MADANI: 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.
MADANI
Largest movements
- Receivables within one year -€34,196
down €34,196 (-42.2%), from €81,075 to €46,879
- Cash -€9,471
down €9,471 (-55.2%), from €17,144 to €7,673
mainly Net result for the year (-€46,696) and Tax, wage and social debts (-€2,563)
- Deferred charges and accrued income -€3,770
down €3,770 (-11.1%), from €33,846 to €30,076
- Tangible fixed assets -€3,157
down €3,157 (-31.6%), from €10,001 to €6,844
- Profit (loss) carried forward -€46,696
down €46,696 (-45.4%), from €102,768 to €56,072
- Tax, wage and social debts -€2,563
down €2,563 (-17.4%), from €14,759 to €12,196
of which Taxes: -€2,930
- Financial charges +€47,009
up €47,009 (+128.7%), from €36,522 to €83,531
- Gross operating margin -€22,698
down €22,698 (-28.6%), from €79,386 to €56,688
- Taxes -€10,027
down €10,027 (-96.4%), from €10,401 to €373
- Staff costs +€2,272
up €2,272 (+17.0%), from €13,333 to €15,605
- Financial income -€1,334
down €1,334 (-33.3%), from €4,003 to €2,669
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 | €142,188 | €91,595 | -€50,593 | -35.6% |
| Fixed assets | 21/28 | €10,125 | €6,968 | -€3,157 | -31.2% |
| Tangible fixed assets | 22/27 | €10,001 | €6,844 | -€3,157 | -31.6% |
| Plant, machinery and equipment | 23 | €10,001 | €6,844 | -€3,157 | -31.6% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €132,064 | €84,627 | -€47,437 | -35.9% |
| Amounts receivable within one year | 40/41 | €81,075 | €46,879 | -€34,196 | -42.2% |
| Other amounts receivable | 41 | €81,075 | €46,879 | -€34,196 | -42.2% |
| Cash at bank and in hand | 54/58 | €17,144 | €7,673 | -€9,471 | -55.2% |
| Deferred charges and accrued income | 490/1 | €33,846 | €30,076 | -€3,770 | -11.1% |
| Total equity and liabilities | 10/49 | €142,188 | €91,595 | -€50,593 | -35.6% |
| Equity | 10/15 | €123,228 | €76,532 | -€46,696 | -37.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €102,768 | €56,072 | -€46,696 | -45.4% |
| Amounts payable | 17/49 | €18,960 | €15,063 | -€3,897 | -20.6% |
| Amounts payable within one year | 42/48 | €18,960 | €15,063 | -€3,897 | -20.6% |
| Trade debts | 44 | €4,201 | €2,867 | -€1,334 | -31.8% |
| Suppliers | 440/4 | €4,201 | €2,867 | -€1,334 | -31.8% |
| Taxes, remuneration and social security | 45 | €14,759 | €12,196 | -€2,563 | -17.4% |
| Taxes | 450/3 | €12,458 | €9,528 | -€2,930 | -23.5% |
| Remuneration and social security | 454/9 | €2,301 | €2,667 | +€367 | +15.9% |
| Remuneration, social security and pensions | 62 | €13,333 | €15,605 | +€2,272 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,064 | €5,425 | +€360 | +7.1% |
| Other operating charges | 640/8 | €641 | €1,120 | +€478 | +74.6% |
| Gross operating margin | 9900 | €79,386 | €56,688 | -€22,698 | -28.6% |
| Operating profit (loss) | 9901 | €60,347 | €34,539 | -€25,808 | -42.8% |
| Financial income | 75/76B | €4,003 | €2,669 | -€1,334 | -33.3% |
| Recurring financial income | 75 | €4,003 | €2,669 | -€1,334 | -33.3% |
| Financial charges | 65/66B | €36,522 | €83,531 | +€47,009 | +128.7% |
| Recurring financial charges | 65 | €36,522 | €83,531 | +€47,009 | +128.7% |
| Profit (loss) for the period before taxes | 9903 | €27,829 | -€46,323 | -€74,152 | |
| Income taxes | 67/77 | €10,401 | €373 | -€10,027 | -96.4% |
| Profit (loss) for the period | 9904 | €17,428 | -€46,696 | -€64,124 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,428 | -€46,696 | -€64,124 |
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.