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 +€15,851
up €15,851 (+35.7%), from €44,424 to €60,275
mainly Net result for the year (+€33,764) and Other debts (+€32,681)
- Tangible fixed assets +€1,913
up €1,913 (+2.4%), from €81,339 to €83,252
- Other debts +€32,681
up €32,681 (+217.9%), from €15,000 to €47,681
- Profit (loss) carried forward -€13,295
down €13,295 (-16.4%), from €80,983 to €67,688
- Trade debts -€2,409
no longer reported in 2025 (was €2,409)
- Tax, wage and social debts +€1,715
up €1,715 (+133.6%), from €1,285 to €3,000
of which Remuneration and social security: +€962
- Gross operating margin +€1,881
up €1,881 (+3.7%), from €50,671 to €52,552
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 | €126,676 | €145,369 | +€18,693 | +14.8% |
| Fixed assets | 21/28 | €81,382 | €83,295 | +€1,913 | +2.4% |
| Tangible fixed assets | 22/27 | €81,339 | €83,252 | +€1,913 | +2.4% |
| Furniture and vehicles | 24 | €81,339 | €83,252 | +€1,913 | +2.4% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €45,294 | €62,075 | +€16,780 | +37.0% |
| Amounts receivable within one year | 40/41 | €795 | €1,028 | +€233 | +29.3% |
| Other amounts receivable | 41 | €795 | €1,028 | +€233 | +29.3% |
| Cash at bank and in hand | 54/58 | €44,424 | €60,275 | +€15,851 | +35.7% |
| Deferred charges and accrued income | 490/1 | €75 | €771 | +€696 | +924.4% |
| Total equity and liabilities | 10/49 | €126,676 | €145,369 | +€18,693 | +14.8% |
| Equity | 10/15 | €107,983 | €94,688 | -€13,295 | -12.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,983 | €67,688 | -€13,295 | -16.4% |
| Amounts payable | 17/49 | €18,693 | €50,681 | +€31,988 | +171.1% |
| Amounts payable within one year | 42/48 | €18,693 | €50,681 | +€31,988 | +171.1% |
| Trade debts | 44 | €2,409 | - | -€2,409 | |
| Suppliers | 440/4 | €2,409 | - | -€2,409 | |
| Taxes, remuneration and social security | 45 | €1,285 | €3,000 | +€1,715 | +133.6% |
| Taxes | 450/3 | - | €753 | +€753 | |
| Remuneration and social security | 454/9 | €1,285 | €2,247 | +€962 | +74.9% |
| Other amounts payable | 47/48 | €15,000 | €47,681 | +€32,681 | +217.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,826 | €7,690 | -€135 | -1.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €50,671 | €52,552 | +€1,881 | +3.7% |
| Operating profit (loss) | 9901 | €42,458 | €44,462 | +€2,004 | +4.7% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €736 | €726 | -€10 | -1.4% |
| Recurring financial charges | 65 | €736 | €726 | -€10 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €41,723 | €43,736 | +€2,014 | +4.8% |
| Income taxes | 67/77 | €9,514 | €9,972 | +€458 | +4.8% |
| Profit (loss) for the period | 9904 | €32,209 | €33,764 | +€1,556 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,209 | €33,764 | +€1,556 | +4.8% |
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 12 October 2026 via checked.be.