MALVANCO: 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.
MALVANCO
Largest movements
- Tangible fixed assets -€269,652
down €269,652 (-12.2%), from €2.2m to €1.9m
of which Land and buildings: -€155,730
- Cash +€60,424
up €60,424 (+168.1%), from €35,946 to €96,370
mainly Depreciation (+€269,652) and Net result for the year (+€255,549)
- Receivables within one year +€45,862
up €45,862 (+147.0%), from €31,197 to €77,059
of which Trade receivables: +€51,309
- Reserves +€255,549
up €255,549 (+44.7%), from €571,219 to €826,768
- Debts after one year -€138,370
down €138,370 (-18.2%), from €758,819 to €620,449
- Other debts -€125,076
down €125,076 (-23.6%), from €530,012 to €404,936
- Current portion of long-term debt -€110,258
down €110,258 (-44.3%), from €248,628 to €138,370
- Tax, wage and social debts -€45,129
down €45,129 (-47.5%), from €94,931 to €49,802
of which Taxes: -€45,129
- Other operating charges -€17,732
down €17,732 (-23.0%), from €77,091 to €59,359
- Taxes +€15,083
up €15,083 (+19.8%), from €75,987 to €91,069
- Provisions -€11,430
new in 2025: -€11,430
- Gross operating margin +€7,884
up €7,884 (+1.2%), from €678,851 to €686,735
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 | €2,286,775 | €2,124,430 | -€162,345 | -7.1% |
| Fixed assets | 21/28 | €2,215,333 | €1,945,681 | -€269,652 | -12.2% |
| Tangible fixed assets | 22/27 | €2,215,333 | €1,945,681 | -€269,652 | -12.2% |
| Land and buildings | 22 | €1,513,726 | €1,357,996 | -€155,730 | -10.3% |
| Plant, machinery and equipment | 23 | €580,900 | €492,997 | -€87,904 | -15.1% |
| Furniture and vehicles | 24 | €120,707 | €94,689 | -€26,018 | -21.6% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €71,442 | €178,748 | +€107,307 | +150.2% |
| Amounts receivable within one year | 40/41 | €31,197 | €77,059 | +€45,862 | +147.0% |
| Trade receivables | 40 | €25,728 | €77,037 | +€51,309 | +199.4% |
| Other amounts receivable | 41 | €5,469 | €22 | -€5,447 | -99.6% |
| Cash at bank and in hand | 54/58 | €35,946 | €96,370 | +€60,424 | +168.1% |
| Deferred charges and accrued income | 490/1 | €4,299 | €5,320 | +€1,020 | +23.7% |
| Total equity and liabilities | 10/49 | €2,286,775 | €2,124,430 | -€162,345 | -7.1% |
| Equity | 10/15 | €606,219 | €861,768 | +€255,549 | +42.2% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €571,219 | €826,768 | +€255,549 | +44.7% |
| Distributable reserves | 133 | €571,219 | €826,768 | +€255,549 | +44.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €37,052 | €25,623 | -€11,430 | -30.8% |
| Provisions for liabilities and charges | 160/5 | €37,052 | €25,623 | -€11,430 | -30.8% |
| Major repairs and maintenance | 162 | €37,052 | €25,623 | -€11,430 | -30.8% |
| Amounts payable | 17/49 | €1,643,503 | €1,237,039 | -€406,465 | -24.7% |
| Amounts payable after more than one year | 17 | €758,819 | €620,449 | -€138,370 | -18.2% |
| Financial debts | 170/4 | €758,819 | €620,449 | -€138,370 | -18.2% |
| Amounts payable within one year | 42/48 | €874,576 | €605,370 | -€269,207 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €248,628 | €138,370 | -€110,258 | -44.3% |
| Trade debts | 44 | €1,005 | €12,261 | +€11,256 | +1119.8% |
| Suppliers | 440/4 | €1,005 | €12,261 | +€11,256 | +1119.8% |
| Taxes, remuneration and social security | 45 | €94,931 | €49,802 | -€45,129 | -47.5% |
| Taxes | 450/3 | €94,931 | €49,802 | -€45,129 | -47.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €530,012 | €404,936 | -€125,076 | -23.6% |
| Accrued charges and deferred income | 492/3 | €10,108 | €11,220 | +€1,112 | +11.0% |
| Non-recurring operating income | 76A | €21,304 | €0 | -€21,304 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €270,092 | €269,652 | -€440 | -0.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€11,430 | -€11,430 | |
| Other operating charges | 640/8 | €77,091 | €59,359 | -€17,732 | -23.0% |
| Gross operating margin | 9900 | €678,851 | €686,735 | +€7,884 | +1.2% |
| Operating profit (loss) | 9901 | €331,668 | €369,154 | +€37,486 | +11.3% |
| Financial income | 75/76B | €1,552 | €0 | -€1,552 | -100.0% |
| Recurring financial income | 75 | €1,552 | €0 | -€1,552 | -100.0% |
| Financial charges | 65/66B | €29,139 | €22,535 | -€6,604 | -22.7% |
| Recurring financial charges | 65 | €29,139 | €22,535 | -€6,604 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €304,081 | €346,618 | +€42,538 | +14.0% |
| Income taxes | 67/77 | €75,987 | €91,069 | +€15,083 | +19.8% |
| Profit (loss) for the period | 9904 | €228,094 | €255,549 | +€27,455 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €228,094 | €255,549 | +€27,455 | +12.0% |
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 8 October 2026 via checked.be.