MALVO: 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.
MALVO
Largest movements
- Cash +€93,084
up €93,084 (+72.4%), from €128,533 to €221,617
mainly Net result for the year (+€66,283) and Other debts (+€19,243)
- Tangible fixed assets -€16,363
down €16,363 (-11.2%), from €146,618 to €130,255
of which Plant, machinery and equipment: -€15,260
- Receivables within one year -€12,351
down €12,351 (-73.8%), from €16,732 to €4,382
of which Other amounts receivable: -€12,909
- Reserves +€37,904
up €37,904 (+35.6%), from €106,614 to €144,518
of which Distributable reserves: +€37,904
- Other debts +€19,243
up €19,243 (+211.4%), from €9,103 to €28,346
- Trade debts +€5,962
up €5,962 (+60.6%), from €9,836 to €15,797
- Gross operating margin +€40,922
up €40,922 (+23.5%), from €174,080 to €215,002
- Taxes +€21,984
up €21,984 (+176.2%), from €12,474 to €34,457
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 | €304,688 | €368,132 | +€63,445 | +20.8% |
| Fixed assets | 21/28 | €147,717 | €131,353 | -€16,363 | -11.1% |
| Tangible fixed assets | 22/27 | €146,618 | €130,255 | -€16,363 | -11.2% |
| Land and buildings | 22 | €10,887 | €9,688 | -€1,199 | -11.0% |
| Plant, machinery and equipment | 23 | €133,991 | €118,731 | -€15,260 | -11.4% |
| Furniture and vehicles | 24 | €1,740 | €1,836 | +€97 | +5.6% |
| Financial fixed assets | 28 | €1,098 | €1,098 | = | 0.0% |
| Current assets | 29/58 | €156,971 | €236,779 | +€79,808 | +50.8% |
| Stocks and contracts in progress | 3 | €7,790 | €6,040 | -€1,750 | -22.5% |
| Stocks | 30/36 | €7,790 | €6,040 | -€1,750 | -22.5% |
| Amounts receivable within one year | 40/41 | €16,732 | €4,382 | -€12,351 | -73.8% |
| Trade receivables | 40 | €47 | €605 | +€558 | +1185.1% |
| Other amounts receivable | 41 | €16,685 | €3,777 | -€12,909 | -77.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €128,533 | €221,617 | +€93,084 | +72.4% |
| Deferred charges and accrued income | 490/1 | €3,915 | €4,740 | +€825 | +21.1% |
| Total equity and liabilities | 10/49 | €304,688 | €368,132 | +€63,445 | +20.8% |
| Equity | 10/15 | €230,294 | €268,230 | +€37,937 | +16.5% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €106,614 | €144,518 | +€37,904 | +35.6% |
| Tax-exempt reserves | 132 | €19,968 | €19,968 | = | 0.0% |
| Distributable reserves | 133 | €86,646 | €124,549 | +€37,904 | +43.7% |
| Profit (loss) carried forward | 14 | €74,101 | €74,134 | +€33 | 0.0% |
| Amounts payable | 17/49 | €74,394 | €99,902 | +€25,508 | +34.3% |
| Amounts payable after more than one year | 17 | €33,001 | €30,000 | -€3,001 | -9.1% |
| Financial debts | 170/4 | €33,001 | €30,000 | -€3,001 | -9.1% |
| Amounts payable within one year | 42/48 | €39,088 | €65,473 | +€26,385 | +67.5% |
| Current portion of amounts payable after more than one year | 42 | €4,000 | €3,001 | -€999 | -25.0% |
| Trade debts | 44 | €9,836 | €15,797 | +€5,962 | +60.6% |
| Suppliers | 440/4 | €9,836 | €15,797 | +€5,962 | +60.6% |
| Taxes, remuneration and social security | 45 | €16,149 | €18,328 | +€2,179 | +13.5% |
| Taxes | 450/3 | €2,402 | €6,647 | +€4,245 | +176.7% |
| Remuneration and social security | 454/9 | €13,747 | €11,681 | -€2,066 | -15.0% |
| Other amounts payable | 47/48 | €9,103 | €28,346 | +€19,243 | +211.4% |
| Accrued charges and deferred income | 492/3 | €2,306 | €4,430 | +€2,124 | +92.1% |
| Remuneration, social security and pensions | 62 | €92,324 | €90,500 | -€1,824 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,073 | €17,048 | +€975 | +6.1% |
| Other operating charges | 640/8 | €3,792 | €4,048 | +€257 | +6.8% |
| Gross operating margin | 9900 | €174,080 | €215,002 | +€40,922 | +23.5% |
| Operating profit (loss) | 9901 | €61,892 | €103,406 | +€41,515 | +67.1% |
| Financial income | 75/76B | €240 | €193 | -€47 | -19.6% |
| Recurring financial income | 75 | €240 | €193 | -€47 | -19.6% |
| Financial charges | 65/66B | €3,437 | €2,859 | -€578 | -16.8% |
| Recurring financial charges | 65 | €3,437 | €2,859 | -€578 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €58,695 | €100,740 | +€42,045 | +71.6% |
| Income taxes | 67/77 | €12,474 | €34,457 | +€21,984 | +176.2% |
| Profit (loss) for the period | 9904 | €46,221 | €66,283 | +€20,062 | +43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,221 | €66,283 | +€20,062 | +43.4% |
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 6 October 2026 via checked.be.