EL MADINA: 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 MADINA
Largest movements
- Receivables within one year +€49,301
up €49,301 (+13.6%), from €361,461 to €410,762
of which Trade receivables: +€49,301
- Cash +€35,173
up €35,173 (+6.5%), from €539,199 to €574,372
mainly Trade debts (+€151,035) and Depreciation (+€30,692)
- Tangible fixed assets -€26,942
down €26,942 (-19.3%), from €139,432 to €112,491
- Stocks and contracts -€14,497
down €14,497 (-37.9%), from €38,244 to €23,748
- Trade debts +€151,035
up €151,035 (+28.1%), from €537,204 to €688,239
- Tax, wage and social debts -€57,528
down €57,528 (-27.0%), from €213,172 to €155,644
of which Taxes: -€39,629
- Other debts -€37,267
down €37,267 (-65.7%), from €56,709 to €19,442
- Debts after one year -€20,658
down €20,658 (-86.4%), from €23,911 to €3,253
- Profit (loss) carried forward +€13,087
up €13,087 (+6.0%), from €217,928 to €231,015
- Gross operating margin -€73,779
down €73,779 (-12.7%), from €580,144 to €506,365
- Staff costs +€32,273
up €32,273 (+8.3%), from €389,058 to €421,331
- Taxes -€29,916
down €29,916 (-89.2%), from €33,534 to €3,618
- Other operating charges +€22,651
up €22,651 (+1,087%), from €2,084 to €24,735
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 | €1,089,738 | €1,132,772 | +€43,035 | +3.9% |
| Fixed assets | 21/28 | €150,832 | €123,891 | -€26,942 | -17.9% |
| Tangible fixed assets | 22/27 | €139,432 | €112,491 | -€26,942 | -19.3% |
| Land and buildings | 22 | €71,908 | €61,865 | -€10,043 | -14.0% |
| Plant, machinery and equipment | 23 | €52,385 | €42,633 | -€9,752 | -18.6% |
| Furniture and vehicles | 24 | €15,139 | €7,993 | -€7,147 | -47.2% |
| Financial fixed assets | 28 | €11,400 | €11,400 | = | 0.0% |
| Current assets | 29/58 | €938,905 | €1,008,881 | +€69,976 | +7.5% |
| Stocks and contracts in progress | 3 | €38,244 | €23,748 | -€14,497 | -37.9% |
| Stocks | 30/36 | €38,244 | €23,748 | -€14,497 | -37.9% |
| Amounts receivable within one year | 40/41 | €361,461 | €410,762 | +€49,301 | +13.6% |
| Trade receivables | 40 | €360,663 | €409,964 | +€49,301 | +13.7% |
| Other amounts receivable | 41 | €798 | €798 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €539,199 | €574,372 | +€35,173 | +6.5% |
| Deferred charges and accrued income | 490/1 | €1 | - | -€1 | |
| Total equity and liabilities | 10/49 | €1,089,738 | €1,132,772 | +€43,035 | +3.9% |
| Equity | 10/15 | €238,388 | €251,475 | +€13,087 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €217,928 | €231,015 | +€13,087 | +6.0% |
| Amounts payable | 17/49 | €851,349 | €881,297 | +€29,948 | +3.5% |
| Amounts payable after more than one year | 17 | €23,911 | €3,253 | -€20,658 | -86.4% |
| Financial debts | 170/4 | €23,911 | €3,253 | -€20,658 | -86.4% |
| Amounts payable within one year | 42/48 | €827,438 | €878,044 | +€50,605 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €20,353 | €14,718 | -€5,635 | -27.7% |
| Trade debts | 44 | €537,204 | €688,239 | +€151,035 | +28.1% |
| Suppliers | 440/4 | €537,204 | €688,239 | +€151,035 | +28.1% |
| Taxes, remuneration and social security | 45 | €213,172 | €155,644 | -€57,528 | -27.0% |
| Taxes | 450/3 | €78,322 | €38,694 | -€39,629 | -50.6% |
| Remuneration and social security | 454/9 | €134,850 | €116,951 | -€17,899 | -13.3% |
| Other amounts payable | 47/48 | €56,709 | €19,442 | -€37,267 | -65.7% |
| Remuneration, social security and pensions | 62 | €389,058 | €421,331 | +€32,273 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,190 | €30,692 | -€4,498 | -12.8% |
| Other operating charges | 640/8 | €2,084 | €24,735 | +€22,651 | +1,087% |
| Gross operating margin | 9900 | €580,144 | €506,365 | -€73,779 | -12.7% |
| Operating profit (loss) | 9901 | €153,812 | €29,607 | -€124,205 | -80.8% |
| Financial income | 75/76B | €4 | €0 | -€4 | -95.1% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -95.1% |
| Financial charges | 65/66B | €11,085 | €12,902 | +€1,817 | +16.4% |
| Recurring financial charges | 65 | €11,085 | €12,902 | +€1,817 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €142,731 | €16,705 | -€126,026 | -88.3% |
| Income taxes | 67/77 | €33,534 | €3,618 | -€29,916 | -89.2% |
| Profit (loss) for the period | 9904 | €109,197 | €13,087 | -€96,110 | -88.0% |
| Profit (loss) for the period to be appropriated | 9905 | €109,197 | €13,087 | -€96,110 | -88.0% |
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 29 October 2026 via checked.be.