MAD MEN: 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 MEN
Largest movements
- Receivables within one year +€133,014
up €133,014 (+360.6%), from €36,886 to €169,900
of which Trade receivables: +€136,044
- Financial fixed assets +€72,482
up €72,482 (+1445.0%), from €5,016 to €77,498
- Receivables after one year -€42,184
down €42,184 (-27.3%), from €154,545 to €112,360
- Deferred charges and accrued income -€25,730
down €25,730 (-97.5%), from €26,388 to €658
- Tangible fixed assets +€13,151
up €13,151 (+3.9%), from €335,543 to €348,694
of which Land and buildings: +€10,627
- Other debts +€121,799
up €121,799 (+44.1%), from €276,291 to €398,089
- Trade debts +€79,227
up €79,227 (+4177.4%), from €1,897 to €81,124
- Profit (loss) carried forward -€36,821
down €36,821 (-112.1%), from -€32,837 to -€69,658
- Debts after one year -€22,403
down €22,403 (-9.2%), from €243,341 to €220,939
- Financial income -€6,747
down €6,747 (-47.8%), from €14,121 to €7,374
of which Non-recurring financial income: -€5,000
- Taxes +€2,488
up €2,488, from €0 to €2,488
- Other operating charges -€2,105
down €2,105 (-19.9%), from €10,561 to €8,456
- Gross operating margin -€1,207
down €1,207 (-29.6%), from -€4,083 to -€5,290
- Financial charges -€325
down €325 (-6.0%), from €5,395 to €5,069
of which Financial charges: -€325
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 | €613,096 | €754,882 | +€141,786 | +23.1% |
| Fixed assets | 21/28 | €340,559 | €426,192 | +€85,633 | +25.1% |
| Tangible fixed assets | 22/27 | €335,543 | €348,694 | +€13,151 | +3.9% |
| Land and buildings | 22 | €332,273 | €342,900 | +€10,627 | +3.2% |
| Furniture and vehicles | 24 | €3,271 | €5,794 | +€2,524 | +77.2% |
| Financial fixed assets | 28 | €5,016 | €77,498 | +€72,482 | +1445.0% |
| Current assets | 29/58 | €272,537 | €328,690 | +€56,153 | +20.6% |
| Amounts receivable after more than one year | 29 | €154,545 | €112,360 | -€42,184 | -27.3% |
| Other amounts receivable | 291 | €154,545 | €112,360 | -€42,184 | -27.3% |
| Amounts receivable within one year | 40/41 | €36,886 | €169,900 | +€133,014 | +360.6% |
| Trade receivables | 40 | €6,917 | €142,961 | +€136,044 | +1966.7% |
| Other amounts receivable | 41 | €29,968 | €26,938 | -€3,030 | -10.1% |
| Cash at bank and in hand | 54/58 | €54,718 | €45,772 | -€8,946 | -16.3% |
| Deferred charges and accrued income | 490/1 | €26,388 | €658 | -€25,730 | -97.5% |
| Total equity and liabilities | 10/49 | €613,096 | €754,882 | +€141,786 | +23.1% |
| Equity | 10/15 | €50,938 | €14,117 | -€36,821 | -72.3% |
| Contributions | 10/11 | €82,400 | €82,400 | = | 0.0% |
| Reserves | 13 | €1,375 | €1,375 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,375 | €1,375 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,837 | -€69,658 | -€36,821 | -112.1% |
| Amounts payable | 17/49 | €562,158 | €740,765 | +€178,607 | +31.8% |
| Amounts payable after more than one year | 17 | €243,341 | €220,939 | -€22,403 | -9.2% |
| Financial debts | 170/4 | €243,341 | €220,939 | -€22,403 | -9.2% |
| Amounts payable within one year | 42/48 | €313,013 | €513,730 | +€200,718 | +64.1% |
| Current portion of amounts payable after more than one year | 42 | €21,988 | €22,403 | +€415 | +1.9% |
| Trade debts | 44 | €1,897 | €81,124 | +€79,227 | +4177.4% |
| Suppliers | 440/4 | €1,897 | €81,124 | +€79,227 | +4177.4% |
| Taxes, remuneration and social security | 45 | €12,838 | €12,115 | -€723 | -5.6% |
| Taxes | 450/3 | €7,021 | €9,607 | +€2,586 | +36.8% |
| Remuneration and social security | 454/9 | €5,817 | €2,508 | -€3,309 | -56.9% |
| Other amounts payable | 47/48 | €276,291 | €398,089 | +€121,799 | +44.1% |
| Accrued charges and deferred income | 492/3 | €5,804 | €6,096 | +€292 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,116 | €22,890 | -€226 | -1.0% |
| Other operating charges | 640/8 | €10,561 | €8,456 | -€2,105 | -19.9% |
| Gross operating margin | 9900 | -€4,083 | -€5,290 | -€1,207 | -29.6% |
| Operating profit (loss) | 9901 | -€37,761 | -€36,637 | +€1,124 | +3.0% |
| Financial income | 75/76B | €14,121 | €7,374 | -€6,747 | -47.8% |
| Recurring financial income | 75 | €9,121 | €7,374 | -€1,747 | -19.2% |
| Non-recurring financial income | 76B | €5,000 | €0 | -€5,000 | -100.0% |
| Financial charges | 65/66B | €5,395 | €5,069 | -€325 | -6.0% |
| Recurring financial charges | 65 | €5,395 | €5,069 | -€325 | -6.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€29,034 | -€34,332 | -€5,298 | -18.2% |
| Income taxes | 67/77 | €0 | €2,488 | +€2,488 | |
| Profit (loss) for the period | 9904 | -€29,034 | -€36,821 | -€7,787 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,034 | -€36,821 | -€7,787 | -26.8% |
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 10 October 2026 via checked.be.