MALS: 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.
MALS
Largest movements
- Cash -€40,598
down €40,598 (-50.5%), from €80,420 to €39,822
mainly Trade debts (-€108,418) and Investment in fixed assets (net) (-€51,852)
- Trade debts -€108,418
down €108,418 (-84.8%), from €127,823 to €19,405
- Profit (loss) carried forward +€52,479
up €52,479, from -€50,379 to €2,100
- Debts after one year -€19,806
down €19,806 (-2.8%), from €714,874 to €695,068
of which Financial debts: -€19,806
- Investment grants +€10,794
new in 2025: €10,794
- Gross operating margin +€192,499
up €192,499 (+5816.3%), from €3,310 to €195,809
- Staff costs +€62,760
up €62,760 (+1996.8%), from €3,143 to €65,903
- Depreciation +€25,601
up €25,601 (+76.9%), from €33,272 to €58,874
- Financial charges +€3,044
up €3,044 (+19.8%), from €15,338 to €18,382
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 | €829,407 | €773,126 | -€56,282 | -6.8% |
| Fixed assets | 21/28 | €713,629 | €706,607 | -€7,022 | -1.0% |
| Tangible fixed assets | 22/27 | €711,629 | €704,607 | -€7,022 | -1.0% |
| Land and buildings | 22 | €558,758 | €579,536 | +€20,778 | +3.7% |
| Plant, machinery and equipment | 23 | €136,003 | €118,176 | -€17,827 | -13.1% |
| Furniture and vehicles | 24 | €16,868 | €6,895 | -€9,973 | -59.1% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €115,779 | €66,519 | -€49,260 | -42.5% |
| Stocks and contracts in progress | 3 | €24,526 | €22,638 | -€1,888 | -7.7% |
| Stocks | 30/36 | €24,526 | €22,638 | -€1,888 | -7.7% |
| Amounts receivable within one year | 40/41 | €8,692 | €2,897 | -€5,795 | -66.7% |
| Trade receivables | 40 | €1,311 | €642 | -€669 | -51.0% |
| Other amounts receivable | 41 | €7,381 | €2,255 | -€5,126 | -69.4% |
| Cash at bank and in hand | 54/58 | €80,420 | €39,822 | -€40,598 | -50.5% |
| Deferred charges and accrued income | 490/1 | €2,141 | €1,162 | -€979 | -45.7% |
| Total equity and liabilities | 10/49 | €829,407 | €773,126 | -€56,282 | -6.8% |
| Equity | 10/15 | -€40,379 | €22,894 | +€63,273 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,379 | €2,100 | +€52,479 | |
| Investment grants | 15 | - | €10,794 | +€10,794 | |
| Amounts payable | 17/49 | €869,787 | €750,232 | -€119,555 | -13.7% |
| Amounts payable after more than one year | 17 | €714,874 | €695,068 | -€19,806 | -2.8% |
| Financial debts | 170/4 | €409,874 | €390,068 | -€19,806 | -4.8% |
| Other amounts payable | 178/9 | €305,000 | €305,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €154,800 | €54,433 | -€100,367 | -64.8% |
| Current portion of amounts payable after more than one year | 42 | €18,978 | €19,806 | +€828 | +4.4% |
| Trade debts | 44 | €127,823 | €19,405 | -€108,418 | -84.8% |
| Suppliers | 440/4 | €127,823 | €19,405 | -€108,418 | -84.8% |
| Taxes, remuneration and social security | 45 | €3,297 | €11,494 | +€8,197 | +248.7% |
| Taxes | 450/3 | €601 | €639 | +€39 | +6.4% |
| Remuneration and social security | 454/9 | €2,696 | €10,855 | +€8,159 | +302.7% |
| Other amounts payable | 47/48 | €4,703 | €3,728 | -€975 | -20.7% |
| Accrued charges and deferred income | 492/3 | €113 | €731 | +€618 | +549.4% |
| Remuneration, social security and pensions | 62 | €3,143 | €65,903 | +€62,760 | +1996.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,272 | €58,874 | +€25,601 | +76.9% |
| Other operating charges | 640/8 | €2,053 | €815 | -€1,238 | -60.3% |
| Gross operating margin | 9900 | €3,310 | €195,809 | +€192,499 | +5816.3% |
| Operating profit (loss) | 9901 | -€35,159 | €70,217 | +€105,376 | |
| Financial income | 75/76B | €307 | €776 | +€469 | +152.5% |
| Recurring financial income | 75 | €307 | €776 | +€469 | +152.5% |
| Financial charges | 65/66B | €15,338 | €18,382 | +€3,044 | +19.8% |
| Recurring financial charges | 65 | €15,338 | €18,382 | +€3,044 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | -€50,189 | €52,611 | +€102,800 | |
| Income taxes | 67/77 | €190 | €132 | -€58 | -30.6% |
| Profit (loss) for the period | 9904 | -€50,379 | €52,479 | +€102,859 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,379 | €52,479 | +€102,859 |
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 10 October 2026 via checked.be.