B-MAD: 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.
B-MAD
Largest movements
- Financial fixed assets +€170,600
up €170,600 (+197.5%), from €86,360 to €256,960
- Receivables within one year -€133,253
down €133,253 (-93.1%), from €143,111 to €9,858
of which Other amounts receivable: -€105,317
- Cash +€3,020
up €3,020 (+120.2%), from €2,513 to €5,533
mainly Receivables within one year (+€133,253) and Net result for the year (+€61,116)
- Profit (loss) carried forward +€61,116
up €61,116 (+127.9%), from €47,802 to €108,919
- Tax, wage and social debts -€18,088
down €18,088 (-57.8%), from €31,306 to €13,218
- Financial income +€8,940
up €8,940 (+59.1%), from €15,123 to €24,063
- Gross operating margin +€6,690
up €6,690 (+15.0%), from €44,643 to €51,333
- Taxes +€1,933
up €1,933 (+17.1%), from €11,299 to €13,232
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 | €233,374 | €274,805 | +€41,431 | +17.8% |
| Formation expenses | 20 | €554 | €277 | -€277 | -50.0% |
| Fixed assets | 21/28 | €87,196 | €257,582 | +€170,385 | +195.4% |
| Tangible fixed assets | 22/27 | €836 | €622 | -€215 | -25.7% |
| Furniture and vehicles | 24 | €836 | €622 | -€215 | -25.7% |
| Financial fixed assets | 28 | €86,360 | €256,960 | +€170,600 | +197.5% |
| Current assets | 29/58 | €145,624 | €16,946 | -€128,677 | -88.4% |
| Amounts receivable within one year | 40/41 | €143,111 | €9,858 | -€133,253 | -93.1% |
| Trade receivables | 40 | €37,794 | €9,858 | -€27,936 | -73.9% |
| Other amounts receivable | 41 | €105,317 | - | -€105,317 | |
| Cash at bank and in hand | 54/58 | €2,513 | €5,533 | +€3,020 | +120.2% |
| Deferred charges and accrued income | 490/1 | - | €1,555 | +€1,555 | |
| Total equity and liabilities | 10/49 | €233,374 | €274,805 | +€41,431 | +17.8% |
| Equity | 10/15 | €108,839 | €169,956 | +€61,116 | +56.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €56,037 | €56,037 | = | 0.0% |
| Distributable reserves | 133 | €56,037 | €56,037 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,802 | €108,919 | +€61,116 | +127.9% |
| Amounts payable | 17/49 | €124,535 | €104,849 | -€19,685 | -15.8% |
| Amounts payable within one year | 42/48 | €124,456 | €104,849 | -€19,606 | -15.8% |
| Trade debts | 44 | €1,055 | €19 | -€1,036 | -98.2% |
| Suppliers | 440/4 | €1,055 | €19 | -€1,036 | -98.2% |
| Taxes, remuneration and social security | 45 | €31,306 | €13,218 | -€18,088 | -57.8% |
| Taxes | 450/3 | €31,306 | €13,218 | -€18,088 | -57.8% |
| Other amounts payable | 47/48 | €92,095 | €91,613 | -€482 | -0.5% |
| Accrued charges and deferred income | 492/3 | €79 | - | -€79 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €492 | €492 | = | 0.0% |
| Other operating charges | 640/8 | €77 | €400 | +€323 | +422.2% |
| Gross operating margin | 9900 | €44,643 | €51,333 | +€6,690 | +15.0% |
| Operating profit (loss) | 9901 | €44,075 | €50,441 | +€6,366 | +14.4% |
| Financial income | 75/76B | €15,123 | €24,063 | +€8,940 | +59.1% |
| Recurring financial income | 75 | €15,123 | €24,063 | +€8,940 | +59.1% |
| Financial charges | 65/66B | €97 | €155 | +€59 | +61.0% |
| Recurring financial charges | 65 | €97 | €155 | +€59 | +61.0% |
| Profit (loss) for the period before taxes | 9903 | €59,101 | €74,348 | +€15,247 | +25.8% |
| Income taxes | 67/77 | €11,299 | €13,232 | +€1,933 | +17.1% |
| Profit (loss) for the period | 9904 | €47,802 | €61,116 | +€13,314 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,802 | €61,116 | +€13,314 | +27.9% |
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 11 October 2026 via checked.be.