M-A.DN: 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.DN
Largest movements
- Tangible fixed assets -€52,966
down €52,966 (-6.2%), from €860,521 to €807,554
of which Land and buildings: -€54,875
- Receivables within one year +€45,768
up €45,768 (+46.7%), from €98,061 to €143,829
of which Other amounts receivable: +€46,112
- Cash +€21,985
up €21,985 (+99.1%), from €22,193 to €44,178
mainly Other debts (+€168,000) and Depreciation (+€60,170)
- Other debts +€168,000
up €168,000 (+78.1%), from €215,000 to €383,000
- Profit (loss) carried forward -€135,116
down €135,116 (-23.5%), from €575,290 to €440,174
- Tax, wage and social debts -€43,149
down €43,149 (-53.2%), from €81,106 to €37,956
- Trade debts +€21,686
up €21,686 (+201.8%), from €10,745 to €32,431
- Gross operating margin +€22,298
up €22,298 (+33.4%), from €66,756 to €89,054
- Depreciation +€1,980
up €1,980 (+3.4%), from €58,190 to €60,170
- Taxes +€1,425
up €1,425 (+25.7%), from €5,535 to €6,960
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 | €984,141 | €995,561 | +€11,420 | +1.2% |
| Fixed assets | 21/28 | €860,521 | €807,554 | -€52,966 | -6.2% |
| Tangible fixed assets | 22/27 | €860,521 | €807,554 | -€52,966 | -6.2% |
| Land and buildings | 22 | €858,210 | €803,335 | -€54,875 | -6.4% |
| Plant, machinery and equipment | 23 | €2,311 | €4,220 | +€1,909 | +82.6% |
| Current assets | 29/58 | €123,620 | €188,006 | +€64,386 | +52.1% |
| Amounts receivable within one year | 40/41 | €98,061 | €143,829 | +€45,768 | +46.7% |
| Trade receivables | 40 | €345 | - | -€345 | |
| Other amounts receivable | 41 | €97,716 | €143,829 | +€46,112 | +47.2% |
| Cash at bank and in hand | 54/58 | €22,193 | €44,178 | +€21,985 | +99.1% |
| Deferred charges and accrued income | 490/1 | €3,366 | - | -€3,366 | |
| Total equity and liabilities | 10/49 | €984,141 | €995,561 | +€11,420 | +1.2% |
| Equity | 10/15 | €607,290 | €472,174 | -€135,116 | -22.2% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €575,290 | €440,174 | -€135,116 | -23.5% |
| Amounts payable | 17/49 | €376,850 | €523,387 | +€146,537 | +38.9% |
| Amounts payable after more than one year | 17 | €70,000 | €70,000 | = | 0.0% |
| Financial debts | 170/4 | €70,000 | €70,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €306,850 | €453,387 | +€146,537 | +47.8% |
| Trade debts | 44 | €10,745 | €32,431 | +€21,686 | +201.8% |
| Suppliers | 440/4 | €10,745 | €32,431 | +€21,686 | +201.8% |
| Taxes, remuneration and social security | 45 | €81,106 | €37,956 | -€43,149 | -53.2% |
| Taxes | 450/3 | €81,106 | €37,956 | -€43,149 | -53.2% |
| Other amounts payable | 47/48 | €215,000 | €383,000 | +€168,000 | +78.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,190 | €60,170 | +€1,980 | +3.4% |
| Other operating charges | 640/8 | €6,611 | €6,497 | -€114 | -1.7% |
| Gross operating margin | 9900 | €66,756 | €89,054 | +€22,298 | +33.4% |
| Operating profit (loss) | 9901 | €1,955 | €22,386 | +€20,432 | +1045.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €295 | €542 | +€247 | +83.8% |
| Recurring financial charges | 65 | €295 | €542 | +€247 | +83.8% |
| Profit (loss) for the period before taxes | 9903 | €1,660 | €21,844 | +€20,184 | +1216.2% |
| Income taxes | 67/77 | €5,535 | €6,960 | +€1,425 | +25.7% |
| Profit (loss) for the period | 9904 | -€3,876 | €14,884 | +€18,759 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,876 | €14,884 | +€18,759 |
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 3 October 2026 via checked.be.