MADe4: 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.
MADe4
Largest movements
- Receivables within one year -€31,967
down €31,967 (-82.8%), from €38,620 to €6,654
of which Other amounts receivable: -€31,967
- Cash -€31,152
down €31,152 (-84.5%), from €36,862 to €5,709
mainly Net result for the year (-€83,640) and Smaller working-capital items (-€26)
- Profit (loss) carried forward -€83,640
down €83,640 (-21.0%), from -€397,569 to -€481,210
- Other debts +€19,222
up €19,222 (+4.3%), from €447,812 to €467,033
- Trade debts +€1,097
up €1,097 (+9.7%), from €11,366 to €12,463
- Gross operating margin +€2,798
up €2,798 (+3.3%), from -€85,732 to -€82,934
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 | €75,918 | €12,572 | -€63,346 | -83.4% |
| Fixed assets | 21/28 | €228 | €0 | -€228 | -100% |
| Tangible fixed assets | 22/27 | €228 | €0 | -€228 | -100% |
| Furniture and vehicles | 24 | €228 | €0 | -€228 | -100% |
| Current assets | 29/58 | €75,690 | €12,572 | -€63,118 | -83.4% |
| Amounts receivable within one year | 40/41 | €38,620 | €6,654 | -€31,967 | -82.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €38,620 | €6,654 | -€31,967 | -82.8% |
| Cash at bank and in hand | 54/58 | €36,862 | €5,709 | -€31,152 | -84.5% |
| Deferred charges and accrued income | 490/1 | €208 | €209 | +€1 | +0.4% |
| Total equity and liabilities | 10/49 | €75,918 | €12,572 | -€63,346 | -83.4% |
| Equity | 10/15 | -€383,309 | -€466,950 | -€83,640 | -21.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€397,569 | -€481,210 | -€83,640 | -21.0% |
| Amounts payable | 17/49 | €459,227 | €479,522 | +€20,294 | +4.4% |
| Amounts payable within one year | 42/48 | €459,227 | €479,522 | +€20,294 | +4.4% |
| Trade debts | 44 | €11,366 | €12,463 | +€1,097 | +9.7% |
| Suppliers | 440/4 | €11,366 | €12,463 | +€1,097 | +9.7% |
| Taxes, remuneration and social security | 45 | €50 | €25 | -€25 | -50.0% |
| Taxes | 450/3 | €50 | €25 | -€25 | -50.0% |
| Other amounts payable | 47/48 | €447,812 | €467,033 | +€19,222 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €435 | €228 | -€207 | -47.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€85,732 | -€82,934 | +€2,798 | +3.3% |
| Operating profit (loss) | 9901 | -€86,554 | -€83,562 | +€2,992 | +3.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €69 | €79 | +€10 | +13.9% |
| Recurring financial charges | 65 | €69 | €79 | +€10 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | -€86,623 | -€83,640 | +€2,983 | +3.4% |
| Profit (loss) for the period | 9904 | -€86,623 | -€83,640 | +€2,983 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€86,623 | -€83,640 | +€2,983 | +3.4% |
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 21 October 2026 via checked.be.