Madara: 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.
Madara
Largest movements
- Cash -€7,304
down €7,304 (-36.2%), from €20,154 to €12,850
mainly Contributions, distributions and other (-€45,802) and Deferred charges and accrued income (-€6,529)
- Deferred charges and accrued income +€6,529
up €6,529 (+83.5%), from €7,816 to €14,345
- Tangible fixed assets -€5,614
down €5,614 (-10.1%), from €55,792 to €50,178
- Reserves -€13,600
down €13,600 (-6.9%), from €196,980 to €183,380
of which Distributable reserves: -€11,741
- Other debts +€11,518
up €11,518 (+295.9%), from €3,893 to €15,411
- Short-term financial debts -€3,076
down €3,076 (-100.0%), from €3,076 to €0
- Gross operating margin +€2,190
up €2,190 (+4.1%), from €53,629 to €55,819
- Financial income -€1,812
down €1,812 (-55.9%), from €3,242 to €1,430
- Financial charges +€886
up €886 (+226.1%), from €392 to €1,277
- Taxes -€869
down €869 (-5.5%), from €15,897 to €15,027
- Other operating charges -€662
down €662 (-53.1%), from €1,247 to €585
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 | €212,802 | €207,513 | -€5,289 | -2.5% |
| Fixed assets | 21/28 | €55,792 | €50,178 | -€5,614 | -10.1% |
| Tangible fixed assets | 22/27 | €55,792 | €50,178 | -€5,614 | -10.1% |
| Land and buildings | 22 | €55,792 | €50,178 | -€5,614 | -10.1% |
| Current assets | 29/58 | €157,010 | €157,335 | +€324 | +0.2% |
| Amounts receivable within one year | 40/41 | €766 | €850 | +€84 | +10.9% |
| Trade receivables | 40 | €690 | €372 | -€318 | -46.1% |
| Other amounts receivable | 41 | €76 | €478 | +€402 | +528.3% |
| Current investments | 50/53 | €128,274 | €129,290 | +€1,016 | +0.8% |
| Cash at bank and in hand | 54/58 | €20,154 | €12,850 | -€7,304 | -36.2% |
| Deferred charges and accrued income | 490/1 | €7,816 | €14,345 | +€6,529 | +83.5% |
| Total equity and liabilities | 10/49 | €212,802 | €207,513 | -€5,289 | -2.5% |
| Equity | 10/15 | €204,446 | €190,846 | -€13,600 | -6.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €196,980 | €183,380 | -€13,600 | -6.9% |
| Non-distributable reserves | 130/1 | €1,859 | €0 | -€1,859 | -100.0% |
| Reserves not available under the articles | 1311 | €1,859 | €0 | -€1,859 | -100.0% |
| Distributable reserves | 133 | €195,121 | €183,380 | -€11,741 | -6.0% |
| Profit (loss) carried forward | 14 | €1,266 | €1,266 | = | 0.0% |
| Amounts payable | 17/49 | €8,356 | €16,667 | +€8,311 | +99.5% |
| Amounts payable within one year | 42/48 | €8,356 | €15,411 | +€7,054 | +84.4% |
| Financial debts | 43 | €3,076 | €0 | -€3,076 | -100.0% |
| Credit institutions | 430/8 | €3,076 | €0 | -€3,076 | -100.0% |
| Trade debts | 44 | €1,387 | €0 | -€1,387 | -100.0% |
| Suppliers | 440/4 | €1,387 | €0 | -€1,387 | -100.0% |
| Other amounts payable | 47/48 | €3,893 | €15,411 | +€11,518 | +295.9% |
| Accrued charges and deferred income | 492/3 | - | €1,256 | +€1,256 | |
| Non-recurring operating income | 76A | - | €99 | +€99 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,271 | €5,614 | +€342 | +6.5% |
| Other operating charges | 640/8 | €1,247 | €585 | -€662 | -53.1% |
| Non-recurring operating charges | 66A | - | €2,544 | +€2,544 | |
| Gross operating margin | 9900 | €53,629 | €55,819 | +€2,190 | +4.1% |
| Operating profit (loss) | 9901 | €47,110 | €47,076 | -€35 | -0.1% |
| Financial income | 75/76B | €3,242 | €1,430 | -€1,812 | -55.9% |
| Recurring financial income | 75 | €3,242 | €1,430 | -€1,812 | -55.9% |
| Financial charges | 65/66B | €392 | €1,277 | +€886 | +226.1% |
| Recurring financial charges | 65 | €392 | €1,277 | +€886 | +226.1% |
| Profit (loss) for the period before taxes | 9903 | €49,961 | €47,229 | -€2,732 | -5.5% |
| Income taxes | 67/77 | €15,897 | €15,027 | -€869 | -5.5% |
| Profit (loss) for the period | 9904 | €34,064 | €32,201 | -€1,863 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,064 | €32,201 | -€1,863 | -5.5% |
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.