MADO (0443.817.560): financials and annual accounts

MADO

Ghent ·KBO/BCE: BE 0443.817.560

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	53.4m	53.6m	52.9m	51.9m	52.9m	53.0m	52.7m	52.3m	51.0m	50.6m	49.8m	48.5m	48.1m	47.9m	46.0m	44.0m	42.4m	40.5m	39.1m	50.0m
Fixed assets`21/28`	34.3m	34.1m	34.0m	33.8m	33.6m	33.4m	28.3m	28.3m	28.3m	28.4m	28.4m	28.4m	28.4m	28.4m	28.4m	28.5m	28.5m	29.9m	30.0m	43.0m
Tangible fixed assets`22/27`	486,844	501,314	554,118	578,919	609,501	640,082	671,022	701,962	718,785	758,728	801,271	791,440	758,234	785,859	823,290	861,492	869,133	905,736	951,612	978,947
Land and buildings`22`	486,844	501,314	554,118	578,919	603,720	628,522	653,682	678,841	704,001	729,161	754,759	725,632	745,407	765,452	795,903	826,354	825,470	847,927	873,966	900,885
Plant, machinery and equipment`23`	-	-	-	-	-	-	-	-	-	-	-	-	-	393	775	-	-	-	-	2,199
Furniture and vehicles`24`	-	-	-	-	5,780	11,560	17,341	23,121	14,783	29,566	46,512	65,808	12,827	20,013	26,612	35,138	43,663	57,809	77,646	75,863
Financial fixed assets`28`	33.8m	33.6m	33.4m	33.2m	33.0m	32.8m	27.6m	27.6m	27.6m	27.6m	27.6m	27.6m	27.6m	27.6m	27.6m	27.6m	27.6m	29.0m	29.0m	42.0m
Current assets`29/58`	19.1m	19.5m	18.9m	18.1m	19.2m	19.5m	24.4m	23.9m	22.6m	22.3m	21.4m	20.1m	19.7m	19.5m	17.6m	15.6m	13.9m	10.6m	9.2m	7.0m
Amounts receivable after more than one year`29`	6.3m	6.6m	6.3m	6.2m	6.2m	7.0m	6.2m	6.2m	6.3m	5.6m	6.8m	6.6m	6.3m	7.4m	6.8m	6.6m	4.3m	3.3m	3.0m	3.2m
Other amounts receivable`291`	6.3m	6.6m	6.3m	6.2m	6.2m	7.0m	6.2m	6.2m	6.3m	5.6m	6.8m	6.6m	6.3m	7.4m	6.8m	6.6m	4.3m	3.3m	3.0m	3.2m
Stocks and contracts in progress`3`	-	-	-	-	-	-	-	467,292	467,292	467,292	467,292	467,292	467,292	467,292	467,292	467,292	467,292	467,292	448,378	235,141
Stocks`30/36`	-	-	-	-	-	-	-	467,292	467,292	467,292	467,292	467,292	467,292	467,292	467,292	467,292	467,292	467,292	448,378	235,141
Amounts receivable within one year`40/41`	2.2m	2.2m	2.2m	2.4m	2.1m	1.6m	4.5m	4.1m	4.1m	4.3m	2.7m	4.7m	5.3m	4.7m	4.7m	4.7m	6.7m	613,117	236,425	466,810
Trade receivables`40`	-	-	-	-	464	3,246	-	-	-	-	-	3,690	-	-	-	-	-	-	-	-
Other amounts receivable`41`	2.2m	2.2m	2.2m	2.4m	2.1m	1.5m	4.5m	4.1m	4.1m	4.3m	2.7m	4.7m	5.3m	4.7m	4.7m	4.7m	6.7m	613,117	236,425	466,810
Current investments`50/53`	9.7m	8.4m	4.5m	4.5m	3.8m	1.6m	1.0m	881,958	1.2m	1.1m	473,488	473,488	469,812	546,908	1.6m	622,859	373,479	357,792	321,902	282,909
Cash at bank and in hand`54/58`	292,549	2.2m	5.7m	4.8m	7.0m	9.3m	7.5m	7.5m	6.3m	6.8m	7.6m	5.4m	4.4m	4.9m	2.6m	1.5m	408,828	5.8m	3.6m	2.6m
Deferred charges and accrued income`490/1`	663,544	153,855	219,366	74,907	48,841	67,757	5.1m	4.8m	4.4m	4.0m	3.3m	2.4m	2.8m	1.5m	1.3m	1.6m	1.7m	193,161	1.5m	184,566
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	53.4m	53.6m	52.9m	51.9m	52.9m	53.0m	52.7m	52.3m	51.0m	50.6m	49.8m	48.5m	48.1m	47.9m	46.0m	44.0m	42.4m	40.5m	39.1m	50.0m
Equity`10/15`	52.7m	52.6m	51.9m	51.5m	51.1m	50.9m	50.6m	50.2m	49.4m	48.9m	48.0m	46.7m	45.7m	44.3m	42.3m	40.5m	38.9m	37.3m	35.7m	34.3m
Contributions`10/11`	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	9.2m
Capital`10`	10.0m	10.0m	10.0m	10.0m	10.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	10.0m	9.2m
Reserves`13`	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	917,206
Non-distributable reserves`130/1`	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	917,206
Tax-exempt reserves`132`	467	467	467	467	467	467	467	467	467	467	467	383	301	222	145	72	-	-	-	-
Profit (loss) carried forward`14`	41.7m	41.6m	40.9m	40.5m	40.1m	39.9m	39.6m	39.2m	38.4m	37.9m	37.0m	35.7m	34.7m	33.3m	31.3m	29.5m	27.9m	26.3m	24.7m	24.2m
Amounts payable`17/49`	712,436	1.0m	995,257	387,119	1.7m	2.1m	2.1m	2.0m	1.6m	1.8m	1.8m	1.9m	2.4m	3.6m	3.7m	3.5m	3.5m	3.3m	3.4m	15.7m
Amounts payable after more than one year`17`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11.6m
Financial debts`170/4`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11.6m
Amounts payable within one year`42/48`	711,447	1.0m	994,537	386,468	1.7m	2.1m	2.1m	2.0m	1.6m	1.8m	1.8m	1.9m	2.4m	3.6m	3.7m	3.5m	3.5m	3.3m	3.4m	4.1m
Trade debts`44`	17,567	7,492	1,183	6,660	3,158	1,389	18,864	-	1,374	14,435	5,267	6,228	4,034	8,021	4,325	31,262	2,114	3,983	39,332	8,248
Suppliers`440/4`	17,567	7,492	1,183	6,660	3,158	1,389	18,864	-	1,374	14,435	5,267	6,228	4,034	8,021	4,325	31,262	2,114	3,983	39,332	8,248
Taxes, remuneration and social security`45`	0	180,290	98,307	89,285	4,917	300,139	160,113	52,501	-	1,941	-	-	35,706	16,362	40,693	36,303	34,600	30,780	195,525	142,323
Taxes`450/3`	0	180,290	98,307	89,285	4,917	300,139	160,113	52,501	-	1,941	-	-	35,706	16,362	40,693	36,303	34,600	30,780	195,525	142,323
Other amounts payable`47/48`	693,880	850,747	895,047	290,522	1.7m	1.8m	1.9m	2.0m	1.6m	1.7m	1.8m	1.9m	2.4m	3.6m	3.7m	3.5m	3.4m	3.2m	3.2m	4.0m
Accrued charges and deferred income`492/3`	989	484	720	651	651	651	350	-	-	34	40	-	551	4,053	2,039	2,677	3,783	2,770	10,288	17,815
Income statement
Non-recurring operating income`76A`	0	91	21	-	-	-	-	2,500	-	-	-	-	5,245	-	-	-	-	-	-	23.6m
Gross operating margin`9900`	-25,338	339,747	-25,278	21,775	39,557	36,727	-17,238	19,408	26,242	23,860	53,675	65,855	64,428	42,121	7,010	20,277	20,101	238,887	225,211	1.3m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	14,471	17,478	24,801	30,582	30,582	30,940	30,940	45,723	39,943	42,056	44,505	40,710	27,580	37,431	39,358	39,939	36,602	45,876	51,920	55,139
Other operating charges`640/8`	17,599	18,968	26,755	18,031	21,594	8,151	9,834	10,394	10,079	10,012	10,000	12,022	8,846	9,330	9,024	8,969	8,970	7,970	7,597	14,890
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	140,784
Operating profit (loss)`9901`	-57,408	303,301	-76,834	-26,837	-12,619	-2,364	-58,012	-36,709	-23,780	-28,209	-830	13,123	28,002	-4,640	-41,373	-28,632	-25,471	185,041	165,694	1.3m
Financial income`75/76B`	742,888	613,188	625,967	518,893	381,985	492,183	590,284	955,830	505,717	1.0m	1.3m	974,632	2.1m	2.1m	2.1m	1.9m	1.9m	1.9m	2.4m	341,198
Recurring financial income`75`	742,888	613,188	625,967	518,893	381,985	492,183	590,284	955,830	505,717	1.0m	1.3m	974,632	2.1m	2.1m	2.1m	1.9m	1.9m	1.9m	2.4m	341,198
Financial charges`65/66B`	357,692	7,440	7,825	23,191	24,678	50,844	3,327	7,312	2,449	114,341	3,432	2,069	308,562	133,586	283,894	252,467	235,189	214,424	712,762	742,317
Recurring financial charges`65`	357,692	7,440	7,825	23,191	24,678	50,844	3,327	7,312	2,449	114,341	3,432	2,069	308,562	133,586	283,894	252,467	235,189	214,424	712,762	742,317
Profit (loss) for the period before taxes`9903`	327,788	909,049	541,307	468,864	344,688	438,974	528,945	911,809	479,488	902,519	1.3m	985,686	1.8m	2.0m	1.8m	1.6m	1.7m	1.9m	1.8m	24.3m
Income taxes`67/77`	168,033	232,409	143,266	122,020	85,503	147,057	165,532	55,495	1,602	4,069	-	-	6,741	24,713	-	-	-352	20,856	72,975	221,585
Profit (loss) for the period`9904`	159,755	676,640	398,041	346,844	259,185	291,918	363,413	856,315	477,886	898,449	1.3m	985,686	1.8m	2.0m	1.8m	1.6m	1.7m	1.9m	1.8m	24.1m
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	-	-	-	84	82	79	76	73	72	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	159,755	676,640	398,041	346,844	259,185	291,918	363,413	856,315	477,886	898,449	1.3m	985,603	1.8m	2.0m	1.8m	1.6m	1.7m	1.9m	1.8m	24.1m
Appropriation of the result
Profit (loss) to be appropriated`9906`	41.7m	41.6m	40.9m	40.5m	40.1m	39.9m	39.6m	39.2m	38.4m	37.9m	37.0m	35.7m	35.1m	33.3m	31.3m	29.5m	27.9m	26.6m	25.9m	24.4m
Profit (loss) brought forward from the previous period`14P`	41.6m	40.9m	40.5m	40.1m	39.9m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	910,734	-
Addition to contributions`691`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	827,940	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	82,794	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	-	-	-	400,000	-	-	-	-	320,000	300,000	200,000
Directors or managers`695`	-	-	-	-	-	-	-	-	-	-	-	-	400,000	-	-	-	-	320,000	300,000	200,000
Social balance sheet
Average staff (FTE)`9087`	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
30-06-2025	abbreviated format	13-01-2026	2026-00009864	PDF
30-06-2024	abbreviated format	30-01-2025	2025-00021107	PDF
30-09-2023	abbreviated format	26-04-2024	2024-00077113	PDF
30-09-2022	abbreviated format	28-04-2023	2023-00070210	PDF
30-09-2021	abbreviated format	29-04-2022	2022-20013470	PDF
30-09-2020	abbreviated format	30-04-2021	2021-12500289	PDF
30-09-2019	abbreviated format	29-06-2020	2020-22300328	PDF
30-09-2018	abbreviated format	26-04-2019	2019-10600400	PDF
30-09-2017	abbreviated format	27-04-2018	2018-10800104	PDF
30-09-2016	abbreviated format	28-04-2017	2017-10300341	PDF
30-09-2015	abbreviated format	01-04-2016	2016-08300593	PDF
30-09-2014	abbreviated format	31-03-2015	2015-07800376	PDF
30-09-2013	abbreviated format	29-04-2014	2014-10100466	PDF
30-09-2012	abbreviated format	13-05-2013	2013-11500290	PDF
30-09-2011	abbreviated format	27-04-2012	2012-09600296	PDF
30-09-2010	abbreviated format	27-04-2011	2011-08900506	PDF
30-09-2009	abbreviated format	22-04-2010	2010-09500355	PDF
30-09-2008	abbreviated format	27-03-2009	2009-08800160	PDF
30-09-2007	abbreviated format	22-04-2008	2008-11900153	PDF
30-09-2006	abbreviated format	13-04-2007	2007-11800056	PDF
30-09-2005	abbreviated format	28-04-2006	2006-12705198	PDF
30-09-2004	abbreviated format	30-03-2005	2005-09601944	PDF
30-09-2003	abbreviated format	26-04-2004	2004-12201596	PDF
30-09-2002	abbreviated format	30-04-2003	2003-12504104	PDF
30-09-2001	abbreviated format	22-04-2002	2002-10302270	PDF
30-09-2000	abbreviated format	27-04-2001	2001-11000560	PDF
30-09-1999	abbreviated format	31-03-2000	2000-08201050	PDF
30-09-1998	abbreviated format	30-03-1999	1999-06502197	PDF
30-09-1997	abbreviated format	02-04-1998	1998-06003899	PDF
30-09-1996	abbreviated format	26-03-1997	1997-04203879	PDF
30-09-1995	abbreviated format	25-03-1996	1996-04600756	PDF
30-09-1994	abbreviated format	28-03-1995	1995-04503392	PDF
30-09-1993	abbreviated format	31-03-1994	1994-05304391	PDF
30-09-1992	abbreviated format	23-03-1993	1993-04001529	PDF
30-09-1991	abbreviated format	20-03-1992	1992-03100692	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	-42,937	320,779	-52,033	3,744	17,963	28,576	-27,072	9,014	16,163	13,848	43,675	53,833	55,582	32,791	-2,015	11,307	11,131	230,917	217,614	1.3m
Cash flow	174,225	694,118	422,843	377,426	289,766	322,858	394,353	902,038	517,829	940,506	1.4m	1.0m	1.8m	2.0m	1.9m	1.6m	1.7m	1.9m	1.8m	24.1m
Investment in fixed assets (approximation)	251,842	154,965	207,188	207,188	207,188	5.2m	0	28,901	0	-487	54,335	73,916	-44	0	1,156	32,298	-1.4m	0	29.0m	42.0m
Change in cash	-1.9m	-3.5m	876,349	-2.2m	-2.2m	1.8m	-30,975	1.3m	-523,125	-767,491	2.1m	1.0m	-484,503	2.2m	1.1m	1.1m	-5.3m	2.2m	933,883	-
Working capital	18.4m	18.5m	17.9m	17.7m	17.5m	17.4m	22.3m	21.9m	21.0m	20.5m	19.6m	18.2m	17.3m	15.9m	13.9m	12.0m	10.4m	7.4m	5.8m	2.9m
Solvency	98.7%	98.1%	98.1%	99.3%	96.7%	96.0%	96.0%	96.1%	96.9%	96.5%	96.4%	96.1%	95.0%	92.5%	92.0%	92.0%	91.8%	91.9%	91.3%	68.6%
Current ratio	26.86	18.79	19.00	46.76	11.19	9.27	11.71	11.69	14.22	12.70	11.91	10.68	8.15	5.44	4.75	4.40	4.02	3.25	2.71	1.70
Quick ratio	26.86	18.79	19.00	46.76	11.19	9.27	11.71	11.46	13.92	12.43	11.65	10.44	7.95	5.31	4.63	4.27	3.88	3.10	2.57	1.64
Debt to equity	0.01	0.02	0.02	0.01	0.03	0.04	0.04	0.04	0.03	0.04	0.04	0.04	0.05	0.08	0.09	0.09	0.09	0.09	0.10	0.46
ROE	0.3%	1.3%	0.8%	0.7%	0.5%	0.6%	0.7%	1.7%	1.0%	1.8%	2.8%	2.1%	3.9%	4.4%	4.3%	3.9%	4.3%	5.0%	4.9%	70.2%
ROA	0.3%	1.3%	0.8%	0.7%	0.5%	0.6%	0.7%	1.6%	0.9%	1.8%	2.7%	2.0%	3.7%	4.1%	4.0%	3.6%	3.9%	4.6%	4.5%	48.2%
Interest coverage	-0.12	43.11	-6.65	0.16	0.73	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	30-06-2025	30-06-2024	30-09-2023	30-09-2022	30-09-2021
Financial fixed assets	€251,842	€154,965	€207,188	€207,188	€207,188
Depreciation and write-downs of the year	€14,471	€17,478	€24,801	€30,582	€30,582

MADO

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin €m

Filed annual accounts

Filings

Key figures and ratios

Investments

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