MaD Insights: 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 Insights
Largest movements
- Receivables within one year -€20,898
down €20,898 (-20.4%), from €102,206 to €81,308
of which Trade receivables: -€21,421
- Cash +€4,135
up €4,135 (+62.3%), from €6,634 to €10,769
mainly Receivables within one year (+€20,898) and Net result for the year (+€16,423)
- Tangible fixed assets -€2,156
down €2,156 (-24.4%), from €8,826 to €6,670
of which Land and buildings: -€1,707
- Advances received -€22,731
down €22,731 (-100%), from €22,731 to €0
- Reserves +€16,423
up €16,423 (+32.3%), from €50,895 to €67,318
of which Distributable reserves: +€16,423
- Trade debts -€7,845
down €7,845 (-52.2%), from €15,026 to €7,180
- Tax, wage and social debts -€4,765
down €4,765 (-18.0%), from €26,514 to €21,749
of which Taxes: -€7,265
- Other operating charges -€3,419
down €3,419 (-85.0%), from €4,020 to €601
- Staff costs -€2,010
no longer reported in 2025 (was €2,010)
- Financial income +€680
up €680 (+23.9%), from €2,848 to €3,528
- Depreciation -€443
down €443 (-17.0%), from €2,599 to €2,156
- Financial charges -€291
down €291 (-13.1%), from €2,227 to €1,936
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 | €117,665 | €98,747 | -€18,919 | -16.1% |
| Fixed assets | 21/28 | €8,826 | €6,670 | -€2,156 | -24.4% |
| Tangible fixed assets | 22/27 | €8,826 | €6,670 | -€2,156 | -24.4% |
| Land and buildings | 22 | €8,377 | €6,670 | -€1,707 | -20.4% |
| Plant, machinery and equipment | 23 | €448 | €0 | -€448 | -100% |
| Current assets | 29/58 | €108,840 | €92,077 | -€16,763 | -15.4% |
| Amounts receivable within one year | 40/41 | €102,206 | €81,308 | -€20,898 | -20.4% |
| Trade receivables | 40 | €37,601 | €16,180 | -€21,421 | -57.0% |
| Other amounts receivable | 41 | €64,605 | €65,128 | +€523 | +0.8% |
| Cash at bank and in hand | 54/58 | €6,634 | €10,769 | +€4,135 | +62.3% |
| Total equity and liabilities | 10/49 | €117,665 | €98,747 | -€18,919 | -16.1% |
| Equity | 10/15 | €53,395 | €69,818 | +€16,423 | +30.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | - | -€2,500 | |
| Share premium | 1100/10 | €2,500 | - | -€2,500 | |
| Reserves | 13 | €50,895 | €67,318 | +€16,423 | +32.3% |
| Tax-exempt reserves | 132 | €1,874 | €1,874 | = | 0.0% |
| Distributable reserves | 133 | €49,021 | €65,444 | +€16,423 | +33.5% |
| Amounts payable | 17/49 | €64,271 | €28,929 | -€35,342 | -55.0% |
| Amounts payable within one year | 42/48 | €64,271 | €28,929 | -€35,342 | -55.0% |
| Trade debts | 44 | €15,026 | €7,180 | -€7,845 | -52.2% |
| Suppliers | 440/4 | €15,026 | €7,180 | -€7,845 | -52.2% |
| Advances received on contracts in progress | 46 | €22,731 | €0 | -€22,731 | -100% |
| Taxes, remuneration and social security | 45 | €26,514 | €21,749 | -€4,765 | -18.0% |
| Taxes | 450/3 | €26,514 | €19,249 | -€7,265 | -27.4% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Remuneration, social security and pensions | 62 | €2,010 | - | -€2,010 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,599 | €2,156 | -€443 | -17.0% |
| Other operating charges | 640/8 | €4,020 | €601 | -€3,419 | -85.0% |
| Gross operating margin | 9900 | €22,479 | €22,214 | -€266 | -1.2% |
| Operating profit (loss) | 9901 | €13,850 | €19,457 | +€5,606 | +40.5% |
| Financial income | 75/76B | €2,848 | €3,528 | +€680 | +23.9% |
| Recurring financial income | 75 | €2,848 | €3,528 | +€680 | +23.9% |
| Financial charges | 65/66B | €2,227 | €1,936 | -€291 | -13.1% |
| Recurring financial charges | 65 | €2,227 | €1,936 | -€291 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €14,472 | €21,049 | +€6,577 | +45.4% |
| Income taxes | 67/77 | €4,803 | €4,626 | -€177 | -3.7% |
| Profit (loss) for the period | 9904 | €9,669 | €16,423 | +€6,754 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,669 | €16,423 | +€6,754 | +69.9% |
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 18 October 2026 via checked.be.