MAD SPV 1: 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 SPV 1
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€1,838
up €1,838, from -€404 to €1,434
- Other operating charges +€615
up €615 (+113%), from €543 to €1,157
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 | €1,002,360 | €1,002,617 | +€257 | 0.0% |
| Fixed assets | 21/28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €2,360 | €2,617 | +€257 | +10.9% |
| Amounts receivable within one year | 40/41 | €194 | €1,694 | +€1,500 | +775% |
| Trade receivables | 40 | €194 | €1,694 | +€1,500 | +775% |
| Cash at bank and in hand | 54/58 | €2,167 | €923 | -€1,243 | -57.4% |
| Total equity and liabilities | 10/49 | €1,002,360 | €1,002,617 | +€257 | 0.0% |
| Equity | 10/15 | €998,749 | €999,002 | +€253 | 0.0% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,251 | -€998 | +€253 | +20.2% |
| Amounts payable | 17/49 | €3,611 | €3,614 | +€4 | +0.1% |
| Amounts payable within one year | 42/48 | €3,611 | €3,614 | +€4 | +0.1% |
| Trade debts | 44 | €315 | €319 | +€4 | +1.1% |
| Suppliers | 440/4 | €315 | €319 | +€4 | +1.1% |
| Other amounts payable | 47/48 | €3,296 | €3,296 | = | 0.0% |
| Other operating charges | 640/8 | €543 | €1,157 | +€615 | +113% |
| Gross operating margin | 9900 | -€404 | €1,434 | +€1,838 | |
| Operating profit (loss) | 9901 | -€946 | €277 | +€1,223 | |
| Financial charges | 65/66B | €24 | €24 | = | 0.0% |
| Recurring financial charges | 65 | €24 | €24 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€970 | €253 | +€1,223 | |
| Profit (loss) for the period | 9904 | -€970 | €253 | +€1,223 | |
| Profit (loss) for the period to be appropriated | 9905 | -€970 | €253 | +€1,223 |
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 25 October 2026 via checked.be.