MADEAU: 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.
MADEAU
Largest movements
- Tangible fixed assets -€16,957
down €16,957 (-71.0%), from €23,876 to €6,919
- Deferred charges and accrued income +€14,652
up €14,652 (+120.1%), from €12,196 to €26,847
- Cash +€10,883
up €10,883 (+18.4%), from €59,053 to €69,936
mainly Net result for the year (+€21,889) and Depreciation (+€16,957)
- Reserves +€21,889
up €21,889 (+58.1%), from €37,689 to €59,578
- Debts after one year -€11,509
down €11,509 (-70.0%), from €16,452 to €4,943
- Tax, wage and social debts -€3,133
down €3,133 (-15.8%), from €19,873 to €16,740
- Other debts +€2,439
up €2,439 (+30.1%), from €8,104 to €10,543
- Accrued charges and deferred income -€2,010
down €2,010 (-100.0%), from €2,010 to €0
- Gross operating margin +€7,567
up €7,567 (+19.2%), from €39,516 to €47,083
- Taxes +€1,418
up €1,418 (+27.7%), from €5,122 to €6,541
- Financial charges -€590
down €590 (-35.0%), from €1,686 to €1,096
- Depreciation +€514
up €514 (+3.1%), from €16,442 to €16,957
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 | €100,448 | €108,543 | +€8,094 | +8.1% |
| Fixed assets | 21/28 | €23,876 | €6,919 | -€16,957 | -71.0% |
| Tangible fixed assets | 22/27 | €23,876 | €6,919 | -€16,957 | -71.0% |
| Furniture and vehicles | 24 | €23,876 | €6,919 | -€16,957 | -71.0% |
| Current assets | 29/58 | €76,573 | €101,624 | +€25,051 | +32.7% |
| Amounts receivable within one year | 40/41 | €5,324 | €4,840 | -€484 | -9.1% |
| Trade receivables | 40 | €5,324 | €4,840 | -€484 | -9.1% |
| Cash at bank and in hand | 54/58 | €59,053 | €69,936 | +€10,883 | +18.4% |
| Deferred charges and accrued income | 490/1 | €12,196 | €26,847 | +€14,652 | +120.1% |
| Total equity and liabilities | 10/49 | €100,448 | €108,543 | +€8,094 | +8.1% |
| Equity | 10/15 | €42,189 | €64,078 | +€21,889 | +51.9% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Reserves | 13 | €37,689 | €59,578 | +€21,889 | +58.1% |
| Distributable reserves | 133 | €37,689 | €59,578 | +€21,889 | +58.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €58,259 | €44,465 | -€13,795 | -23.7% |
| Amounts payable after more than one year | 17 | €16,452 | €4,943 | -€11,509 | -70.0% |
| Financial debts | 170/4 | €16,452 | €4,943 | -€11,509 | -70.0% |
| Amounts payable within one year | 42/48 | €39,797 | €39,522 | -€275 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €11,027 | €11,509 | +€482 | +4.4% |
| Trade debts | 44 | €794 | €730 | -€64 | -8.1% |
| Suppliers | 440/4 | €794 | €730 | -€64 | -8.1% |
| Taxes, remuneration and social security | 45 | €19,873 | €16,740 | -€3,133 | -15.8% |
| Taxes | 450/3 | €19,873 | €16,740 | -€3,133 | -15.8% |
| Other amounts payable | 47/48 | €8,104 | €10,543 | +€2,439 | +30.1% |
| Accrued charges and deferred income | 492/3 | €2,010 | €0 | -€2,010 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,442 | €16,957 | +€514 | +3.1% |
| Other operating charges | 640/8 | €200 | €601 | +€401 | +200.3% |
| Gross operating margin | 9900 | €39,516 | €47,083 | +€7,567 | +19.2% |
| Operating profit (loss) | 9901 | €22,874 | €29,526 | +€6,652 | +29.1% |
| Financial income | 75/76B | €16 | €0 | -€16 | -100.0% |
| Recurring financial income | 75 | €16 | €0 | -€16 | -100.0% |
| Financial charges | 65/66B | €1,686 | €1,096 | -€590 | -35.0% |
| Recurring financial charges | 65 | €1,686 | €1,096 | -€590 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €21,203 | €28,430 | +€7,227 | +34.1% |
| Income taxes | 67/77 | €5,122 | €6,541 | +€1,418 | +27.7% |
| Profit (loss) for the period | 9904 | €16,081 | €21,889 | +€5,808 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,081 | €21,889 | +€5,808 | +36.1% |
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 9 October 2026 via checked.be.