MAD & IUS: 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 & IUS
Largest movements
- Current investments +€16,000
up €16,000 (+47.1%), from €34,000 to €50,000
- Receivables within one year -€12,906
down €12,906 (-91.7%), from €14,080 to €1,174
of which Trade receivables: -€11,098
- Deferred charges and accrued income +€3,114
up €3,114 (+185.8%), from €1,676 to €4,791
- Cash +€2,852
up €2,852 (+46.6%), from €6,125 to €8,977
mainly Receivables within one year (+€12,906) and Net result for the year (+€11,183)
- Tangible fixed assets +€766
up €766 (+134.6%), from €569 to €1,334
of which Plant, machinery and equipment: +€1,089
- Other debts +€7,109
up €7,109 (+2373.9%), from €299 to €7,409
- Reserves +€4,607
up €4,607 (+13.8%), from €33,365 to €37,972
of which Distributable reserves: +€37,972
- Tax, wage and social debts -€1,605
down €1,605 (-25.0%), from €6,423 to €4,818
- Profit (loss) carried forward -€833
down €833 (-24.5%), from €3,397 to €2,564
- Gross operating margin -€20,896
down €20,896 (-54.4%), from €38,393 to €17,497
- Taxes -€7,358
down €7,358 (-60.3%), from €12,195 to €4,837
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 | €56,488 | €66,276 | +€9,788 | +17.3% |
| Fixed assets | 21/28 | €606 | €1,334 | +€728 | +120.1% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €569 | €1,334 | +€766 | +134.6% |
| Plant, machinery and equipment | 23 | €246 | €1,334 | +€1,089 | +443.3% |
| Furniture and vehicles | 24 | €323 | €0 | -€323 | -100.0% |
| Financial fixed assets | 28 | €38 | - | -€38 | |
| Current assets | 29/58 | €55,881 | €64,941 | +€9,060 | +16.2% |
| Amounts receivable within one year | 40/41 | €14,080 | €1,174 | -€12,906 | -91.7% |
| Trade receivables | 40 | €11,671 | €573 | -€11,098 | -95.1% |
| Other amounts receivable | 41 | €2,409 | €601 | -€1,808 | -75.0% |
| Current investments | 50/53 | €34,000 | €50,000 | +€16,000 | +47.1% |
| Cash at bank and in hand | 54/58 | €6,125 | €8,977 | +€2,852 | +46.6% |
| Deferred charges and accrued income | 490/1 | €1,676 | €4,791 | +€3,114 | +185.8% |
| Total equity and liabilities | 10/49 | €56,488 | €66,276 | +€9,788 | +17.3% |
| Equity | 10/15 | €49,162 | €52,936 | +€3,774 | +7.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €33,365 | €37,972 | +€4,607 | +13.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €31,505 | - | -€31,505 | |
| Distributable reserves | 133 | - | €37,972 | +€37,972 | |
| Profit (loss) carried forward | 14 | €3,397 | €2,564 | -€833 | -24.5% |
| Amounts payable | 17/49 | €7,326 | €13,340 | +€6,013 | +82.1% |
| Amounts payable within one year | 42/48 | €7,320 | €13,313 | +€5,993 | +81.9% |
| Trade debts | 44 | €597 | €1,086 | +€489 | +81.8% |
| Suppliers | 440/4 | €597 | €1,086 | +€489 | +81.8% |
| Taxes, remuneration and social security | 45 | €6,423 | €4,818 | -€1,605 | -25.0% |
| Taxes | 450/3 | €6,423 | €4,818 | -€1,605 | -25.0% |
| Other amounts payable | 47/48 | €299 | €7,409 | +€7,109 | +2373.9% |
| Accrued charges and deferred income | 492/3 | €7 | €27 | +€20 | +312.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €810 | €734 | -€76 | -9.3% |
| Other operating charges | 640/8 | €677 | €747 | +€70 | +10.3% |
| Gross operating margin | 9900 | €38,393 | €17,497 | -€20,896 | -54.4% |
| Operating profit (loss) | 9901 | €36,906 | €16,015 | -€20,890 | -56.6% |
| Financial income | 75/76B | €368 | €187 | -€181 | -49.2% |
| Recurring financial income | 75 | €368 | €187 | -€181 | -49.2% |
| Financial charges | 65/66B | €150 | €182 | +€32 | +21.4% |
| Recurring financial charges | 65 | €150 | €182 | +€32 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €37,124 | €16,020 | -€21,104 | -56.8% |
| Income taxes | 67/77 | €12,195 | €4,837 | -€7,358 | -60.3% |
| Profit (loss) for the period | 9904 | €24,929 | €11,183 | -€13,746 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,929 | €11,183 | -€13,746 | -55.1% |
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 2 October 2026 via checked.be.