MaDe: 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.
MaDe
Largest movements
- Cash +€377,681
up €377,681 (+189.9%), from €198,880 to €576,561
mainly Net result for the year (+€532,483) and Investment in fixed assets (net) (+€281,822)
- Financial fixed assets -€281,822
down €281,822 (-5.8%), from €4.8m to €4.6m
- Deferred charges and accrued income +€124,958
up €124,958 (+28.4%), from €439,691 to €564,649
- Receivables after one year +€95,000
up €95,000 (+4.7%), from €2.0m to €2.1m
- Reserves +€532,483
up €532,483 (+189.8%), from €280,619 to €813,102
- Other debts -€376,590
down €376,590 (-33.6%), from €1.1m to €745,482
- Accrued charges and deferred income +€103,151
up €103,151 (+124.3%), from €82,973 to €186,125
- Financial income +€415,380
up €415,380 (+145.7%), from €285,051 to €700,431
- Financial charges +€69,455
up €69,455 (+204.9%), from €33,904 to €103,359
- Taxes -€1,699
down €1,699 (-2.9%), from €59,524 to €57,825
- Gross operating margin -€560
down €560 (-11.8%), from -€4,731 to -€5,291
- Other operating charges -€64
down €64 (-4.6%), from €1,372 to €1,308
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 | €7,491,022 | €7,806,675 | +€315,653 | +4.2% |
| Fixed assets | 21/28 | €4,836,374 | €4,554,389 | -€281,986 | -5.8% |
| Tangible fixed assets | 22/27 | €164 | €0 | -€164 | -100.0% |
| Furniture and vehicles | 24 | €164 | €0 | -€164 | -100.0% |
| Financial fixed assets | 28 | €4,836,210 | €4,554,389 | -€281,822 | -5.8% |
| Current assets | 29/58 | €2,654,647 | €3,252,286 | +€597,639 | +22.5% |
| Amounts receivable after more than one year | 29 | €2,016,076 | €2,111,076 | +€95,000 | +4.7% |
| Other amounts receivable | 291 | €2,016,076 | €2,111,076 | +€95,000 | +4.7% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €198,880 | €576,561 | +€377,681 | +189.9% |
| Deferred charges and accrued income | 490/1 | €439,691 | €564,649 | +€124,958 | +28.4% |
| Total equity and liabilities | 10/49 | €7,491,022 | €7,806,675 | +€315,653 | +4.2% |
| Equity | 10/15 | €5,069,619 | €5,602,102 | +€532,483 | +10.5% |
| Contributions | 10/11 | €4,789,000 | €4,789,000 | = | 0.0% |
| Reserves | 13 | €280,619 | €813,102 | +€532,483 | +189.8% |
| Distributable reserves | 133 | €280,619 | €813,102 | +€532,483 | +189.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,421,402 | €2,204,572 | -€216,830 | -9.0% |
| Amounts payable after more than one year | 17 | €1,215,000 | €1,260,000 | +€45,000 | +3.7% |
| Financial debts | 170/4 | €1,215,000 | €1,260,000 | +€45,000 | +3.7% |
| Amounts payable within one year | 42/48 | €1,123,429 | €758,448 | -€364,981 | -32.5% |
| Trade debts | 44 | €200 | €26 | -€175 | -87.3% |
| Suppliers | 440/4 | €200 | €26 | -€175 | -87.3% |
| Taxes, remuneration and social security | 45 | €1,156 | €12,940 | +€11,784 | +1018.9% |
| Taxes | 450/3 | €1,156 | €12,940 | +€11,784 | +1018.9% |
| Other amounts payable | 47/48 | €1,122,072 | €745,482 | -€376,590 | -33.6% |
| Accrued charges and deferred income | 492/3 | €82,973 | €186,125 | +€103,151 | +124.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192 | €164 | -€28 | -14.5% |
| Other operating charges | 640/8 | €1,372 | €1,308 | -€64 | -4.6% |
| Gross operating margin | 9900 | -€4,731 | -€5,291 | -€560 | -11.8% |
| Operating profit (loss) | 9901 | -€6,294 | -€6,763 | -€469 | -7.5% |
| Financial income | 75/76B | €285,051 | €700,431 | +€415,380 | +145.7% |
| Recurring financial income | 75 | €285,051 | €700,431 | +€415,380 | +145.7% |
| Financial charges | 65/66B | €33,904 | €103,359 | +€69,455 | +204.9% |
| Recurring financial charges | 65 | €33,904 | €103,359 | +€69,455 | +204.9% |
| Profit (loss) for the period before taxes | 9903 | €244,852 | €590,308 | +€345,456 | +141.1% |
| Income taxes | 67/77 | €59,524 | €57,825 | -€1,699 | -2.9% |
| Profit (loss) for the period | 9904 | €185,328 | €532,483 | +€347,155 | +187.3% |
| Profit (loss) for the period to be appropriated | 9905 | €185,328 | €532,483 | +€347,155 | +187.3% |
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.