BMAD: 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.
BMAD
Largest movements
- Financial fixed assets +€156,250
up €156,250 (+130.2%), from €120,052 to €276,302
- Cash +€94,111
up €94,111 (+1225.4%), from €7,680 to €101,791
mainly Net result for the year (+€170,087) and Debts after one year (+€46,234)
- Profit (loss) carried forward +€170,087
up €170,087 (+1027.2%), from €16,559 to €186,646
- Debts after one year +€46,234
up €46,234 (+65.0%), from €71,177 to €117,411
of which Other amounts payable: +€60,000
- Tax, wage and social debts +€39,764
up €39,764 (+649.5%), from €6,122 to €45,886
of which Taxes: +€35,954
- Trade debts +€12,673
up €12,673 (+13783.5%), from €92 to €12,764
- Current portion of long-term debt -€10,758
down €10,758 (-43.9%), from €24,524 to €13,766
- Gross operating margin +€135,716
up €135,716 (+345.2%), from €39,316 to €175,032
- Financial income +€56,001
up €56,001 (+280004300.0%), from €0 to €56,001
- Taxes +€40,279
up €40,279 (+622.6%), from €6,470 to €46,749
- Depreciation -€5,773
down €5,773 (-38.4%), from €15,038 to €9,265
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 | €138,463 | €396,058 | +€257,594 | +186.0% |
| Fixed assets | 21/28 | €127,942 | €287,357 | +€159,415 | +124.6% |
| Tangible fixed assets | 22/27 | €7,890 | €11,055 | +€3,165 | +40.1% |
| Furniture and vehicles | 24 | €7,890 | €11,055 | +€3,165 | +40.1% |
| Financial fixed assets | 28 | €120,052 | €276,302 | +€156,250 | +130.2% |
| Current assets | 29/58 | €10,521 | €108,701 | +€98,180 | +933.2% |
| Amounts receivable within one year | 40/41 | €2,420 | €5,550 | +€3,130 | +129.4% |
| Trade receivables | 40 | €2,420 | €5,550 | +€3,130 | +129.4% |
| Cash at bank and in hand | 54/58 | €7,680 | €101,791 | +€94,111 | +1225.4% |
| Deferred charges and accrued income | 490/1 | €421 | €1,360 | +€939 | +222.9% |
| Total equity and liabilities | 10/49 | €138,463 | €396,058 | +€257,594 | +186.0% |
| Equity | 10/15 | €17,559 | €187,646 | +€170,087 | +968.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,559 | €186,646 | +€170,087 | +1027.2% |
| Amounts payable | 17/49 | €120,905 | €208,412 | +€87,507 | +72.4% |
| Amounts payable after more than one year | 17 | €71,177 | €117,411 | +€46,234 | +65.0% |
| Financial debts | 170/4 | €71,177 | €57,411 | -€13,766 | -19.3% |
| Other amounts payable | 178/9 | - | €60,000 | +€60,000 | |
| Amounts payable within one year | 42/48 | €49,727 | €91,001 | +€41,273 | +83.0% |
| Current portion of amounts payable after more than one year | 42 | €24,524 | €13,766 | -€10,758 | -43.9% |
| Trade debts | 44 | €92 | €12,764 | +€12,673 | +13783.5% |
| Suppliers | 440/4 | €92 | €12,764 | +€12,673 | +13783.5% |
| Taxes, remuneration and social security | 45 | €6,122 | €45,886 | +€39,764 | +649.5% |
| Taxes | 450/3 | €6,122 | €42,076 | +€35,954 | +587.3% |
| Remuneration and social security | 454/9 | - | €3,811 | +€3,811 | |
| Other amounts payable | 47/48 | €18,989 | €18,583 | -€406 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,038 | €9,265 | -€5,773 | -38.4% |
| Other operating charges | 640/8 | €1,732 | €924 | -€808 | -46.7% |
| Gross operating margin | 9900 | €39,316 | €175,032 | +€135,716 | +345.2% |
| Operating profit (loss) | 9901 | €22,546 | €164,844 | +€142,298 | +631.2% |
| Financial income | 75/76B | €0 | €56,001 | +€56,001 | +280004300.0% |
| Recurring financial income | 75 | €0 | €56,001 | +€56,001 | +280004300.0% |
| Financial charges | 65/66B | €5,124 | €4,008 | -€1,115 | -21.8% |
| Recurring financial charges | 65 | €5,124 | €4,008 | -€1,115 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €17,422 | €216,836 | +€199,414 | +1144.6% |
| Income taxes | 67/77 | €6,470 | €46,749 | +€40,279 | +622.6% |
| Profit (loss) for the period | 9904 | €10,953 | €170,087 | +€159,135 | +1452.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,953 | €170,087 | +€159,135 | +1452.9% |
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 5 October 2026 via checked.be.