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
- Tangible fixed assets -€13,441
down €13,441 (-20.7%), from €65,024 to €51,583
of which Land and buildings: -€14,957
- Receivables within one year +€1,547
up €1,547 (+113.8%), from €1,359 to €2,906
of which Trade receivables: +€1,585
- Profit (loss) carried forward -€36,835
down €36,835 (-13.8%), from -€267,525 to -€304,359
- Other debts +€22,600
up €22,600 (+8.6%), from €262,310 to €284,911
- Debts after one year -€5,687
down €5,687 (-27.5%), from €20,671 to €14,984
- Accrued charges and deferred income +€4,038
up €4,038 (+12.8%), from €31,573 to €35,611
- Trade debts +€3,787
up €3,787 (+178.3%), from €2,124 to €5,911
- Gross operating margin -€4,106
down €4,106 (-47.6%), from -€8,628 to -€12,734
- Depreciation +€358
up €358 (+2.4%), from €14,978 to €15,336
- Financial income -€241
down €241 (-100.0%), from €241 to €0
- Financial charges -€184
down €184 (-3.1%), from €5,924 to €5,741
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 | €73,778 | €61,960 | -€11,817 | -16.0% |
| Fixed assets | 21/28 | €65,024 | €51,583 | -€13,441 | -20.7% |
| Tangible fixed assets | 22/27 | €65,024 | €51,583 | -€13,441 | -20.7% |
| Land and buildings | 22 | €65,024 | €50,067 | -€14,957 | -23.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | - | €1,516 | +€1,516 | |
| Current assets | 29/58 | €8,754 | €10,378 | +€1,624 | +18.6% |
| Stocks and contracts in progress | 3 | €4,930 | €4,930 | = | 0.0% |
| Stocks | 30/36 | €4,930 | €4,930 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,359 | €2,906 | +€1,547 | +113.8% |
| Trade receivables | 40 | €827 | €2,412 | +€1,585 | +191.7% |
| Other amounts receivable | 41 | €532 | €493 | -€39 | -7.3% |
| Cash at bank and in hand | 54/58 | €1,507 | €1,601 | +€94 | +6.2% |
| Deferred charges and accrued income | 490/1 | €957 | €941 | -€17 | -1.8% |
| Total equity and liabilities | 10/49 | €73,778 | €61,960 | -€11,817 | -16.0% |
| Equity | 10/15 | -€248,309 | -€285,143 | -€36,835 | -14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €616 | €616 | = | 0.0% |
| Non-distributable reserves | 130/1 | €275 | €275 | = | 0.0% |
| Reserves not available under the articles | 1311 | €275 | €275 | = | 0.0% |
| Distributable reserves | 133 | €341 | €341 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€267,525 | -€304,359 | -€36,835 | -13.8% |
| Amounts payable | 17/49 | €322,086 | €347,103 | +€25,017 | +7.8% |
| Amounts payable after more than one year | 17 | €20,671 | €14,984 | -€5,687 | -27.5% |
| Financial debts | 170/4 | €20,671 | €14,984 | -€5,687 | -27.5% |
| Amounts payable within one year | 42/48 | €269,841 | €296,508 | +€26,667 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €5,408 | €5,687 | +€279 | +5.2% |
| Trade debts | 44 | €2,124 | €5,911 | +€3,787 | +178.3% |
| Suppliers | 440/4 | €2,124 | €5,911 | +€3,787 | +178.3% |
| Other amounts payable | 47/48 | €262,310 | €284,911 | +€22,600 | +8.6% |
| Accrued charges and deferred income | 492/3 | €31,573 | €35,611 | +€4,038 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,978 | €15,336 | +€358 | +2.4% |
| Other operating charges | 640/8 | €2,956 | €3,024 | +€68 | +2.3% |
| Gross operating margin | 9900 | -€8,628 | -€12,734 | -€4,106 | -47.6% |
| Operating profit (loss) | 9901 | -€26,562 | -€31,094 | -€4,532 | -17.1% |
| Financial income | 75/76B | €241 | €0 | -€241 | -100.0% |
| Recurring financial income | 75 | €241 | €0 | -€241 | -100.0% |
| Financial charges | 65/66B | €5,924 | €5,741 | -€184 | -3.1% |
| Recurring financial charges | 65 | €5,924 | €5,741 | -€184 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | -€32,246 | -€36,835 | -€4,588 | -14.2% |
| Profit (loss) for the period | 9904 | -€32,246 | -€36,835 | -€4,588 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,246 | -€36,835 | -€4,588 | -14.2% |
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 29 September 2026 via checked.be.