Mada23: what changed
Two fiscal 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.
Mada23
Largest movements
- Cash +€11,443
up €11,443 (+77.9%), from €14,692 to €26,136
mainly Net result for the year (+€24,119) and Depreciation (+€8,392)
- Deferred charges and accrued income +€5,972
up €5,972 (+8602.6%), from €69 to €6,041
- Tangible fixed assets -€3,026
down €3,026 (-7.5%), from €40,567 to €37,541
of which Furniture and vehicles: -€4,405
- Intangible fixed assets -€1,006
down €1,006 (-13.8%), from €7,283 to €6,277
- Profit (loss) carried forward +€24,119
up €24,119 (+239.5%), from €10,073 to €34,192
- Debts after one year -€8,719
down €8,719 (-30.8%), from €28,269 to €19,551
- Other debts +€1,800
up €1,800, from €0 to €1,800
- Tax, wage and social debts -€1,427
down €1,427 (-12.0%), from €11,930 to €10,503
of which Taxes: -€1,353
- Trade debts -€1,409
down €1,409 (-22.4%), from €6,303 to €4,894
- Staff costs -€13,812
down €13,812 (-95.5%), from €14,456 to €644
- Gross operating margin +€7,757
up €7,757 (+22.9%), from €33,918 to €41,675
- Depreciation +€4,724
up €4,724 (+128.8%), from €3,668 to €8,392
- Financial charges +€2,622
up €2,622 (+138.2%), from €1,897 to €4,519
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.
Cash bridge derived
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 | €77,532 | €91,171 | +€13,639 | +17.6% |
| Fixed assets | 21/28 | €47,850 | €43,818 | -€4,032 | -8.4% |
| Intangible fixed assets | 21 | €7,283 | €6,277 | -€1,006 | -13.8% |
| Tangible fixed assets | 22/27 | €40,567 | €37,541 | -€3,026 | -7.5% |
| Plant, machinery and equipment | 23 | €4,080 | €7,173 | +€3,094 | +75.8% |
| Furniture and vehicles | 24 | €20,397 | €15,992 | -€4,405 | -21.6% |
| Other tangible fixed assets | 26 | €16,091 | €14,375 | -€1,715 | -10.7% |
| Current assets | 29/58 | €29,682 | €47,354 | +€17,671 | +59.5% |
| Stocks and contracts in progress | 3 | €8,852 | €8,646 | -€206 | -2.3% |
| Stocks | 30/36 | €8,852 | €8,646 | -€206 | -2.3% |
| Amounts receivable within one year | 40/41 | €6,068 | €6,530 | +€462 | +7.6% |
| Trade receivables | 40 | €15 | €1,037 | +€1,022 | +6788.5% |
| Other amounts receivable | 41 | €6,053 | €5,493 | -€559 | -9.2% |
| Cash at bank and in hand | 54/58 | €14,692 | €26,136 | +€11,443 | +77.9% |
| Deferred charges and accrued income | 490/1 | €69 | €6,041 | +€5,972 | +8602.6% |
| Total equity and liabilities | 10/49 | €77,532 | €91,171 | +€13,639 | +17.6% |
| Equity | 10/15 | €20,073 | €44,192 | +€24,119 | +120.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,073 | €34,192 | +€24,119 | +239.5% |
| Amounts payable | 17/49 | €57,460 | €46,979 | -€10,480 | -18.2% |
| Amounts payable after more than one year | 17 | €28,269 | €19,551 | -€8,719 | -30.8% |
| Financial debts | 170/4 | €28,269 | €19,551 | -€8,719 | -30.8% |
| Amounts payable within one year | 42/48 | €28,865 | €27,429 | -€1,436 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €10,632 | €10,232 | -€400 | -3.8% |
| Trade debts | 44 | €6,303 | €4,894 | -€1,409 | -22.4% |
| Suppliers | 440/4 | €6,303 | €4,894 | -€1,409 | -22.4% |
| Taxes, remuneration and social security | 45 | €11,930 | €10,503 | -€1,427 | -12.0% |
| Taxes | 450/3 | €11,652 | €10,300 | -€1,353 | -11.6% |
| Remuneration and social security | 454/9 | €278 | €203 | -€75 | -26.9% |
| Other amounts payable | 47/48 | €0 | €1,800 | +€1,800 | |
| Accrued charges and deferred income | 492/3 | €326 | €0 | -€326 | -100.0% |
| Remuneration, social security and pensions | 62 | €14,456 | €644 | -€13,812 | -95.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,668 | €8,392 | +€4,724 | +128.8% |
| Other operating charges | 640/8 | €224 | €416 | +€192 | +85.7% |
| Gross operating margin | 9900 | €33,918 | €41,675 | +€7,757 | +22.9% |
| Operating profit (loss) | 9901 | €15,570 | €32,223 | +€16,653 | +107.0% |
| Financial income | 75/76B | - | €35 | +€35 | |
| Recurring financial income | 75 | - | €35 | +€35 | |
| Financial charges | 65/66B | €1,897 | €4,519 | +€2,622 | +138.2% |
| Recurring financial charges | 65 | €1,897 | €4,519 | +€2,622 | +138.2% |
| Profit (loss) for the period before taxes | 9903 | €13,673 | €27,738 | +€14,065 | +102.9% |
| Income taxes | 67/77 | €3,600 | €3,619 | +€19 | +0.5% |
| Profit (loss) for the period | 9904 | €10,073 | €24,119 | +€14,047 | +139.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,073 | €24,119 | +€14,047 | +139.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.