M@DECO: 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@DECO
Largest movements
- Tangible fixed assets -€32,703
down €32,703 (-12.9%), from €252,889 to €220,186
of which Land and buildings: -€21,403
- Receivables within one year +€15,508
up €15,508 (+33.8%), from €45,932 to €61,439
of which Other amounts receivable: +€17,723
- Receivables after one year -€10,000
down €10,000 (-16.7%), from €60,000 to €50,000
- Cash -€5,946
down €5,946 (-51.1%), from €11,632 to €5,686
mainly Contributions, distributions and other (-€40,431) and Debts after one year (-€31,985)
- Other debts +€40,431
up €40,431 (+323.4%), from €12,500 to €52,931
- Reserves -€36,851
down €36,851 (-18.4%), from €200,523 to €163,672
- Debts after one year -€31,985
down €31,985 (-24.4%), from €131,017 to €99,031
- Gross operating margin +€3,176
up €3,176 (+7.3%), from €43,546 to €46,722
- Taxes +€1,187
up €1,187 (+175.6%), from €676 to €1,862
- Depreciation -€911
down €911 (-2.6%), from €35,681 to €34,770
- Other operating charges -€869
down €869 (-20.0%), from €4,354 to €3,485
- Financial charges +€557
up €557 (+21.4%), from €2,609 to €3,167
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 | €397,521 | €362,781 | -€34,740 | -8.7% |
| Fixed assets | 21/28 | €254,019 | €221,316 | -€32,703 | -12.9% |
| Tangible fixed assets | 22/27 | €252,889 | €220,186 | -€32,703 | -12.9% |
| Land and buildings | 22 | €206,002 | €184,599 | -€21,403 | -10.4% |
| Plant, machinery and equipment | 23 | €1,074 | €484 | -€590 | -54.9% |
| Furniture and vehicles | 24 | €4,917 | €3,332 | -€1,586 | -32.2% |
| Leasing and similar rights | 25 | €40,895 | €31,771 | -€9,124 | -22.3% |
| Financial fixed assets | 28 | €1,130 | €1,130 | = | 0.0% |
| Current assets | 29/58 | €143,502 | €141,464 | -€2,038 | -1.4% |
| Amounts receivable after more than one year | 29 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Other amounts receivable | 291 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Amounts receivable within one year | 40/41 | €45,932 | €61,439 | +€15,508 | +33.8% |
| Trade receivables | 40 | €37,766 | €35,550 | -€2,216 | -5.9% |
| Other amounts receivable | 41 | €8,166 | €25,889 | +€17,723 | +217.0% |
| Current investments | 50/53 | €23,018 | €21,005 | -€2,012 | -8.7% |
| Cash at bank and in hand | 54/58 | €11,632 | €5,686 | -€5,946 | -51.1% |
| Deferred charges and accrued income | 490/1 | €2,921 | €3,334 | +€413 | +14.1% |
| Total equity and liabilities | 10/49 | €397,521 | €362,781 | -€34,740 | -8.7% |
| Equity | 10/15 | €207,473 | €170,626 | -€36,848 | -17.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €200,523 | €163,672 | -€36,851 | -18.4% |
| Distributable reserves | 133 | €200,523 | €163,672 | -€36,851 | -18.4% |
| Profit (loss) carried forward | 14 | €750 | €753 | +€3 | +0.4% |
| Amounts payable | 17/49 | €190,047 | €192,155 | +€2,108 | +1.1% |
| Amounts payable after more than one year | 17 | €131,017 | €99,031 | -€31,985 | -24.4% |
| Financial debts | 170/4 | €131,017 | €99,031 | -€31,985 | -24.4% |
| Amounts payable within one year | 42/48 | €59,031 | €93,124 | +€34,093 | +57.8% |
| Current portion of amounts payable after more than one year | 42 | €33,192 | €32,243 | -€949 | -2.9% |
| Trade debts | 44 | €3,428 | €1,307 | -€2,120 | -61.9% |
| Suppliers | 440/4 | €3,428 | €1,307 | -€2,120 | -61.9% |
| Taxes, remuneration and social security | 45 | €9,911 | €6,643 | -€3,268 | -33.0% |
| Taxes | 450/3 | €9,911 | €6,643 | -€3,268 | -33.0% |
| Other amounts payable | 47/48 | €12,500 | €52,931 | +€40,431 | +323.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,681 | €34,770 | -€911 | -2.6% |
| Other operating charges | 640/8 | €4,354 | €3,485 | -€869 | -20.0% |
| Gross operating margin | 9900 | €43,546 | €46,722 | +€3,176 | +7.3% |
| Operating profit (loss) | 9901 | €3,511 | €8,466 | +€4,955 | +141.1% |
| Financial income | 75/76B | €149 | €145 | -€4 | -2.7% |
| Recurring financial income | 75 | €149 | €145 | -€4 | -2.7% |
| Financial charges | 65/66B | €2,609 | €3,167 | +€557 | +21.4% |
| Recurring financial charges | 65 | €2,609 | €3,167 | +€557 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €1,051 | €5,445 | +€4,394 | +418.1% |
| Income taxes | 67/77 | €676 | €1,862 | +€1,187 | +175.6% |
| Profit (loss) for the period | 9904 | €375 | €3,583 | +€3,208 | +855.1% |
| Profit (loss) for the period to be appropriated | 9905 | €375 | €3,583 | +€3,208 | +855.1% |
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 7 October 2026 via checked.be.