MADAMS: 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.
MADAMS
Largest movements
- Current investments -€43,628
down €43,628 (-75.2%), from €58,006 to €14,378
- Cash -€37,554
down €37,554 (-22.1%), from €169,981 to €132,427
mainly Contributions, distributions and other (-€334,000) and Trade debts (-€26,599)
- Tangible fixed assets -€14,410
down €14,410 (-27.5%), from €52,353 to €37,943
- Reserves -€229,364
down €229,364 (-89.7%), from €255,660 to €26,297
- Other debts +€118,304
up €118,304, from €0 to €118,304
- Tax, wage and social debts +€38,900
up €38,900 (+148.1%), from €26,261 to €65,161
- Trade debts -€26,599
down €26,599 (-89.6%), from €29,695 to €3,095
- Provisions +€6,000
up €6,000 (+20.0%), from €30,000 to €36,000
- Gross operating margin +€61,657
up €61,657 (+63.1%), from €97,680 to €159,337
- Provisions +€17,622
up €17,622, from -€11,622 to €6,000
- Taxes +€9,378
up €9,378 (+44.6%), from €21,005 to €30,383
- Financial charges +€6,173
up €6,173 (+105.6%), from €5,847 to €12,020
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 | €347,616 | €254,857 | -€92,759 | -26.7% |
| Fixed assets | 21/28 | €52,353 | €37,943 | -€14,410 | -27.5% |
| Tangible fixed assets | 22/27 | €52,353 | €37,943 | -€14,410 | -27.5% |
| Furniture and vehicles | 24 | €52,353 | €37,943 | -€14,410 | -27.5% |
| Current assets | 29/58 | €295,263 | €216,915 | -€78,349 | -26.5% |
| Amounts receivable within one year | 40/41 | €67,276 | €70,110 | +€2,833 | +4.2% |
| Trade receivables | 40 | €33,416 | €34,110 | +€693 | +2.1% |
| Other amounts receivable | 41 | €33,860 | €36,000 | +€2,140 | +6.3% |
| Current investments | 50/53 | €58,006 | €14,378 | -€43,628 | -75.2% |
| Cash at bank and in hand | 54/58 | €169,981 | €132,427 | -€37,554 | -22.1% |
| Total equity and liabilities | 10/49 | €347,616 | €254,857 | -€92,759 | -26.7% |
| Equity | 10/15 | €261,660 | €32,297 | -€229,364 | -87.7% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €255,660 | €26,297 | -€229,364 | -89.7% |
| Distributable reserves | 133 | €255,660 | €26,297 | -€229,364 | -89.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €30,000 | €36,000 | +€6,000 | +20.0% |
| Provisions for liabilities and charges | 160/5 | €30,000 | €36,000 | +€6,000 | +20.0% |
| Other liabilities and charges | 164/5 | €30,000 | €36,000 | +€6,000 | +20.0% |
| Amounts payable | 17/49 | €55,956 | €186,561 | +€130,605 | +233.4% |
| Amounts payable within one year | 42/48 | €55,956 | €186,561 | +€130,605 | +233.4% |
| Trade debts | 44 | €29,695 | €3,095 | -€26,599 | -89.6% |
| Suppliers | 440/4 | €29,695 | €3,095 | -€26,599 | -89.6% |
| Taxes, remuneration and social security | 45 | €26,261 | €65,161 | +€38,900 | +148.1% |
| Taxes | 450/3 | €26,261 | €65,161 | +€38,900 | +148.1% |
| Other amounts payable | 47/48 | €0 | €118,304 | +€118,304 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,452 | €18,472 | +€1,020 | +5.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€11,622 | €6,000 | +€17,622 | |
| Other operating charges | 640/8 | €141 | €597 | +€456 | +324.8% |
| Gross operating margin | 9900 | €97,680 | €159,337 | +€61,657 | +63.1% |
| Operating profit (loss) | 9901 | €91,710 | €134,269 | +€42,559 | +46.4% |
| Financial income | 75/76B | €12,844 | €12,771 | -€73 | -0.6% |
| Recurring financial income | 75 | €12,844 | €12,771 | -€73 | -0.6% |
| Financial charges | 65/66B | €5,847 | €12,020 | +€6,173 | +105.6% |
| Recurring financial charges | 65 | €5,847 | €12,020 | +€6,173 | +105.6% |
| Profit (loss) for the period before taxes | 9903 | €98,707 | €135,019 | +€36,313 | +36.8% |
| Income taxes | 67/77 | €21,005 | €30,383 | +€9,378 | +44.6% |
| Profit (loss) for the period | 9904 | €77,702 | €104,636 | +€26,935 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,702 | €104,636 | +€26,935 | +34.7% |
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.