MALUKA: 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.
MALUKA
Largest movements
- Cash -€32,882
down €32,882 (-17.6%), from €187,201 to €154,319
mainly Net result for the year (-€43,485) and Investment in fixed assets (net) (-€10,284)
- Tangible fixed assets -€21,762
down €21,762 (-31.4%), from €69,199 to €47,436
of which Plant, machinery and equipment: -€16,589
- Stocks and contracts +€7,345
up €7,345 (+43.2%), from €17,011 to €24,356
- Profit (loss) carried forward -€43,485
new in 2025: -€43,485
- Tax, wage and social debts +€10,595
up €10,595 (+16.3%), from €65,017 to €75,612
of which Remuneration and social security: +€15,539
- Other debts -€7,239
down €7,239 (-72.4%), from €9,992 to €2,753
- Debts after one year -€5,335
down €5,335 (-58.3%), from €9,158 to €3,823
- Staff costs +€86,838
up €86,838 (+30.2%), from €287,505 to €374,343
- Purchases and services +€14,118
up €14,118 (+2.3%), from €627,330 to €641,449
- Gross operating margin +€12,075
up €12,075 (+3.3%), from €361,968 to €374,043
- Taxes -€9,888
down €9,888 (-99.8%), from €9,911 to €23
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 | €281,581 | €233,552 | -€48,030 | -17.1% |
| Fixed assets | 21/28 | €69,199 | €47,436 | -€21,762 | -31.4% |
| Tangible fixed assets | 22/27 | €69,199 | €47,436 | -€21,762 | -31.4% |
| Plant, machinery and equipment | 23 | €38,555 | €21,966 | -€16,589 | -43.0% |
| Furniture and vehicles | 24 | €6,152 | €6,431 | +€279 | +4.5% |
| Leasing and similar rights | 25 | €2,568 | - | -€2,568 | |
| Other tangible fixed assets | 26 | €21,924 | €19,039 | -€2,885 | -13.2% |
| Current assets | 29/58 | €212,382 | €186,115 | -€26,267 | -12.4% |
| Stocks and contracts in progress | 3 | €17,011 | €24,356 | +€7,345 | +43.2% |
| Stocks | 30/36 | €17,011 | €24,356 | +€7,345 | +43.2% |
| Amounts receivable within one year | 40/41 | €8,171 | €6,392 | -€1,778 | -21.8% |
| Trade receivables | 40 | €8,069 | €6,290 | -€1,778 | -22.0% |
| Other amounts receivable | 41 | €102 | €102 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €187,201 | €154,319 | -€32,882 | -17.6% |
| Deferred charges and accrued income | 490/1 | - | €1,049 | +€1,049 | |
| Total equity and liabilities | 10/49 | €281,581 | €233,552 | -€48,030 | -17.1% |
| Equity | 10/15 | €183,613 | €140,129 | -€43,485 | -23.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €165,013 | €165,013 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €163,153 | €163,153 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€43,485 | -€43,485 | |
| Amounts payable | 17/49 | €97,968 | €93,423 | -€4,545 | -4.6% |
| Amounts payable after more than one year | 17 | €9,158 | €3,823 | -€5,335 | -58.3% |
| Financial debts | 170/4 | €9,158 | €3,823 | -€5,335 | -58.3% |
| Amounts payable within one year | 42/48 | €88,810 | €89,600 | +€790 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €2,550 | - | -€2,550 | |
| Trade debts | 44 | €11,251 | €11,235 | -€16 | -0.1% |
| Suppliers | 440/4 | €11,251 | €11,235 | -€16 | -0.1% |
| Taxes, remuneration and social security | 45 | €65,017 | €75,612 | +€10,595 | +16.3% |
| Taxes | 450/3 | €20,978 | €16,034 | -€4,944 | -23.6% |
| Remuneration and social security | 454/9 | €44,039 | €59,578 | +€15,539 | +35.3% |
| Other amounts payable | 47/48 | €9,992 | €2,753 | -€7,239 | -72.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €627,330 | €641,449 | +€14,118 | +2.3% |
| Remuneration, social security and pensions | 62 | €287,505 | €374,343 | +€86,838 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,303 | €32,046 | -€257 | -0.8% |
| Other operating charges | 640/8 | €3,466 | €3,324 | -€143 | -4.1% |
| Gross operating margin | 9900 | €361,968 | €374,043 | +€12,075 | +3.3% |
| Operating profit (loss) | 9901 | €38,694 | -€35,670 | -€74,364 | |
| Financial income | 75/76B | €4 | €2 | -€2 | -41.5% |
| Recurring financial income | 75 | €4 | €2 | -€2 | -41.5% |
| Financial charges | 65/66B | €6,847 | €7,794 | +€946 | +13.8% |
| Recurring financial charges | 65 | €6,847 | €7,794 | +€946 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €31,850 | -€43,462 | -€75,312 | |
| Income taxes | 67/77 | €9,911 | €23 | -€9,888 | -99.8% |
| Profit (loss) for the period | 9904 | €21,939 | -€43,485 | -€65,423 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,939 | -€43,485 | -€65,423 |
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.