MAD MUD: 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 MUD
Largest movements
- Tangible fixed assets +€47,682
up €47,682 (+21.2%), from €225,088 to €272,771
- Cash -€18,490
down €18,490 (-56.8%), from €32,529 to €14,039
mainly Contributions, distributions and other (-€313,532) and Investment in fixed assets (net) (-€57,280)
- Receivables within one year +€10,328
up €10,328 (+15.8%), from €65,338 to €75,666
of which Trade receivables: +€11,858
- Other debts +€241,941
up €241,941, from €0 to €241,941
- Reserves -€208,407
down €208,407 (-100%), from €208,407 to €0
- Trade debts +€13,745
up €13,745 (+2,993%), from €459 to €14,204
- Debts after one year -€7,405
down €7,405 (-12.3%), from €60,166 to €52,761
- Gross operating margin +€17,555
up €17,555 (+12.9%), from €136,466 to €154,021
- Taxes +€7,232
up €7,232 (+26.9%), from €26,865 to €34,097
- Depreciation +€4,784
up €4,784 (+99.4%), from €4,813 to €9,597
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 | €323,376 | €362,940 | +€39,564 | +12.2% |
| Fixed assets | 21/28 | €225,088 | €272,771 | +€47,682 | +21.2% |
| Tangible fixed assets | 22/27 | €225,088 | €272,771 | +€47,682 | +21.2% |
| Land and buildings | 22 | €225,088 | €272,771 | +€47,682 | +21.2% |
| Current assets | 29/58 | €98,287 | €90,169 | -€8,118 | -8.3% |
| Amounts receivable within one year | 40/41 | €65,338 | €75,666 | +€10,328 | +15.8% |
| Trade receivables | 40 | €63,808 | €75,666 | +€11,858 | +18.6% |
| Other amounts receivable | 41 | €1,530 | €0 | -€1,530 | -100% |
| Cash at bank and in hand | 54/58 | €32,529 | €14,039 | -€18,490 | -56.8% |
| Deferred charges and accrued income | 490/1 | €420 | €464 | +€44 | +10.4% |
| Total equity and liabilities | 10/49 | €323,376 | €362,940 | +€39,564 | +12.2% |
| Equity | 10/15 | €213,407 | €5,000 | -€208,407 | -97.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €208,407 | €0 | -€208,407 | -100% |
| Distributable reserves | 133 | €208,407 | €0 | -€208,407 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €109,969 | €357,940 | +€247,971 | +225% |
| Amounts payable after more than one year | 17 | €60,166 | €52,761 | -€7,405 | -12.3% |
| Financial debts | 170/4 | €60,166 | €52,761 | -€7,405 | -12.3% |
| Amounts payable within one year | 42/48 | €49,802 | €305,179 | +€255,376 | +513% |
| Current portion of amounts payable after more than one year | 42 | €7,087 | €7,405 | +€317 | +4.5% |
| Trade debts | 44 | €459 | €14,204 | +€13,745 | +2,993% |
| Suppliers | 440/4 | €459 | €14,204 | +€13,745 | +2,993% |
| Taxes, remuneration and social security | 45 | €42,256 | €41,628 | -€628 | -1.5% |
| Taxes | 450/3 | €42,256 | €41,628 | -€628 | -1.5% |
| Other amounts payable | 47/48 | €0 | €241,941 | +€241,941 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,813 | €9,597 | +€4,784 | +99.4% |
| Other operating charges | 640/8 | €720 | €1,958 | +€1,239 | +172% |
| Gross operating margin | 9900 | €136,466 | €154,021 | +€17,555 | +12.9% |
| Operating profit (loss) | 9901 | €130,933 | €142,466 | +€11,533 | +8.8% |
| Financial income | 75/76B | €1 | €21 | +€20 | +4,070% |
| Recurring financial income | 75 | €1 | €21 | +€20 | +4,070% |
| Financial charges | 65/66B | €3,474 | €3,264 | -€209 | -6.0% |
| Recurring financial charges | 65 | €3,474 | €3,264 | -€209 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €127,460 | €139,222 | +€11,763 | +9.2% |
| Income taxes | 67/77 | €26,865 | €34,097 | +€7,232 | +26.9% |
| Profit (loss) for the period | 9904 | €100,595 | €105,125 | +€4,530 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €100,595 | €105,125 | +€4,530 | +4.5% |
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.