MADAFISC: 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.
MADAFISC
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash +€115,484
up €115,484 (+55.7%), from €207,315 to €322,800
mainly Current investments (+€150,000) and Net result for the year (+€53,469)
- Tangible fixed assets -€17,598
down €17,598 (-12.7%), from €138,067 to €120,468
- Receivables within one year +€12,095
up €12,095 (+175.4%), from €6,895 to €18,990
- Debts after one year -€12,000
no longer reported in 2025 (was €12,000)
- Trade debts -€10,127
down €10,127 (-89.2%), from €11,353 to €1,226
- Tax, wage and social debts -€10,121
down €10,121 (-27.7%), from €36,532 to €26,411
of which Remuneration and social security: -€11,000
- Other debts -€7,542
down €7,542 (-41.0%), from €18,376 to €10,833
- Reserves -€5,748
down €5,748 (-1.4%), from €408,726 to €402,978
- Gross operating margin +€4,940
up €4,940 (+5.4%), from €91,924 to €96,865
- Financial charges -€2,787
down €2,787 (-41.5%), from €6,718 to €3,931
- Taxes +€2,160
up €2,160 (+11.5%), from €18,836 to €20,996
- Depreciation -€1,562
down €1,562 (-7.7%), from €20,178 to €18,616
- Other operating charges +€1,203
up €1,203 (+33.8%), from €3,561 to €4,764
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 | €505,607 | €463,887 | -€41,720 | -8.3% |
| Fixed assets | 21/28 | €138,076 | €120,478 | -€17,598 | -12.7% |
| Tangible fixed assets | 22/27 | €138,067 | €120,468 | -€17,598 | -12.7% |
| Land and buildings | 22 | €109,430 | €102,236 | -€7,193 | -6.6% |
| Furniture and vehicles | 24 | €16,266 | €8,880 | -€7,386 | -45.4% |
| Other tangible fixed assets | 26 | €12,371 | €9,352 | -€3,019 | -24.4% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €367,531 | €343,409 | -€24,122 | -6.6% |
| Amounts receivable within one year | 40/41 | €6,895 | €18,990 | +€12,095 | +175.4% |
| Trade receivables | 40 | €6,895 | €18,990 | +€12,095 | +175.4% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €207,315 | €322,800 | +€115,484 | +55.7% |
| Deferred charges and accrued income | 490/1 | €3,320 | €1,619 | -€1,701 | -51.2% |
| Total equity and liabilities | 10/49 | €505,607 | €463,887 | -€41,720 | -8.3% |
| Equity | 10/15 | €413,282 | €412,734 | -€548 | -0.1% |
| Contributions | 10/11 | €1,000 | €6,200 | +€5,200 | +520.0% |
| Reserves | 13 | €408,726 | €402,978 | -€5,748 | -1.4% |
| Distributable reserves | 133 | €408,726 | €402,978 | -€5,748 | -1.4% |
| Profit (loss) carried forward | 14 | €3,556 | €3,556 | = | 0.0% |
| Amounts payable | 17/49 | €92,325 | €51,153 | -€41,172 | -44.6% |
| Amounts payable after more than one year | 17 | €12,000 | - | -€12,000 | |
| Financial debts | 170/4 | €12,000 | - | -€12,000 | |
| Amounts payable within one year | 42/48 | €78,260 | €50,470 | -€27,790 | -35.5% |
| Current portion of amounts payable after more than one year | 42 | €12,000 | €12,000 | = | 0.0% |
| Trade debts | 44 | €11,353 | €1,226 | -€10,127 | -89.2% |
| Suppliers | 440/4 | €11,353 | €1,226 | -€10,127 | -89.2% |
| Taxes, remuneration and social security | 45 | €36,532 | €26,411 | -€10,121 | -27.7% |
| Taxes | 450/3 | €25,532 | €26,411 | +€879 | +3.4% |
| Remuneration and social security | 454/9 | €11,000 | - | -€11,000 | |
| Other amounts payable | 47/48 | €18,376 | €10,833 | -€7,542 | -41.0% |
| Accrued charges and deferred income | 492/3 | €2,065 | €683 | -€1,382 | -66.9% |
| Non-recurring operating income | 76A | - | €6,849 | +€6,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,178 | €18,616 | -€1,562 | -7.7% |
| Other operating charges | 640/8 | €3,561 | €4,764 | +€1,203 | +33.8% |
| Non-recurring operating charges | 66A | - | €673 | +€673 | |
| Gross operating margin | 9900 | €91,924 | €96,865 | +€4,940 | +5.4% |
| Operating profit (loss) | 9901 | €68,186 | €72,812 | +€4,626 | +6.8% |
| Financial income | 75/76B | €5,499 | €5,585 | +€86 | +1.6% |
| Recurring financial income | 75 | €5,499 | €5,585 | +€86 | +1.6% |
| Financial charges | 65/66B | €6,718 | €3,931 | -€2,787 | -41.5% |
| Recurring financial charges | 65 | €6,718 | €3,931 | -€2,787 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €66,967 | €74,465 | +€7,499 | +11.2% |
| Income taxes | 67/77 | €18,836 | €20,996 | +€2,160 | +11.5% |
| Profit (loss) for the period | 9904 | €48,131 | €53,469 | +€5,338 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,131 | €53,469 | +€5,338 | +11.1% |
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 7 October 2026 via checked.be.