MADCO: 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.
MADCO
Largest movements
- Receivables within one year -€9,096
down €9,096 (-96.2%), from €9,455 to €359
of which Trade receivables: -€6,151
- Cash +€1,680
up €1,680 (+10389.0%), from €16 to €1,696
mainly Receivables within one year (+€9,096) and Debts after one year (+€1,269)
- Receivables after one year +€415
up €415 (+5.5%), from €7,493 to €7,909
- Tangible fixed assets -€324
down €324 (-17.8%), from €1,823 to €1,499
of which Other tangible fixed assets: -€214
- Reserves -€4,614
down €4,614 (-30.6%), from €15,071 to €10,458
- Short-term financial debts -€3,363
no longer reported in 2025 (was €3,363)
- Debts after one year +€1,269
new in 2025: €1,269
- Trade debts -€851
no longer reported in 2025 (was €851)
- Gross operating margin -€10,506
down €10,506, from €6,393 to -€4,113
- Taxes -€2,988
no longer reported in 2025 (was €2,988)
- Other operating charges -€667
down €667 (-69.4%), from €961 to €294
- Financial income +€193
up €193 (+105.5%), from €183 to €376
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 | €20,785 | €13,360 | -€7,425 | -35.7% |
| Fixed assets | 21/28 | €3,820 | €3,396 | -€424 | -11.1% |
| Intangible fixed assets | 21 | €1,997 | €1,897 | -€100 | -5.0% |
| Tangible fixed assets | 22/27 | €1,823 | €1,499 | -€324 | -17.8% |
| Furniture and vehicles | 24 | €149 | €39 | -€110 | -73.9% |
| Other tangible fixed assets | 26 | €1,674 | €1,460 | -€214 | -12.8% |
| Current assets | 29/58 | €16,965 | €9,964 | -€7,001 | -41.3% |
| Amounts receivable after more than one year | 29 | €7,493 | €7,909 | +€415 | +5.5% |
| Other amounts receivable | 291 | €7,493 | €7,909 | +€415 | +5.5% |
| Amounts receivable within one year | 40/41 | €9,455 | €359 | -€9,096 | -96.2% |
| Trade receivables | 40 | €6,151 | - | -€6,151 | |
| Other amounts receivable | 41 | €3,305 | €359 | -€2,945 | -89.1% |
| Cash at bank and in hand | 54/58 | €16 | €1,696 | +€1,680 | +10389.0% |
| Total equity and liabilities | 10/49 | €20,785 | €13,360 | -€7,425 | -35.7% |
| Equity | 10/15 | €16,571 | €11,958 | -€4,614 | -27.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €15,071 | €10,458 | -€4,614 | -30.6% |
| Distributable reserves | 133 | €15,071 | €10,458 | -€4,614 | -30.6% |
| Amounts payable | 17/49 | €4,213 | €1,402 | -€2,811 | -66.7% |
| Amounts payable after more than one year | 17 | - | €1,269 | +€1,269 | |
| Other amounts payable | 178/9 | - | €1,269 | +€1,269 | |
| Amounts payable within one year | 42/48 | €4,213 | - | -€4,213 | |
| Financial debts | 43 | €3,363 | - | -€3,363 | |
| Credit institutions | 430/8 | €3,363 | - | -€3,363 | |
| Trade debts | 44 | €851 | - | -€851 | |
| Suppliers | 440/4 | €851 | - | -€851 | |
| Accrued charges and deferred income | 492/3 | - | €134 | +€134 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424 | €424 | = | 0.0% |
| Other operating charges | 640/8 | €961 | €294 | -€667 | -69.4% |
| Gross operating margin | 9900 | €6,393 | -€4,113 | -€10,506 | |
| Operating profit (loss) | 9901 | €5,008 | -€4,831 | -€9,840 | |
| Financial income | 75/76B | €183 | €376 | +€193 | +105.5% |
| Recurring financial income | 75 | €183 | €376 | +€193 | +105.5% |
| Financial charges | 65/66B | €134 | €158 | +€24 | +18.0% |
| Recurring financial charges | 65 | €134 | €158 | +€24 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €5,057 | -€4,614 | -€9,671 | |
| Income taxes | 67/77 | €2,988 | - | -€2,988 | |
| Profit (loss) for the period | 9904 | €2,069 | -€4,614 | -€6,683 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,069 | -€4,614 | -€6,683 |
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 5 October 2026 via checked.be.