MALSEM: 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.
MALSEM
Largest movements
- Cash +€240,418
up €240,418 (+159.2%), from €151,038 to €391,456
mainly Net result for the year (+€146,002) and Depreciation (+€127,527)
- Tangible fixed assets +€178,533
up €178,533 (+29.0%), from €616,282 to €794,816
of which Plant, machinery and equipment: +€257,840
- Receivables within one year -€44,052
down €44,052 (-17.4%), from €253,439 to €209,387
of which Trade receivables: -€27,887
- Trade debts +€127,478
up €127,478 (+27.6%), from €462,329 to €589,807
- Other debts +€82,808
up €82,808 (+26.7%), from €310,246 to €393,054
- Profit (loss) carried forward +€81,598
no longer reported in 2025 (was -€81,598)
- Reserves +€64,404
up €64,404 (+114.8%), from €56,115 to €120,519
of which Distributable reserves: +€64,404
- Debts after one year -€24,230
down €24,230 (-5.1%), from €470,605 to €446,376
- Gross operating margin -€350,131
down €350,131 (-47.5%), from €737,188 to €387,057
- Depreciation +€39,421
up €39,421 (+44.7%), from €88,106 to €127,527
- Other operating charges +€7,974
up €7,974 (+43.7%), from €18,244 to €26,217
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 | €1,645,482 | €1,998,030 | +€352,548 | +21.4% |
| Fixed assets | 21/28 | €634,672 | €809,327 | +€174,655 | +27.5% |
| Intangible fixed assets | 21 | €18,390 | €14,162 | -€4,228 | -23.0% |
| Tangible fixed assets | 22/27 | €616,282 | €794,816 | +€178,533 | +29.0% |
| Land and buildings | 22 | €186,677 | €148,824 | -€37,853 | -20.3% |
| Plant, machinery and equipment | 23 | €19,599 | €277,439 | +€257,840 | +1315.6% |
| Furniture and vehicles | 24 | €28,206 | €22,076 | -€6,130 | -21.7% |
| Leasing and similar rights | 25 | €381,800 | €346,477 | -€35,323 | -9.3% |
| Financial fixed assets | 28 | - | €350 | +€350 | |
| Current assets | 29/58 | €1,010,810 | €1,188,703 | +€177,893 | +17.6% |
| Stocks and contracts in progress | 3 | €602,342 | €583,231 | -€19,111 | -3.2% |
| Stocks | 30/36 | €602,342 | €583,231 | -€19,111 | -3.2% |
| Amounts receivable within one year | 40/41 | €253,439 | €209,387 | -€44,052 | -17.4% |
| Trade receivables | 40 | €237,274 | €209,387 | -€27,887 | -11.8% |
| Other amounts receivable | 41 | €16,165 | - | -€16,165 | |
| Cash at bank and in hand | 54/58 | €151,038 | €391,456 | +€240,418 | +159.2% |
| Deferred charges and accrued income | 490/1 | €3,991 | €4,629 | +€638 | +16.0% |
| Total equity and liabilities | 10/49 | €1,645,482 | €1,998,030 | +€352,548 | +21.4% |
| Equity | 10/15 | €336,017 | €482,019 | +€146,002 | +43.5% |
| Contributions | 10/11 | €361,500 | €361,500 | = | 0.0% |
| Capital | 10 | €361,500 | €361,500 | = | 0.0% |
| Issued capital | 100 | €361,500 | €361,500 | = | 0.0% |
| Reserves | 13 | €56,115 | €120,519 | +€64,404 | +114.8% |
| Non-distributable reserves | 130/1 | €36,150 | €36,150 | = | 0.0% |
| Legal reserve | 130 | €36,150 | €36,150 | = | 0.0% |
| Distributable reserves | 133 | €19,965 | €84,369 | +€64,404 | +322.6% |
| Profit (loss) carried forward | 14 | -€81,598 | - | +€81,598 | |
| Amounts payable | 17/49 | €1,309,465 | €1,516,012 | +€206,547 | +15.8% |
| Amounts payable after more than one year | 17 | €470,605 | €446,376 | -€24,230 | -5.1% |
| Financial debts | 170/4 | €470,605 | €446,376 | -€24,230 | -5.1% |
| Amounts payable within one year | 42/48 | €796,083 | €1,027,531 | +€231,448 | +29.1% |
| Current portion of amounts payable after more than one year | 42 | €23,104 | €24,230 | +€1,125 | +4.9% |
| Trade debts | 44 | €462,329 | €589,807 | +€127,478 | +27.6% |
| Suppliers | 440/4 | €462,329 | €589,807 | +€127,478 | +27.6% |
| Taxes, remuneration and social security | 45 | €404 | €20,440 | +€20,037 | +4964.6% |
| Taxes | 450/3 | €404 | €20,440 | +€20,037 | +4964.6% |
| Other amounts payable | 47/48 | €310,246 | €393,054 | +€82,808 | +26.7% |
| Accrued charges and deferred income | 492/3 | €42,777 | €42,105 | -€672 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,106 | €127,527 | +€39,421 | +44.7% |
| Other operating charges | 640/8 | €18,244 | €26,217 | +€7,974 | +43.7% |
| Gross operating margin | 9900 | €737,188 | €387,057 | -€350,131 | -47.5% |
| Operating profit (loss) | 9901 | €630,839 | €233,312 | -€397,526 | -63.0% |
| Financial charges | 65/66B | €71,386 | €66,951 | -€4,435 | -6.2% |
| Recurring financial charges | 65 | €71,386 | €66,951 | -€4,435 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €559,453 | €166,361 | -€393,092 | -70.3% |
| Income taxes | 67/77 | €15,404 | €20,359 | +€4,956 | +32.2% |
| Profit (loss) for the period | 9904 | €544,049 | €146,002 | -€398,048 | -73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €544,049 | €146,002 | -€398,048 | -73.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.