MaDe: 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.
MaDe
Largest movements
- Cash +€22,182
new in 2025: €22,182
mainly Net result for the year (+€75,925) and Receivables within one year (+€18,814)
- Receivables within one year -€18,814
down €18,814 (-23.7%), from €79,460 to €60,645
of which Trade receivables: -€50,999
- Reserves +€75,925
up €75,925 (+31.1%), from €244,429 to €320,354
- Debts after one year -€67,583
down €67,583 (-15.7%), from €431,417 to €363,834
- Gross operating margin +€5,398
up €5,398 (+5.2%), from €104,117 to €109,515
- Taxes +€1,192
up €1,192 (+4.5%), from €26,480 to €27,671
- Financial charges -€1,177
down €1,177 (-16.8%), from €7,009 to €5,832
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 | €781,037 | €783,467 | +€2,430 | +0.3% |
| Fixed assets | 21/28 | €700,833 | €700,084 | -€749 | -0.1% |
| Tangible fixed assets | 22/27 | €833 | €84 | -€749 | -89.9% |
| Furniture and vehicles | 24 | €833 | €84 | -€749 | -89.9% |
| Financial fixed assets | 28 | €700,000 | €700,000 | = | 0.0% |
| Current assets | 29/58 | €80,204 | €83,383 | +€3,179 | +4.0% |
| Amounts receivable within one year | 40/41 | €79,460 | €60,645 | -€18,814 | -23.7% |
| Trade receivables | 40 | €74,667 | €23,669 | -€50,999 | -68.3% |
| Other amounts receivable | 41 | €4,792 | €36,977 | +€32,185 | +671.6% |
| Cash at bank and in hand | 54/58 | - | €22,182 | +€22,182 | |
| Deferred charges and accrued income | 490/1 | €744 | €555 | -€189 | -25.4% |
| Total equity and liabilities | 10/49 | €781,037 | €783,467 | +€2,430 | +0.3% |
| Equity | 10/15 | €244,529 | €320,454 | +€75,925 | +31.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €244,429 | €320,354 | +€75,925 | +31.1% |
| Distributable reserves | 133 | €244,429 | €320,354 | +€75,925 | +31.1% |
| Amounts payable | 17/49 | €536,508 | €463,013 | -€73,496 | -13.7% |
| Amounts payable after more than one year | 17 | €431,417 | €363,834 | -€67,583 | -15.7% |
| Financial debts | 170/4 | €431,417 | €363,834 | -€67,583 | -15.7% |
| Amounts payable within one year | 42/48 | €104,489 | €98,434 | -€6,055 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €83,030 | €83,068 | +€38 | 0.0% |
| Financial debts | 43 | €5,362 | - | -€5,362 | |
| Credit institutions | 430/8 | €5,362 | - | -€5,362 | |
| Trade debts | 44 | €3,909 | €2,887 | -€1,023 | -26.2% |
| Suppliers | 440/4 | €3,909 | €2,887 | -€1,023 | -26.2% |
| Taxes, remuneration and social security | 45 | €12,188 | €12,479 | +€291 | +2.4% |
| Taxes | 450/3 | €12,188 | €12,479 | +€291 | +2.4% |
| Accrued charges and deferred income | 492/3 | €602 | €745 | +€143 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €777 | €749 | -€28 | -3.6% |
| Other operating charges | 640/8 | €462 | €469 | +€7 | +1.5% |
| Gross operating margin | 9900 | €104,117 | €109,515 | +€5,398 | +5.2% |
| Operating profit (loss) | 9901 | €102,878 | €108,297 | +€5,419 | +5.3% |
| Financial income | 75/76B | €163 | €1,132 | +€969 | +595.3% |
| Recurring financial income | 75 | €163 | €1,132 | +€969 | +595.3% |
| Financial charges | 65/66B | €7,009 | €5,832 | -€1,177 | -16.8% |
| Recurring financial charges | 65 | €7,009 | €5,832 | -€1,177 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €96,032 | €103,597 | +€7,565 | +7.9% |
| Income taxes | 67/77 | €26,480 | €27,671 | +€1,192 | +4.5% |
| Profit (loss) for the period | 9904 | €69,552 | €75,925 | +€6,373 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €69,552 | €75,925 | +€6,373 | +9.2% |
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 12 October 2026 via checked.be.