Dr. Maddens: 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.
Dr. Maddens
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+166%), from €773,047 to €2.1m
of which Land and buildings: +€1.3m
- Current investments -€700,000
down €700,000 (-100%), from €700,000 to €0
- Receivables within one year +€213,026
up €213,026 (+269%), from €79,260 to €292,286
- Deferred charges and accrued income +€96,629
up €96,629 (+47.1%), from €204,954 to €301,583
- Cash -€88,578
down €88,578 (-87.9%), from €100,778 to €12,200
mainly Investment in fixed assets (net) (-€1.4m) and Receivables within one year (-€213,026)
- Other debts +€530,625
up €530,625 (+152%), from €349,973 to €880,597
- Reserves +€391,872
up €391,872 (+47.8%), from €820,020 to €1.2m
- Trade debts -€96,675
down €96,675 (-90.7%), from €106,544 to €9,869
- Tax, wage and social debts -€63,596
down €63,596 (-94.4%), from €67,346 to €3,750
- Accrued charges and deferred income +€40,425
new in 2025: €40,425
- Depreciation -€145,434
down €145,434 (-61.3%), from €237,308 to €91,873
- Gross operating margin +€69,961
up €69,961 (+12.4%), from €564,448 to €634,409
- Taxes +€48,198
up €48,198 (+61.3%), from €78,686 to €126,884
- Financial charges +€37,165
up €37,165 (+247%), from €15,061 to €52,226
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 | €1,865,882 | €2,668,532 | +€802,650 | +43.0% |
| Fixed assets | 21/28 | €780,889 | €2,062,462 | +€1.3m | +164% |
| Intangible fixed assets | 21 | €7,842 | €3,842 | -€4,000 | -51.0% |
| Tangible fixed assets | 22/27 | €773,047 | €2,058,620 | +€1.3m | +166% |
| Land and buildings | 22 | €642,479 | €1,959,242 | +€1.3m | +205% |
| Plant, machinery and equipment | 23 | €4,785 | €3,729 | -€1,056 | -22.1% |
| Furniture and vehicles | 24 | €125,783 | €95,649 | -€30,133 | -24.0% |
| Current assets | 29/58 | €1,084,993 | €606,070 | -€478,923 | -44.1% |
| Amounts receivable within one year | 40/41 | €79,260 | €292,286 | +€213,026 | +269% |
| Other amounts receivable | 41 | €79,260 | €292,286 | +€213,026 | +269% |
| Current investments | 50/53 | €700,000 | €0 | -€700,000 | -100% |
| Cash at bank and in hand | 54/58 | €100,778 | €12,200 | -€88,578 | -87.9% |
| Deferred charges and accrued income | 490/1 | €204,954 | €301,583 | +€96,629 | +47.1% |
| Total equity and liabilities | 10/49 | €1,865,882 | €2,668,532 | +€802,650 | +43.0% |
| Equity | 10/15 | €822,020 | €1,213,891 | +€391,872 | +47.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €820,020 | €1,211,891 | +€391,872 | +47.8% |
| Distributable reserves | 133 | €820,020 | €1,211,891 | +€391,872 | +47.8% |
| Amounts payable | 17/49 | €1,043,862 | €1,454,640 | +€410,779 | +39.4% |
| Amounts payable after more than one year | 17 | €400,000 | €400,000 | = | 0.0% |
| Financial debts | 170/4 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €643,862 | €1,014,216 | +€370,354 | +57.5% |
| Trade debts | 44 | €106,544 | €9,869 | -€96,675 | -90.7% |
| Suppliers | 440/4 | €106,544 | €9,869 | -€96,675 | -90.7% |
| Advances received on contracts in progress | 46 | €120,000 | €120,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €67,346 | €3,750 | -€63,596 | -94.4% |
| Taxes | 450/3 | €67,346 | €3,750 | -€63,596 | -94.4% |
| Other amounts payable | 47/48 | €349,973 | €880,597 | +€530,625 | +152% |
| Accrued charges and deferred income | 492/3 | - | €40,425 | +€40,425 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €237,308 | €91,873 | -€145,434 | -61.3% |
| Other operating charges | 640/8 | €5,068 | €2,756 | -€2,312 | -45.6% |
| Gross operating margin | 9900 | €564,448 | €634,409 | +€69,961 | +12.4% |
| Operating profit (loss) | 9901 | €322,072 | €539,780 | +€217,708 | +67.6% |
| Financial income | 75/76B | €25,879 | €31,201 | +€5,323 | +20.6% |
| Recurring financial income | 75 | €25,879 | €31,201 | +€5,323 | +20.6% |
| Financial charges | 65/66B | €15,061 | €52,226 | +€37,165 | +247% |
| Recurring financial charges | 65 | €15,061 | €52,226 | +€37,165 | +247% |
| Profit (loss) for the period before taxes | 9903 | €332,890 | €518,755 | +€185,865 | +55.8% |
| Income taxes | 67/77 | €78,686 | €126,884 | +€48,198 | +61.3% |
| Profit (loss) for the period | 9904 | €254,205 | €391,872 | +€137,667 | +54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €254,205 | €391,872 | +€137,667 | +54.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.