MALU: what changed
Two financial 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.
MALU
Largest movements
- Cash -€73,159
down €73,159 (-44.5%), from €164,366 to €91,207
mainly Contributions, distributions and other (-€256,000) and Tax, wage and social debts (-€60,084)
- Deferred charges and accrued income +€12,896
up €12,896 (+8.7%), from €147,396 to €160,292
- Tax, wage and social debts -€60,084
down €60,084 (-99.7%), from €60,242 to €159
- Gross operating margin +€9,254
up €9,254 (+2.7%), from €336,717 to €345,971
- Taxes +€4,926
up €4,926 (+6.1%), from €80,232 to €85,159
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.
Derived cash bridge
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 | €327,818 | €268,147 | -€59,671 | -18.2% |
| Fixed assets | 21/28 | €6,241 | €6,833 | +€591 | +9.5% |
| Tangible fixed assets | 22/27 | €4,241 | €4,833 | +€591 | +13.9% |
| Furniture and vehicles | 24 | €4,241 | €4,833 | +€591 | +13.9% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €321,577 | €261,315 | -€60,263 | -18.7% |
| Amounts receivable within one year | 40/41 | €9,816 | €9,816 | = | 0.0% |
| Other amounts receivable | 41 | €9,816 | €9,816 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €164,366 | €91,207 | -€73,159 | -44.5% |
| Deferred charges and accrued income | 490/1 | €147,396 | €160,292 | +€12,896 | +8.7% |
| Total equity and liabilities | 10/49 | €327,818 | €268,147 | -€59,671 | -18.2% |
| Equity | 10/15 | €262,710 | €265,803 | +€3,093 | +1.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €256,710 | €259,803 | +€3,093 | +1.2% |
| Amounts payable | 17/49 | €65,108 | €2,344 | -€62,764 | -96.4% |
| Amounts payable within one year | 42/48 | €64,604 | €1,840 | -€62,764 | -97.2% |
| Trade debts | 44 | €2,056 | €1,578 | -€478 | -23.2% |
| Suppliers | 440/4 | €2,056 | €1,578 | -€478 | -23.2% |
| Taxes, remuneration and social security | 45 | €60,242 | €159 | -€60,084 | -99.7% |
| Taxes | 450/3 | €60,242 | €159 | -€60,084 | -99.7% |
| Other amounts payable | 47/48 | €2,306 | €103 | -€2,203 | -95.5% |
| Accrued charges and deferred income | 492/3 | €504 | €504 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €982 | €958 | -€25 | -2.5% |
| Other operating charges | 640/8 | €1,473 | €686 | -€786 | -53.4% |
| Gross operating margin | 9900 | €336,717 | €345,971 | +€9,254 | +2.7% |
| Operating profit (loss) | 9901 | €334,262 | €344,327 | +€10,065 | +3.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €77 | €76 | -€1 | -1.0% |
| Recurring financial charges | 65 | €77 | €76 | -€1 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €334,185 | €344,251 | +€10,066 | +3.0% |
| Income taxes | 67/77 | €80,232 | €85,159 | +€4,926 | +6.1% |
| Profit (loss) for the period | 9904 | €253,953 | €259,093 | +€5,140 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €253,953 | €259,093 | +€5,140 | +2.0% |
Source: filed annual accounts (NBB), financial 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 November 2026 via checked.be.