MAD & C°: 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 & C°
Largest movements
- Financial fixed assets +€411,865
up €411,865 (+22.2%), from €1.9m to €2.3m
- Current investments -€277,056
down €277,056 (-37.7%), from €735,161 to €458,104
- Cash -€258,353
down €258,353 (-70.7%), from €365,445 to €107,092
mainly Investment in fixed assets (net) (-€411,865) and Other debts (-€369,854)
- Receivables within one year -€222,596
down €222,596 (-62.8%), from €354,347 to €131,751
- Receivables after one year -€60,250
no longer reported in 2025 (was €60,250)
- Other debts -€369,854
down €369,854 (-98.5%), from €375,498 to €5,644
- Reserves -€36,032
down €36,032 (-1.6%), from €2.3m to €2.3m
of which Distributable reserves: -€36,032
- Financial charges +€181,563
up €181,563, from -€100,537 to €81,025
- Financial income -€105,389
down €105,389 (-65.6%), from €160,645 to €55,256
- Gross operating margin -€1,123
down €1,123 (-261.7%), from -€429 to -€1,552
- Taxes -€341
down €341 (-4.2%), from €8,053 to €7,712
- Other operating charges +€31
up €31 (+3.2%), from €968 to €998
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 | €3,373,630 | €2,967,240 | -€406,390 | -12.0% |
| Fixed assets | 21/28 | €1,858,427 | €2,270,292 | +€411,865 | +22.2% |
| Financial fixed assets | 28 | €1,858,427 | €2,270,292 | +€411,865 | +22.2% |
| Current assets | 29/58 | €1,515,202 | €696,947 | -€818,255 | -54.0% |
| Amounts receivable after more than one year | 29 | €60,250 | - | -€60,250 | |
| Other amounts receivable | 291 | €60,250 | - | -€60,250 | |
| Amounts receivable within one year | 40/41 | €354,347 | €131,751 | -€222,596 | -62.8% |
| Other amounts receivable | 41 | €354,347 | €131,751 | -€222,596 | -62.8% |
| Current investments | 50/53 | €735,161 | €458,104 | -€277,056 | -37.7% |
| Cash at bank and in hand | 54/58 | €365,445 | €107,092 | -€258,353 | -70.7% |
| Total equity and liabilities | 10/49 | €3,373,630 | €2,967,240 | -€406,390 | -12.0% |
| Equity | 10/15 | €2,986,170 | €2,950,138 | -€36,032 | -1.2% |
| Contributions | 10/11 | €690,000 | €690,000 | = | 0.0% |
| Capital | 10 | €690,000 | €690,000 | = | 0.0% |
| Issued capital | 100 | €690,000 | €690,000 | = | 0.0% |
| Reserves | 13 | €2,296,170 | €2,260,138 | -€36,032 | -1.6% |
| Non-distributable reserves | 130/1 | €69,000 | €69,000 | = | 0.0% |
| Legal reserve | 130 | €69,000 | €69,000 | = | 0.0% |
| Distributable reserves | 133 | €2,227,170 | €2,191,138 | -€36,032 | -1.6% |
| Amounts payable | 17/49 | €387,459 | €17,102 | -€370,358 | -95.6% |
| Amounts payable within one year | 42/48 | €382,172 | €12,812 | -€369,359 | -96.6% |
| Trade debts | 44 | - | €708 | +€708 | |
| Suppliers | 440/4 | - | €708 | +€708 | |
| Taxes, remuneration and social security | 45 | €6,674 | €6,460 | -€213 | -3.2% |
| Taxes | 450/3 | €6,674 | €6,460 | -€213 | -3.2% |
| Other amounts payable | 47/48 | €375,498 | €5,644 | -€369,854 | -98.5% |
| Accrued charges and deferred income | 492/3 | €5,288 | €4,289 | -€998 | -18.9% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€429 | -€1,552 | -€1,123 | -261.7% |
| Operating profit (loss) | 9901 | -€1,397 | -€2,550 | -€1,154 | -82.6% |
| Financial income | 75/76B | €160,645 | €55,256 | -€105,389 | -65.6% |
| Recurring financial income | 75 | €160,645 | €55,256 | -€105,389 | -65.6% |
| Financial charges | 65/66B | -€100,537 | €81,025 | +€181,563 | |
| Recurring financial charges | 65 | -€100,537 | €81,025 | +€181,563 | |
| Profit (loss) for the period before taxes | 9903 | €259,786 | -€28,320 | -€288,106 | |
| Income taxes | 67/77 | €8,053 | €7,712 | -€341 | -4.2% |
| Profit (loss) for the period | 9904 | €251,733 | -€36,032 | -€287,765 | |
| Profit (loss) for the period to be appropriated | 9905 | €251,733 | -€36,032 | -€287,765 |
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.