MAD FOX: 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 FOX
Largest movements
- Receivables after one year -€409,416
down €409,416 (-56.2%), from €729,001 to €319,585
- Receivables within one year +€231,660
up €231,660 (+34.9%), from €663,036 to €894,696
of which Other amounts receivable: +€208,060
- Tangible fixed assets +€76,214
up €76,214 (+1,571%), from €4,850 to €81,064
of which Leasing and similar rights: +€81,064
- Other debts -€225,827
down €225,827 (-20.0%), from €1.1m to €900,715
- Short-term financial debts +€104,376
up €104,376 (+457,188%), from €23 to €104,399
- Debts after one year -€29,562
down €29,562 (-2.5%), from €1.2m to €1.2m
- Financial income -€571,365
down €571,365 (-93.4%), from €611,815 to €40,450
- Gross operating margin +€92,210
up €92,210 (+262%), from €35,241 to €127,451
- Financial charges +€3,369
up €3,369 (+3.5%), from €96,596 to €99,965
- Depreciation +€2,090
up €2,090 (+289%), from €724 to €2,814
- Taxes +€1,478
up €1,478, from €0 to €1,478
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 | €2,467,697 | €2,338,506 | -€129,191 | -5.2% |
| Fixed assets | 21/28 | €959,798 | €1,023,011 | +€63,214 | +6.6% |
| Tangible fixed assets | 22/27 | €4,850 | €81,064 | +€76,214 | +1,571% |
| Furniture and vehicles | 24 | €4,850 | €0 | -€4,850 | -100% |
| Leasing and similar rights | 25 | - | €81,064 | +€81,064 | |
| Financial fixed assets | 28 | €954,947 | €941,947 | -€13,000 | -1.4% |
| Current assets | 29/58 | €1,507,899 | €1,315,495 | -€192,405 | -12.8% |
| Amounts receivable after more than one year | 29 | €729,001 | €319,585 | -€409,416 | -56.2% |
| Other amounts receivable | 291 | €729,001 | €319,585 | -€409,416 | -56.2% |
| Stocks and contracts in progress | 3 | €25,000 | €25,000 | = | 0.0% |
| Stocks | 30/36 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €663,036 | €894,696 | +€231,660 | +34.9% |
| Trade receivables | 40 | €25,405 | €49,005 | +€23,600 | +92.9% |
| Other amounts receivable | 41 | €637,631 | €845,691 | +€208,060 | +32.6% |
| Current investments | 50/53 | €70,759 | €70,759 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9 | €66 | +€57 | +599% |
| Deferred charges and accrued income | 490/1 | €20,093 | €5,388 | -€14,705 | -73.2% |
| Total equity and liabilities | 10/49 | €2,467,697 | €2,338,506 | -€129,191 | -5.2% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,449,097 | €2,319,906 | -€129,191 | -5.3% |
| Amounts payable after more than one year | 17 | €1,189,090 | €1,159,528 | -€29,562 | -2.5% |
| Financial debts | 170/4 | €1,189,090 | €1,159,528 | -€29,562 | -2.5% |
| Amounts payable within one year | 42/48 | €1,239,542 | €1,142,873 | -€96,669 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €105,952 | €123,874 | +€17,922 | +16.9% |
| Financial debts | 43 | €23 | €104,399 | +€104,376 | +457,188% |
| Credit institutions | 430/8 | €23 | €104,399 | +€104,376 | +457,188% |
| Trade debts | 44 | €5,419 | €3,889 | -€1,530 | -28.2% |
| Suppliers | 440/4 | €5,419 | €3,889 | -€1,530 | -28.2% |
| Taxes, remuneration and social security | 45 | €1,607 | €9,996 | +€8,389 | +522% |
| Taxes | 450/3 | €1,607 | €9,996 | +€8,389 | +522% |
| Other amounts payable | 47/48 | €1,126,541 | €900,715 | -€225,827 | -20.0% |
| Accrued charges and deferred income | 492/3 | €20,464 | €17,505 | -€2,959 | -14.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €724 | €2,814 | +€2,090 | +289% |
| Other operating charges | 640/8 | €1,176 | €2,642 | +€1,466 | +125% |
| Gross operating margin | 9900 | €35,241 | €127,451 | +€92,210 | +262% |
| Operating profit (loss) | 9901 | €33,342 | €121,995 | +€88,654 | +266% |
| Financial income | 75/76B | €611,815 | €40,450 | -€571,365 | -93.4% |
| Recurring financial income | 75 | €611,815 | €40,450 | -€571,365 | -93.4% |
| Financial charges | 65/66B | €96,596 | €99,965 | +€3,369 | +3.5% |
| Recurring financial charges | 65 | €96,596 | €99,965 | +€3,369 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €548,561 | €62,480 | -€486,081 | -88.6% |
| Income taxes | 67/77 | €0 | €1,478 | +€1,478 | |
| Profit (loss) for the period | 9904 | €548,561 | €61,002 | -€487,559 | -88.9% |
| Profit (loss) for the period to be appropriated | 9905 | €548,561 | €61,002 | -€487,559 | -88.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.