Maluz: 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.
Maluz
Largest movements
- Tangible fixed assets +€335,981
up €335,981 (+40.0%), from €839,171 to €1.2m
- Receivables within one year +€55,118
up €55,118 (+63.4%), from €86,980 to €142,097
of which Trade receivables: +€38,688
- Debts after one year +€237,126
up €237,126 (+26.1%), from €908,408 to €1.1m
- Reserves +€90,666
up €90,666 (+238.7%), from €37,979 to €128,645
- Tax, wage and social debts +€28,123
up €28,123 (+150.4%), from €18,704 to €46,827
- Current portion of long-term debt +€15,733
up €15,733 (+36.7%), from €42,854 to €58,587
- Gross operating margin +€51,151
up €51,151 (+28.6%), from €178,759 to €229,909
- Depreciation -€43,732
down €43,732 (-38.4%), from €113,836 to €70,105
- Financial charges +€19,543
up €19,543 (+137.6%), from €14,202 to €33,745
- Taxes +€16,567
up €16,567 (+183.1%), from €9,047 to €25,614
- Other operating charges +€6,086
up €6,086 (+164.7%), from €3,694 to €9,779
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 | €1,010,713 | €1,394,810 | +€384,097 | +38.0% |
| Fixed assets | 21/28 | €839,171 | €1,175,152 | +€335,981 | +40.0% |
| Tangible fixed assets | 22/27 | €839,171 | €1,175,152 | +€335,981 | +40.0% |
| Land and buildings | 22 | €839,171 | €1,175,152 | +€335,981 | +40.0% |
| Current assets | 29/58 | €171,542 | €219,658 | +€48,116 | +28.0% |
| Amounts receivable within one year | 40/41 | €86,980 | €142,097 | +€55,118 | +63.4% |
| Trade receivables | 40 | €85,890 | €124,578 | +€38,688 | +45.0% |
| Other amounts receivable | 41 | €1,089 | €17,519 | +€16,430 | +1508.4% |
| Cash at bank and in hand | 54/58 | €80,920 | €73,042 | -€7,878 | -9.7% |
| Deferred charges and accrued income | 490/1 | €3,642 | €4,518 | +€876 | +24.1% |
| Total equity and liabilities | 10/49 | €1,010,713 | €1,394,810 | +€384,097 | +38.0% |
| Equity | 10/15 | €38,099 | €128,765 | +€90,666 | +238.0% |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Reserves | 13 | €37,979 | €128,645 | +€90,666 | +238.7% |
| Distributable reserves | 133 | €37,979 | €128,645 | +€90,666 | +238.7% |
| Amounts payable | 17/49 | €972,614 | €1,266,045 | +€293,431 | +30.2% |
| Amounts payable after more than one year | 17 | €908,408 | €1,145,534 | +€237,126 | +26.1% |
| Financial debts | 170/4 | €908,408 | €1,145,534 | +€237,126 | +26.1% |
| Amounts payable within one year | 42/48 | €63,220 | €119,811 | +€56,591 | +89.5% |
| Current portion of amounts payable after more than one year | 42 | €42,854 | €58,587 | +€15,733 | +36.7% |
| Trade debts | 44 | €1,150 | €10,214 | +€9,064 | +788.2% |
| Suppliers | 440/4 | €1,150 | €10,214 | +€9,064 | +788.2% |
| Taxes, remuneration and social security | 45 | €18,704 | €46,827 | +€28,123 | +150.4% |
| Taxes | 450/3 | €18,704 | €46,827 | +€28,123 | +150.4% |
| Other amounts payable | 47/48 | €512 | €4,183 | +€3,672 | +717.3% |
| Accrued charges and deferred income | 492/3 | €986 | €700 | -€286 | -29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,836 | €70,105 | -€43,732 | -38.4% |
| Other operating charges | 640/8 | €3,694 | €9,779 | +€6,086 | +164.7% |
| Gross operating margin | 9900 | €178,759 | €229,909 | +€51,151 | +28.6% |
| Operating profit (loss) | 9901 | €61,228 | €150,025 | +€88,797 | +145.0% |
| Financial charges | 65/66B | €14,202 | €33,745 | +€19,543 | +137.6% |
| Recurring financial charges | 65 | €14,202 | €33,745 | +€19,543 | +137.6% |
| Profit (loss) for the period before taxes | 9903 | €47,026 | €116,280 | +€69,254 | +147.3% |
| Income taxes | 67/77 | €9,047 | €25,614 | +€16,567 | +183.1% |
| Profit (loss) for the period | 9904 | €37,979 | €90,666 | +€52,687 | +138.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,979 | €90,666 | +€52,687 | +138.7% |
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.