MAD-TEC: 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-TEC
Largest movements
- Deferred charges and accrued income +€17,124
new in 2025: €17,124
- Cash -€4,529
down €4,529 (-19.6%), from €23,164 to €18,635
mainly Deferred charges and accrued income (-€17,124) and Receivables within one year (-€3,090)
- Receivables within one year +€3,090
up €3,090 (+10.8%), from €28,726 to €31,816
of which Trade receivables: +€6,762
- Tangible fixed assets -€1,251
down €1,251 (-9.8%), from €12,832 to €11,581
of which Other tangible fixed assets: -€952
- Profit (loss) carried forward +€7,945
up €7,945 (+17.3%), from €45,863 to €53,808
- Trade debts +€3,733
up €3,733 (+124%), from €3,019 to €6,752
- Tax, wage and social debts +€2,552
up €2,552 (+32.6%), from €7,836 to €10,389
- Gross operating margin +€14,475
up €14,475 (+285%), from €5,080 to €19,555
- Taxes +€2,252
up €2,252 (+200%), from €1,128 to €3,380
- Other operating charges +€2,017
up €2,017 (+2,371%), from €85 to €2,103
- Financial charges +€1,628
up €1,628 (+750%), from €217 to €1,845
- Depreciation +€790
up €790 (+22.6%), from €3,493 to €4,283
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 | €64,819 | €79,252 | +€14,434 | +22.3% |
| Fixed assets | 21/28 | €12,928 | €11,677 | -€1,251 | -9.7% |
| Tangible fixed assets | 22/27 | €12,832 | €11,581 | -€1,251 | -9.8% |
| Plant, machinery and equipment | 23 | €2,139 | €1,449 | -€691 | -32.3% |
| Furniture and vehicles | 24 | €4,730 | €5,122 | +€392 | +8.3% |
| Other tangible fixed assets | 26 | €5,962 | €5,010 | -€952 | -16.0% |
| Financial fixed assets | 28 | €96 | €96 | = | 0.0% |
| Current assets | 29/58 | €51,891 | €67,576 | +€15,685 | +30.2% |
| Amounts receivable within one year | 40/41 | €28,726 | €31,816 | +€3,090 | +10.8% |
| Trade receivables | 40 | €5,630 | €12,392 | +€6,762 | +120% |
| Other amounts receivable | 41 | €23,096 | €19,424 | -€3,672 | -15.9% |
| Cash at bank and in hand | 54/58 | €23,164 | €18,635 | -€4,529 | -19.6% |
| Deferred charges and accrued income | 490/1 | - | €17,124 | +€17,124 | |
| Total equity and liabilities | 10/49 | €64,819 | €79,252 | +€14,434 | +22.3% |
| Equity | 10/15 | €53,963 | €61,908 | +€7,945 | +14.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,863 | €53,808 | +€7,945 | +17.3% |
| Amounts payable | 17/49 | €10,855 | €17,344 | +€6,489 | +59.8% |
| Amounts payable within one year | 42/48 | €10,855 | €17,344 | +€6,489 | +59.8% |
| Financial debts | 43 | - | €20 | +€20 | |
| Credit institutions | 430/8 | - | €20 | +€20 | |
| Trade debts | 44 | €3,019 | €6,752 | +€3,733 | +124% |
| Suppliers | 440/4 | €3,019 | €6,752 | +€3,733 | +124% |
| Advances received on contracts in progress | 46 | - | €183 | +€183 | |
| Taxes, remuneration and social security | 45 | €7,836 | €10,389 | +€2,552 | +32.6% |
| Taxes | 450/3 | €7,836 | €10,389 | +€2,552 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,493 | €4,283 | +€790 | +22.6% |
| Other operating charges | 640/8 | €85 | €2,103 | +€2,017 | +2,371% |
| Gross operating margin | 9900 | €5,080 | €19,555 | +€14,475 | +285% |
| Operating profit (loss) | 9901 | €1,502 | €13,170 | +€11,668 | +777% |
| Financial income | 75/76B | €88 | - | -€88 | |
| Recurring financial income | 75 | €88 | - | -€88 | |
| Financial charges | 65/66B | €217 | €1,845 | +€1,628 | +750% |
| Recurring financial charges | 65 | €217 | €1,845 | +€1,628 | +750% |
| Profit (loss) for the period before taxes | 9903 | €1,372 | €11,325 | +€9,952 | +725% |
| Income taxes | 67/77 | €1,128 | €3,380 | +€2,252 | +200% |
| Profit (loss) for the period | 9904 | €245 | €7,945 | +€7,700 | +3,147% |
| Profit (loss) for the period to be appropriated | 9905 | €245 | €7,945 | +€7,700 | +3,147% |
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 31 October 2026 via checked.be.