MADAS: 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.
MADAS
Largest movements
- Stocks and contracts +€103,825
up €103,825 (+15.5%), from €669,601 to €773,426
- Deferred charges and accrued income -€32,031
down €32,031 (-89.1%), from €35,965 to €3,934
- Financial fixed assets +€31,200
up €31,200 (+10.4%), from €299,800 to €331,000
- Cash +€24,842
up €24,842 (+169.3%), from €14,674 to €39,516
mainly Debts after one year (+€160,000) and Other debts (+€48,845)
- Debts after one year +€160,000
up €160,000 (+40.0%), from €400,000 to €560,000
- Current portion of long-term debt -€100,000
down €100,000 (-62.5%), from €160,000 to €60,000
- Tax, wage and social debts -€73,612
down €73,612 (-67.8%), from €108,528 to €34,916
- Other debts +€48,845
up €48,845 (+597123.3%), from €8 to €48,853
- Short-term financial debts +€45,716
up €45,716 (+12.9%), from €355,080 to €400,796
of which Other loans: +€45,716
- Financial charges +€27,756
up €27,756 (+70.0%), from €39,642 to €67,398
- Gross operating margin +€21,712
up €21,712 (+25.7%), from €84,427 to €106,138
- Financial income -€11,207
down €11,207 (-100.0%), from €11,207 to €0
- Taxes -€2,362
down €2,362 (-17.2%), from €13,747 to €11,385
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,243,124 | €1,361,446 | +€118,322 | +9.5% |
| Fixed assets | 21/28 | €307,934 | €333,515 | +€25,581 | +8.3% |
| Intangible fixed assets | 21 | €8,134 | €2,515 | -€5,619 | -69.1% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Financial fixed assets | 28 | €299,800 | €331,000 | +€31,200 | +10.4% |
| Current assets | 29/58 | €935,189 | €1,027,931 | +€92,741 | +9.9% |
| Stocks and contracts in progress | 3 | €669,601 | €773,426 | +€103,825 | +15.5% |
| Stocks | 30/36 | €669,601 | €773,426 | +€103,825 | +15.5% |
| Amounts receivable within one year | 40/41 | €214,950 | €211,056 | -€3,894 | -1.8% |
| Trade receivables | 40 | €146,053 | €170,675 | +€24,622 | +16.9% |
| Other amounts receivable | 41 | €68,897 | €40,380 | -€28,517 | -41.4% |
| Cash at bank and in hand | 54/58 | €14,674 | €39,516 | +€24,842 | +169.3% |
| Deferred charges and accrued income | 490/1 | €35,965 | €3,934 | -€32,031 | -89.1% |
| Total equity and liabilities | 10/49 | €1,243,124 | €1,361,446 | +€118,322 | +9.5% |
| Equity | 10/15 | €198,505 | €198,605 | +€100 | +0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €167,622 | €167,722 | +€100 | +0.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €165,622 | €165,722 | +€100 | +0.1% |
| Profit (loss) carried forward | 14 | €10,883 | €10,883 | = | 0.0% |
| Amounts payable | 17/49 | €1,044,619 | €1,162,841 | +€118,222 | +11.3% |
| Amounts payable after more than one year | 17 | €400,000 | €560,000 | +€160,000 | +40.0% |
| Financial debts | 170/4 | €400,000 | €560,000 | +€160,000 | +40.0% |
| Amounts payable within one year | 42/48 | €626,296 | €575,079 | -€51,217 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €160,000 | €60,000 | -€100,000 | -62.5% |
| Financial debts | 43 | €355,080 | €400,796 | +€45,716 | +12.9% |
| Credit institutions | 430/8 | €300,000 | €300,000 | = | 0.0% |
| Other loans | 439 | €55,080 | €100,796 | +€45,716 | +83.0% |
| Trade debts | 44 | €2,680 | €30,514 | +€27,834 | +1038.6% |
| Suppliers | 440/4 | €2,680 | €30,514 | +€27,834 | +1038.6% |
| Taxes, remuneration and social security | 45 | €108,528 | €34,916 | -€73,612 | -67.8% |
| Taxes | 450/3 | €108,528 | €34,916 | -€73,612 | -67.8% |
| Other amounts payable | 47/48 | €8 | €48,853 | +€48,845 | +597123.3% |
| Accrued charges and deferred income | 492/3 | €18,323 | €27,762 | +€9,439 | +51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,027 | €5,619 | -€408 | -6.8% |
| Other operating charges | 640/8 | €1,300 | €1,329 | +€29 | +2.2% |
| Gross operating margin | 9900 | €84,427 | €106,138 | +€21,712 | +25.7% |
| Operating profit (loss) | 9901 | €77,100 | €99,191 | +€22,091 | +28.7% |
| Financial income | 75/76B | €11,207 | €0 | -€11,207 | -100.0% |
| Recurring financial income | 75 | €11,207 | €0 | -€11,207 | -100.0% |
| Financial charges | 65/66B | €39,642 | €67,398 | +€27,756 | +70.0% |
| Recurring financial charges | 65 | €39,642 | €67,398 | +€27,756 | +70.0% |
| Profit (loss) for the period before taxes | 9903 | €48,666 | €31,793 | -€16,873 | -34.7% |
| Income taxes | 67/77 | €13,747 | €11,385 | -€2,362 | -17.2% |
| Profit (loss) for the period | 9904 | €34,919 | €20,408 | -€14,511 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,919 | €20,408 | -€14,511 | -41.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.