MAD INFI: 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 INFI
Largest movements
- Cash -€11,686
down €11,686 (-73.5%), from €15,894 to €4,208
mainly Other debts (-€12,809) and Investment in fixed assets (net) (-€11,596)
- Tangible fixed assets +€8,250
new in 2025: €8,250
- Receivables within one year -€6,389
down €6,389 (-67.1%), from €9,526 to €3,137
of which Trade receivables: -€5,350
- Intangible fixed assets -€2,000
down €2,000 (-22.2%), from €8,995 to €6,995
- Deferred charges and accrued income -€1,928
down €1,928 (-15.2%), from €12,650 to €10,722
- Other debts -€12,809
down €12,809 (-100%), from €12,809 to €0
- Profit (loss) carried forward +€7,923
up €7,923 (+55.4%), from €14,296 to €22,220
- Current portion of long-term debt -€5,863
down €5,863 (-63.4%), from €9,254 to €3,391
- Debts after one year -€3,391
down €3,391 (-62.4%), from €5,436 to €2,045
- Gross operating margin -€9,815
down €9,815 (-33.6%), from €29,201 to €19,385
- Depreciation +€4,341
up €4,341 (+432%), from €1,005 to €5,346
- Taxes -€1,366
down €1,366 (-23.5%), from €5,824 to €4,458
- Financial charges -€1,240
down €1,240 (-63.3%), from €1,958 to €718
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 | €47,065 | €33,312 | -€13,753 | -29.2% |
| Fixed assets | 21/28 | €8,995 | €15,244 | +€6,250 | +69.5% |
| Intangible fixed assets | 21 | €8,995 | €6,995 | -€2,000 | -22.2% |
| Tangible fixed assets | 22/27 | - | €8,250 | +€8,250 | |
| Furniture and vehicles | 24 | - | €8,250 | +€8,250 | |
| Current assets | 29/58 | €38,070 | €18,067 | -€20,003 | -52.5% |
| Amounts receivable within one year | 40/41 | €9,526 | €3,137 | -€6,389 | -67.1% |
| Trade receivables | 40 | €5,350 | €0 | -€5,350 | -100% |
| Other amounts receivable | 41 | €4,176 | €3,137 | -€1,039 | -24.9% |
| Cash at bank and in hand | 54/58 | €15,894 | €4,208 | -€11,686 | -73.5% |
| Deferred charges and accrued income | 490/1 | €12,650 | €10,722 | -€1,928 | -15.2% |
| Total equity and liabilities | 10/49 | €47,065 | €33,312 | -€13,753 | -29.2% |
| Equity | 10/15 | €16,296 | €24,220 | +€7,923 | +48.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,000 | - | -€2,000 | |
| Other | 1109/19 | €2,000 | - | -€2,000 | |
| Profit (loss) carried forward | 14 | €14,296 | €22,220 | +€7,923 | +55.4% |
| Amounts payable | 17/49 | €30,769 | €9,092 | -€21,676 | -70.5% |
| Amounts payable after more than one year | 17 | €5,436 | €2,045 | -€3,391 | -62.4% |
| Financial debts | 170/4 | €5,436 | €2,045 | -€3,391 | -62.4% |
| Amounts payable within one year | 42/48 | €25,332 | €7,047 | -€18,286 | -72.2% |
| Current portion of amounts payable after more than one year | 42 | €9,254 | €3,391 | -€5,863 | -63.4% |
| Trade debts | 44 | €1,500 | €1,698 | +€199 | +13.3% |
| Suppliers | 440/4 | €1,500 | €1,698 | +€199 | +13.3% |
| Taxes, remuneration and social security | 45 | €1,770 | €1,958 | +€188 | +10.6% |
| Taxes | 450/3 | €1,770 | €1,958 | +€188 | +10.6% |
| Other amounts payable | 47/48 | €12,809 | €0 | -€12,809 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,005 | €5,346 | +€4,341 | +432% |
| Other operating charges | 640/8 | €1,144 | €980 | -€164 | -14.4% |
| Gross operating margin | 9900 | €29,201 | €19,385 | -€9,815 | -33.6% |
| Operating profit (loss) | 9901 | €27,051 | €13,059 | -€13,992 | -51.7% |
| Financial income | 75/76B | €4 | €40 | +€35 | +818% |
| Recurring financial income | 75 | €4 | €40 | +€35 | +818% |
| Financial charges | 65/66B | €1,958 | €718 | -€1,240 | -63.3% |
| Recurring financial charges | 65 | €1,958 | €718 | -€1,240 | -63.3% |
| Profit (loss) for the period before taxes | 9903 | €25,097 | €12,381 | -€12,717 | -50.7% |
| Income taxes | 67/77 | €5,824 | €4,458 | -€1,366 | -23.5% |
| Profit (loss) for the period | 9904 | €19,273 | €7,923 | -€11,350 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,273 | €7,923 | -€11,350 | -58.9% |
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 17 October 2026 via checked.be.