MALTIMA: what changed
Two fiscal 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.
MALTIMA
Largest movements
- Stocks and contracts -€51,244
down €51,244 (-8.5%), from €602,541 to €551,297
- Cash -€47,696
down €47,696 (-41.9%), from €113,700 to €66,004
mainly Contributions, distributions and other (-€53,000) and Investment in fixed assets (net) (-€39,139)
- Reserves -€33,476
down €33,476 (-3.3%), from €1.0m to €975,265
of which Distributable reserves: -€33,476
- Debts after one year -€23,333
down €23,333 (-100.0%), from €23,333 to €0
- Trade debts -€22,460
down €22,460 (-37.9%), from €59,223 to €36,764
- Current portion of long-term debt -€17,211
down €17,211 (-42.5%), from €40,544 to €23,333
- Gross operating margin -€42,437
down €42,437 (-8.6%), from €495,247 to €452,811
- Staff costs -€13,892
down €13,892 (-3.5%), from €399,672 to €385,780
- Taxes -€5,684
down €5,684 (-45.3%), from €12,549 to €6,865
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,459,940 | €1,353,646 | -€106,295 | -7.3% |
| Fixed assets | 21/28 | €622,869 | €618,961 | -€3,909 | -0.6% |
| Tangible fixed assets | 22/27 | €622,869 | €618,961 | -€3,909 | -0.6% |
| Land and buildings | 22 | €576,387 | €550,445 | -€25,942 | -4.5% |
| Plant, machinery and equipment | 23 | €44,987 | €59,000 | +€14,013 | +31.1% |
| Furniture and vehicles | 24 | €0 | €8,464 | +€8,464 | +21159500.0% |
| Other tangible fixed assets | 26 | €1,495 | €1,051 | -€444 | -29.7% |
| Current assets | 29/58 | €837,071 | €734,685 | -€102,386 | -12.2% |
| Stocks and contracts in progress | 3 | €602,541 | €551,297 | -€51,244 | -8.5% |
| Stocks | 30/36 | €602,541 | €551,297 | -€51,244 | -8.5% |
| Amounts receivable within one year | 40/41 | €33,263 | €30,067 | -€3,196 | -9.6% |
| Trade receivables | 40 | €0 | €188 | +€188 | |
| Other amounts receivable | 41 | €33,263 | €29,878 | -€3,384 | -10.2% |
| Current investments | 50/53 | €75,053 | €75,053 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €113,700 | €66,004 | -€47,696 | -41.9% |
| Deferred charges and accrued income | 490/1 | €12,514 | €12,264 | -€250 | -2.0% |
| Total equity and liabilities | 10/49 | €1,459,940 | €1,353,646 | -€106,295 | -7.3% |
| Equity | 10/15 | €1,236,143 | €1,202,667 | -€33,476 | -2.7% |
| Contributions | 10/11 | €227,401 | €227,401 | = | 0.0% |
| Capital | 10 | €205,000 | €205,000 | = | 0.0% |
| Issued capital | 100 | €205,000 | €205,000 | = | 0.0% |
| Outside capital | 11 | €22,401 | €22,401 | = | 0.0% |
| Share premium | 1100/10 | €22,401 | €22,401 | = | 0.0% |
| Reserves | 13 | €1,008,742 | €975,265 | -€33,476 | -3.3% |
| Non-distributable reserves | 130/1 | €95,553 | €95,553 | = | 0.0% |
| Legal reserve | 130 | €20,500 | €20,500 | = | 0.0% |
| Own shares acquired | 1312 | €75,053 | €75,053 | = | 0.0% |
| Distributable reserves | 133 | €913,188 | €879,712 | -€33,476 | -3.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €223,797 | €150,979 | -€72,818 | -32.5% |
| Amounts payable after more than one year | 17 | €23,333 | €0 | -€23,333 | -100.0% |
| Financial debts | 170/4 | €23,333 | €0 | -€23,333 | -100.0% |
| Amounts payable within one year | 42/48 | €197,527 | €150,529 | -€46,998 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €40,544 | €23,333 | -€17,211 | -42.5% |
| Trade debts | 44 | €59,223 | €36,764 | -€22,460 | -37.9% |
| Suppliers | 440/4 | €59,223 | €36,764 | -€22,460 | -37.9% |
| Taxes, remuneration and social security | 45 | €87,313 | €88,436 | +€1,123 | +1.3% |
| Taxes | 450/3 | €13,068 | €16,485 | +€3,417 | +26.1% |
| Remuneration and social security | 454/9 | €74,245 | €71,951 | -€2,294 | -3.1% |
| Other amounts payable | 47/48 | €10,446 | €1,997 | -€8,450 | -80.9% |
| Accrued charges and deferred income | 492/3 | €2,937 | €450 | -€2,487 | -84.7% |
| Remuneration, social security and pensions | 62 | €399,672 | €385,780 | -€13,892 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,705 | €43,048 | -€4,657 | -9.8% |
| Other operating charges | 640/8 | €16,085 | €16,429 | +€344 | +2.1% |
| Gross operating margin | 9900 | €495,247 | €452,811 | -€42,437 | -8.6% |
| Operating profit (loss) | 9901 | €31,785 | €7,554 | -€24,231 | -76.2% |
| Financial income | 75/76B | €27,448 | €27,712 | +€264 | +1.0% |
| Recurring financial income | 75 | €27,448 | €27,712 | +€264 | +1.0% |
| Financial charges | 65/66B | €11,518 | €8,877 | -€2,641 | -22.9% |
| Recurring financial charges | 65 | €11,518 | €8,877 | -€2,641 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €47,716 | €26,389 | -€21,327 | -44.7% |
| Income taxes | 67/77 | €12,549 | €6,865 | -€5,684 | -45.3% |
| Profit (loss) for the period | 9904 | €35,166 | €19,524 | -€15,642 | -44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,166 | €19,524 | -€15,642 | -44.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.