MADDI: 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.
MADDI
Largest movements
- Cash -€1.6m
down €1.6m (-73.8%), from €2.2m to €580,385
mainly Investment in fixed assets (net) (-€1.8m) and Receivables within one year (-€288,314)
- Tangible fixed assets +€1.6m
up €1.6m (+39.2%), from €4.0m to €5.6m
of which Assets under construction and advance payments: +€1.0m
- Receivables within one year +€288,314
up €288,314 (+1,589%), from €18,150 to €306,464
of which Other amounts receivable: +€306,464
- Reserves +€274,677
up €274,677 (+3.3%), from €8.2m to €8.5m
of which Distributable reserves: +€274,677
- Gross operating margin -€96,512
down €96,512 (-14.3%), from €675,304 to €578,792
- Taxes -€58,268
down €58,268 (-49.5%), from €117,797 to €59,529
- Other operating charges +€10,710
up €10,710 (+37.0%), from €28,921 to €39,631
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 | €8,824,043 | €9,055,169 | +€231,126 | +2.6% |
| Fixed assets | 21/28 | €6,585,346 | €8,161,533 | +€1.6m | +23.9% |
| Tangible fixed assets | 22/27 | €4,020,327 | €5,596,515 | +€1.6m | +39.2% |
| Land and buildings | 22 | €4,011,241 | €4,589,201 | +€577,960 | +14.4% |
| Plant, machinery and equipment | 23 | €5,070 | €3,693 | -€1,377 | -27.2% |
| Furniture and vehicles | 24 | €4,016 | €1,609 | -€2,407 | -59.9% |
| Assets under construction and advance payments | 27 | - | €1,002,013 | +€1.0m | |
| Financial fixed assets | 28 | €2,565,019 | €2,565,019 | = | 0.0% |
| Current assets | 29/58 | €2,238,697 | €893,635 | -€1.3m | -60.1% |
| Amounts receivable within one year | 40/41 | €18,150 | €306,464 | +€288,314 | +1,589% |
| Trade receivables | 40 | €18,150 | €0 | -€18,150 | -100% |
| Other amounts receivable | 41 | €0 | €306,464 | +€306,464 | |
| Cash at bank and in hand | 54/58 | €2,214,217 | €580,385 | -€1.6m | -73.8% |
| Deferred charges and accrued income | 490/1 | €6,330 | €6,786 | +€456 | +7.2% |
| Total equity and liabilities | 10/49 | €8,824,043 | €9,055,169 | +€231,126 | +2.6% |
| Equity | 10/15 | €8,502,176 | €8,769,403 | +€267,227 | +3.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €153,516 | €146,066 | -€7,450 | -4.9% |
| Reserves | 13 | €8,248,660 | €8,523,337 | +€274,677 | +3.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €8,238,660 | €8,513,337 | +€274,677 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €321,867 | €285,766 | -€36,101 | -11.2% |
| Amounts payable within one year | 42/48 | €321,805 | €285,707 | -€36,098 | -11.2% |
| Trade debts | 44 | €3,831 | €7,412 | +€3,582 | +93.5% |
| Suppliers | 440/4 | €3,831 | €7,412 | +€3,582 | +93.5% |
| Taxes, remuneration and social security | 45 | €39,805 | €34,487 | -€5,319 | -13.4% |
| Taxes | 450/3 | €21,246 | €15,225 | -€6,021 | -28.3% |
| Remuneration and social security | 454/9 | €18,560 | €19,262 | +€702 | +3.8% |
| Other amounts payable | 47/48 | €278,169 | €243,808 | -€34,361 | -12.4% |
| Accrued charges and deferred income | 492/3 | €63 | €59 | -€4 | -5.7% |
| Non-recurring operating income | 76A | €93,907 | €0 | -€93,907 | -100% |
| Remuneration, social security and pensions | 62 | €123,627 | €128,090 | +€4,463 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,042 | €184,021 | -€21 | 0.0% |
| Other operating charges | 640/8 | €28,921 | €39,631 | +€10,710 | +37.0% |
| Gross operating margin | 9900 | €675,304 | €578,792 | -€96,512 | -14.3% |
| Operating profit (loss) | 9901 | €338,714 | €227,050 | -€111,664 | -33.0% |
| Financial income | 75/76B | €99,915 | €99,915 | = | 0.0% |
| Recurring financial income | 75 | €99,915 | €99,915 | = | 0.0% |
| Financial charges | 65/66B | €1,072 | €208 | -€863 | -80.6% |
| Recurring financial charges | 65 | €1,072 | €208 | -€863 | -80.6% |
| Profit (loss) for the period before taxes | 9903 | €437,557 | €326,756 | -€110,800 | -25.3% |
| Income taxes | 67/77 | €117,797 | €59,529 | -€58,268 | -49.5% |
| Profit (loss) for the period | 9904 | €319,760 | €267,227 | -€52,533 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €319,760 | €267,227 | -€52,533 | -16.4% |
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 17 October 2026 via checked.be.