Mad Hat: what changed
Two fiscal 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 Hat
Largest movements
- Cash +€31,621
up €31,621 (+91.7%), from €34,486 to €66,107
mainly Other debts (+€127,201) and Net result for the year (+€106,768)
- Tangible fixed assets -€18,611
down €18,611 (-28.1%), from €66,284 to €47,674
of which Furniture and vehicles: -€19,215
- Receivables within one year +€5,954
up €5,954 (+32.8%), from €18,150 to €24,103
of which Other amounts receivable: +€4,797
- Stocks and contracts +€2,454
new in 2025: €2,454
- Other debts +€127,201
up €127,201 (+103164.0%), from €123 to €127,325
- Reserves -€102,608
no longer reported in 2025 (was €102,608)
- Gross operating margin +€4,287
up €4,287 (+2.8%), from €152,580 to €156,867
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 | €119,498 | €141,742 | +€22,244 | +18.6% |
| Fixed assets | 21/28 | €66,284 | €47,674 | -€18,611 | -28.1% |
| Tangible fixed assets | 22/27 | €66,284 | €47,674 | -€18,611 | -28.1% |
| Plant, machinery and equipment | 23 | €2,021 | €2,737 | +€716 | +35.4% |
| Furniture and vehicles | 24 | €64,132 | €44,917 | -€19,215 | -30.0% |
| Other tangible fixed assets | 26 | €131 | €19 | -€111 | -85.3% |
| Current assets | 29/58 | €53,214 | €94,069 | +€40,855 | +76.8% |
| Stocks and contracts in progress | 3 | - | €2,454 | +€2,454 | |
| Stocks | 30/36 | - | €2,454 | +€2,454 | |
| Amounts receivable within one year | 40/41 | €18,150 | €24,103 | +€5,954 | +32.8% |
| Trade receivables | 40 | €18,150 | €19,307 | +€1,157 | +6.4% |
| Other amounts receivable | 41 | - | €4,797 | +€4,797 | |
| Cash at bank and in hand | 54/58 | €34,486 | €66,107 | +€31,621 | +91.7% |
| Deferred charges and accrued income | 490/1 | €578 | €1,404 | +€826 | +142.8% |
| Total equity and liabilities | 10/49 | €119,498 | €141,742 | +€22,244 | +18.6% |
| Equity | 10/15 | €105,608 | €3,000 | -€102,608 | -97.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €102,608 | - | -€102,608 | |
| Distributable reserves | 133 | €102,608 | - | -€102,608 | |
| Amounts payable | 17/49 | €13,890 | €138,742 | +€124,852 | +898.9% |
| Amounts payable within one year | 42/48 | €13,890 | €138,742 | +€124,852 | +898.9% |
| Trade debts | 44 | €1,378 | €316 | -€1,062 | -77.1% |
| Suppliers | 440/4 | €1,378 | €316 | -€1,062 | -77.1% |
| Taxes, remuneration and social security | 45 | €12,389 | €11,102 | -€1,287 | -10.4% |
| Taxes | 450/3 | €12,389 | €11,102 | -€1,287 | -10.4% |
| Other amounts payable | 47/48 | €123 | €127,325 | +€127,201 | +103164.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,062 | €20,651 | +€589 | +2.9% |
| Other operating charges | 640/8 | €450 | €871 | +€421 | +93.5% |
| Gross operating margin | 9900 | €152,580 | €156,867 | +€4,287 | +2.8% |
| Operating profit (loss) | 9901 | €132,068 | €135,345 | +€3,277 | +2.5% |
| Financial income | 75/76B | - | €765 | +€765 | |
| Recurring financial income | 75 | - | €765 | +€765 | |
| Financial charges | 65/66B | €147 | €138 | -€9 | -6.0% |
| Recurring financial charges | 65 | €147 | €138 | -€9 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €131,921 | €135,971 | +€4,050 | +3.1% |
| Income taxes | 67/77 | €29,312 | €29,203 | -€109 | -0.4% |
| Profit (loss) for the period | 9904 | €102,608 | €106,768 | +€4,160 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €102,608 | €106,768 | +€4,160 | +4.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.