FOR-MADANI: 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.
FOR-MADANI
Largest movements
- Cash +€143,737
up €143,737 (+184%), from €78,118 to €221,855
mainly Other debts (+€154,886) and Current investments (+€100,000)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€14,011
down €14,011 (-36.2%), from €38,740 to €24,729
of which Furniture and vehicles: -€13,203
- Other debts +€154,886
up €154,886 (+512%), from €30,246 to €185,132
- Reserves -€113,058
down €113,058 (-74.8%), from €151,221 to €38,163
- Debts after one year -€10,514
no longer reported in 2025 (was €10,514)
- Gross operating margin +€10,395
up €10,395 (+18.8%), from €55,260 to €65,655
- Taxes +€4,876
up €4,876 (+53.8%), from €9,057 to €13,933
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 | €227,535 | €258,376 | +€30,842 | +13.6% |
| Fixed assets | 21/28 | €38,740 | €24,729 | -€14,011 | -36.2% |
| Tangible fixed assets | 22/27 | €38,740 | €24,729 | -€14,011 | -36.2% |
| Plant, machinery and equipment | 23 | €909 | €101 | -€808 | -88.8% |
| Furniture and vehicles | 24 | €37,830 | €24,628 | -€13,203 | -34.9% |
| Current assets | 29/58 | €188,795 | €233,647 | +€44,853 | +23.8% |
| Amounts receivable within one year | 40/41 | €8,209 | €9,106 | +€898 | +10.9% |
| Trade receivables | 40 | €8,209 | €9,106 | +€898 | +10.9% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €78,118 | €221,855 | +€143,737 | +184% |
| Deferred charges and accrued income | 490/1 | €2,468 | €2,686 | +€218 | +8.8% |
| Total equity and liabilities | 10/49 | €227,535 | €258,376 | +€30,842 | +13.6% |
| Equity | 10/15 | €156,221 | €43,163 | -€113,058 | -72.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €151,221 | €38,163 | -€113,058 | -74.8% |
| Distributable reserves | 133 | €151,221 | €38,163 | -€113,058 | -74.8% |
| Amounts payable | 17/49 | €71,313 | €215,214 | +€143,900 | +202% |
| Amounts payable after more than one year | 17 | €10,514 | - | -€10,514 | |
| Financial debts | 170/4 | €10,514 | - | -€10,514 | |
| Amounts payable within one year | 42/48 | €60,800 | €215,214 | +€154,414 | +254% |
| Current portion of amounts payable after more than one year | 42 | €12,549 | €10,514 | -€2,035 | -16.2% |
| Taxes, remuneration and social security | 45 | €18,005 | €19,568 | +€1,564 | +8.7% |
| Taxes | 450/3 | €18,005 | €19,568 | +€1,564 | +8.7% |
| Other amounts payable | 47/48 | €30,246 | €185,132 | +€154,886 | +512% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,063 | €14,011 | -€52 | -0.4% |
| Other operating charges | 640/8 | €877 | €1,217 | +€339 | +38.7% |
| Gross operating margin | 9900 | €55,260 | €65,655 | +€10,395 | +18.8% |
| Operating profit (loss) | 9901 | €40,320 | €50,427 | +€10,108 | +25.1% |
| Financial income | 75/76B | €4,061 | €4,000 | -€61 | -1.5% |
| Recurring financial income | 75 | €4,061 | €4,000 | -€61 | -1.5% |
| Financial charges | 65/66B | €2,157 | €2,332 | +€175 | +8.1% |
| Recurring financial charges | 65 | €2,157 | €2,332 | +€175 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €42,224 | €52,096 | +€9,871 | +23.4% |
| Income taxes | 67/77 | €9,057 | €13,933 | +€4,876 | +53.8% |
| Profit (loss) for the period | 9904 | €33,167 | €38,163 | +€4,995 | +15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,167 | €38,163 | +€4,995 | +15.1% |
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 31 October 2026 via checked.be.