MAD PRODUCTION: 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 PRODUCTION
Largest movements
- Receivables within one year +€28,827
up €28,827 (+182%), from €15,830 to €44,657
of which Trade receivables: +€18,930
- Deferred charges and accrued income +€12,413
up €12,413 (+1,796%), from €691 to €13,104
- Stocks and contracts +€7,277
new in 2025: €7,277
- Financial fixed assets -€6,200
down €6,200 (-100%), from €6,200 to €0
- Tangible fixed assets -€3,605
down €3,605 (-29.2%), from €12,336 to €8,731
of which Other tangible fixed assets: -€3,702
- Tax, wage and social debts +€74,282
new in 2025: €74,282
of which Remuneration and social security: +€71,369
- Profit (loss) carried forward -€38,060
down €38,060 (-567%), from -€6,710 to -€44,770
- Short-term financial debts +€5,848
up €5,848 (+41.5%), from €14,095 to €19,943
- Trade debts -€3,358
down €3,358 (-49.1%), from €6,834 to €3,476
- Gross operating margin -€20,122
down €20,122, from €11,571 to -€8,551
- Taxes +€10,031
new in 2025: €10,031
- Other operating charges -€7,866
down €7,866 (-85.4%), from €9,208 to €1,342
- Financial charges +€6,621
up €6,621 (+618%), from €1,072 to €7,693
of which Non-recurring financial charges: +€5,200
- Write-downs +€5,147
new in 2025: €5,147
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,057 | €73,769 | +€38,712 | +110% |
| Fixed assets | 21/28 | €18,536 | €8,731 | -€9,805 | -52.9% |
| Tangible fixed assets | 22/27 | €12,336 | €8,731 | -€3,605 | -29.2% |
| Furniture and vehicles | 24 | €3,175 | €3,272 | +€97 | +3.1% |
| Other tangible fixed assets | 26 | €9,161 | €5,459 | -€3,702 | -40.4% |
| Financial fixed assets | 28 | €6,200 | €0 | -€6,200 | -100% |
| Current assets | 29/58 | €16,521 | €65,038 | +€48,517 | +294% |
| Stocks and contracts in progress | 3 | - | €7,277 | +€7,277 | |
| Stocks | 30/36 | - | €7,277 | +€7,277 | |
| Amounts receivable within one year | 40/41 | €15,830 | €44,657 | +€28,827 | +182% |
| Trade receivables | 40 | €10,462 | €29,392 | +€18,930 | +181% |
| Other amounts receivable | 41 | €5,368 | €15,265 | +€9,897 | +184% |
| Deferred charges and accrued income | 490/1 | €691 | €13,104 | +€12,413 | +1,796% |
| Total equity and liabilities | 10/49 | €35,057 | €73,769 | +€38,712 | +110% |
| Equity | 10/15 | €13,741 | -€24,319 | -€38,060 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,710 | -€44,770 | -€38,060 | -567% |
| Amounts payable | 17/49 | €21,316 | €98,088 | +€76,772 | +360% |
| Amounts payable within one year | 42/48 | €20,929 | €97,701 | +€76,772 | +367% |
| Financial debts | 43 | €14,095 | €19,943 | +€5,848 | +41.5% |
| Credit institutions | 430/8 | €14,095 | €19,943 | +€5,848 | +41.5% |
| Trade debts | 44 | €6,834 | €3,476 | -€3,358 | -49.1% |
| Suppliers | 440/4 | €6,834 | €3,476 | -€3,358 | -49.1% |
| Taxes, remuneration and social security | 45 | - | €74,282 | +€74,282 | |
| Taxes | 450/3 | - | €2,913 | +€2,913 | |
| Remuneration and social security | 454/9 | - | €71,369 | +€71,369 | |
| Accrued charges and deferred income | 492/3 | €387 | €387 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,875 | €5,296 | +€421 | +8.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,147 | +€5,147 | |
| Other operating charges | 640/8 | €9,208 | €1,342 | -€7,866 | -85.4% |
| Gross operating margin | 9900 | €11,571 | -€8,551 | -€20,122 | |
| Operating profit (loss) | 9901 | -€2,512 | -€20,336 | -€17,824 | -710% |
| Financial income | 75/76B | €274 | - | -€274 | |
| Recurring financial income | 75 | €274 | - | -€274 | |
| Financial charges | 65/66B | €1,072 | €7,693 | +€6,621 | +618% |
| Recurring financial charges | 65 | €1,072 | €2,493 | +€1,421 | +133% |
| Non-recurring financial charges | 66B | - | €5,200 | +€5,200 | |
| Profit (loss) for the period before taxes | 9903 | -€3,310 | -€28,029 | -€24,719 | -747% |
| Income taxes | 67/77 | - | €10,031 | +€10,031 | |
| Profit (loss) for the period | 9904 | -€3,310 | -€38,060 | -€34,750 | -1,050% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,310 | -€38,060 | -€34,750 | -1,050% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.