MADAREST: 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.
MADAREST
Largest movements
- Cash +€279,737
up €279,737 (+18.3%), from €1.5m to €1.8m
mainly Net result for the year (+€666,538) and Current portion of long-term debt (+€239,170)
- Receivables within one year +€201,511
up €201,511 (+37.9%), from €532,212 to €733,723
of which Trade receivables: +€186,408
- Tangible fixed assets +€178,288
up €178,288 (+18.0%), from €989,458 to €1.2m
of which Land and buildings: +€110,103
- Current portion of long-term debt +€239,170
up €239,170 (+186.8%), from €128,032 to €367,202
- Trade debts +€169,013
up €169,013 (+25.6%), from €659,272 to €828,285
- Other debts +€118,771
up €118,771 (+39.4%), from €301,439 to €420,210
- Short-term financial debts -€92,898
down €92,898 (-30.3%), from €306,236 to €213,338
- Debts after one year +€79,410
up €79,410 (+23.5%), from €337,874 to €417,284
- Turnover -€6.7m
no longer reported in 2025 (was €6.7m)
- Purchases and services -€4.3m
no longer reported in 2025 (was €4.3m)
- Gross operating margin +€295,106
up €295,106 (+12.4%), from €2.4m to €2.7m
- Staff costs +€215,311
up €215,311 (+17.4%), from €1.2m to €1.5m
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 | €3,351,084 | €3,983,752 | +€632,668 | +18.9% |
| Formation expenses | 20 | €230 | - | -€230 | |
| Fixed assets | 21/28 | €993,118 | €1,171,406 | +€178,288 | +18.0% |
| Tangible fixed assets | 22/27 | €989,458 | €1,167,746 | +€178,288 | +18.0% |
| Land and buildings | 22 | €528,642 | €638,745 | +€110,103 | +20.8% |
| Plant, machinery and equipment | 23 | €400,971 | €452,565 | +€51,594 | +12.9% |
| Furniture and vehicles | 24 | €31,108 | €54,883 | +€23,775 | +76.4% |
| Leasing and similar rights | 25 | €28,737 | €21,553 | -€7,184 | -25.0% |
| Financial fixed assets | 28 | €3,660 | €3,660 | = | 0.0% |
| Current assets | 29/58 | €2,357,736 | €2,812,346 | +€454,610 | +19.3% |
| Stocks and contracts in progress | 3 | €293,473 | €266,835 | -€26,638 | -9.1% |
| Stocks | 30/36 | €293,473 | €266,835 | -€26,638 | -9.1% |
| Amounts receivable within one year | 40/41 | €532,212 | €733,723 | +€201,511 | +37.9% |
| Trade receivables | 40 | €497,914 | €684,322 | +€186,408 | +37.4% |
| Other amounts receivable | 41 | €34,298 | €49,401 | +€15,103 | +44.0% |
| Cash at bank and in hand | 54/58 | €1,532,051 | €1,811,788 | +€279,737 | +18.3% |
| Total equity and liabilities | 10/49 | €3,351,084 | €3,983,752 | +€632,668 | +18.9% |
| Equity | 10/15 | €1,358,529 | €1,425,067 | +€66,538 | +4.9% |
| 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 | €159,296 | €219,296 | +€60,000 | +37.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €157,437 | €217,437 | +€60,000 | +38.1% |
| Profit (loss) carried forward | 14 | €1,180,641 | €1,187,179 | +€6,538 | +0.6% |
| Amounts payable | 17/49 | €1,992,555 | €2,558,685 | +€566,130 | +28.4% |
| Amounts payable after more than one year | 17 | €337,874 | €417,284 | +€79,410 | +23.5% |
| Financial debts | 170/4 | €337,874 | €417,284 | +€79,410 | +23.5% |
| Amounts payable within one year | 42/48 | €1,654,681 | €2,141,401 | +€486,720 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €128,032 | €367,202 | +€239,170 | +186.8% |
| Financial debts | 43 | €306,236 | €213,338 | -€92,898 | -30.3% |
| Other loans | 439 | €306,236 | €213,338 | -€92,898 | -30.3% |
| Trade debts | 44 | €659,272 | €828,285 | +€169,013 | +25.6% |
| Suppliers | 440/4 | €659,272 | €828,285 | +€169,013 | +25.6% |
| Taxes, remuneration and social security | 45 | €259,702 | €312,366 | +€52,664 | +20.3% |
| Taxes | 450/3 | €191,234 | €188,502 | -€2,732 | -1.4% |
| Remuneration and social security | 454/9 | €68,468 | €123,864 | +€55,396 | +80.9% |
| Other amounts payable | 47/48 | €301,439 | €420,210 | +€118,771 | +39.4% |
| Turnover | 70 | €6,654,491 | - | -€6.7m | |
| Non-recurring operating income | 76A | €662 | - | -€662 | |
| Goods, raw materials, services and sundry goods | 60/61 | €4,308,335 | - | -€4.3m | |
| Remuneration, social security and pensions | 62 | €1,240,850 | €1,456,161 | +€215,311 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,943 | €232,449 | +€49,506 | +27.1% |
| Other operating charges | 640/8 | €72,987 | €81,910 | +€8,923 | +12.2% |
| Non-recurring operating charges | 66A | €44 | - | -€44 | |
| Gross operating margin | 9900 | €2,383,150 | €2,678,256 | +€295,106 | +12.4% |
| Operating profit (loss) | 9901 | €886,326 | €907,736 | +€21,410 | +2.4% |
| Financial income | 75/76B | €7,244 | €10,360 | +€3,116 | +43.0% |
| Recurring financial income | 75 | €7,244 | €10,360 | +€3,116 | +43.0% |
| Financial charges | 65/66B | €22,159 | €29,705 | +€7,546 | +34.1% |
| Recurring financial charges | 65 | €22,159 | €29,705 | +€7,546 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €871,411 | €888,391 | +€16,980 | +1.9% |
| Income taxes | 67/77 | €260,822 | €221,853 | -€38,969 | -14.9% |
| Profit (loss) for the period | 9904 | €610,589 | €666,538 | +€55,949 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €610,589 | €666,538 | +€55,949 | +9.2% |
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 29 September 2026 via checked.be.