MALUFLO: 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.
MALUFLO
Largest movements
- Stocks and contracts +€33,980
up €33,980 (+38.5%), from €88,200 to €122,180
- Cash -€27,905
down €27,905 (-76.3%), from €36,585 to €8,680
mainly Other debts (-€40,588) and Stocks and contracts (-€33,980)
- Tangible fixed assets +€5,232
up €5,232 (+1041.9%), from €502 to €5,734
of which Plant, machinery and equipment: +€5,516
- Receivables within one year -€2,292
down €2,292 (-45.3%), from €5,056 to €2,764
of which Trade receivables: -€4,653
- Debts after one year +€50,000
new in 2025: €50,000
- Other debts -€40,588
down €40,588 (-50.2%), from €80,841 to €40,253
- Profit (loss) carried forward +€4,017
up €4,017 (+25.2%), from -€15,911 to -€11,894
- Trade debts -€3,856
down €3,856 (-29.8%), from €12,930 to €9,074
- Other operating charges +€13,812
up €13,812 (+3566.0%), from €387 to €14,200
- Write-downs -€13,800
new in 2025: -€13,800
- Gross operating margin -€9,791
down €9,791 (-65.8%), from €14,881 to €5,090
- Depreciation +€265
up €265 (+93.2%), from €285 to €550
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 | €130,890 | €139,881 | +€8,991 | +6.9% |
| Fixed assets | 21/28 | €502 | €5,734 | +€5,232 | +1041.9% |
| Tangible fixed assets | 22/27 | €502 | €5,734 | +€5,232 | +1041.9% |
| Plant, machinery and equipment | 23 | - | €5,516 | +€5,516 | |
| Furniture and vehicles | 24 | €502 | €218 | -€284 | -56.6% |
| Current assets | 29/58 | €130,388 | €134,147 | +€3,759 | +2.9% |
| Stocks and contracts in progress | 3 | €88,200 | €122,180 | +€33,980 | +38.5% |
| Stocks | 30/36 | €88,200 | €122,180 | +€33,980 | +38.5% |
| Amounts receivable within one year | 40/41 | €5,056 | €2,764 | -€2,292 | -45.3% |
| Trade receivables | 40 | €4,653 | €0 | -€4,653 | -100.0% |
| Other amounts receivable | 41 | €403 | €2,764 | +€2,361 | +585.8% |
| Cash at bank and in hand | 54/58 | €36,585 | €8,680 | -€27,905 | -76.3% |
| Deferred charges and accrued income | 490/1 | €548 | €524 | -€24 | -4.4% |
| Total equity and liabilities | 10/49 | €130,890 | €139,881 | +€8,991 | +6.9% |
| Equity | 10/15 | €36,537 | €40,554 | +€4,017 | +11.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €40,048 | €40,048 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €38,188 | €40,048 | +€1,860 | +4.9% |
| Profit (loss) carried forward | 14 | -€15,911 | -€11,894 | +€4,017 | +25.2% |
| Amounts payable | 17/49 | €94,353 | €99,327 | +€4,974 | +5.3% |
| Amounts payable after more than one year | 17 | - | €50,000 | +€50,000 | |
| Other amounts payable | 178/9 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €94,353 | €49,327 | -€45,026 | -47.7% |
| Trade debts | 44 | €12,930 | €9,074 | -€3,856 | -29.8% |
| Suppliers | 440/4 | €12,930 | €9,074 | -€3,856 | -29.8% |
| Taxes, remuneration and social security | 45 | €582 | €0 | -€582 | -100.0% |
| Taxes | 450/3 | €582 | €0 | -€582 | -100.0% |
| Other amounts payable | 47/48 | €80,841 | €40,253 | -€40,588 | -50.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €285 | €550 | +€265 | +93.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€13,800 | -€13,800 | |
| Other operating charges | 640/8 | €387 | €14,200 | +€13,812 | +3566.0% |
| Gross operating margin | 9900 | €14,881 | €5,090 | -€9,791 | -65.8% |
| Operating profit (loss) | 9901 | €14,209 | €4,141 | -€10,068 | -70.9% |
| Financial income | 75/76B | €150 | €114 | -€37 | -24.3% |
| Recurring financial income | 75 | €150 | €114 | -€37 | -24.3% |
| Financial charges | 65/66B | €157 | €237 | +€80 | +50.9% |
| Recurring financial charges | 65 | €157 | €237 | +€80 | +50.9% |
| Profit (loss) for the period before taxes | 9903 | €14,202 | €4,017 | -€10,185 | -71.7% |
| Profit (loss) for the period | 9904 | €14,202 | €4,017 | -€10,185 | -71.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,202 | €4,017 | -€10,185 | -71.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.