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 +€238,566
up €238,566 (+86.9%), from €274,378 to €512,943
of which Land and buildings: +€247,498
- Cash +€181,972
up €181,972 (+148.5%), from €122,563 to €304,536
mainly Debts after one year (+€155,935) and Trade debts (+€144,825)
- Receivables within one year +€99,114
up €99,114 (+76.2%), from €130,112 to €229,226
of which Trade receivables: +€78,778
- Debts after one year +€155,935
up €155,935 (+68.9%), from €226,469 to €382,404
- Trade debts +€144,825
up €144,825 (+137.3%), from €105,483 to €250,308
- Reserves +€113,166
up €113,166 (+478.8%), from €23,637 to €136,802
of which Distributable reserves: +€113,166
- Accrued charges and deferred income +€50,744
up €50,744 (+25.8%), from €196,692 to €247,436
- Tax, wage and social debts +€32,250
up €32,250 (+247.4%), from €13,035 to €45,284
of which Taxes: +€29,830
- Gross operating margin +€166,386
up €166,386 (+245.2%), from €67,846 to €234,232
- Taxes +€57,662
up €57,662 (+1561.1%), from €3,694 to €61,356
- Depreciation -€10,429
down €10,429 (-19.9%), from €52,385 to €41,955
- Other operating charges -€9,889
down €9,889 (-62.0%), from €15,941 to €6,051
- Financial income -€3,099
down €3,099 (-100.0%), from €3,099 to €0
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 | €621,570 | €1,142,382 | +€520,812 | +83.8% |
| Fixed assets | 21/28 | €284,145 | €520,925 | +€236,780 | +83.3% |
| Intangible fixed assets | 21 | €7,668 | €5,882 | -€1,786 | -23.3% |
| Tangible fixed assets | 22/27 | €274,378 | €512,943 | +€238,566 | +86.9% |
| Land and buildings | 22 | €246,326 | €493,825 | +€247,498 | +100.5% |
| Plant, machinery and equipment | 23 | €26,529 | €18,378 | -€8,151 | -30.7% |
| Furniture and vehicles | 24 | €1,523 | €741 | -€781 | -51.3% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €337,425 | €621,457 | +€284,032 | +84.2% |
| Amounts receivable within one year | 40/41 | €130,112 | €229,226 | +€99,114 | +76.2% |
| Trade receivables | 40 | €108,320 | €187,098 | +€78,778 | +72.7% |
| Other amounts receivable | 41 | €21,791 | €42,128 | +€20,336 | +93.3% |
| Cash at bank and in hand | 54/58 | €122,563 | €304,536 | +€181,972 | +148.5% |
| Deferred charges and accrued income | 490/1 | €84,750 | €87,695 | +€2,945 | +3.5% |
| Total equity and liabilities | 10/49 | €621,570 | €1,142,382 | +€520,812 | +83.8% |
| Equity | 10/15 | €36,178 | €155,402 | +€119,225 | +329.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,637 | €136,802 | +€113,166 | +478.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €23,637 | €136,802 | +€113,166 | +478.8% |
| Profit (loss) carried forward | 14 | -€6,059 | €0 | +€6,059 | |
| Amounts payable | 17/49 | €585,393 | €986,980 | +€401,587 | +68.6% |
| Amounts payable after more than one year | 17 | €226,469 | €382,404 | +€155,935 | +68.9% |
| Financial debts | 170/4 | €226,469 | €382,404 | +€155,935 | +68.9% |
| Amounts payable within one year | 42/48 | €162,232 | €357,140 | +€194,908 | +120.1% |
| Current portion of amounts payable after more than one year | 42 | €23,682 | €41,248 | +€17,566 | +74.2% |
| Trade debts | 44 | €105,483 | €250,308 | +€144,825 | +137.3% |
| Suppliers | 440/4 | €105,483 | €250,308 | +€144,825 | +137.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,035 | €45,284 | +€32,250 | +247.4% |
| Taxes | 450/3 | €13,035 | €42,864 | +€29,830 | +228.9% |
| Remuneration and social security | 454/9 | €0 | €2,420 | +€2,420 | |
| Other amounts payable | 47/48 | €20,033 | €20,299 | +€266 | +1.3% |
| Accrued charges and deferred income | 492/3 | €196,692 | €247,436 | +€50,744 | +25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,385 | €41,955 | -€10,429 | -19.9% |
| Other operating charges | 640/8 | €15,941 | €6,051 | -€9,889 | -62.0% |
| Gross operating margin | 9900 | €67,846 | €234,232 | +€166,386 | +245.2% |
| Operating profit (loss) | 9901 | -€480 | €186,225 | +€186,704 | |
| Financial income | 75/76B | €3,099 | €0 | -€3,099 | -100.0% |
| Recurring financial income | 75 | €3,099 | €0 | -€3,099 | -100.0% |
| Financial charges | 65/66B | €6,845 | €5,644 | -€1,200 | -17.5% |
| Recurring financial charges | 65 | €6,845 | €5,644 | -€1,200 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,225 | €180,581 | +€184,806 | |
| Income taxes | 67/77 | €3,694 | €61,356 | +€57,662 | +1561.1% |
| Profit (loss) for the period | 9904 | -€7,919 | €119,225 | +€127,144 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,919 | €119,225 | +€127,144 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.