MAD MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€16,722
up €16,722 (+28.2%), from €59,387 to €76,109
of which Other amounts receivable: +€64,906
- Cash -€13,984
down €13,984 (-77.2%), from €18,114 to €4,130
mainly Receivables within one year (-€16,722) and Trade debts (-€12,778)
- Tangible fixed assets -€12,196
down €12,196 (-30.4%), from €40,092 to €27,896
- Receivables after one year +€7,723
up €7,723 (+4.0%), from €191,735 to €199,458
- Trade debts -€12,778
down €12,778 (-62.3%), from €20,504 to €7,726
- Tax, wage and social debts +€7,463
new in 2025: €7,463
- Other operating charges -€49,606
down €49,606 (-92.5%), from €53,613 to €4,007
- Taxes +€5,529
up €5,529 (+212.5%), from €2,602 to €8,131
- Financial income -€3,302
down €3,302 (-46.1%), from €7,166 to €3,864
- Financial charges +€1,222
up €1,222 (+15.5%), from €7,897 to €9,119
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 | €334,585 | €331,359 | -€3,226 | -1.0% |
| Fixed assets | 21/28 | €40,092 | €27,896 | -€12,196 | -30.4% |
| Tangible fixed assets | 22/27 | €40,092 | €27,896 | -€12,196 | -30.4% |
| Plant, machinery and equipment | 23 | €40,092 | €27,896 | -€12,196 | -30.4% |
| Current assets | 29/58 | €294,493 | €303,463 | +€8,969 | +3.0% |
| Amounts receivable after more than one year | 29 | €191,735 | €199,458 | +€7,723 | +4.0% |
| Other amounts receivable | 291 | €191,735 | €199,458 | +€7,723 | +4.0% |
| Amounts receivable within one year | 40/41 | €59,387 | €76,109 | +€16,722 | +28.2% |
| Trade receivables | 40 | €48,941 | €756 | -€48,185 | -98.5% |
| Other amounts receivable | 41 | €10,446 | €75,352 | +€64,906 | +621.4% |
| Cash at bank and in hand | 54/58 | €18,114 | €4,130 | -€13,984 | -77.2% |
| Deferred charges and accrued income | 490/1 | €25,258 | €23,766 | -€1,491 | -5.9% |
| Total equity and liabilities | 10/49 | €334,585 | €331,359 | -€3,226 | -1.0% |
| Equity | 10/15 | €155,907 | €155,548 | -€359 | -0.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €3,900 | €3,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,040 | €2,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,007 | €141,648 | -€359 | -0.3% |
| Amounts payable | 17/49 | €178,678 | €175,811 | -€2,867 | -1.6% |
| Amounts payable after more than one year | 17 | €60,198 | €60,198 | = | 0.0% |
| Other amounts payable | 178/9 | €60,198 | €60,198 | = | 0.0% |
| Amounts payable within one year | 42/48 | €115,504 | €110,189 | -€5,315 | -4.6% |
| Financial debts | 43 | €95,000 | €95,000 | = | 0.0% |
| Credit institutions | 430/8 | €95,000 | €95,000 | = | 0.0% |
| Trade debts | 44 | €20,504 | €7,726 | -€12,778 | -62.3% |
| Suppliers | 440/4 | €20,504 | €7,726 | -€12,778 | -62.3% |
| Taxes, remuneration and social security | 45 | - | €7,463 | +€7,463 | |
| Taxes | 450/3 | - | €7,463 | +€7,463 | |
| Accrued charges and deferred income | 492/3 | €2,977 | €5,424 | +€2,448 | +82.2% |
| Non-recurring operating income | 76A | €3,095 | €90,965 | +€87,869 | +2838.8% |
| Remuneration, social security and pensions | 62 | €142 | - | -€142 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,196 | €12,196 | = | 0.0% |
| Other operating charges | 640/8 | €53,613 | €4,007 | -€49,606 | -92.5% |
| Non-recurring operating charges | 66A | €709 | - | -€709 | |
| Gross operating margin | 9900 | €29,357 | €29,229 | -€129 | -0.4% |
| Operating profit (loss) | 9901 | -€37,303 | €13,027 | +€50,329 | |
| Financial income | 75/76B | €7,166 | €3,864 | -€3,302 | -46.1% |
| Recurring financial income | 75 | €7,166 | €3,864 | -€3,302 | -46.1% |
| Financial charges | 65/66B | €7,897 | €9,119 | +€1,222 | +15.5% |
| Recurring financial charges | 65 | €7,897 | €9,119 | +€1,222 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | -€38,034 | €7,771 | +€45,805 | |
| Income taxes | 67/77 | €2,602 | €8,131 | +€5,529 | +212.5% |
| Profit (loss) for the period | 9904 | -€40,635 | -€359 | +€40,276 | +99.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,635 | -€359 | +€40,276 | +99.1% |
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 8 October 2026 via checked.be.