MAD HATTER: 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 HATTER
Largest movements
- Receivables within one year +€135,028
up €135,028 (+95.1%), from €142,025 to €277,053
of which Trade receivables: +€135,028
- Tangible fixed assets +€18,690
up €18,690 (+19.8%), from €94,172 to €112,862
of which Furniture and vehicles: +€14,390
- Cash -€15,572
down €15,572 (-23.2%), from €67,092 to €51,520
mainly Trade debts (-€183,870) and Receivables within one year (-€135,028)
- Deferred charges and accrued income -€11,708
down €11,708 (-87.4%), from €13,400 to €1,692
- Accrued charges and deferred income +€391,167
new in 2025: €391,167
- Trade debts -€183,870
down €183,870 (-81.3%), from €226,221 to €42,352
- Profit (loss) carried forward -€66,754
down €66,754 (-164.2%), from -€40,654 to -€107,407
- Debts after one year -€12,976
down €12,976 (-10.6%), from €122,649 to €109,673
- Gross operating margin -€34,214
down €34,214, from €16,934 to -€17,280
- Staff costs +€24,614
up €24,614, from €0 to €24,614
- Financial income +€13,470
up €13,470 (+9996.2%), from €135 to €13,605
- Financial charges -€7,221
down €7,221 (-37.3%), from €19,347 to €12,125
- Write-downs +€2,347
new in 2025: €2,347
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 | €516,974 | €642,717 | +€125,743 | +24.3% |
| Fixed assets | 21/28 | €98,598 | €117,287 | +€18,690 | +19.0% |
| Tangible fixed assets | 22/27 | €94,172 | €112,862 | +€18,690 | +19.8% |
| Land and buildings | 22 | €89,075 | €95,649 | +€6,574 | +7.4% |
| Plant, machinery and equipment | 23 | €4,023 | €1,749 | -€2,274 | -56.5% |
| Furniture and vehicles | 24 | €1,073 | €15,464 | +€14,390 | +1340.8% |
| Financial fixed assets | 28 | €4,426 | €4,426 | = | 0.0% |
| Current assets | 29/58 | €418,377 | €525,430 | +€107,053 | +25.6% |
| Stocks and contracts in progress | 3 | €195,860 | €195,165 | -€695 | -0.4% |
| Stocks | 30/36 | €195,860 | €195,165 | -€695 | -0.4% |
| Amounts receivable within one year | 40/41 | €142,025 | €277,053 | +€135,028 | +95.1% |
| Trade receivables | 40 | €142,025 | €277,053 | +€135,028 | +95.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €67,092 | €51,520 | -€15,572 | -23.2% |
| Deferred charges and accrued income | 490/1 | €13,400 | €1,692 | -€11,708 | -87.4% |
| Total equity and liabilities | 10/49 | €516,974 | €642,717 | +€125,743 | +24.3% |
| Equity | 10/15 | -€24,410 | -€91,163 | -€66,754 | -273.5% |
| Contributions | 10/11 | €16,244 | €16,244 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,654 | -€107,407 | -€66,754 | -164.2% |
| Amounts payable | 17/49 | €541,384 | €733,880 | +€192,496 | +35.6% |
| Amounts payable after more than one year | 17 | €122,649 | €109,673 | -€12,976 | -10.6% |
| Financial debts | 170/4 | €122,649 | €109,673 | -€12,976 | -10.6% |
| Amounts payable within one year | 42/48 | €418,735 | €233,040 | -€185,695 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €24,756 | €27,726 | +€2,970 | +12.0% |
| Trade debts | 44 | €226,221 | €42,352 | -€183,870 | -81.3% |
| Suppliers | 440/4 | €226,221 | €42,352 | -€183,870 | -81.3% |
| Taxes, remuneration and social security | 45 | €7,920 | €6,514 | -€1,406 | -17.7% |
| Taxes | 450/3 | €5,520 | €6,514 | +€994 | +18.0% |
| Remuneration and social security | 454/9 | €2,400 | €0 | -€2,400 | -100.0% |
| Other amounts payable | 47/48 | €159,838 | €156,448 | -€3,389 | -2.1% |
| Accrued charges and deferred income | 492/3 | - | €391,167 | +€391,167 | |
| Remuneration, social security and pensions | 62 | €0 | €24,614 | +€24,614 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,690 | €18,364 | +€674 | +3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,347 | +€2,347 | |
| Other operating charges | 640/8 | €6,172 | €5,629 | -€543 | -8.8% |
| Gross operating margin | 9900 | €16,934 | -€17,280 | -€34,214 | |
| Operating profit (loss) | 9901 | -€6,927 | -€68,233 | -€61,306 | -885.0% |
| Financial income | 75/76B | €135 | €13,605 | +€13,470 | +9996.2% |
| Recurring financial income | 75 | €135 | €13,605 | +€13,470 | +9996.2% |
| Financial charges | 65/66B | €19,347 | €12,125 | -€7,221 | -37.3% |
| Recurring financial charges | 65 | €19,347 | €12,125 | -€7,221 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | -€26,139 | -€66,754 | -€40,614 | -155.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€26,139 | -€66,754 | -€40,614 | -155.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,139 | -€66,754 | -€40,614 | -155.4% |
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 4 October 2026 via checked.be.