MALWIN: 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.
MALWIN
Largest movements
- Receivables within one year -€6,918
down €6,918 (-9.5%), from €73,023 to €66,106
of which Trade receivables: -€22,073
- Cash -€1,036
no longer reported in 2025 (was €1,036)
mainly Trade debts (-€26,908)
- Trade debts -€26,908
down €26,908 (-74.7%), from €36,035 to €9,127
- Profit (loss) carried forward +€10,126
up €10,126 (+49.2%), from €20,601 to €30,727
- Tax, wage and social debts +€6,187
up €6,187 (+34.9%), from €17,729 to €23,916
- Short-term financial debts +€2,417
new in 2025: €2,417
- Gross operating margin -€7,137
down €7,137 (-34.5%), from €20,677 to €13,540
- Taxes -€6,425
down €6,425 (-60.5%), from €10,616 to €4,192
- Other operating charges -€1,750
down €1,750 (-46.2%), from €3,792 to €2,041
- Financial income +€659
up €659 (+23.9%), from €2,761 to €3,419
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 | €74,465 | €66,287 | -€8,178 | -11.0% |
| Formation expenses | 20 | €405 | €181 | -€224 | -55.3% |
| Current assets | 29/58 | €74,060 | €66,106 | -€7,954 | -10.7% |
| Amounts receivable within one year | 40/41 | €73,023 | €66,106 | -€6,918 | -9.5% |
| Trade receivables | 40 | €23,967 | €1,893 | -€22,073 | -92.1% |
| Other amounts receivable | 41 | €49,057 | €64,212 | +€15,155 | +30.9% |
| Cash at bank and in hand | 54/58 | €1,036 | - | -€1,036 | |
| Total equity and liabilities | 10/49 | €74,465 | €66,287 | -€8,178 | -11.0% |
| Equity | 10/15 | €20,701 | €30,827 | +€10,126 | +48.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,601 | €30,727 | +€10,126 | +49.2% |
| Amounts payable | 17/49 | €53,764 | €35,460 | -€18,304 | -34.0% |
| Amounts payable within one year | 42/48 | €53,764 | €35,460 | -€18,304 | -34.0% |
| Financial debts | 43 | - | €2,417 | +€2,417 | |
| Other loans | 439 | - | €2,417 | +€2,417 | |
| Trade debts | 44 | €36,035 | €9,127 | -€26,908 | -74.7% |
| Suppliers | 440/4 | €36,035 | €9,127 | -€26,908 | -74.7% |
| Taxes, remuneration and social security | 45 | €17,729 | €23,916 | +€6,187 | +34.9% |
| Taxes | 450/3 | €17,729 | €23,916 | +€6,187 | +34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224 | €224 | = | 0.0% |
| Other operating charges | 640/8 | €3,792 | €2,041 | -€1,750 | -46.2% |
| Gross operating margin | 9900 | €20,677 | €13,540 | -€7,137 | -34.5% |
| Operating profit (loss) | 9901 | €16,661 | €11,275 | -€5,386 | -32.3% |
| Financial income | 75/76B | €2,761 | €3,419 | +€659 | +23.9% |
| Recurring financial income | 75 | €2,761 | €3,419 | +€659 | +23.9% |
| Financial charges | 65/66B | €464 | €377 | -€88 | -18.9% |
| Recurring financial charges | 65 | €464 | €377 | -€88 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €18,957 | €14,317 | -€4,640 | -24.5% |
| Income taxes | 67/77 | €10,616 | €4,192 | -€6,425 | -60.5% |
| Profit (loss) for the period | 9904 | €8,341 | €10,126 | +€1,785 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,341 | €10,126 | +€1,785 | +21.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.