Madaraja: 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.
Madaraja
Largest movements
- Cash +€44,388
up €44,388 (+40.5%), from €109,631 to €154,019
mainly Receivables within one year (+€37,604) and Net result for the year (+€29,926)
- Receivables within one year -€37,604
down €37,604 (-88.6%), from €42,444 to €4,840
of which Trade receivables: -€37,510
- Reserves +€30,004
up €30,004 (+23.4%), from €128,418 to €158,423
- Tax, wage and social debts -€24,194
down €24,194 (-47.6%), from €50,838 to €26,643
- Gross operating margin -€62,447
down €62,447 (-63.2%), from €98,869 to €36,422
- Taxes -€12,518
down €12,518 (-62.9%), from €19,902 to €7,384
- Financial income +€3,349
up €3,349 (+1837.6%), from €182 to €3,531
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 | €184,708 | €191,654 | +€6,947 | +3.8% |
| Fixed assets | 21/28 | €7,774 | €7,955 | +€181 | +2.3% |
| Tangible fixed assets | 22/27 | €7,774 | €7,955 | +€181 | +2.3% |
| Plant, machinery and equipment | 23 | - | €1,963 | +€1,963 | |
| Other tangible fixed assets | 26 | €7,774 | €5,992 | -€1,782 | -22.9% |
| Current assets | 29/58 | €176,934 | €183,699 | +€6,765 | +3.8% |
| Amounts receivable within one year | 40/41 | €42,444 | €4,840 | -€37,604 | -88.6% |
| Trade receivables | 40 | €42,350 | €4,840 | -€37,510 | -88.6% |
| Other amounts receivable | 41 | €94 | €0 | -€94 | -100.0% |
| Current investments | 50/53 | €24,570 | €24,570 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €109,631 | €154,019 | +€44,388 | +40.5% |
| Deferred charges and accrued income | 490/1 | €290 | €271 | -€19 | -6.7% |
| Total equity and liabilities | 10/49 | €184,708 | €191,654 | +€6,947 | +3.8% |
| Equity | 10/15 | €133,497 | €163,423 | +€29,926 | +22.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €128,418 | €158,423 | +€30,004 | +23.4% |
| Distributable reserves | 133 | €128,418 | €158,423 | +€30,004 | +23.4% |
| Profit (loss) carried forward | 14 | €78 | €0 | -€78 | -100.0% |
| Amounts payable | 17/49 | €51,211 | €28,232 | -€22,979 | -44.9% |
| Amounts payable within one year | 42/48 | €51,211 | €28,232 | -€22,979 | -44.9% |
| Trade debts | 44 | €373 | €335 | -€39 | -10.3% |
| Suppliers | 440/4 | €373 | €335 | -€39 | -10.3% |
| Taxes, remuneration and social security | 45 | €50,838 | €26,643 | -€24,194 | -47.6% |
| Taxes | 450/3 | €50,838 | €26,643 | -€24,194 | -47.6% |
| Other amounts payable | 47/48 | €0 | €1,254 | +€1,254 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,156 | €2,073 | +€916 | +79.2% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €98,869 | €36,422 | -€62,447 | -63.2% |
| Operating profit (loss) | 9901 | €97,207 | €33,829 | -€63,378 | -65.2% |
| Financial income | 75/76B | €182 | €3,531 | +€3,349 | +1837.6% |
| Recurring financial income | 75 | €182 | €3,531 | +€3,349 | +1837.6% |
| Financial charges | 65/66B | €469 | €50 | -€418 | -89.3% |
| Recurring financial charges | 65 | €469 | €50 | -€418 | -89.3% |
| Profit (loss) for the period before taxes | 9903 | €96,921 | €37,310 | -€59,610 | -61.5% |
| Income taxes | 67/77 | €19,902 | €7,384 | -€12,518 | -62.9% |
| Profit (loss) for the period | 9904 | €77,018 | €29,926 | -€47,092 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €77,018 | €29,926 | -€47,092 | -61.1% |
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.