MADDEC: 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.
MADDEC
Largest movements
- Tangible fixed assets -€37,982
down €37,982 (-8.7%), from €438,673 to €400,691
- Cash -€11,929
down €11,929 (-50.3%), from €23,718 to €11,789
mainly Debts after one year (-€47,056) and Trade debts (-€23,259)
- Stocks and contracts -€10,904
down €10,904 (-6.3%), from €173,765 to €162,861
- Debts after one year -€47,056
down €47,056 (-18.0%), from €262,093 to €215,037
- Trade debts -€23,259
down €23,259 (-33.7%), from €69,015 to €45,755
- Profit (loss) carried forward +€17,356
up €17,356 (+86.0%), from -€20,171 to -€2,816
- Other debts -€6,826
down €6,826 (-100%), from €6,826 to €0
- Gross operating margin +€34,367
up €34,367 (+48.6%), from €70,652 to €105,019
- Staff costs -€6,042
down €6,042 (-23.3%), from €25,964 to €19,922
- Financial charges -€2,565
down €2,565 (-10.1%), from €25,357 to €22,792
- Depreciation +€1,054
up €1,054 (+2.9%), from €36,929 to €37,982
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 | €649,044 | €588,335 | -€60,708 | -9.4% |
| Fixed assets | 21/28 | €438,673 | €400,691 | -€37,982 | -8.7% |
| Tangible fixed assets | 22/27 | €438,673 | €400,691 | -€37,982 | -8.7% |
| Land and buildings | 22 | €286,650 | €271,213 | -€15,438 | -5.4% |
| Plant, machinery and equipment | 23 | €130,622 | €115,510 | -€15,113 | -11.6% |
| Furniture and vehicles | 24 | €21,401 | €13,969 | -€7,432 | -34.7% |
| Current assets | 29/58 | €210,370 | €187,644 | -€22,726 | -10.8% |
| Stocks and contracts in progress | 3 | €173,765 | €162,861 | -€10,904 | -6.3% |
| Stocks | 30/36 | €173,765 | €162,861 | -€10,904 | -6.3% |
| Amounts receivable within one year | 40/41 | €10,616 | €12,994 | +€2,378 | +22.4% |
| Trade receivables | 40 | €10,587 | €1,864 | -€8,724 | -82.4% |
| Other amounts receivable | 41 | €29 | €11,131 | +€11,102 | +38,696% |
| Cash at bank and in hand | 54/58 | €23,718 | €11,789 | -€11,929 | -50.3% |
| Deferred charges and accrued income | 490/1 | €2,271 | €0 | -€2,271 | -100% |
| Total equity and liabilities | 10/49 | €649,044 | €588,335 | -€60,708 | -9.4% |
| Equity | 10/15 | €51,829 | €69,184 | +€17,356 | +33.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €52,000 | €52,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €52,000 | €52,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,171 | -€2,816 | +€17,356 | +86.0% |
| Amounts payable | 17/49 | €597,215 | €519,151 | -€78,064 | -13.1% |
| Amounts payable after more than one year | 17 | €262,093 | €215,037 | -€47,056 | -18.0% |
| Financial debts | 170/4 | €262,093 | €215,037 | -€47,056 | -18.0% |
| Amounts payable within one year | 42/48 | €333,932 | €302,970 | -€30,962 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €48,900 | €49,754 | +€853 | +1.7% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €69,015 | €45,755 | -€23,259 | -33.7% |
| Suppliers | 440/4 | €69,015 | €45,755 | -€23,259 | -33.7% |
| Taxes, remuneration and social security | 45 | €9,190 | €7,461 | -€1,729 | -18.8% |
| Taxes | 450/3 | €6,027 | €6,286 | +€259 | +4.3% |
| Remuneration and social security | 454/9 | €3,163 | €1,175 | -€1,988 | -62.9% |
| Other amounts payable | 47/48 | €6,826 | €0 | -€6,826 | -100% |
| Accrued charges and deferred income | 492/3 | €1,190 | €1,144 | -€46 | -3.9% |
| Remuneration, social security and pensions | 62 | €25,964 | €19,922 | -€6,042 | -23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,929 | €37,982 | +€1,054 | +2.9% |
| Other operating charges | 640/8 | €7,318 | €6,948 | -€370 | -5.1% |
| Gross operating margin | 9900 | €70,652 | €105,019 | +€34,367 | +48.6% |
| Operating profit (loss) | 9901 | €441 | €40,166 | +€39,725 | +9,008% |
| Financial income | 75/76B | €1,069 | €305 | -€764 | -71.4% |
| Recurring financial income | 75 | €1,069 | €305 | -€764 | -71.4% |
| Financial charges | 65/66B | €25,357 | €22,792 | -€2,565 | -10.1% |
| Recurring financial charges | 65 | €25,357 | €22,792 | -€2,565 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,847 | €17,680 | +€41,526 | |
| Income taxes | 67/77 | €327 | €324 | -€3 | -0.9% |
| Profit (loss) for the period | 9904 | -€24,174 | €17,356 | +€41,529 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,174 | €17,356 | +€41,529 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.