurring financial charges | 65 | €49,123 | €22,065 | -€27,058 | -55.1% |
| Profit (loss) for the period before taxes | 9903 | -€86,690 | €30,762 | +€117,452 | |
| Profit (loss) for the period | 9904 | -€86,690 | €30,762 | +€117,452 | |
| Profit (loss) for the period to be appropriated | 9905 | -€86,690 | €30,762 | +€117,452 |
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 9 October 2026 via checked.be.