Madco: 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.
Madco
Largest movements
- Cash +€9,201
up €9,201 (+26.0%), from €35,405 to €44,607
mainly Net result for the year (+€10,526) and Depreciation (+€1,546)
- Tangible fixed assets -€1,546
down €1,546 (-24.1%), from €6,402 to €4,856
of which Furniture and vehicles: -€1,176
- Reserves +€10,526
up €10,526 (+158%), from €6,643 to €17,169
of which Distributable reserves: +€10,526
- Tax, wage and social debts -€1,732
down €1,732 (-25.7%), from €6,738 to €5,006
of which Remuneration and social security: -€1,166
- Other debts -€1,535
down €1,535 (-20.1%), from €7,619 to €6,084
- Trade debts +€619
up €619 (+6.4%), from €9,653 to €10,272
- Gross operating margin -€5,878
down €5,878 (-7.5%), from €78,127 to €72,249
- Staff costs +€2,319
up €2,319 (+5.3%), from €44,064 to €46,383
- Financial charges -€924
down €924 (-23.6%), from €3,920 to €2,996
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 | €49,245 | €57,123 | +€7,877 | +16.0% |
| Fixed assets | 21/28 | €6,451 | €4,905 | -€1,546 | -24.0% |
| Tangible fixed assets | 22/27 | €6,402 | €4,856 | -€1,546 | -24.1% |
| Land and buildings | 22 | €1,444 | €1,279 | -€165 | -11.4% |
| Furniture and vehicles | 24 | €3,334 | €2,157 | -€1,176 | -35.3% |
| Other tangible fixed assets | 26 | €1,624 | €1,419 | -€204 | -12.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €42,794 | €52,217 | +€9,423 | +22.0% |
| Amounts receivable within one year | 40/41 | €6,893 | €6,702 | -€191 | -2.8% |
| Trade receivables | 40 | €6,887 | €6,697 | -€191 | -2.8% |
| Other amounts receivable | 41 | €6 | €6 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,405 | €44,607 | +€9,201 | +26.0% |
| Deferred charges and accrued income | 490/1 | €496 | €908 | +€413 | +83.2% |
| Total equity and liabilities | 10/49 | €49,245 | €57,123 | +€7,877 | +16.0% |
| Equity | 10/15 | €25,235 | €35,761 | +€10,526 | +41.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €6,643 | €17,169 | +€10,526 | +158% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €4,784 | €15,310 | +€10,526 | +220% |
| Amounts payable | 17/49 | €24,010 | €21,362 | -€2,648 | -11.0% |
| Amounts payable within one year | 42/48 | €24,010 | €21,362 | -€2,648 | -11.0% |
| Trade debts | 44 | €9,653 | €10,272 | +€619 | +6.4% |
| Suppliers | 440/4 | €9,653 | €10,272 | +€619 | +6.4% |
| Taxes, remuneration and social security | 45 | €6,738 | €5,006 | -€1,732 | -25.7% |
| Taxes | 450/3 | €5,572 | €5,006 | -€566 | -10.2% |
| Remuneration and social security | 454/9 | €1,166 | - | -€1,166 | |
| Other amounts payable | 47/48 | €7,619 | €6,084 | -€1,535 | -20.1% |
| Remuneration, social security and pensions | 62 | €44,064 | €46,383 | +€2,319 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,546 | €1,546 | = | 0.0% |
| Other operating charges | 640/8 | €1,310 | €1,240 | -€70 | -5.3% |
| Gross operating margin | 9900 | €78,127 | €72,249 | -€5,878 | -7.5% |
| Operating profit (loss) | 9901 | €31,206 | €23,079 | -€8,128 | -26.0% |
| Financial income | 75/76B | €493 | €4 | -€489 | -99.2% |
| Recurring financial income | 75 | €493 | €4 | -€489 | -99.2% |
| Financial charges | 65/66B | €3,920 | €2,996 | -€924 | -23.6% |
| Recurring financial charges | 65 | €3,920 | €2,996 | -€924 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €27,779 | €20,087 | -€7,693 | -27.7% |
| Income taxes | 67/77 | €8,814 | €9,561 | +€747 | +8.5% |
| Profit (loss) for the period | 9904 | €18,965 | €10,526 | -€8,439 | -44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,965 | €10,526 | -€8,439 | -44.5% |
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 25 October 2026 via checked.be.