MALYVERT: 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.
MALYVERT
Largest movements
- Financial fixed assets +€1.3m
new in 2025: €1.3m
- Cash -€72,084
down €72,084 (-72.0%), from €100,048 to €27,965
mainly Investment in fixed assets (net) (-€1.3m) and Other debts (-€166,982)
- Tangible fixed assets -€55,884
down €55,884 (-13.0%), from €430,855 to €374,971
of which Furniture and vehicles: -€32,715
- Debts after one year +€853,450
up €853,450 (+329.5%), from €258,988 to €1.1m
- Reserves +€304,049
up €304,049 (+323.0%), from €94,122 to €398,171
- Other debts -€166,982
down €166,982 (-91.6%), from €182,268 to €15,286
- Current portion of long-term debt +€109,966
up €109,966 (+339.2%), from €32,421 to €142,387
- Short-term financial debts +€90,000
new in 2025: €90,000
- Financial income +€299,702
up €299,702 (+92572.1%), from €324 to €300,026
- Gross operating margin -€33,679
down €33,679 (-26.3%), from €128,254 to €94,575
- Financial charges +€24,133
up €24,133 (+383.8%), from €6,287 to €30,421
of which Financial charges: +€25,741
- Depreciation -€16,706
down €16,706 (-24.7%), from €67,678 to €50,972
- Staff costs -€15,839
down €15,839 (-95.0%), from €16,665 to €825
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 | €649,737 | €1,785,998 | +€1.1m | +174.9% |
| Fixed assets | 21/28 | €432,199 | €1,633,842 | +€1.2m | +278.0% |
| Intangible fixed assets | 21 | €1,344 | €854 | -€490 | -36.4% |
| Tangible fixed assets | 22/27 | €430,855 | €374,971 | -€55,884 | -13.0% |
| Land and buildings | 22 | €310,841 | €295,773 | -€15,069 | -4.8% |
| Plant, machinery and equipment | 23 | €10,119 | €6,129 | -€3,990 | -39.4% |
| Furniture and vehicles | 24 | €86,575 | €53,861 | -€32,715 | -37.8% |
| Other tangible fixed assets | 26 | €23,319 | €19,208 | -€4,111 | -17.6% |
| Financial fixed assets | 28 | - | €1,258,016 | +€1.3m | |
| Current assets | 29/58 | €217,539 | €152,157 | -€65,382 | -30.1% |
| Stocks and contracts in progress | 3 | €1,000 | - | -€1,000 | |
| Stocks | 30/36 | €1,000 | - | -€1,000 | |
| Amounts receivable within one year | 40/41 | €116,490 | €124,192 | +€7,702 | +6.6% |
| Trade receivables | 40 | €116,490 | €31,838 | -€84,652 | -72.7% |
| Other amounts receivable | 41 | - | €92,354 | +€92,354 | |
| Cash at bank and in hand | 54/58 | €100,048 | €27,965 | -€72,084 | -72.0% |
| Total equity and liabilities | 10/49 | €649,737 | €1,785,998 | +€1.1m | +174.9% |
| Equity | 10/15 | €106,522 | €410,571 | +€304,049 | +285.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €94,122 | €398,171 | +€304,049 | +323.0% |
| Distributable reserves | 133 | €94,122 | €398,171 | +€304,049 | +323.0% |
| Amounts payable | 17/49 | €543,215 | €1,375,427 | +€832,212 | +153.2% |
| Amounts payable after more than one year | 17 | €258,988 | €1,112,438 | +€853,450 | +329.5% |
| Financial debts | 170/4 | €258,988 | €1,112,438 | +€853,450 | +329.5% |
| Amounts payable within one year | 42/48 | €284,227 | €262,527 | -€21,700 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €32,421 | €142,387 | +€109,966 | +339.2% |
| Financial debts | 43 | - | €90,000 | +€90,000 | |
| Credit institutions | 430/8 | - | €90,000 | +€90,000 | |
| Trade debts | 44 | €59,142 | €3,533 | -€55,609 | -94.0% |
| Suppliers | 440/4 | €59,142 | €3,533 | -€55,609 | -94.0% |
| Taxes, remuneration and social security | 45 | €10,396 | €11,320 | +€924 | +8.9% |
| Taxes | 450/3 | €9,364 | €11,320 | +€1,956 | +20.9% |
| Remuneration and social security | 454/9 | €1,032 | - | -€1,032 | |
| Other amounts payable | 47/48 | €182,268 | €15,286 | -€166,982 | -91.6% |
| Accrued charges and deferred income | 492/3 | - | €463 | +€463 | |
| Non-recurring operating income | 76A | - | €26,299 | +€26,299 | |
| Remuneration, social security and pensions | 62 | €16,665 | €825 | -€15,839 | -95.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,678 | €50,972 | -€16,706 | -24.7% |
| Other operating charges | 640/8 | €6,115 | €3,779 | -€2,336 | -38.2% |
| Non-recurring operating charges | 66A | €104 | - | -€104 | |
| Gross operating margin | 9900 | €128,254 | €94,575 | -€33,679 | -26.3% |
| Operating profit (loss) | 9901 | €37,693 | €38,999 | +€1,306 | +3.5% |
| Financial income | 75/76B | €324 | €300,026 | +€299,702 | +92572.1% |
| Recurring financial income | 75 | €324 | €300,026 | +€299,702 | +92572.1% |
| Financial charges | 65/66B | €6,287 | €30,421 | +€24,133 | +383.8% |
| Recurring financial charges | 65 | €4,680 | €30,421 | +€25,741 | +550.1% |
| Non-recurring financial charges | 66B | €1,608 | - | -€1,608 | |
| Profit (loss) for the period before taxes | 9903 | €31,729 | €308,604 | +€276,875 | +872.6% |
| Income taxes | 67/77 | €8,050 | €3,722 | -€4,328 | -53.8% |
| Profit (loss) for the period | 9904 | €23,680 | €304,882 | +€281,202 | +1187.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,680 | €304,882 | +€281,202 | +1187.5% |
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 1 October 2026 via checked.be.