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 -€16,500
down €16,500 (-3.1%), from €539,000 to €522,500
- Debts after one year -€14,816
down €14,816 (-10.9%), from €135,737 to €120,921
- Profit (loss) carried forward +€9,677
up €9,677 (+13.5%), from -€71,523 to -€61,846
- Reserves -€6,040
down €6,040 (-2.0%), from €295,954 to €289,915
of which Tax-exempt reserves: -€6,040
- Other operating charges -€60,070
down €60,070 (-96.4%), from €62,316 to €2,246
- Gross operating margin +€17,781
up €17,781 (+361.9%), from €4,913 to €22,693
- Depreciation +€5,500
up €5,500 (+50.0%), from €11,000 to €16,500
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €540,553 | €525,369 | -€15,184 | -2.8% |
| Fixed assets | 21/28 | €539,000 | €522,500 | -€16,500 | -3.1% |
| Tangible fixed assets | 22/27 | €539,000 | €522,500 | -€16,500 | -3.1% |
| Land and buildings | 22 | €539,000 | €522,500 | -€16,500 | -3.1% |
| Current assets | 29/58 | €1,553 | €2,869 | +€1,316 | +84.7% |
| Stocks and contracts in progress | 3 | €200 | €200 | = | 0.0% |
| Stocks | 30/36 | €200 | €200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,353 | €2,669 | +€1,316 | +97.2% |
| Total equity and liabilities | 10/49 | €540,553 | €525,369 | -€15,184 | -2.8% |
| Equity | 10/15 | €243,032 | €246,669 | +€3,637 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €295,954 | €289,915 | -€6,040 | -2.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Tax-exempt reserves | 132 | €295,854 | €289,815 | -€6,040 | -2.0% |
| Profit (loss) carried forward | 14 | -€71,523 | -€61,846 | +€9,677 | +13.5% |
| Provisions and deferred taxes | 16 | €104,652 | €102,638 | -€2,013 | -1.9% |
| Provisions for liabilities and charges | 160/5 | €6,000 | €6,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €6,000 | €6,000 | = | 0.0% |
| Deferred taxes | 168 | €98,652 | €96,638 | -€2,013 | -2.0% |
| Amounts payable | 17/49 | €192,870 | €176,062 | -€16,808 | -8.7% |
| Amounts payable after more than one year | 17 | €135,737 | €120,921 | -€14,816 | -10.9% |
| Financial debts | 170/4 | €135,737 | €120,921 | -€14,816 | -10.9% |
| Amounts payable within one year | 42/48 | €57,134 | €55,141 | -€1,993 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €32,535 | €28,764 | -€3,771 | -11.6% |
| Trade debts | 44 | €7,292 | €9,070 | +€1,778 | +24.4% |
| Suppliers | 440/4 | €7,292 | €9,070 | +€1,778 | +24.4% |
| Other amounts payable | 47/48 | €17,307 | €17,307 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,000 | €16,500 | +€5,500 | +50.0% |
| Other operating charges | 640/8 | €62,316 | €2,246 | -€60,070 | -96.4% |
| Gross operating margin | 9900 | €4,913 | €22,693 | +€17,781 | +361.9% |
| Operating profit (loss) | 9901 | -€68,404 | €3,947 | +€72,351 | |
| Financial charges | 65/66B | €2,327 | €2,323 | -€3 | -0.1% |
| Recurring financial charges | 65 | €2,327 | €2,323 | -€3 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | -€70,730 | €1,624 | +€72,354 | |
| Transfer from deferred taxes | 780 | €2,013 | €2,013 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€68,717 | €3,637 | +€72,354 | |
| Transfer from tax-exempt reserves | 789 | €6,040 | €6,040 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,677 | €9,677 | +€72,354 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2022 and 30 September 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.