MadCom: 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.
MadCom
Largest movements
- Receivables within one year -€33,476
down €33,476 (-70.2%), from €47,687 to €14,211
of which Other amounts receivable: -€17,347
- Cash -€23,608
down €23,608 (-24.4%), from €96,712 to €73,104
mainly Net result for the year (-€30,980) and Contributions, distributions and other (-€29,826)
- Tangible fixed assets -€22,138
down €22,138 (-6.0%), from €369,022 to €346,884
of which Land and buildings: -€11,212
- Profit (loss) carried forward -€30,980
new in 2025: -€30,980
- Reserves -€29,826
down €29,826 (-20.2%), from €147,716 to €117,890
- Debts after one year -€19,382
down €19,382 (-5.9%), from €330,933 to €311,551
- Gross operating margin -€77,359
down €77,359, from €71,878 to -€5,481
- Purchases and services +€66,842
new in 2025: €66,842
- Turnover +€58,933
new in 2025: €58,933
- Taxes -€10,868
down €10,868 (-98.2%), from €11,063 to €195
- Financial income +€5,417
up €5,417 (+671.7%), from €807 to €6,224
of which Non-recurring financial income: +€5,759
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 | €522,776 | €441,240 | -€81,536 | -15.6% |
| Fixed assets | 21/28 | €369,022 | €346,884 | -€22,138 | -6.0% |
| Tangible fixed assets | 22/27 | €369,022 | €346,884 | -€22,138 | -6.0% |
| Land and buildings | 22 | €356,423 | €345,211 | -€11,212 | -3.1% |
| Furniture and vehicles | 24 | €12,146 | €1,334 | -€10,812 | -89.0% |
| Other tangible fixed assets | 26 | €453 | €340 | -€113 | -25.0% |
| Current assets | 29/58 | €153,754 | €94,355 | -€59,398 | -38.6% |
| Amounts receivable after more than one year | 29 | €8,000 | €6,500 | -€1,500 | -18.8% |
| Other amounts receivable | 291 | €8,000 | €6,500 | -€1,500 | -18.8% |
| Amounts receivable within one year | 40/41 | €47,687 | €14,211 | -€33,476 | -70.2% |
| Trade receivables | 40 | €28,505 | €12,375 | -€16,130 | -56.6% |
| Other amounts receivable | 41 | €19,182 | €1,836 | -€17,347 | -90.4% |
| Cash at bank and in hand | 54/58 | €96,712 | €73,104 | -€23,608 | -24.4% |
| Deferred charges and accrued income | 490/1 | €1,355 | €541 | -€814 | -60.1% |
| Total equity and liabilities | 10/49 | €522,776 | €441,240 | -€81,536 | -15.6% |
| Equity | 10/15 | €160,156 | €99,349 | -€60,807 | -38.0% |
| Contributions | 10/11 | €12,440 | €12,440 | = | 0.0% |
| Reserves | 13 | €147,716 | €117,890 | -€29,826 | -20.2% |
| Distributable reserves | 133 | €147,716 | €117,890 | -€29,826 | -20.2% |
| Profit (loss) carried forward | 14 | - | -€30,980 | -€30,980 | |
| Amounts payable | 17/49 | €362,620 | €341,890 | -€20,730 | -5.7% |
| Amounts payable after more than one year | 17 | €330,933 | €311,551 | -€19,382 | -5.9% |
| Financial debts | 170/4 | €330,933 | €311,551 | -€19,382 | -5.9% |
| Amounts payable within one year | 42/48 | €31,687 | €26,370 | -€5,317 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €18,514 | €19,382 | +€868 | +4.7% |
| Trade debts | 44 | €3,326 | €1,507 | -€1,820 | -54.7% |
| Suppliers | 440/4 | €3,326 | €1,507 | -€1,820 | -54.7% |
| Taxes, remuneration and social security | 45 | €9,847 | €5,481 | -€4,366 | -44.3% |
| Taxes | 450/3 | €9,847 | €5,481 | -€4,366 | -44.3% |
| Accrued charges and deferred income | 492/3 | - | €3,970 | +€3,970 | |
| Turnover | 70 | - | €58,933 | +€58,933 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €66,842 | +€66,842 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,925 | €11,796 | -€5,129 | -30.3% |
| Other operating charges | 640/8 | €2,117 | €1,652 | -€465 | -22.0% |
| Gross operating margin | 9900 | €71,878 | -€5,481 | -€77,359 | |
| Operating profit (loss) | 9901 | €52,835 | -€18,930 | -€71,765 | |
| Financial income | 75/76B | €807 | €6,224 | +€5,417 | +671.7% |
| Recurring financial income | 75 | €807 | €465 | -€342 | -42.3% |
| Non-recurring financial income | 76B | - | €5,759 | +€5,759 | |
| Financial charges | 65/66B | €17,315 | €18,079 | +€764 | +4.4% |
| Recurring financial charges | 65 | €17,315 | €18,079 | +€764 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €36,327 | -€30,785 | -€67,112 | |
| Income taxes | 67/77 | €11,063 | €195 | -€10,868 | -98.2% |
| Profit (loss) for the period | 9904 | €25,263 | -€30,980 | -€56,244 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,263 | -€30,980 | -€56,244 |
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 4 October 2026 via checked.be.