MADAGA: 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.
MADAGA
Largest movements
- Tangible fixed assets -€7,425
down €7,425 (-35.9%), from €20,698 to €13,273
- Receivables within one year +€4,818
up €4,818 (+481.8%), from €1,000 to €5,818
- Cash +€1,209
up €1,209 (+36.6%), from €3,302 to €4,511
mainly Depreciation (+€4,498) and Accrued charges and deferred income (+€3,200)
- Debts after one year -€4,526
down €4,526 (-36.3%), from €12,458 to €7,932
- Other debts -€3,763
down €3,763 (-85.8%), from €4,386 to €623
- Accrued charges and deferred income +€3,200
new in 2025: €3,200
- Tax, wage and social debts +€2,073
up €2,073 (+442.9%), from €468 to €2,541
- Profit (loss) carried forward +€1,545
up €1,545 (+79.3%), from €1,948 to €3,493
- Gross operating margin +€2,292
up €2,292 (+26.4%), from €8,692 to €10,984
- Depreciation -€1,000
down €1,000 (-18.2%), from €5,498 to €4,498
- Taxes +€510
new in 2025: €510
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 | €25,368 | €23,897 | -€1,471 | -5.8% |
| Formation expenses | 20 | €368 | €295 | -€73 | -19.8% |
| Fixed assets | 21/28 | €20,698 | €13,273 | -€7,425 | -35.9% |
| Tangible fixed assets | 22/27 | €20,698 | €13,273 | -€7,425 | -35.9% |
| Furniture and vehicles | 24 | €20,698 | €13,273 | -€7,425 | -35.9% |
| Current assets | 29/58 | €4,302 | €10,329 | +€6,027 | +140.1% |
| Amounts receivable within one year | 40/41 | €1,000 | €5,818 | +€4,818 | +481.8% |
| Trade receivables | 40 | €1,000 | €5,818 | +€4,818 | +481.8% |
| Cash at bank and in hand | 54/58 | €3,302 | €4,511 | +€1,209 | +36.6% |
| Total equity and liabilities | 10/49 | €25,368 | €23,897 | -€1,471 | -5.8% |
| Equity | 10/15 | €3,530 | €5,075 | +€1,545 | +43.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Capital | 10 | €1,500 | €1,500 | = | 0.0% |
| Issued capital | 100 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €82 | €82 | = | 0.0% |
| Non-distributable reserves | 130/1 | €82 | €82 | = | 0.0% |
| Legal reserve | 130 | €82 | €82 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,948 | €3,493 | +€1,545 | +79.3% |
| Amounts payable | 17/49 | €21,838 | €18,822 | -€3,016 | -13.8% |
| Amounts payable after more than one year | 17 | €12,458 | €7,932 | -€4,526 | -36.3% |
| Financial debts | 170/4 | €12,458 | €7,932 | -€4,526 | -36.3% |
| Amounts payable within one year | 42/48 | €9,380 | €7,690 | -€1,690 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €4,526 | €4,526 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €468 | €2,541 | +€2,073 | +442.9% |
| Taxes | 450/3 | €468 | €2,541 | +€2,073 | +442.9% |
| Other amounts payable | 47/48 | €4,386 | €623 | -€3,763 | -85.8% |
| Accrued charges and deferred income | 492/3 | - | €3,200 | +€3,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,498 | €4,498 | -€1,000 | -18.2% |
| Other operating charges | 640/8 | €1,176 | €1,260 | +€84 | +7.1% |
| Non-recurring operating charges | 66A | - | €3,000 | +€3,000 | |
| Gross operating margin | 9900 | €8,692 | €10,984 | +€2,292 | +26.4% |
| Operating profit (loss) | 9901 | €2,018 | €2,226 | +€208 | +10.3% |
| Financial charges | 65/66B | €163 | €171 | +€8 | +4.9% |
| Recurring financial charges | 65 | €163 | €171 | +€8 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €1,855 | €2,055 | +€200 | +10.8% |
| Income taxes | 67/77 | - | €510 | +€510 | |
| Profit (loss) for the period | 9904 | €1,855 | €1,545 | -€310 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,855 | €1,545 | -€310 | -16.7% |
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 5 October 2026 via checked.be.