MADCAMP: 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.
MADCAMP
Largest movements
- Cash -€31,170
down €31,170 (-97.0%), from €32,135 to €965
mainly Debts after one year (-€23,835) and Tax, wage and social debts (-€21,668)
- Tangible fixed assets -€8,208
down €8,208 (-4.6%), from €179,967 to €171,759
of which Land and buildings: -€6,125
- Deferred charges and accrued income -€3,558
down €3,558 (-71.8%), from €4,957 to €1,398
- Receivables within one year -€3,309
down €3,309 (-22.2%), from €14,919 to €11,610
of which Trade receivables: -€5,153
- Debts after one year -€23,835
down €23,835 (-17.7%), from €135,000 to €111,165
- Tax, wage and social debts -€21,668
down €21,668 (-78.1%), from €27,736 to €6,068
- Advances received -€5,271
no longer reported in 2025 (was €5,271)
- Reserves +€3,492
up €3,492 (+6.1%), from €57,546 to €61,038
- Depreciation -€23,254
down €23,254 (-73.9%), from €31,462 to €8,208
- Gross operating margin -€20,737
down €20,737 (-51.8%), from €40,062 to €19,325
- Financial charges +€6,105
up €6,105 (+3327.6%), from €183 to €6,288
- Taxes -€1,014
down €1,014 (-44.9%), from €2,261 to €1,247
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 | €231,978 | €185,733 | -€46,246 | -19.9% |
| Fixed assets | 21/28 | €179,967 | €171,759 | -€8,208 | -4.6% |
| Tangible fixed assets | 22/27 | €179,967 | €171,759 | -€8,208 | -4.6% |
| Land and buildings | 22 | €171,519 | €165,394 | -€6,125 | -3.6% |
| Plant, machinery and equipment | 23 | €8,448 | €6,365 | -€2,083 | -24.7% |
| Current assets | 29/58 | €52,011 | €13,973 | -€38,038 | -73.1% |
| Amounts receivable within one year | 40/41 | €14,919 | €11,610 | -€3,309 | -22.2% |
| Trade receivables | 40 | €14,919 | €9,766 | -€5,153 | -34.5% |
| Other amounts receivable | 41 | - | €1,844 | +€1,844 | |
| Cash at bank and in hand | 54/58 | €32,135 | €965 | -€31,170 | -97.0% |
| Deferred charges and accrued income | 490/1 | €4,957 | €1,398 | -€3,558 | -71.8% |
| Total equity and liabilities | 10/49 | €231,978 | €185,733 | -€46,246 | -19.9% |
| Equity | 10/15 | €59,546 | €63,038 | +€3,492 | +5.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €57,546 | €61,038 | +€3,492 | +6.1% |
| Distributable reserves | 133 | €57,546 | €61,038 | +€3,492 | +6.1% |
| Amounts payable | 17/49 | €172,432 | €122,694 | -€49,738 | -28.8% |
| Amounts payable after more than one year | 17 | €135,000 | €111,165 | -€23,835 | -17.7% |
| Financial debts | 170/4 | €135,000 | €111,165 | -€23,835 | -17.7% |
| Amounts payable within one year | 42/48 | €33,709 | €8,315 | -€25,394 | -75.3% |
| Trade debts | 44 | €694 | €322 | -€373 | -53.7% |
| Suppliers | 440/4 | €694 | €322 | -€373 | -53.7% |
| Advances received on contracts in progress | 46 | €5,271 | - | -€5,271 | |
| Taxes, remuneration and social security | 45 | €27,736 | €6,068 | -€21,668 | -78.1% |
| Taxes | 450/3 | €27,736 | €6,068 | -€21,668 | -78.1% |
| Other amounts payable | 47/48 | €7 | €1,925 | +€1,918 | +26272.6% |
| Accrued charges and deferred income | 492/3 | €3,723 | €3,215 | -€508 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,462 | €8,208 | -€23,254 | -73.9% |
| Other operating charges | 640/8 | €38 | €90 | +€52 | +139.0% |
| Gross operating margin | 9900 | €40,062 | €19,325 | -€20,737 | -51.8% |
| Operating profit (loss) | 9901 | €8,562 | €11,027 | +€2,464 | +28.8% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €183 | €6,288 | +€6,105 | +3327.6% |
| Recurring financial charges | 65 | €183 | €6,288 | +€6,105 | +3327.6% |
| Profit (loss) for the period before taxes | 9903 | €8,379 | €4,739 | -€3,640 | -43.4% |
| Income taxes | 67/77 | €2,261 | €1,247 | -€1,014 | -44.9% |
| Profit (loss) for the period | 9904 | €6,118 | €3,492 | -€2,626 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,118 | €3,492 | -€2,626 | -42.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.