MALU PROJECTS: 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.
MALU PROJECTS
Largest movements
- Cash +€48,447
up €48,447 (+908%), from €5,334 to €53,781
mainly Receivables within one year (+€39,145) and Net result for the year (+€31,087)
- Receivables within one year -€39,145
down €39,145 (-62.7%), from €62,410 to €23,266
of which Other amounts receivable: -€24,124
- Tangible fixed assets -€6,457
down €6,457 (-33.7%), from €19,169 to €12,712
- Other debts +€18,130
up €18,130 (+74.6%), from €24,301 to €42,432
- Profit (loss) carried forward -€11,345
no longer reported in 2025 (was €11,345)
- Trade debts -€4,326
down €4,326 (-55.3%), from €7,820 to €3,494
- Gross operating margin +€16,003
up €16,003 (+49.8%), from €32,150 to €48,153
- Depreciation +€3,320
up €3,320 (+106%), from €3,137 to €6,457
- Taxes +€2,316
up €2,316 (+32.1%), from €7,205 to €9,521
- Financial income -€899
down €899 (-100.0%), from €900 to €0
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 | €87,153 | €90,005 | +€2,852 | +3.3% |
| Fixed assets | 21/28 | €19,169 | €12,712 | -€6,457 | -33.7% |
| Tangible fixed assets | 22/27 | €19,169 | €12,712 | -€6,457 | -33.7% |
| Furniture and vehicles | 24 | €19,169 | €12,712 | -€6,457 | -33.7% |
| Current assets | 29/58 | €67,984 | €77,293 | +€9,309 | +13.7% |
| Amounts receivable within one year | 40/41 | €62,410 | €23,266 | -€39,145 | -62.7% |
| Trade receivables | 40 | €27,804 | €12,783 | -€15,020 | -54.0% |
| Other amounts receivable | 41 | €34,606 | €10,482 | -€24,124 | -69.7% |
| Cash at bank and in hand | 54/58 | €5,334 | €53,781 | +€48,447 | +908% |
| Deferred charges and accrued income | 490/1 | €239 | €246 | +€7 | +2.9% |
| Total equity and liabilities | 10/49 | €87,153 | €90,005 | +€2,852 | +3.3% |
| Equity | 10/15 | €52,668 | €41,323 | -€11,345 | -21.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €22,773 | €22,773 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €20,918 | €20,918 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,345 | - | -€11,345 | |
| Amounts payable | 17/49 | €34,484 | €48,682 | +€14,197 | +41.2% |
| Amounts payable within one year | 42/48 | €34,484 | €48,682 | +€14,197 | +41.2% |
| Trade debts | 44 | €7,820 | €3,494 | -€4,326 | -55.3% |
| Suppliers | 440/4 | €7,820 | €3,494 | -€4,326 | -55.3% |
| Taxes, remuneration and social security | 45 | €2,363 | €2,756 | +€393 | +16.6% |
| Taxes | 450/3 | €209 | €556 | +€347 | +166% |
| Remuneration and social security | 454/9 | €2,154 | €2,200 | +€46 | +2.1% |
| Other amounts payable | 47/48 | €24,301 | €42,432 | +€18,130 | +74.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,137 | €6,457 | +€3,320 | +106% |
| Other operating charges | 640/8 | €1,034 | €1,005 | -€30 | -2.9% |
| Gross operating margin | 9900 | €32,150 | €48,153 | +€16,003 | +49.8% |
| Operating profit (loss) | 9901 | €27,979 | €40,692 | +€12,713 | +45.4% |
| Financial income | 75/76B | €900 | €0 | -€899 | -100.0% |
| Recurring financial income | 75 | €900 | €0 | -€899 | -100.0% |
| Financial charges | 65/66B | €328 | €84 | -€244 | -74.4% |
| Recurring financial charges | 65 | €328 | €84 | -€244 | -74.4% |
| Profit (loss) for the period before taxes | 9903 | €28,550 | €40,608 | +€12,058 | +42.2% |
| Income taxes | 67/77 | €7,205 | €9,521 | +€2,316 | +32.1% |
| Profit (loss) for the period | 9904 | €21,345 | €31,087 | +€9,742 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,345 | €31,087 | +€9,742 | +45.6% |
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 17 October 2026 via checked.be.