MADAREX: what changed
Two financial 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.
MADAREX
Largest movements
- Receivables within one year -€3,494
down €3,494 (-19.2%), from €18,194 to €14,700
- Cash +€1,089
up €1,089 (+237%), from €459 to €1,548
mainly Receivables within one year (+€3,494)
- Profit (loss) carried forward -€2,226
down €2,226 (-34.1%), from -€6,526 to -€8,752
- Other operating charges -€407
down €407 (-77.2%), from €527 to €120
- Gross operating margin +€212
up €212 (+9.4%), from -€2,247 to -€2,035
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.
Derived cash bridge
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 | €18,653 | €16,248 | -€2,405 | -12.9% |
| Current assets | 29/58 | €18,653 | €16,248 | -€2,405 | -12.9% |
| Amounts receivable within one year | 40/41 | €18,194 | €14,700 | -€3,494 | -19.2% |
| Other amounts receivable | 41 | €18,194 | €14,700 | -€3,494 | -19.2% |
| Cash at bank and in hand | 54/58 | €459 | €1,548 | +€1,089 | +237% |
| Total equity and liabilities | 10/49 | €18,653 | €16,248 | -€2,405 | -12.9% |
| Equity | 10/15 | €18,474 | €16,248 | -€2,226 | -12.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,526 | -€8,752 | -€2,226 | -34.1% |
| Amounts payable | 17/49 | €179 | - | -€179 | |
| Amounts payable within one year | 42/48 | €179 | - | -€179 | |
| Trade debts | 44 | €179 | - | -€179 | |
| Suppliers | 440/4 | €179 | - | -€179 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €527 | €120 | -€407 | -77.2% |
| Gross operating margin | 9900 | -€2,247 | -€2,035 | +€212 | +9.4% |
| Operating profit (loss) | 9901 | -€2,774 | -€2,155 | +€619 | +22.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €65 | €71 | +€6 | +9.4% |
| Recurring financial charges | 65 | €65 | €71 | +€6 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,838 | -€2,226 | +€613 | +21.6% |
| Profit (loss) for the period | 9904 | -€2,838 | -€2,226 | +€613 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,838 | -€2,226 | +€613 | +21.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.