EL 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.
EL MAD
Largest movements
- Stocks and contracts +€1,400
up €1,400 (+97.8%), from €1,431 to €2,831
- Cash -€1,291
down €1,291 (-11.3%), from €11,466 to €10,175
mainly Stocks and contracts (-€1,400)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€181
down €181 (-51.4%), from €352 to €171
- Taxes -€106
no longer reported in 2025 (was €106)
- Financial charges +€6
up €6 (+10.7%), from €56 to €62
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 | €13,012 | €13,121 | +€109 | +0.8% |
| Fixed assets | 21/28 | €115 | €115 | = | 0.0% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €12,897 | €13,006 | +€109 | +0.8% |
| Stocks and contracts in progress | 3 | €1,431 | €2,831 | +€1,400 | +97.8% |
| Stocks | 30/36 | €1,431 | €2,831 | +€1,400 | +97.8% |
| Cash at bank and in hand | 54/58 | €11,466 | €10,175 | -€1,291 | -11.3% |
| Total equity and liabilities | 10/49 | €13,012 | €13,121 | +€109 | +0.8% |
| Equity | 10/15 | €13,012 | €13,121 | +€109 | +0.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €378 | €378 | = | 0.0% |
| Non-distributable reserves | 130/1 | €378 | €378 | = | 0.0% |
| Reserves not available under the articles | 1311 | €378 | €378 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,958 | -€5,849 | +€109 | +1.8% |
| Amounts payable | 17/49 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €0 | - | = | |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Gross operating margin | 9900 | €352 | €171 | -€181 | -51.4% |
| Operating profit (loss) | 9901 | €352 | €171 | -€181 | -51.4% |
| Financial charges | 65/66B | €56 | €62 | +€6 | +10.7% |
| Recurring financial charges | 65 | €56 | €62 | +€6 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €296 | €109 | -€187 | -63.2% |
| Income taxes | 67/77 | €106 | - | -€106 | |
| Profit (loss) for the period | 9904 | €190 | €109 | -€81 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €190 | €109 | -€81 | -42.6% |
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 17 October 2026 via checked.be.