MADASTE: 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.
MADASTE
Largest movements
- Receivables within one year -€18,518
down €18,518 (-17.2%), from €107,428 to €88,910
of which Trade receivables: -€30,967
- Tangible fixed assets +€13,048
up €13,048 (+26.8%), from €48,737 to €61,784
of which Land and buildings: +€7,093
- Financial fixed assets +€7,200
new in 2025: €7,200
- Cash -€4,124
down €4,124 (-12.8%), from €32,203 to €28,080
mainly Investment in fixed assets (net) (-€32,002) and Debts after one year (-€7,809)
- Reserves +€12,192
up €12,192 (+12.8%), from €95,605 to €107,797
of which Distributable reserves: +€12,192
- Debts after one year -€7,809
down €7,809 (-69.9%), from €11,174 to €3,365
- Tax, wage and social debts -€6,623
down €6,623 (-13.9%), from €47,620 to €40,996
of which Taxes: -€7,843
- Trade debts +€3,698
up €3,698 (+83.8%), from €4,412 to €8,110
- Current portion of long-term debt -€3,392
down €3,392 (-34.4%), from €9,859 to €6,467
- Gross operating margin -€34,281
down €34,281 (-30.1%), from €113,704 to €79,423
- Staff costs +€22,333
up €22,333 (+75.9%), from €29,424 to €51,756
- Taxes -€19,823
down €19,823 (-78.6%), from €25,228 to €5,405
- Other operating charges -€2,917
down €2,917 (-83.1%), from €3,512 to €595
- Depreciation +€2,603
up €2,603 (+28.4%), from €9,152 to €11,755
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 | €188,368 | €186,433 | -€1,935 | -1.0% |
| Fixed assets | 21/28 | €48,737 | €68,984 | +€20,248 | +41.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €48,737 | €61,784 | +€13,048 | +26.8% |
| Land and buildings | 22 | €24,656 | €31,748 | +€7,093 | +28.8% |
| Plant, machinery and equipment | 23 | €23,704 | €30,014 | +€6,310 | +26.6% |
| Furniture and vehicles | 24 | €377 | €22 | -€355 | -94.1% |
| Financial fixed assets | 28 | - | €7,200 | +€7,200 | |
| Current assets | 29/58 | €139,631 | €117,449 | -€22,182 | -15.9% |
| Amounts receivable within one year | 40/41 | €107,428 | €88,910 | -€18,518 | -17.2% |
| Trade receivables | 40 | €30,967 | €0 | -€30,967 | -100.0% |
| Other amounts receivable | 41 | €76,461 | €88,910 | +€12,449 | +16.3% |
| Cash at bank and in hand | 54/58 | €32,203 | €28,080 | -€4,124 | -12.8% |
| Deferred charges and accrued income | 490/1 | - | €459 | +€459 | |
| Total equity and liabilities | 10/49 | €188,368 | €186,433 | -€1,935 | -1.0% |
| Equity | 10/15 | €115,303 | €127,494 | +€12,192 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €95,605 | €107,797 | +€12,192 | +12.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €93,745 | €105,937 | +€12,192 | +13.0% |
| Profit (loss) carried forward | 14 | €1,098 | €1,098 | = | 0.0% |
| Amounts payable | 17/49 | €73,065 | €58,938 | -€14,126 | -19.3% |
| Amounts payable after more than one year | 17 | €11,174 | €3,365 | -€7,809 | -69.9% |
| Financial debts | 170/4 | €11,174 | €3,365 | -€7,809 | -69.9% |
| Amounts payable within one year | 42/48 | €61,891 | €55,574 | -€6,317 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €9,859 | €6,467 | -€3,392 | -34.4% |
| Trade debts | 44 | €4,412 | €8,110 | +€3,698 | +83.8% |
| Suppliers | 440/4 | €4,412 | €8,110 | +€3,698 | +83.8% |
| Taxes, remuneration and social security | 45 | €47,620 | €40,996 | -€6,623 | -13.9% |
| Taxes | 450/3 | €45,021 | €37,179 | -€7,843 | -17.4% |
| Remuneration and social security | 454/9 | €2,599 | €3,818 | +€1,219 | +46.9% |
| Non-recurring operating income | 76A | €1,240 | - | -€1,240 | |
| Remuneration, social security and pensions | 62 | €29,424 | €51,756 | +€22,333 | +75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,152 | €11,755 | +€2,603 | +28.4% |
| Other operating charges | 640/8 | €3,512 | €595 | -€2,917 | -83.1% |
| Gross operating margin | 9900 | €113,704 | €79,423 | -€34,281 | -30.1% |
| Operating profit (loss) | 9901 | €71,617 | €15,317 | -€56,299 | -78.6% |
| Financial income | 75/76B | €2,169 | €4,454 | +€2,285 | +105.3% |
| Recurring financial income | 75 | €2,169 | €4,454 | +€2,285 | +105.3% |
| Financial charges | 65/66B | €1,520 | €2,175 | +€655 | +43.1% |
| Recurring financial charges | 65 | €1,520 | €2,175 | +€655 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | €72,266 | €17,597 | -€54,670 | -75.7% |
| Income taxes | 67/77 | €25,228 | €5,405 | -€19,823 | -78.6% |
| Profit (loss) for the period | 9904 | €47,038 | €12,192 | -€34,846 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,038 | €12,192 | -€34,846 | -74.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.