MAD VISION GROUP: 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 VISION GROUP
Largest movements
- Financial fixed assets -€253,512
down €253,512 (-10.9%), from €2.3m to €2.1m
- Receivables within one year +€127,245
up €127,245 (+38.8%), from €328,252 to €455,497
of which Trade receivables: +€128,075
- Short-term financial debts +€1.4m
new in 2025: €1.4m
of which Other loans: +€1.4m
- Debts after one year -€1.4m
down €1.4m (-74.5%), from €1.8m to €467,511
of which Financial debts: -€1.4m
- Trade debts -€135,839
down €135,839 (-46.3%), from €293,569 to €157,730
- Other debts +€81,382
new in 2025: €81,382
- Profit (loss) carried forward -€78,934
down €78,934 (-14.8%), from -€532,298 to -€611,232
- Write-downs -€136,243
no longer reported in 2025 (was €136,243)
- Financial charges +€60,183
up €60,183 (+74.3%), from €81,037 to €141,219
- Staff costs -€16,647
down €16,647 (-20.4%), from €81,423 to €64,777
- Taxes +€6,442
up €6,442 (+3,681%), from €175 to €6,617
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 | €2,800,917 | €2,629,521 | -€171,396 | -6.1% |
| Formation expenses | 20 | €109,858 | €86,305 | -€23,553 | -21.4% |
| Fixed assets | 21/28 | €2,333,313 | €2,076,324 | -€256,988 | -11.0% |
| Intangible fixed assets | 21 | €7,200 | €5,731 | -€1,469 | -20.4% |
| Tangible fixed assets | 22/27 | €4,794 | €2,786 | -€2,007 | -41.9% |
| Furniture and vehicles | 24 | €4,794 | €2,786 | -€2,007 | -41.9% |
| Financial fixed assets | 28 | €2,321,319 | €2,067,807 | -€253,512 | -10.9% |
| Current assets | 29/58 | €357,746 | €466,892 | +€109,146 | +30.5% |
| Amounts receivable within one year | 40/41 | €328,252 | €455,497 | +€127,245 | +38.8% |
| Trade receivables | 40 | €317,346 | €445,421 | +€128,075 | +40.4% |
| Other amounts receivable | 41 | €10,906 | €10,076 | -€830 | -7.6% |
| Cash at bank and in hand | 54/58 | €21,502 | €318 | -€21,184 | -98.5% |
| Deferred charges and accrued income | 490/1 | €7,992 | €11,076 | +€3,085 | +38.6% |
| Total equity and liabilities | 10/49 | €2,800,917 | €2,629,521 | -€171,396 | -6.1% |
| Equity | 10/15 | €475,762 | €396,828 | -€78,934 | -16.6% |
| Contributions | 10/11 | €1,006,200 | €1,006,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€532,298 | -€611,232 | -€78,934 | -14.8% |
| Amounts payable | 17/49 | €2,325,155 | €2,232,694 | -€92,461 | -4.0% |
| Amounts payable after more than one year | 17 | €1,835,403 | €467,511 | -€1.4m | -74.5% |
| Financial debts | 170/4 | €1,645,509 | €207,601 | -€1.4m | -87.4% |
| Other amounts payable | 178/9 | €189,893 | €259,909 | +€70,016 | +36.9% |
| Amounts payable within one year | 42/48 | €479,091 | €1,754,411 | +€1.3m | +266% |
| Current portion of amounts payable after more than one year | 42 | €120,387 | €79,327 | -€41,060 | -34.1% |
| Financial debts | 43 | - | €1,425,816 | +€1.4m | |
| Credit institutions | 430/8 | - | €1,172 | +€1,172 | |
| Other loans | 439 | - | €1,424,645 | +€1.4m | |
| Trade debts | 44 | €293,569 | €157,730 | -€135,839 | -46.3% |
| Suppliers | 440/4 | €293,569 | €157,730 | -€135,839 | -46.3% |
| Taxes, remuneration and social security | 45 | €65,135 | €10,156 | -€54,979 | -84.4% |
| Taxes | 450/3 | €49,296 | €1,275 | -€48,021 | -97.4% |
| Remuneration and social security | 454/9 | €15,839 | €8,880 | -€6,958 | -43.9% |
| Other amounts payable | 47/48 | - | €81,382 | +€81,382 | |
| Accrued charges and deferred income | 492/3 | €10,661 | €10,772 | +€112 | +1.0% |
| Remuneration, social security and pensions | 62 | €81,423 | €64,777 | -€16,647 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,187 | €27,029 | -€1,158 | -4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €136,243 | - | -€136,243 | |
| Other operating charges | 640/8 | €8,290 | €9,948 | +€1,659 | +20.0% |
| Gross operating margin | 9900 | €168,752 | €170,027 | +€1,275 | +0.8% |
| Operating profit (loss) | 9901 | -€85,391 | €68,273 | +€153,664 | |
| Financial income | 75/76B | €2,310 | €630 | -€1,680 | -72.7% |
| Recurring financial income | 75 | €2,310 | €630 | -€1,680 | -72.7% |
| Financial charges | 65/66B | €81,037 | €141,219 | +€60,183 | +74.3% |
| Recurring financial charges | 65 | €81,037 | €141,219 | +€60,183 | +74.3% |
| Profit (loss) for the period before taxes | 9903 | -€164,118 | -€72,317 | +€91,801 | +55.9% |
| Income taxes | 67/77 | €175 | €6,617 | +€6,442 | +3,681% |
| Profit (loss) for the period | 9904 | -€164,293 | -€78,934 | +€85,358 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€164,293 | -€78,934 | +€85,358 | +52.0% |
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.