C. Madero: 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.
C. Madero
Largest movements
- Receivables within one year +€52,458
up €52,458 (+429%), from €12,226 to €64,684
- Cash +€40,494
up €40,494 (+13.5%), from €299,146 to €339,640
mainly Net result for the year (+€62,847) and Advances received (+€24,750)
- Reserves +€62,847
up €62,847 (+14.1%), from €444,305 to €507,152
- Advances received +€24,750
new in 2025: €24,750
- Gross operating margin -€205,138
down €205,138 (-71.6%), from €286,421 to €81,283
- Taxes -€62,231
down €62,231 (-71.5%), from €87,013 to €24,783
- Financial income +€7,584
up €7,584 (+18,899%), from €40 to €7,624
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 | €562,297 | €655,280 | +€92,983 | +16.5% |
| Current assets | 29/58 | €562,297 | €655,280 | +€92,983 | +16.5% |
| Amounts receivable within one year | 40/41 | €12,226 | €64,684 | +€52,458 | +429% |
| Trade receivables | 40 | €12,226 | €64,684 | +€52,458 | +429% |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €299,146 | €339,640 | +€40,494 | +13.5% |
| Deferred charges and accrued income | 490/1 | €925 | €956 | +€32 | +3.4% |
| Total equity and liabilities | 10/49 | €562,297 | €655,280 | +€92,983 | +16.5% |
| Equity | 10/15 | €445,305 | €508,152 | +€62,847 | +14.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €444,305 | €507,152 | +€62,847 | +14.1% |
| Distributable reserves | 133 | €444,305 | €507,152 | +€62,847 | +14.1% |
| Amounts payable | 17/49 | €116,992 | €147,128 | +€30,136 | +25.8% |
| Amounts payable within one year | 42/48 | €116,992 | €147,128 | +€30,136 | +25.8% |
| Trade debts | 44 | €1,192 | €1,257 | +€65 | +5.5% |
| Suppliers | 440/4 | €1,192 | €1,257 | +€65 | +5.5% |
| Advances received on contracts in progress | 46 | - | €24,750 | +€24,750 | |
| Taxes, remuneration and social security | 45 | €102,627 | €104,925 | +€2,298 | +2.2% |
| Taxes | 450/3 | €102,627 | €104,925 | +€2,298 | +2.2% |
| Other amounts payable | 47/48 | €13,173 | €16,196 | +€3,024 | +23.0% |
| Other operating charges | 640/8 | €673 | €1,220 | +€548 | +81.4% |
| Gross operating margin | 9900 | €286,421 | €81,283 | -€205,138 | -71.6% |
| Operating profit (loss) | 9901 | €285,748 | €80,063 | -€205,685 | -72.0% |
| Financial income | 75/76B | €40 | €7,624 | +€7,584 | +18,899% |
| Recurring financial income | 75 | €40 | €7,624 | +€7,584 | +18,899% |
| Financial charges | 65/66B | €162 | €58 | -€104 | -64.0% |
| Recurring financial charges | 65 | €162 | €58 | -€104 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €285,626 | €87,629 | -€197,997 | -69.3% |
| Income taxes | 67/77 | €87,013 | €24,783 | -€62,231 | -71.5% |
| Profit (loss) for the period | 9904 | €198,613 | €62,847 | -€135,767 | -68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €198,613 | €62,847 | -€135,767 | -68.4% |
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 26 October 2026 via checked.be.