MADE PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets +€80,221
up €80,221 (+6.2%), from €1.3m to €1.4m
- Receivables within one year -€16,514
down €16,514 (-80.3%), from €20,565 to €4,051
of which Trade receivables: -€12,876
- Other debts +€188,187
up €188,187 (+37.9%), from €496,123 to €684,310
- Profit (loss) carried forward -€70,557
down €70,557 (-84.9%), from -€83,084 to -€153,641
- Debts after one year -€33,334
down €33,334 (-8.6%), from €388,889 to €355,555
- Current portion of long-term debt -€21,334
down €21,334 (-6.3%), from €340,889 to €319,555
- Trade debts +€21,141
up €21,141 (+45.5%), from €46,424 to €67,565
- Gross operating margin +€27,293
up €27,293, from -€14,013 to €13,280
- Turnover +€22,199
up €22,199 (+352%), from €6,300 to €28,499
- Depreciation +€21,715
up €21,715 (+74.6%), from €29,115 to €50,830
- Purchases and services -€5,094
down €5,094 (-25.1%), from €20,313 to €15,219
- Other operating charges +€1,207
new in 2025: €1,207
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 | €1,321,326 | €1,398,496 | +€77,170 | +5.8% |
| Fixed assets | 21/28 | €1,300,761 | €1,380,982 | +€80,221 | +6.2% |
| Tangible fixed assets | 22/27 | €1,300,761 | €1,380,982 | +€80,221 | +6.2% |
| Land and buildings | 22 | €1,300,761 | €1,380,982 | +€80,221 | +6.2% |
| Current assets | 29/58 | €20,565 | €17,514 | -€3,051 | -14.8% |
| Amounts receivable within one year | 40/41 | €20,565 | €4,051 | -€16,514 | -80.3% |
| Trade receivables | 40 | €14,388 | €1,512 | -€12,876 | -89.5% |
| Other amounts receivable | 41 | €6,177 | €2,539 | -€3,638 | -58.9% |
| Cash at bank and in hand | 54/58 | - | €13,463 | +€13,463 | |
| Total equity and liabilities | 10/49 | €1,321,326 | €1,398,496 | +€77,170 | +5.8% |
| Equity | 10/15 | €36,916 | -€33,641 | -€70,557 | |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,084 | -€153,641 | -€70,557 | -84.9% |
| Amounts payable | 17/49 | €1,284,410 | €1,432,137 | +€147,727 | +11.5% |
| Amounts payable after more than one year | 17 | €388,889 | €355,555 | -€33,334 | -8.6% |
| Financial debts | 170/4 | €388,889 | €355,555 | -€33,334 | -8.6% |
| Amounts payable within one year | 42/48 | €890,584 | €1,075,682 | +€185,098 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €340,889 | €319,555 | -€21,334 | -6.3% |
| Financial debts | 43 | €3,895 | - | -€3,895 | |
| Credit institutions | 430/8 | €3,895 | - | -€3,895 | |
| Trade debts | 44 | €46,424 | €67,565 | +€21,141 | +45.5% |
| Suppliers | 440/4 | €46,424 | €67,565 | +€21,141 | +45.5% |
| Taxes, remuneration and social security | 45 | €3,253 | €4,252 | +€999 | +30.7% |
| Taxes | 450/3 | €3,253 | €4,252 | +€999 | +30.7% |
| Other amounts payable | 47/48 | €496,123 | €684,310 | +€188,187 | +37.9% |
| Accrued charges and deferred income | 492/3 | €4,937 | €900 | -€4,037 | -81.8% |
| Turnover | 70 | €6,300 | €28,499 | +€22,199 | +352% |
| Goods, raw materials, services and sundry goods | 60/61 | €20,313 | €15,219 | -€5,094 | -25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,115 | €50,830 | +€21,715 | +74.6% |
| Other operating charges | 640/8 | - | €1,207 | +€1,207 | |
| Gross operating margin | 9900 | -€14,013 | €13,280 | +€27,293 | |
| Operating profit (loss) | 9901 | -€43,128 | -€38,757 | +€4,371 | +10.1% |
| Financial income | 75/76B | €147 | - | -€147 | |
| Recurring financial income | 75 | €147 | - | -€147 | |
| Financial charges | 65/66B | €32,059 | €31,800 | -€259 | -0.8% |
| Recurring financial charges | 65 | €32,059 | €31,800 | -€259 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | -€75,040 | -€70,557 | +€4,483 | +6.0% |
| Profit (loss) for the period | 9904 | -€75,040 | -€70,557 | +€4,483 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,040 | -€70,557 | +€4,483 | +6.0% |
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 16 October 2026 via checked.be.