MAD Competition: 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 Competition
Largest movements
- Cash +€414,513
up €414,513 (+1,933%), from €21,448 to €435,961
mainly Contributions, distributions and other (+€400,000) and Other debts (+€95,107)
- Tangible fixed assets -€39,214
down €39,214 (-3.0%), from €1.3m to €1.3m
- Contributions +€400,000
up €400,000 (+200%), from €200,000 to €600,000
- Debts after one year -€131,505
down €131,505 (-21.7%), from €604,726 to €473,221
- Other debts +€95,107
up €95,107 (+26.3%), from €361,490 to €456,597
- Other operating charges +€4,529
up €4,529 (+361%), from €1,255 to €5,784
- Gross operating margin -€2,944
down €2,944 (-4.2%), from €69,868 to €66,925
- Financial charges -€2,114
down €2,114 (-16.4%), from €12,927 to €10,813
- Taxes -€1,488
down €1,488 (-36.4%), from €4,091 to €2,603
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.
Derived cash bridge
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 | €1,333,214 | €1,708,162 | +€374,947 | +28.1% |
| Fixed assets | 21/28 | €1,311,414 | €1,272,200 | -€39,214 | -3.0% |
| Tangible fixed assets | 22/27 | €1,311,414 | €1,272,200 | -€39,214 | -3.0% |
| Land and buildings | 22 | €1,311,414 | €1,272,200 | -€39,214 | -3.0% |
| Current assets | 29/58 | €21,800 | €435,961 | +€414,161 | +1,900% |
| Amounts receivable within one year | 40/41 | €352 | €0 | -€352 | -100% |
| Other amounts receivable | 41 | €352 | €0 | -€352 | -100% |
| Cash at bank and in hand | 54/58 | €21,448 | €435,961 | +€414,513 | +1,933% |
| Total equity and liabilities | 10/49 | €1,333,214 | €1,708,162 | +€374,947 | +28.1% |
| Equity | 10/15 | €271,982 | €679,132 | +€407,150 | +150% |
| Contributions | 10/11 | €200,000 | €600,000 | +€400,000 | +200% |
| Reserves | 13 | €71,982 | €79,132 | +€7,150 | +9.9% |
| Distributable reserves | 133 | €71,982 | €79,132 | +€7,150 | +9.9% |
| Amounts payable | 17/49 | €1,061,233 | €1,029,029 | -€32,203 | -3.0% |
| Amounts payable after more than one year | 17 | €604,726 | €473,221 | -€131,505 | -21.7% |
| Financial debts | 170/4 | €604,726 | €473,221 | -€131,505 | -21.7% |
| Amounts payable within one year | 42/48 | €456,507 | €555,809 | +€99,302 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €89,964 | €91,505 | +€1,541 | +1.7% |
| Trade debts | 44 | €782 | €1,012 | +€230 | +29.4% |
| Suppliers | 440/4 | €782 | €1,012 | +€230 | +29.4% |
| Taxes, remuneration and social security | 45 | €4,271 | €6,694 | +€2,423 | +56.7% |
| Taxes | 450/3 | €4,271 | €6,694 | +€2,423 | +56.7% |
| Other amounts payable | 47/48 | €361,490 | €456,597 | +€95,107 | +26.3% |
| Remuneration, social security and pensions | 62 | €1,459 | €1,459 | +€0 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,214 | €39,214 | = | 0.0% |
| Other operating charges | 640/8 | €1,255 | €5,784 | +€4,529 | +361% |
| Gross operating margin | 9900 | €69,868 | €66,925 | -€2,944 | -4.2% |
| Operating profit (loss) | 9901 | €27,941 | €20,468 | -€7,473 | -26.7% |
| Financial income | 75/76B | €0 | €99 | +€99 | |
| Recurring financial income | 75 | €0 | €99 | +€99 | |
| Financial charges | 65/66B | €12,927 | €10,813 | -€2,114 | -16.4% |
| Recurring financial charges | 65 | €12,927 | €10,813 | -€2,114 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €15,014 | €9,753 | -€5,260 | -35.0% |
| Income taxes | 67/77 | €4,091 | €2,603 | -€1,488 | -36.4% |
| Profit (loss) for the period | 9904 | €10,922 | €7,150 | -€3,772 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,922 | €7,150 | -€3,772 | -34.5% |
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 18 October 2026 via checked.be.