Malternative Belgium: 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.
Malternative Belgium
Largest movements
- Cash -€38,157
down €38,157 (-78.0%), from €48,904 to €10,747
mainly Debts after one year (-€59,122) and Trade debts (-€10,524)
- Receivables within one year -€25,561
down €25,561 (-60.1%), from €42,523 to €16,962
- Debts after one year -€59,122
down €59,122 (-28.5%), from €207,701 to €148,579
- Tax, wage and social debts +€11,032
up €11,032 (+201%), from €5,493 to €16,525
- Trade debts -€10,524
down €10,524 (-90.4%), from €11,636 to €1,112
- Gross operating margin -€27,425
down €27,425 (-45.6%), from €60,177 to €32,752
- Financial charges -€9,776
down €9,776 (-31.7%), from €30,868 to €21,092
of which Non-recurring financial charges: -€12,431
- Taxes -€4,553
down €4,553 (-87.5%), from €5,204 to €651
- Depreciation +€2,776
up €2,776 (+36.3%), from €7,648 to €10,424
- Staff costs -€885
no longer reported in 2025 (was €885)
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.
Derived cash bridge
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 | €625,653 | €561,338 | -€64,315 | -10.3% |
| Fixed assets | 21/28 | €64,839 | €64,629 | -€210 | -0.3% |
| Intangible fixed assets | 21 | €6,247 | €5,622 | -€625 | -10.0% |
| Tangible fixed assets | 22/27 | €55,592 | €56,007 | +€415 | +0.7% |
| Plant, machinery and equipment | 23 | €26,836 | €29,044 | +€2,208 | +8.2% |
| Furniture and vehicles | 24 | €10,711 | €8,940 | -€1,771 | -16.5% |
| Other tangible fixed assets | 26 | €13,871 | €13,849 | -€22 | -0.2% |
| Assets under construction and advance payments | 27 | €4,174 | €4,174 | = | 0.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €560,814 | €496,709 | -€64,105 | -11.4% |
| Stocks and contracts in progress | 3 | €469,387 | €467,792 | -€1,595 | -0.3% |
| Stocks | 30/36 | €469,387 | €467,792 | -€1,595 | -0.3% |
| Amounts receivable within one year | 40/41 | €42,523 | €16,962 | -€25,561 | -60.1% |
| Trade receivables | 40 | €42,523 | €16,962 | -€25,561 | -60.1% |
| Cash at bank and in hand | 54/58 | €48,904 | €10,747 | -€38,157 | -78.0% |
| Deferred charges and accrued income | 490/1 | - | €1,208 | +€1,208 | |
| Total equity and liabilities | 10/49 | €625,653 | €561,338 | -€64,315 | -10.3% |
| Equity | 10/15 | €136,000 | €136,000 | = | 0.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €135,000 | €135,000 | = | 0.0% |
| Distributable reserves | 133 | €135,000 | €135,000 | = | 0.0% |
| Amounts payable | 17/49 | €489,653 | €425,338 | -€64,315 | -13.1% |
| Amounts payable after more than one year | 17 | €207,701 | €148,579 | -€59,122 | -28.5% |
| Financial debts | 170/4 | €207,701 | €148,579 | -€59,122 | -28.5% |
| Amounts payable within one year | 42/48 | €281,952 | €276,759 | -€5,193 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €264,823 | €259,122 | -€5,701 | -2.2% |
| Trade debts | 44 | €11,636 | €1,112 | -€10,524 | -90.4% |
| Suppliers | 440/4 | €11,636 | €1,112 | -€10,524 | -90.4% |
| Taxes, remuneration and social security | 45 | €5,493 | €16,525 | +€11,032 | +201% |
| Taxes | 450/3 | €5,493 | €16,525 | +€11,032 | +201% |
| Remuneration, social security and pensions | 62 | €885 | - | -€885 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,648 | €10,424 | +€2,776 | +36.3% |
| Other operating charges | 640/8 | €572 | €585 | +€13 | +2.3% |
| Gross operating margin | 9900 | €60,177 | €32,752 | -€27,425 | -45.6% |
| Operating profit (loss) | 9901 | €51,072 | €21,743 | -€29,329 | -57.4% |
| Financial charges | 65/66B | €30,868 | €21,092 | -€9,776 | -31.7% |
| Recurring financial charges | 65 | €18,437 | €21,092 | +€2,655 | +14.4% |
| Non-recurring financial charges | 66B | €12,431 | - | -€12,431 | |
| Profit (loss) for the period before taxes | 9903 | €20,204 | €651 | -€19,553 | -96.8% |
| Income taxes | 67/77 | €5,204 | €651 | -€4,553 | -87.5% |
| Profit (loss) for the period | 9904 | €15,000 | €0 | -€15,000 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €15,000 | €0 | -€15,000 | -100% |
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 18 October 2026 via checked.be.