MAD VALLEY: 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 VALLEY
Largest movements
- Tangible fixed assets -€25,362
down €25,362 (-2.3%), from €1.1m to €1.1m
of which Furniture and vehicles: -€25,024
- Contributions +€450,000
up €450,000 (+7,258%), from €6,200 to €456,200
- Other debts -€273,597
down €273,597 (-74.2%), from €368,861 to €95,264
- Profit (loss) carried forward -€68,372
down €68,372 (-46.0%), from -€148,568 to -€216,939
- Debts after one year -€62,292
down €62,292 (-7.8%), from €797,270 to €734,977
- Short-term financial debts -€47,245
down €47,245 (-90.6%), from €52,158 to €4,913
- Gross operating margin -€30,356
down €30,356 (-61.5%), from €49,333 to €18,977
- Depreciation +€13,642
up €13,642 (+27.1%), from €50,357 to €63,999
- Financial charges -€3,768
down €3,768 (-14.6%), from €25,890 to €22,123
- Other operating charges -€972
down €972 (-50.5%), from €1,926 to €954
- Financial income -€701
down €701 (-100.0%), from €701 to €0
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 | €1,210,041 | €1,181,777 | -€28,264 | -2.3% |
| Fixed assets | 21/28 | €1,123,441 | €1,098,079 | -€25,362 | -2.3% |
| Tangible fixed assets | 22/27 | €1,123,441 | €1,098,079 | -€25,362 | -2.3% |
| Land and buildings | 22 | €974,946 | €972,927 | -€2,019 | -0.2% |
| Plant, machinery and equipment | 23 | €6,479 | €8,160 | +€1,681 | +26.0% |
| Furniture and vehicles | 24 | €142,016 | €116,992 | -€25,024 | -17.6% |
| Current assets | 29/58 | €86,600 | €83,698 | -€2,902 | -3.4% |
| Amounts receivable within one year | 40/41 | €83,990 | €82,507 | -€1,483 | -1.8% |
| Trade receivables | 40 | €62,495 | €63,930 | +€1,435 | +2.3% |
| Other amounts receivable | 41 | €21,496 | €18,577 | -€2,918 | -13.6% |
| Cash at bank and in hand | 54/58 | €0 | €1,191 | +€1,191 | |
| Deferred charges and accrued income | 490/1 | €2,609 | €0 | -€2,609 | -100% |
| Total equity and liabilities | 10/49 | €1,210,041 | €1,181,777 | -€28,264 | -2.3% |
| Equity | 10/15 | -€126,420 | €255,208 | +€381,628 | |
| Contributions | 10/11 | €6,200 | €456,200 | +€450,000 | +7,258% |
| Reserves | 13 | €15,948 | €15,948 | = | 0.0% |
| Non-distributable reserves | 130/1 | €913 | €913 | = | 0.0% |
| Other | 1319 | €913 | €913 | = | 0.0% |
| Distributable reserves | 133 | €15,035 | €15,035 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€148,568 | -€216,939 | -€68,372 | -46.0% |
| Amounts payable | 17/49 | €1,336,461 | €926,569 | -€409,892 | -30.7% |
| Amounts payable after more than one year | 17 | €797,270 | €734,977 | -€62,292 | -7.8% |
| Financial debts | 170/4 | €797,270 | €734,977 | -€62,292 | -7.8% |
| Amounts payable within one year | 42/48 | €539,191 | €191,591 | -€347,600 | -64.5% |
| Current portion of amounts payable after more than one year | 42 | €68,236 | €69,792 | +€1,556 | +2.3% |
| Financial debts | 43 | €52,158 | €4,913 | -€47,245 | -90.6% |
| Credit institutions | 430/8 | €52,158 | €4,913 | -€47,245 | -90.6% |
| Trade debts | 44 | €48,071 | €19,485 | -€28,586 | -59.5% |
| Suppliers | 440/4 | €48,071 | €19,485 | -€28,586 | -59.5% |
| Taxes, remuneration and social security | 45 | €1,864 | €2,137 | +€272 | +14.6% |
| Taxes | 450/3 | €1,864 | €2,137 | +€272 | +14.6% |
| Other amounts payable | 47/48 | €368,861 | €95,264 | -€273,597 | -74.2% |
| Non-recurring operating income | 76A | €39,656 | €0 | -€39,656 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,357 | €63,999 | +€13,642 | +27.1% |
| Other operating charges | 640/8 | €1,926 | €954 | -€972 | -50.5% |
| Gross operating margin | 9900 | €49,333 | €18,977 | -€30,356 | -61.5% |
| Operating profit (loss) | 9901 | -€2,950 | -€45,977 | -€43,026 | -1,458% |
| Financial income | 75/76B | €701 | €0 | -€701 | -100.0% |
| Recurring financial income | 75 | €701 | €0 | -€701 | -100.0% |
| Financial charges | 65/66B | €25,890 | €22,123 | -€3,768 | -14.6% |
| Recurring financial charges | 65 | €25,890 | €22,123 | -€3,768 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,140 | -€68,099 | -€39,960 | -142% |
| Income taxes | 67/77 | €422 | €272 | -€150 | -35.4% |
| Profit (loss) for the period | 9904 | -€28,562 | -€68,372 | -€39,810 | -139% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,562 | -€68,372 | -€39,810 | -139% |
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 19 October 2026 via checked.be.