MAD: 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.
MAD
Largest movements
- Cash -€45,481
down €45,481 (-44.3%), from €102,622 to €57,141
mainly Net result for the year (-€72,549) and Investment in fixed assets (net) (-€20,438)
- Tangible fixed assets +€14,480
up €14,480 (+60.7%), from €23,841 to €38,321
of which Leasing and similar rights: +€14,982
- Stocks and contracts -€14,195
down €14,195 (-10.1%), from €140,395 to €126,201
- Receivables within one year +€10,146
up €10,146 (+15.1%), from €67,213 to €77,360
of which Trade receivables: +€18,607
- Reserves -€50,941
down €50,941 (-100.0%), from €50,941 to €0
- Tax, wage and social debts +€22,767
up €22,767 (+34.8%), from €65,366 to €88,133
of which Remuneration and social security: +€23,659
- Profit (loss) carried forward -€21,608
down €21,608, from €0 to -€21,608
- Debts after one year +€10,984
up €10,984 (+132.1%), from €8,317 to €19,301
- Current portion of long-term debt +€3,552
up €3,552 (+122.0%), from €2,910 to €6,462
- Staff costs +€135,549
up €135,549 (+17.2%), from €787,465 to €923,014
- Gross operating margin -€33,536
down €33,536 (-3.8%), from €889,823 to €856,287
- Financial income +€10,117
up €10,117 (+628.4%), from €1,610 to €11,727
- Other operating charges -€9,474
down €9,474 (-64.3%), from €14,739 to €5,265
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 | €350,783 | €318,075 | -€32,708 | -9.3% |
| Fixed assets | 21/28 | €23,841 | €38,321 | +€14,480 | +60.7% |
| Tangible fixed assets | 22/27 | €23,841 | €38,321 | +€14,480 | +60.7% |
| Plant, machinery and equipment | 23 | €11,516 | €9,365 | -€2,152 | -18.7% |
| Furniture and vehicles | 24 | €850 | €2,500 | +€1,650 | +194.0% |
| Leasing and similar rights | 25 | €11,474 | €26,456 | +€14,982 | +130.6% |
| Current assets | 29/58 | €326,942 | €279,755 | -€47,188 | -14.4% |
| Stocks and contracts in progress | 3 | €140,395 | €126,201 | -€14,195 | -10.1% |
| Stocks | 30/36 | €140,395 | €126,201 | -€14,195 | -10.1% |
| Amounts receivable within one year | 40/41 | €67,213 | €77,360 | +€10,146 | +15.1% |
| Trade receivables | 40 | €47,037 | €65,644 | +€18,607 | +39.6% |
| Other amounts receivable | 41 | €20,177 | €11,716 | -€8,461 | -41.9% |
| Cash at bank and in hand | 54/58 | €102,622 | €57,141 | -€45,481 | -44.3% |
| Deferred charges and accrued income | 490/1 | €16,712 | €19,054 | +€2,342 | +14.0% |
| Total equity and liabilities | 10/49 | €350,783 | €318,075 | -€32,708 | -9.3% |
| Equity | 10/15 | €57,141 | -€15,408 | -€72,549 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €50,941 | €0 | -€50,941 | -100.0% |
| Distributable reserves | 133 | €50,941 | €0 | -€50,941 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | -€21,608 | -€21,608 | |
| Amounts payable | 17/49 | €293,643 | €333,483 | +€39,840 | +13.6% |
| Amounts payable after more than one year | 17 | €8,317 | €19,301 | +€10,984 | +132.1% |
| Financial debts | 170/4 | €8,317 | €19,301 | +€10,984 | +132.1% |
| Amounts payable within one year | 42/48 | €285,326 | €314,182 | +€28,856 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €2,910 | €6,462 | +€3,552 | +122.0% |
| Trade debts | 44 | €216,178 | €218,753 | +€2,575 | +1.2% |
| Suppliers | 440/4 | €216,178 | €218,753 | +€2,575 | +1.2% |
| Taxes, remuneration and social security | 45 | €65,366 | €88,133 | +€22,767 | +34.8% |
| Taxes | 450/3 | €1,037 | €146 | -€891 | -85.9% |
| Remuneration and social security | 454/9 | €64,329 | €87,987 | +€23,659 | +36.8% |
| Other amounts payable | 47/48 | €872 | €834 | -€38 | -4.4% |
| Remuneration, social security and pensions | 62 | €787,465 | €923,014 | +€135,549 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,968 | €5,958 | +€2,990 | +100.7% |
| Other operating charges | 640/8 | €14,739 | €5,265 | -€9,474 | -64.3% |
| Gross operating margin | 9900 | €889,823 | €856,287 | -€33,536 | -3.8% |
| Operating profit (loss) | 9901 | €84,651 | -€77,950 | -€162,600 | |
| Financial income | 75/76B | €1,610 | €11,727 | +€10,117 | +628.4% |
| Recurring financial income | 75 | €1,610 | €11,727 | +€10,117 | +628.4% |
| Financial charges | 65/66B | €578 | €6,326 | +€5,748 | +994.4% |
| Recurring financial charges | 65 | €578 | €6,326 | +€5,748 | +994.4% |
| Profit (loss) for the period before taxes | 9903 | €85,683 | -€72,549 | -€158,231 | |
| Profit (loss) for the period | 9904 | €85,683 | -€72,549 | -€158,231 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,683 | -€72,549 | -€158,231 |
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 11 October 2026 via checked.be.