MADAAN: 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.
MADAAN
Largest movements
- Cash +€78,538
up €78,538 (+88.6%), from €88,668 to €167,206
mainly Stocks and contracts (+€30,259) and Receivables within one year (+€20,000)
- Stocks and contracts -€30,259
down €30,259 (-54.8%), from €55,250 to €24,991
- Receivables within one year -€20,000
down €20,000 (-66.7%), from €30,000 to €10,000
- Tangible fixed assets -€5,195
down €5,195 (-94.8%), from €5,479 to €284
of which Furniture and vehicles: -€4,195
- Reserves +€12,500
up €12,500 (+1255.0%), from €996 to €13,496
of which Distributable reserves: +€12,500
- Other debts +€7,380
up €7,380 (+14.7%), from €50,208 to €57,589
- Tax, wage and social debts +€4,910
up €4,910 (+18.4%), from €26,637 to €31,548
of which Remuneration and social security: +€4,403
- Trade debts -€3,105
down €3,105 (-13.9%), from €22,380 to €19,275
- Gross operating margin -€14,001
down €14,001 (-11.2%), from €124,745 to €110,744
- Staff costs -€1,959
down €1,959 (-2.2%), from €88,540 to €86,582
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 | €188,004 | €210,584 | +€22,580 | +12.0% |
| Fixed assets | 21/28 | €13,234 | €8,039 | -€5,195 | -39.3% |
| Tangible fixed assets | 22/27 | €5,479 | €284 | -€5,195 | -94.8% |
| Plant, machinery and equipment | 23 | €1,244 | €244 | -€1,000 | -80.4% |
| Furniture and vehicles | 24 | €4,235 | €40 | -€4,195 | -99.1% |
| Financial fixed assets | 28 | €7,755 | €7,755 | = | 0.0% |
| Current assets | 29/58 | €174,770 | €202,545 | +€27,775 | +15.9% |
| Stocks and contracts in progress | 3 | €55,250 | €24,991 | -€30,259 | -54.8% |
| Stocks | 30/36 | €55,250 | €24,991 | -€30,259 | -54.8% |
| Amounts receivable within one year | 40/41 | €30,000 | €10,000 | -€20,000 | -66.7% |
| Trade receivables | 40 | €30,000 | €10,000 | -€20,000 | -66.7% |
| Cash at bank and in hand | 54/58 | €88,668 | €167,206 | +€78,538 | +88.6% |
| Deferred charges and accrued income | 490/1 | €852 | €349 | -€504 | -59.1% |
| Total equity and liabilities | 10/49 | €188,004 | €210,584 | +€22,580 | +12.0% |
| Equity | 10/15 | €88,778 | €102,173 | +€13,395 | +15.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €996 | €13,496 | +€12,500 | +1255.0% |
| Non-distributable reserves | 130/1 | €996 | €996 | = | 0.0% |
| Reserves not available under the articles | 1311 | €996 | €996 | = | 0.0% |
| Distributable reserves | 133 | - | €12,500 | +€12,500 | |
| Profit (loss) carried forward | 14 | €69,182 | €70,077 | +€895 | +1.3% |
| Amounts payable | 17/49 | €99,226 | €108,411 | +€9,185 | +9.3% |
| Amounts payable within one year | 42/48 | €99,226 | €108,411 | +€9,185 | +9.3% |
| Trade debts | 44 | €22,380 | €19,275 | -€3,105 | -13.9% |
| Suppliers | 440/4 | €22,380 | €19,275 | -€3,105 | -13.9% |
| Taxes, remuneration and social security | 45 | €26,637 | €31,548 | +€4,910 | +18.4% |
| Taxes | 450/3 | €5,124 | €5,632 | +€507 | +9.9% |
| Remuneration and social security | 454/9 | €21,513 | €25,916 | +€4,403 | +20.5% |
| Other amounts payable | 47/48 | €50,208 | €57,589 | +€7,380 | +14.7% |
| Remuneration, social security and pensions | 62 | €88,540 | €86,582 | -€1,959 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,244 | €5,195 | -€49 | -0.9% |
| Other operating charges | 640/8 | €761 | €942 | +€181 | +23.8% |
| Gross operating margin | 9900 | €124,745 | €110,744 | -€14,001 | -11.2% |
| Operating profit (loss) | 9901 | €30,199 | €18,026 | -€12,174 | -40.3% |
| Financial income | 75/76B | €23 | €4 | -€18 | -80.5% |
| Recurring financial income | 75 | €23 | €4 | -€18 | -80.5% |
| Financial charges | 65/66B | €837 | €1,452 | +€615 | +73.5% |
| Recurring financial charges | 65 | €837 | €1,452 | +€615 | +73.5% |
| Profit (loss) for the period before taxes | 9903 | €29,385 | €16,578 | -€12,807 | -43.6% |
| Income taxes | 67/77 | €4,107 | €3,182 | -€924 | -22.5% |
| Profit (loss) for the period | 9904 | €25,278 | €13,395 | -€11,883 | -47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,278 | €13,395 | -€11,883 | -47.0% |
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 1 October 2026 via checked.be.