MADATO: 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.
MADATO
Largest movements
- Receivables within one year -€24,945
down €24,945 (-10.8%), from €230,110 to €205,165
of which Trade receivables: -€24,945
- Stocks and contracts -€6,602
no longer reported in 2025 (was €6,602)
- Debts after one year -€19,494
down €19,494 (-9.6%), from €203,535 to €184,041
- Trade debts -€17,744
down €17,744 (-91.9%), from €19,298 to €1,554
- Reserves +€16,500
up €16,500 (+63.1%), from €26,160 to €42,660
of which Distributable reserves: +€16,500
- Other debts -€11,373
down €11,373 (-24.0%), from €47,341 to €35,968
- Tax, wage and social debts +€6,234
up €6,234 (+24.0%), from €25,989 to €32,223
of which Taxes: +€6,085
- Gross operating margin -€27,895
down €27,895 (-40.9%), from €68,249 to €40,353
- Taxes -€16,477
down €16,477 (-64.6%), from €25,496 to €9,019
- Financial charges -€2,656
down €2,656 (-62.5%), from €4,253 to €1,597
- Staff costs -€1,356
no longer reported in 2025 (was €1,356)
- Depreciation +€937
up €937 (+7.9%), from €11,853 to €12,791
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 | €513,179 | €483,788 | -€29,391 | -5.7% |
| Fixed assets | 21/28 | €257,499 | €262,388 | +€4,889 | +1.9% |
| Tangible fixed assets | 22/27 | €257,499 | €262,388 | +€4,889 | +1.9% |
| Land and buildings | 22 | €241,048 | €232,395 | -€8,653 | -3.6% |
| Furniture and vehicles | 24 | €16,451 | €29,994 | +€13,542 | +82.3% |
| Current assets | 29/58 | €255,681 | €221,400 | -€34,281 | -13.4% |
| Stocks and contracts in progress | 3 | €6,602 | - | -€6,602 | |
| Stocks | 30/36 | €6,602 | - | -€6,602 | |
| Amounts receivable within one year | 40/41 | €230,110 | €205,165 | -€24,945 | -10.8% |
| Trade receivables | 40 | €54,486 | €29,542 | -€24,945 | -45.8% |
| Other amounts receivable | 41 | €175,623 | €175,623 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18,969 | €16,235 | -€2,734 | -14.4% |
| Total equity and liabilities | 10/49 | €513,179 | €483,788 | -€29,391 | -5.7% |
| Equity | 10/15 | €193,540 | €210,188 | +€16,649 | +8.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,160 | €42,660 | +€16,500 | +63.1% |
| 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 | €24,300 | €40,800 | +€16,500 | +67.9% |
| Profit (loss) carried forward | 14 | €148,780 | €148,928 | +€149 | +0.1% |
| Amounts payable | 17/49 | €319,640 | €273,600 | -€46,040 | -14.4% |
| Amounts payable after more than one year | 17 | €203,535 | €184,041 | -€19,494 | -9.6% |
| Financial debts | 170/4 | €203,535 | €184,041 | -€19,494 | -9.6% |
| Amounts payable within one year | 42/48 | €115,305 | €89,239 | -€26,065 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €22,677 | €19,494 | -€3,183 | -14.0% |
| Trade debts | 44 | €19,298 | €1,554 | -€17,744 | -91.9% |
| Suppliers | 440/4 | €19,298 | €1,554 | -€17,744 | -91.9% |
| Taxes, remuneration and social security | 45 | €25,989 | €32,223 | +€6,234 | +24.0% |
| Taxes | 450/3 | €22,738 | €28,823 | +€6,085 | +26.8% |
| Remuneration and social security | 454/9 | €3,251 | €3,400 | +€149 | +4.6% |
| Other amounts payable | 47/48 | €47,341 | €35,968 | -€11,373 | -24.0% |
| Accrued charges and deferred income | 492/3 | €800 | €320 | -€480 | -60.0% |
| Remuneration, social security and pensions | 62 | €1,356 | - | -€1,356 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,853 | €12,791 | +€937 | +7.9% |
| Other operating charges | 640/8 | €927 | €298 | -€629 | -67.8% |
| Gross operating margin | 9900 | €68,249 | €40,353 | -€27,895 | -40.9% |
| Operating profit (loss) | 9901 | €54,113 | €27,265 | -€26,848 | -49.6% |
| Financial income | 75/76B | €13 | €0 | -€13 | -100% |
| Recurring financial income | 75 | €13 | €0 | -€13 | -100% |
| Financial charges | 65/66B | €4,253 | €1,597 | -€2,656 | -62.5% |
| Recurring financial charges | 65 | €4,253 | €1,597 | -€2,656 | -62.5% |
| Profit (loss) for the period before taxes | 9903 | €49,873 | €25,668 | -€24,205 | -48.5% |
| Income taxes | 67/77 | €25,496 | €9,019 | -€16,477 | -64.6% |
| Profit (loss) for the period | 9904 | €24,376 | €16,649 | -€7,728 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,376 | €16,649 | -€7,728 | -31.7% |
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 15 October 2026 via checked.be.