MALUGA: 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.
MALUGA
Largest movements
- Tangible fixed assets -€40,061
down €40,061 (-18.6%), from €215,201 to €175,140
of which Plant, machinery and equipment: -€40,960
- Cash +€20,573
up €20,573 (+8.8%), from €232,906 to €253,479
mainly Depreciation (+€41,410) and Net result for the year (+€6,872)
- Other debts -€10,125
down €10,125 (-29.8%), from €33,989 to €23,864
- Reserves -€7,500
down €7,500 (-3.6%), from €206,619 to €199,119
of which Distributable reserves: -€7,500
- Gross operating margin -€188,961
down €188,961 (-75.5%), from €250,142 to €61,181
- Taxes -€57,580
down €57,580 (-86.1%), from €66,883 to €9,304
- Depreciation +€8,406
up €8,406 (+25.5%), from €33,004 to €41,410
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 | €455,162 | €434,993 | -€20,169 | -4.4% |
| Fixed assets | 21/28 | €215,201 | €175,140 | -€40,061 | -18.6% |
| Tangible fixed assets | 22/27 | €215,201 | €175,140 | -€40,061 | -18.6% |
| Land and buildings | 22 | €118,989 | €118,989 | = | 0.0% |
| Plant, machinery and equipment | 23 | €96,212 | €55,252 | -€40,960 | -42.6% |
| Furniture and vehicles | 24 | - | €899 | +€899 | |
| Current assets | 29/58 | €239,961 | €259,853 | +€19,892 | +8.3% |
| Amounts receivable within one year | 40/41 | - | €2,472 | +€2,472 | |
| Trade receivables | 40 | - | €2,472 | +€2,472 | |
| Cash at bank and in hand | 54/58 | €232,906 | €253,479 | +€20,573 | +8.8% |
| Deferred charges and accrued income | 490/1 | €7,055 | €3,902 | -€3,153 | -44.7% |
| Total equity and liabilities | 10/49 | €455,162 | €434,993 | -€20,169 | -4.4% |
| Equity | 10/15 | €398,358 | €391,231 | -€7,128 | -1.8% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €206,619 | €199,119 | -€7,500 | -3.6% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €193,619 | €186,119 | -€7,500 | -3.9% |
| Profit (loss) carried forward | 14 | €151,739 | €152,112 | +€372 | +0.2% |
| Amounts payable | 17/49 | €56,804 | €43,762 | -€13,041 | -23.0% |
| Amounts payable within one year | 42/48 | €56,691 | €43,762 | -€12,928 | -22.8% |
| Trade debts | 44 | €7,239 | €4,971 | -€2,268 | -31.3% |
| Suppliers | 440/4 | €7,239 | €4,971 | -€2,268 | -31.3% |
| Taxes, remuneration and social security | 45 | €15,463 | €14,928 | -€535 | -3.5% |
| Taxes | 450/3 | €15,463 | €14,928 | -€535 | -3.5% |
| Other amounts payable | 47/48 | €33,989 | €23,864 | -€10,125 | -29.8% |
| Accrued charges and deferred income | 492/3 | €113 | - | -€113 | |
| Non-recurring operating income | 76A | €250 | - | -€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,004 | €41,410 | +€8,406 | +25.5% |
| Other operating charges | 640/8 | €3,883 | €4,025 | +€142 | +3.7% |
| Gross operating margin | 9900 | €250,142 | €61,181 | -€188,961 | -75.5% |
| Operating profit (loss) | 9901 | €213,255 | €15,746 | -€197,509 | -92.6% |
| Financial income | 75/76B | €981 | €1,122 | +€141 | +14.4% |
| Recurring financial income | 75 | €981 | €1,122 | +€141 | +14.4% |
| Financial charges | 65/66B | €753 | €693 | -€61 | -8.0% |
| Recurring financial charges | 65 | €753 | €693 | -€61 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €213,483 | €16,176 | -€197,307 | -92.4% |
| Income taxes | 67/77 | €66,883 | €9,304 | -€57,580 | -86.1% |
| Profit (loss) for the period | 9904 | €146,599 | €6,872 | -€139,727 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €146,599 | €6,872 | -€139,727 | -95.3% |
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 4 October 2026 via checked.be.