Madamina: 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.
Madamina
Largest movements
- Formation expenses +€186,671
new in 2025: €186,671
- Intangible fixed assets -€182,798
no longer reported in 2025 (was €182,798)
- Tangible fixed assets +€182,798
new in 2025: €182,798
- Advances received +€143,343
new in 2025: €143,343
- Reserves +€28,857
up €28,857 (+18.3%), from €157,814 to €186,671
of which Non-distributable reserves: +€168,000
- Accrued charges and deferred income +€18,671
new in 2025: €18,671
- Profit (loss) carried forward -€4,499
down €4,499 (-6.7%), from -€66,676 to -€71,176
- Other operating charges +€4,499
new in 2025: €4,499
- Gross operating margin +€4,066
no longer reported in 2025 (was -€4,066)
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 | €235,473 | €421,844 | +€186,371 | +79.1% |
| Formation expenses | 20 | - | €186,671 | +€186,671 | |
| Fixed assets | 21/28 | €182,798 | €182,798 | = | 0.0% |
| Intangible fixed assets | 21 | €182,798 | - | -€182,798 | |
| Tangible fixed assets | 22/27 | - | €182,798 | +€182,798 | |
| Land and buildings | 22 | - | €182,798 | +€182,798 | |
| Current assets | 29/58 | €52,675 | €52,376 | -€299 | -0.6% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks | 30/36 | - | €0 | = | |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €2,160 | €1,860 | -€299 | -13.9% |
| Deferred charges and accrued income | 490/1 | €515 | €515 | = | 0.0% |
| Total equity and liabilities | 10/49 | €235,473 | €421,844 | +€186,371 | +79.1% |
| Equity | 10/15 | €109,730 | €134,087 | +€24,357 | +22.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €157,814 | €186,671 | +€28,857 | +18.3% |
| Non-distributable reserves | 130/1 | €18,671 | €186,671 | +€168,000 | +899.8% |
| Other | 1319 | €18,671 | €186,671 | +€168,000 | +899.8% |
| Tax-exempt reserves | 132 | €139,143 | - | -€139,143 | |
| Profit (loss) carried forward | 14 | -€66,676 | -€71,176 | -€4,499 | -6.7% |
| Amounts payable | 17/49 | €125,743 | €287,757 | +€162,014 | +128.8% |
| Amounts payable after more than one year | 17 | €125,743 | €125,743 | = | 0.0% |
| Financial debts | 170/4 | €125,743 | €125,743 | = | 0.0% |
| Amounts payable within one year | 42/48 | - | €143,343 | +€143,343 | |
| Advances received on contracts in progress | 46 | - | €143,343 | +€143,343 | |
| Accrued charges and deferred income | 492/3 | - | €18,671 | +€18,671 | |
| Other operating charges | 640/8 | - | €4,499 | +€4,499 | |
| Gross operating margin | 9900 | -€4,066 | - | +€4,066 | |
| Operating profit (loss) | 9901 | -€4,066 | -€4,499 | -€433 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,066 | -€4,499 | -€433 | -10.7% |
| Profit (loss) for the period | 9904 | -€4,066 | -€4,499 | -€433 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,066 | -€4,499 | -€433 | -10.7% |
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 2 October 2026 via checked.be.