H. 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.
H. MAD
Largest movements
- Cash -€120,234
down €120,234 (-62.1%), from €193,562 to €73,328
mainly Receivables within one year (-€61,515) and Other debts (-€58,945)
- Receivables within one year +€61,515
up €61,515 (+123%), from €49,831 to €111,346
of which Other amounts receivable: +€61,515
- Tangible fixed assets -€8,212
down €8,212 (-21.3%), from €38,515 to €30,303
of which Plant, machinery and equipment: -€5,197
- Other debts -€58,945
down €58,945 (-98.2%), from €60,000 to €1,055
- Tax, wage and social debts -€30,165
down €30,165 (-26.1%), from €115,433 to €85,268
of which Taxes: -€40,148
- Profit (loss) carried forward +€17,475
up €17,475 (+23.6%), from €74,190 to €91,665
- Trade debts +€5,019
up €5,019 (+32.5%), from €15,441 to €20,460
- Turnover +€246,290
up €246,290 (+19.3%), from €1.3m to €1.5m
- Purchases and services +€220,326
up €220,326 (+23.6%), from €933,995 to €1.2m
- Staff costs +€103,140
up €103,140 (+50.8%), from €202,875 to €306,015
- Gross operating margin +€25,965
up €25,965 (+7.6%), from €340,841 to €366,806
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 | €285,515 | €218,899 | -€66,616 | -23.3% |
| Fixed assets | 21/28 | €41,292 | €33,080 | -€8,212 | -19.9% |
| Tangible fixed assets | 22/27 | €38,515 | €30,303 | -€8,212 | -21.3% |
| Land and buildings | 22 | €17,678 | €17,678 | = | 0.0% |
| Plant, machinery and equipment | 23 | €5,197 | - | -€5,197 | |
| Furniture and vehicles | 24 | €15,640 | €12,625 | -€3,015 | -19.3% |
| Financial fixed assets | 28 | €2,777 | €2,777 | = | 0.0% |
| Current assets | 29/58 | €244,223 | €185,819 | -€58,404 | -23.9% |
| Stocks and contracts in progress | 3 | €756 | €1,071 | +€315 | +41.7% |
| Stocks | 30/36 | €756 | €1,071 | +€315 | +41.7% |
| Amounts receivable within one year | 40/41 | €49,831 | €111,346 | +€61,515 | +123% |
| Trade receivables | 40 | €6,760 | €6,760 | = | 0.0% |
| Other amounts receivable | 41 | €43,071 | €104,586 | +€61,515 | +143% |
| Cash at bank and in hand | 54/58 | €193,562 | €73,328 | -€120,234 | -62.1% |
| Deferred charges and accrued income | 490/1 | €74 | €74 | = | 0.0% |
| Total equity and liabilities | 10/49 | €285,515 | €218,899 | -€66,616 | -23.3% |
| Equity | 10/15 | €94,641 | €112,116 | +€17,475 | +18.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,190 | €91,665 | +€17,475 | +23.6% |
| Amounts payable | 17/49 | €190,874 | €106,783 | -€84,091 | -44.1% |
| Amounts payable within one year | 42/48 | €190,874 | €106,783 | -€84,091 | -44.1% |
| Trade debts | 44 | €15,441 | €20,460 | +€5,019 | +32.5% |
| Suppliers | 440/4 | €15,441 | €20,460 | +€5,019 | +32.5% |
| Taxes, remuneration and social security | 45 | €115,433 | €85,268 | -€30,165 | -26.1% |
| Taxes | 450/3 | €48,972 | €8,824 | -€40,148 | -82.0% |
| Remuneration and social security | 454/9 | €66,461 | €76,444 | +€9,983 | +15.0% |
| Other amounts payable | 47/48 | €60,000 | €1,055 | -€58,945 | -98.2% |
| Turnover | 70 | €1,274,836 | €1,521,126 | +€246,290 | +19.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €933,995 | €1,154,321 | +€220,326 | +23.6% |
| Remuneration, social security and pensions | 62 | €202,875 | €306,015 | +€103,140 | +50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,622 | €12,954 | -€10,668 | -45.2% |
| Other operating charges | 640/8 | €11,111 | €20,229 | +€9,118 | +82.1% |
| Gross operating margin | 9900 | €340,841 | €366,806 | +€25,965 | +7.6% |
| Operating profit (loss) | 9901 | €103,233 | €27,608 | -€75,625 | -73.3% |
| Financial charges | 65/66B | €3,455 | €2,644 | -€811 | -23.5% |
| Recurring financial charges | 65 | €3,455 | €2,644 | -€811 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €99,778 | €24,964 | -€74,814 | -75.0% |
| Income taxes | 67/77 | €4,957 | €7,489 | +€2,532 | +51.1% |
| Profit (loss) for the period | 9904 | €94,821 | €17,475 | -€77,346 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €94,821 | €17,475 | -€77,346 | -81.6% |
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 14 October 2026 via checked.be.