madeblas: 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.
madeblas
Largest movements
- Current investments +€244,704
up €244,704 (+73.7%), from €332,143 to €576,848
- Cash -€127,647
down €127,647 (-39.7%), from €321,173 to €193,525
mainly Current investments (-€244,704) and Short-term financial debts (-€15,000)
- Financial fixed assets -€90,095
down €90,095 (-13.7%), from €658,393 to €568,298
- Receivables within one year -€15,046
down €15,046 (-24.0%), from €62,616 to €47,570
of which Other amounts receivable: -€27,477
- Reserves +€30,758
up €30,758 (+3.0%), from €1.0m to €1.1m
- Short-term financial debts -€15,000
down €15,000 (-60.0%), from €25,000 to €10,000
- Gross operating margin -€51,532
down €51,532 (-50.4%), from €102,210 to €50,678
- Write-downs +€31,806
new in 2025: €31,806
- Taxes -€28,722
down €28,722 (-67.5%), from €42,574 to €13,853
- Financial charges -€15,206
down €15,206 (-60.2%), from €25,255 to €10,049
- Financial income +€5,110
up €5,110 (+9.4%), from €54,588 to €59,699
of which Non-recurring financial income: +€18,666
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 | €1,408,547 | €1,420,777 | +€12,230 | +0.9% |
| Fixed assets | 21/28 | €692,576 | €600,207 | -€92,370 | -13.3% |
| Tangible fixed assets | 22/27 | €34,183 | €31,909 | -€2,274 | -6.7% |
| Furniture and vehicles | 24 | €3,182 | €4,650 | +€1,468 | +46.1% |
| Other tangible fixed assets | 26 | €31,001 | €27,259 | -€3,742 | -12.1% |
| Financial fixed assets | 28 | €658,393 | €568,298 | -€90,095 | -13.7% |
| Current assets | 29/58 | €715,971 | €820,570 | +€104,600 | +14.6% |
| Amounts receivable within one year | 40/41 | €62,616 | €47,570 | -€15,046 | -24.0% |
| Trade receivables | 40 | €12,616 | €25,047 | +€12,431 | +98.5% |
| Other amounts receivable | 41 | €50,000 | €22,523 | -€27,477 | -55.0% |
| Current investments | 50/53 | €332,143 | €576,848 | +€244,704 | +73.7% |
| Cash at bank and in hand | 54/58 | €321,173 | €193,525 | -€127,647 | -39.7% |
| Deferred charges and accrued income | 490/1 | €38 | €2,627 | +€2,589 | +6787.4% |
| Total equity and liabilities | 10/49 | €1,408,547 | €1,420,777 | +€12,230 | +0.9% |
| Equity | 10/15 | €1,347,967 | €1,378,725 | +€30,758 | +2.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,033,756 | €1,064,514 | +€30,758 | +3.0% |
| Distributable reserves | 133 | €1,033,756 | €1,064,514 | +€30,758 | +3.0% |
| Profit (loss) carried forward | 14 | €114,210 | €114,210 | = | 0.0% |
| Amounts payable | 17/49 | €60,580 | €42,052 | -€18,528 | -30.6% |
| Amounts payable after more than one year | 17 | €2,628 | - | -€2,628 | |
| Financial debts | 170/4 | €2,628 | - | -€2,628 | |
| Amounts payable within one year | 42/48 | €57,952 | €42,052 | -€15,900 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €10,375 | €2,628 | -€7,746 | -74.7% |
| Financial debts | 43 | €25,000 | €10,000 | -€15,000 | -60.0% |
| Other loans | 439 | €25,000 | €10,000 | -€15,000 | -60.0% |
| Trade debts | 44 | €1,293 | €2,409 | +€1,116 | +86.3% |
| Suppliers | 440/4 | €1,293 | €2,409 | +€1,116 | +86.3% |
| Taxes, remuneration and social security | 45 | €8,007 | €10,984 | +€2,977 | +37.2% |
| Taxes | 450/3 | €8,007 | €10,984 | +€2,977 | +37.2% |
| Other amounts payable | 47/48 | €13,278 | €16,031 | +€2,754 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,255 | €5,102 | +€847 | +19.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €31,806 | +€31,806 | |
| Other operating charges | 640/8 | €2,354 | €143 | -€2,211 | -93.9% |
| Non-recurring operating charges | 66A | - | €18,666 | +€18,666 | |
| Gross operating margin | 9900 | €102,210 | €50,678 | -€51,532 | -50.4% |
| Operating profit (loss) | 9901 | €95,601 | -€5,039 | -€100,640 | |
| Financial income | 75/76B | €54,588 | €59,699 | +€5,110 | +9.4% |
| Recurring financial income | 75 | €54,588 | €41,033 | -€13,556 | -24.8% |
| Non-recurring financial income | 76B | - | €18,666 | +€18,666 | |
| Financial charges | 65/66B | €25,255 | €10,049 | -€15,206 | -60.2% |
| Recurring financial charges | 65 | €25,255 | €10,049 | -€15,206 | -60.2% |
| Profit (loss) for the period before taxes | 9903 | €124,934 | €44,611 | -€80,323 | -64.3% |
| Income taxes | 67/77 | €42,574 | €13,853 | -€28,722 | -67.5% |
| Profit (loss) for the period | 9904 | €82,360 | €30,758 | -€51,602 | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,360 | €30,758 | -€51,602 | -62.7% |
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 7 October 2026 via checked.be.