MALUBEL: 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.
MALUBEL
Largest movements
- Cash -€122,760
down €122,760 (-98.7%), from €124,320 to €1,560
mainly Other debts (-€129,391) and Receivables within one year (-€53,487)
- Receivables within one year +€53,487
up €53,487 (+6.8%), from €785,401 to €838,888
of which Other amounts receivable: +€62,757
- Other debts -€129,391
down €129,391 (-57.6%), from €224,715 to €95,323
- Trade debts -€51,133
down €51,133 (-96.5%), from €52,965 to €1,832
- Debts after one year +€47,906
up €47,906 (+6.8%), from €700,000 to €747,906
- Gross operating margin -€53,728
down €53,728 (-46.9%), from €114,650 to €60,922
- Taxes -€17,716
down €17,716 (-57.2%), from €30,957 to €13,241
- Depreciation +€15,921
up €15,921 (+364.2%), from €4,371 to €20,292
- Other operating charges +€1,646
up €1,646 (+202.3%), from €814 to €2,459
- Financial income +€1,308
up €1,308 (+3.8%), from €34,094 to €35,402
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 | €3,002,363 | €2,913,441 | -€88,922 | -3.0% |
| Fixed assets | 21/28 | €91,559 | €71,267 | -€20,292 | -22.2% |
| Tangible fixed assets | 22/27 | €91,408 | €71,116 | -€20,292 | -22.2% |
| Plant, machinery and equipment | 23 | €275 | €0 | -€275 | -100.0% |
| Furniture and vehicles | 24 | €91,133 | €71,116 | -€20,017 | -22.0% |
| Financial fixed assets | 28 | €151 | €151 | = | 0.0% |
| Current assets | 29/58 | €2,910,804 | €2,842,174 | -€68,630 | -2.4% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €2,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €785,401 | €838,888 | +€53,487 | +6.8% |
| Trade receivables | 40 | €22,599 | €13,329 | -€9,270 | -41.0% |
| Other amounts receivable | 41 | €762,802 | €825,559 | +€62,757 | +8.2% |
| Cash at bank and in hand | 54/58 | €124,320 | €1,560 | -€122,760 | -98.7% |
| Deferred charges and accrued income | 490/1 | €1,083 | €1,726 | +€643 | +59.4% |
| Total equity and liabilities | 10/49 | €3,002,363 | €2,913,441 | -€88,922 | -3.0% |
| Equity | 10/15 | €1,981,562 | €2,005,518 | +€23,956 | +1.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,962,562 | €1,986,518 | +€23,956 | +1.2% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €1,960,662 | €1,984,618 | +€23,956 | +1.2% |
| Amounts payable | 17/49 | €1,020,801 | €907,922 | -€112,878 | -11.1% |
| Amounts payable after more than one year | 17 | €700,000 | €747,906 | +€47,906 | +6.8% |
| Financial debts | 170/4 | €700,000 | €747,906 | +€47,906 | +6.8% |
| Amounts payable within one year | 42/48 | €286,291 | €123,729 | -€162,562 | -56.8% |
| Current portion of amounts payable after more than one year | 42 | - | €19,462 | +€19,462 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €52,965 | €1,832 | -€51,133 | -96.5% |
| Suppliers | 440/4 | €52,965 | €1,832 | -€51,133 | -96.5% |
| Taxes, remuneration and social security | 45 | €8,611 | €7,112 | -€1,499 | -17.4% |
| Taxes | 450/3 | €8,611 | €7,112 | -€1,499 | -17.4% |
| Other amounts payable | 47/48 | €224,715 | €95,323 | -€129,391 | -57.6% |
| Accrued charges and deferred income | 492/3 | €34,510 | €36,288 | +€1,778 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,371 | €20,292 | +€15,921 | +364.2% |
| Other operating charges | 640/8 | €814 | €2,459 | +€1,646 | +202.3% |
| Gross operating margin | 9900 | €114,650 | €60,922 | -€53,728 | -46.9% |
| Operating profit (loss) | 9901 | €109,465 | €38,171 | -€71,294 | -65.1% |
| Financial income | 75/76B | €34,094 | €35,402 | +€1,308 | +3.8% |
| Recurring financial income | 75 | €34,094 | €35,402 | +€1,308 | +3.8% |
| Financial charges | 65/66B | €35,133 | €36,375 | +€1,242 | +3.5% |
| Recurring financial charges | 65 | €35,133 | €36,375 | +€1,242 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €108,426 | €37,197 | -€71,228 | -65.7% |
| Income taxes | 67/77 | €30,957 | €13,241 | -€17,716 | -57.2% |
| Profit (loss) for the period | 9904 | €77,469 | €23,956 | -€53,513 | -69.1% |
| Profit (loss) for the period to be appropriated | 9905 | €77,469 | €23,956 | -€53,513 | -69.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.