M.A.D.: what changed
Two fiscal 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.
M.A.D.
Largest movements
- Tangible fixed assets -€17,019
down €17,019 (-7.2%), from €235,287 to €218,269
of which Land and buildings: -€9,513
- Receivables within one year +€4,121
up €4,121 (+25.3%), from €16,283 to €20,405
- Profit (loss) carried forward -€5,389
down €5,389 (-4.3%), from -€125,888 to -€131,277
- Current portion of long-term debt -€3,599
down €3,599 (-83.2%), from €4,325 to €726
- Gross operating margin +€2,923
up €2,923 (+21.2%), from €13,773 to €16,696
- Other operating charges +€419
up €419 (+10.2%), from €4,118 to €4,537
- Depreciation +€383
up €383 (+2.3%), from €16,636 to €17,019
- Financial charges -€302
down €302 (-59.6%), from €506 to €204
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.
Cash bridge derived
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 | €255,967 | €245,230 | -€10,738 | -4.2% |
| Fixed assets | 21/28 | €235,287 | €218,269 | -€17,019 | -7.2% |
| Tangible fixed assets | 22/27 | €235,287 | €218,269 | -€17,019 | -7.2% |
| Land and buildings | 22 | €213,727 | €204,214 | -€9,513 | -4.5% |
| Plant, machinery and equipment | 23 | €207 | €104 | -€104 | -50.0% |
| Furniture and vehicles | 24 | €21,353 | €13,951 | -€7,402 | -34.7% |
| Current assets | 29/58 | €20,680 | €26,961 | +€6,281 | +30.4% |
| Amounts receivable within one year | 40/41 | €16,283 | €20,405 | +€4,121 | +25.3% |
| Other amounts receivable | 41 | €16,283 | €20,405 | +€4,121 | +25.3% |
| Cash at bank and in hand | 54/58 | €3,665 | €5,788 | +€2,123 | +57.9% |
| Deferred charges and accrued income | 490/1 | €731 | €768 | +€37 | +5.0% |
| Total equity and liabilities | 10/49 | €255,967 | €245,230 | -€10,738 | -4.2% |
| Equity | 10/15 | €248,842 | €243,453 | -€5,389 | -2.2% |
| Contributions | 10/11 | €329,000 | €329,000 | = | 0.0% |
| Capital | 10 | €329,000 | €329,000 | = | 0.0% |
| Issued capital | 100 | €329,000 | €329,000 | = | 0.0% |
| Reserves | 13 | €45,730 | €45,730 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,349 | €1,349 | = | 0.0% |
| Legal reserve | 130 | €1,349 | €1,349 | = | 0.0% |
| Distributable reserves | 133 | €44,381 | €44,381 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€125,888 | -€131,277 | -€5,389 | -4.3% |
| Amounts payable | 17/49 | €7,125 | €1,777 | -€5,348 | -75.1% |
| Amounts payable after more than one year | 17 | €726 | - | -€726 | |
| Financial debts | 170/4 | €726 | - | -€726 | |
| Amounts payable within one year | 42/48 | €6,399 | €1,777 | -€4,623 | -72.2% |
| Current portion of amounts payable after more than one year | 42 | €4,325 | €726 | -€3,599 | -83.2% |
| Trade debts | 44 | €1,424 | €396 | -€1,028 | -72.2% |
| Suppliers | 440/4 | €1,424 | €396 | -€1,028 | -72.2% |
| Taxes, remuneration and social security | 45 | €650 | €654 | +€4 | +0.6% |
| Taxes | 450/3 | €650 | €654 | +€4 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,636 | €17,019 | +€383 | +2.3% |
| Other operating charges | 640/8 | €4,118 | €4,537 | +€419 | +10.2% |
| Gross operating margin | 9900 | €13,773 | €16,696 | +€2,923 | +21.2% |
| Operating profit (loss) | 9901 | -€6,981 | -€4,860 | +€2,121 | +30.4% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €506 | €204 | -€302 | -59.6% |
| Recurring financial charges | 65 | €506 | €204 | -€302 | -59.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,482 | -€5,064 | +€2,417 | +32.3% |
| Income taxes | 67/77 | €329 | €325 | -€4 | -1.2% |
| Profit (loss) for the period | 9904 | -€7,811 | -€5,389 | +€2,421 | +31.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,811 | -€5,389 | +€2,421 | +31.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.