LE 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.
LE MAD
Largest movements
- Receivables within one year +€25,919
up €25,919 (+126%), from €20,503 to €46,422
of which Other amounts receivable: +€25,749
- Cash +€8,794
up €8,794 (+19.3%), from €45,574 to €54,368
mainly Net result for the year (+€43,099) and Depreciation (+€35,296)
- Other debts +€23,942
up €23,942 (+195%), from €12,286 to €36,228
- Debts after one year -€19,305
down €19,305 (-39.1%), from €49,411 to €30,106
- Current portion of long-term debt +€16,376
up €16,376 (+78.2%), from €20,929 to €37,305
- Reserves +€15,000
up €15,000 (+25.0%), from €60,000 to €75,000
- Tax, wage and social debts +€9,322
up €9,322 (+40.7%), from €22,917 to €32,239
of which Remuneration and social security: +€9,290
- Staff costs +€22,090
up €22,090 (+15.5%), from €142,908 to €164,998
- Gross operating margin -€7,421
down €7,421 (-2.6%), from €286,037 to €278,615
- Financial charges -€5,467
down €5,467 (-43.8%), from €12,486 to €7,019
- Other operating charges -€4,820
down €4,820 (-28.8%), from €16,760 to €11,940
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 | €257,243 | €290,095 | +€32,853 | +12.8% |
| Fixed assets | 21/28 | €175,804 | €172,913 | -€2,891 | -1.6% |
| Intangible fixed assets | 21 | €3,503 | €2,320 | -€1,183 | -33.8% |
| Tangible fixed assets | 22/27 | €163,059 | €161,351 | -€1,708 | -1.0% |
| Land and buildings | 22 | - | €22,446 | +€22,446 | |
| Furniture and vehicles | 24 | €50,161 | €41,062 | -€9,099 | -18.1% |
| Other tangible fixed assets | 26 | €112,898 | €97,843 | -€15,055 | -13.3% |
| Financial fixed assets | 28 | €9,242 | €9,242 | = | 0.0% |
| Current assets | 29/58 | €81,439 | €117,182 | +€35,744 | +43.9% |
| Stocks and contracts in progress | 3 | €15,362 | €16,384 | +€1,022 | +6.7% |
| Stocks | 30/36 | €15,362 | €16,384 | +€1,022 | +6.7% |
| Amounts receivable within one year | 40/41 | €20,503 | €46,422 | +€25,919 | +126% |
| Trade receivables | 40 | €970 | €1,140 | +€171 | +17.6% |
| Other amounts receivable | 41 | €19,533 | €45,282 | +€25,749 | +132% |
| Cash at bank and in hand | 54/58 | €45,574 | €54,368 | +€8,794 | +19.3% |
| Deferred charges and accrued income | 490/1 | - | €8 | +€8 | |
| Total equity and liabilities | 10/49 | €257,243 | €290,095 | +€32,853 | +12.8% |
| Equity | 10/15 | €113,353 | €128,452 | +€15,099 | +13.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €75,000 | +€15,000 | +25.0% |
| Distributable reserves | 133 | €60,000 | €75,000 | +€15,000 | +25.0% |
| Profit (loss) carried forward | 14 | €43,353 | €43,452 | +€99 | +0.2% |
| Provisions and deferred taxes | 16 | €6,038 | - | -€6,038 | |
| Provisions for liabilities and charges | 160/5 | €6,038 | - | -€6,038 | |
| Environmental obligations | 163 | €6,038 | - | -€6,038 | |
| Amounts payable | 17/49 | €137,851 | €161,643 | +€23,792 | +17.3% |
| Amounts payable after more than one year | 17 | €49,411 | €30,106 | -€19,305 | -39.1% |
| Financial debts | 170/4 | €49,411 | €30,106 | -€19,305 | -39.1% |
| Amounts payable within one year | 42/48 | €88,440 | €131,258 | +€42,818 | +48.4% |
| Current portion of amounts payable after more than one year | 42 | €20,929 | €37,305 | +€16,376 | +78.2% |
| Trade debts | 44 | €32,309 | €25,487 | -€6,822 | -21.1% |
| Suppliers | 440/4 | €32,309 | €25,487 | -€6,822 | -21.1% |
| Taxes, remuneration and social security | 45 | €22,917 | €32,239 | +€9,322 | +40.7% |
| Taxes | 450/3 | €9,608 | €9,639 | +€32 | +0.3% |
| Remuneration and social security | 454/9 | €13,309 | €22,600 | +€9,290 | +69.8% |
| Other amounts payable | 47/48 | €12,286 | €36,228 | +€23,942 | +195% |
| Accrued charges and deferred income | 492/3 | - | €278 | +€278 | |
| Remuneration, social security and pensions | 62 | €142,908 | €164,998 | +€22,090 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,679 | €35,296 | -€2,384 | -6.3% |
| Other operating charges | 640/8 | €16,760 | €11,940 | -€4,820 | -28.8% |
| Gross operating margin | 9900 | €286,037 | €278,615 | -€7,421 | -2.6% |
| Operating profit (loss) | 9901 | €88,690 | €66,382 | -€22,308 | -25.2% |
| Financial income | 75/76B | €1 | €525 | +€524 | +50,878% |
| Recurring financial income | 75 | €1 | €525 | +€524 | +50,878% |
| Financial charges | 65/66B | €12,486 | €7,019 | -€5,467 | -43.8% |
| Recurring financial charges | 65 | €12,486 | €7,019 | -€5,467 | -43.8% |
| Profit (loss) for the period before taxes | 9903 | €76,205 | €59,889 | -€16,316 | -21.4% |
| Income taxes | 67/77 | €17,789 | €16,790 | -€999 | -5.6% |
| Profit (loss) for the period | 9904 | €58,416 | €43,099 | -€15,317 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,416 | €43,099 | -€15,317 | -26.2% |
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 13 October 2026 via checked.be.