M.A.D. MANAGEMENT: 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.
M.A.D. MANAGEMENT
Largest movements
- Stocks and contracts +€568,466
up €568,466 (+3,575%), from €15,900 to €584,366
- Receivables within one year -€45,763
down €45,763 (-47.3%), from €96,777 to €51,014
of which Other amounts receivable: -€69,611
- Advances received +€359,603
new in 2025: €359,603
- Other debts +€83,344
up €83,344 (+129%), from €64,524 to €147,868
- Trade debts +€77,747
up €77,747 (+584%), from €13,316 to €91,063
- Tax, wage and social debts +€11,181
up €11,181 (+200%), from €5,589 to €16,770
of which Taxes: +€11,181
- Gross operating margin +€42,141
up €42,141 (+57.1%), from €73,756 to €115,898
- Financial charges +€29,173
up €29,173 (+266%), from €10,964 to €40,137
- Other operating charges -€24,433
down €24,433 (-88.7%), from €27,546 to €3,113
- Taxes +€6,602
up €6,602 (+99.7%), from €6,625 to €13,227
- Depreciation +€4,825
up €4,825 (+53.5%), from €9,017 to €13,842
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 | €400,693 | €927,044 | +€526,351 | +131% |
| Fixed assets | 21/28 | €276,580 | €271,088 | -€5,492 | -2.0% |
| Tangible fixed assets | 22/27 | €276,580 | €271,088 | -€5,492 | -2.0% |
| Furniture and vehicles | 24 | €826 | €0 | -€826 | -100% |
| Other tangible fixed assets | 26 | €275,754 | €271,088 | -€4,666 | -1.7% |
| Current assets | 29/58 | €124,113 | €655,956 | +€531,843 | +429% |
| Stocks and contracts in progress | 3 | €15,900 | €584,366 | +€568,466 | +3,575% |
| Stocks | 30/36 | €15,900 | €584,366 | +€568,466 | +3,575% |
| Amounts receivable within one year | 40/41 | €96,777 | €51,014 | -€45,763 | -47.3% |
| Trade receivables | 40 | €0 | €23,849 | +€23,849 | |
| Other amounts receivable | 41 | €96,777 | €27,165 | -€69,611 | -71.9% |
| Cash at bank and in hand | 54/58 | €10,725 | €13,875 | +€3,150 | +29.4% |
| Deferred charges and accrued income | 490/1 | €711 | €6,702 | +€5,990 | +842% |
| Total equity and liabilities | 10/49 | €400,693 | €927,044 | +€526,351 | +131% |
| Equity | 10/15 | €60,000 | €60,000 | = | 0.0% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €340,693 | €867,044 | +€526,351 | +154% |
| Amounts payable after more than one year | 17 | €241,730 | €232,623 | -€9,107 | -3.8% |
| Financial debts | 170/4 | €241,730 | €232,623 | -€9,107 | -3.8% |
| Amounts payable within one year | 42/48 | €98,040 | €630,559 | +€532,519 | +543% |
| Current portion of amounts payable after more than one year | 42 | €14,612 | €15,256 | +€644 | +4.4% |
| Trade debts | 44 | €13,316 | €91,063 | +€77,747 | +584% |
| Suppliers | 440/4 | €13,316 | €91,063 | +€77,747 | +584% |
| Advances received on contracts in progress | 46 | - | €359,603 | +€359,603 | |
| Taxes, remuneration and social security | 45 | €5,589 | €16,770 | +€11,181 | +200% |
| Taxes | 450/3 | €5,589 | €16,770 | +€11,181 | +200% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €64,524 | €147,868 | +€83,344 | +129% |
| Accrued charges and deferred income | 492/3 | €923 | €3,862 | +€2,939 | +318% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,017 | €13,842 | +€4,825 | +53.5% |
| Other operating charges | 640/8 | €27,546 | €3,113 | -€24,433 | -88.7% |
| Gross operating margin | 9900 | €73,756 | €115,898 | +€42,141 | +57.1% |
| Operating profit (loss) | 9901 | €37,194 | €98,943 | +€61,749 | +166% |
| Financial charges | 65/66B | €10,964 | €40,137 | +€29,173 | +266% |
| Recurring financial charges | 65 | €10,964 | €40,137 | +€29,173 | +266% |
| Profit (loss) for the period before taxes | 9903 | €26,230 | €58,806 | +€32,577 | +124% |
| Income taxes | 67/77 | €6,625 | €13,227 | +€6,602 | +99.7% |
| Profit (loss) for the period | 9904 | €19,605 | €45,579 | +€25,974 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €19,605 | €45,579 | +€25,974 | +132% |
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 22 October 2026 via checked.be.