MADC FINANCIAL GROUP: what changed
MADC FINANCIAL GROUP
Largest movements
- Cash -€48,548
down €48,548 (-86.7%), from €55,987 to €7,438
mainly Contributions, distributions and other (-€34,000) and Receivables within one year (-€16,706)
- Receivables within one year +€16,706
up €16,706 (+22.9%), from €73,100 to €89,806
- Tangible fixed assets -€5,245
down €5,245 (-38.7%), from €13,568 to €8,323
of which Other tangible fixed assets: -€3,660
- Deferred charges and accrued income -€2,405
no longer reported in 2025 (was €2,405)
- Reserves -€34,000
down €34,000 (-58.6%), from €58,000 to €24,000
- Current portion of long-term debt -€9,264
no longer reported in 2025 (was €9,264)
- Profit (loss) carried forward +€5,783
up €5,783 (+67.6%), from €8,557 to €14,340
- Other debts -€2,453
down €2,453 (-93.6%), from €2,622 to €169
- Tax, wage and social debts +€2,039
up €2,039 (+56.9%), from €3,581 to €5,619
- Gross operating margin +€7,289
up €7,289 (+59.8%), from €12,197 to €19,486
- Financial charges +€1,191
up €1,191 (+86.7%), from €1,374 to €2,565
- Depreciation -€1,016
down €1,016 (-13.2%), from €7,696 to €6,681
- Taxes +€920
up €920 (+52.5%), from €1,751 to €2,671
- Other operating charges +€851
up €851 (+90.9%), from €935 to €1,786
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €151,360 | €111,867 | -€39,493 | -26.1% |
| Fixed assets | 21/28 | €19,868 | €14,623 | -€5,245 | -26.4% |
| Tangible fixed assets | 22/27 | €13,568 | €8,323 | -€5,245 | -38.7% |
| Furniture and vehicles | 24 | €4,055 | €2,470 | -€1,585 | -39.1% |
| Other tangible fixed assets | 26 | €9,514 | €5,854 | -€3,660 | -38.5% |
| Financial fixed assets | 28 | €6,300 | €6,300 | = | 0.0% |
| Current assets | 29/58 | €131,492 | €97,244 | -€34,248 | -26.0% |
| Amounts receivable within one year | 40/41 | €73,100 | €89,806 | +€16,706 | +22.9% |
| Trade receivables | 40 | €73,100 | €89,806 | +€16,706 | +22.9% |
| Cash at bank and in hand | 54/58 | €55,987 | €7,438 | -€48,548 | -86.7% |
| Deferred charges and accrued income | 490/1 | €2,405 | - | -€2,405 | |
| Total equity and liabilities | 10/49 | €151,360 | €111,867 | -€39,493 | -26.1% |
| Equity | 10/15 | €85,157 | €56,940 | -€28,217 | -33.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,000 | €24,000 | -€34,000 | -58.6% |
| Distributable reserves | 133 | €58,000 | €24,000 | -€34,000 | -58.6% |
| Profit (loss) carried forward | 14 | €8,557 | €14,340 | +€5,783 | +67.6% |
| Amounts payable | 17/49 | €66,203 | €54,928 | -€11,275 | -17.0% |
| Amounts payable after more than one year | 17 | €50,736 | €48,884 | -€1,852 | -3.7% |
| Financial debts | 170/4 | €50,736 | €48,884 | -€1,852 | -3.7% |
| Amounts payable within one year | 42/48 | €15,467 | €6,044 | -€9,423 | -60.9% |
| Current portion of amounts payable after more than one year | 42 | €9,264 | - | -€9,264 | |
| Trade debts | 44 | - | €255 | +€255 | |
| Suppliers | 440/4 | - | €255 | +€255 | |
| Taxes, remuneration and social security | 45 | €3,581 | €5,619 | +€2,039 | +56.9% |
| Taxes | 450/3 | €3,581 | €5,619 | +€2,039 | +56.9% |
| Other amounts payable | 47/48 | €2,622 | €169 | -€2,453 | -93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,696 | €6,681 | -€1,016 | -13.2% |
| Other operating charges | 640/8 | €935 | €1,786 | +€851 | +90.9% |
| Gross operating margin | 9900 | €12,197 | €19,486 | +€7,289 | +59.8% |
| Operating profit (loss) | 9901 | €3,565 | €11,019 | +€7,454 | +209% |
| Financial income | 75/76B | €160 | - | -€160 | |
| Recurring financial income | 75 | €160 | - | -€160 | |
| Financial charges | 65/66B | €1,374 | €2,565 | +€1,191 | +86.7% |
| Recurring financial charges | 65 | €1,374 | €2,565 | +€1,191 | +86.7% |
| Profit (loss) for the period before taxes | 9903 | €2,350 | €8,454 | +€6,103 | +260% |
| Income taxes | 67/77 | €1,751 | €2,671 | +€920 | +52.5% |
| Profit (loss) for the period | 9904 | €599 | €5,783 | +€5,184 | +865% |
| Profit (loss) for the period to be appropriated | 9905 | €599 | €5,783 | +€5,184 | +865% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.