Malvan: 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.
Malvan
Largest movements
- Cash -€44,341
down €44,341 (-69.6%), from €63,688 to €19,347
mainly Tax, wage and social debts (-€36,658) and Debts after one year (-€27,010)
- Receivables within one year +€24,099
up €24,099 (+94.2%), from €25,570 to €49,669
of which Trade receivables: +€36,884
- Tangible fixed assets -€18,028
down €18,028 (-5.0%), from €363,993 to €345,965
of which Land and buildings: -€14,944
- Tax, wage and social debts -€36,658
down €36,658 (-68.5%), from €53,527 to €16,869
- Debts after one year -€27,010
down €27,010 (-10.8%), from €250,000 to €222,990
- Reserves +€14,002
up €14,002 (+10.7%), from €130,868 to €144,870
of which Distributable reserves: +€14,002
- Current portion of long-term debt +€13,225
new in 2025: €13,225
- Other operating charges -€28,151
down €28,151 (-86.3%), from €32,631 to €4,480
- Gross operating margin -€13,674
down €13,674 (-16.8%), from €81,160 to €67,486
- Financial charges +€6,063
up €6,063 (+150.8%), from €4,021 to €10,083
- Depreciation +€5,653
up €5,653 (+41.5%), from €13,625 to €19,278
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 | €456,764 | €417,994 | -€38,770 | -8.5% |
| Fixed assets | 21/28 | €363,993 | €345,965 | -€18,028 | -5.0% |
| Tangible fixed assets | 22/27 | €363,993 | €345,965 | -€18,028 | -5.0% |
| Land and buildings | 22 | €349,050 | €334,107 | -€14,944 | -4.3% |
| Plant, machinery and equipment | 23 | €7,519 | €6,726 | -€793 | -10.5% |
| Furniture and vehicles | 24 | €7,424 | €5,133 | -€2,292 | -30.9% |
| Current assets | 29/58 | €92,770 | €72,029 | -€20,741 | -22.4% |
| Amounts receivable within one year | 40/41 | €25,570 | €49,669 | +€24,099 | +94.2% |
| Trade receivables | 40 | €12,750 | €49,634 | +€36,884 | +289.3% |
| Other amounts receivable | 41 | €12,820 | €34 | -€12,786 | -99.7% |
| Cash at bank and in hand | 54/58 | €63,688 | €19,347 | -€44,341 | -69.6% |
| Deferred charges and accrued income | 490/1 | €3,512 | €3,014 | -€499 | -14.2% |
| Total equity and liabilities | 10/49 | €456,764 | €417,994 | -€38,770 | -8.5% |
| Equity | 10/15 | €130,868 | €144,870 | +€14,002 | +10.7% |
| Reserves | 13 | €130,868 | €144,870 | +€14,002 | +10.7% |
| Tax-exempt reserves | 132 | €6,268 | €6,268 | = | 0.0% |
| Distributable reserves | 133 | €124,600 | €138,602 | +€14,002 | +11.2% |
| Amounts payable | 17/49 | €325,896 | €273,124 | -€52,771 | -16.2% |
| Amounts payable after more than one year | 17 | €250,000 | €222,990 | -€27,010 | -10.8% |
| Financial debts | 170/4 | €250,000 | €222,990 | -€27,010 | -10.8% |
| Amounts payable within one year | 42/48 | €75,896 | €50,135 | -€25,761 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | - | €13,225 | +€13,225 | |
| Trade debts | 44 | €6,872 | €6,931 | +€59 | +0.9% |
| Suppliers | 440/4 | €6,872 | €6,931 | +€59 | +0.9% |
| Taxes, remuneration and social security | 45 | €53,527 | €16,869 | -€36,658 | -68.5% |
| Taxes | 450/3 | €53,527 | €16,869 | -€36,658 | -68.5% |
| Other amounts payable | 47/48 | €15,497 | €13,110 | -€2,386 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,625 | €19,278 | +€5,653 | +41.5% |
| Other operating charges | 640/8 | €32,631 | €4,480 | -€28,151 | -86.3% |
| Gross operating margin | 9900 | €81,160 | €67,486 | -€13,674 | -16.8% |
| Operating profit (loss) | 9901 | €34,904 | €43,728 | +€8,824 | +25.3% |
| Financial income | 75/76B | €717 | €162 | -€554 | -77.3% |
| Recurring financial income | 75 | €717 | €162 | -€554 | -77.3% |
| Financial charges | 65/66B | €4,021 | €10,083 | +€6,063 | +150.8% |
| Recurring financial charges | 65 | €4,021 | €10,083 | +€6,063 | +150.8% |
| Profit (loss) for the period before taxes | 9903 | €31,600 | €33,807 | +€2,207 | +7.0% |
| Income taxes | 67/77 | €10,732 | €10,451 | -€282 | -2.6% |
| Profit (loss) for the period | 9904 | €20,867 | €23,356 | +€2,489 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,867 | €23,356 | +€2,489 | +11.9% |
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 9 October 2026 via checked.be.