MaDec: 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.
MaDec
Largest movements
- Cash +€10,387
up €10,387 (+1683.5%), from €617 to €11,004
mainly Net result for the year (+€30,720) and Other debts (+€19,826)
- Receivables within one year +€4,512
up €4,512 (+26.6%), from €16,988 to €21,500
of which Trade receivables: +€2,574
- Tangible fixed assets -€4,261
down €4,261 (-15.7%), from €27,090 to €22,830
of which Plant, machinery and equipment: -€3,548
- Stocks and contracts +€810
up €810 (+14.1%), from €5,750 to €6,560
- Other debts +€19,826
up €19,826 (+604.3%), from €3,281 to €23,106
- Debts after one year -€7,557
down €7,557 (-100.0%), from €7,557 to €0
- Reserves +€5,451
up €5,451 (+28.0%), from €19,435 to €24,887
- Current portion of long-term debt -€3,892
down €3,892 (-31.2%), from €12,468 to €8,576
- Trade debts -€3,254
down €3,254 (-55.1%), from €5,905 to €2,651
- Gross operating margin +€15,071
up €15,071 (+51.7%), from €29,159 to €44,229
- Depreciation -€6,001
down €6,001 (-58.5%), from €10,262 to €4,261
- Taxes +€2,628
up €2,628 (+49.4%), from €5,323 to €7,951
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 | €52,164 | €63,446 | +€11,283 | +21.6% |
| Fixed assets | 21/28 | €27,090 | €22,830 | -€4,261 | -15.7% |
| Tangible fixed assets | 22/27 | €27,090 | €22,830 | -€4,261 | -15.7% |
| Plant, machinery and equipment | 23 | €26,378 | €22,830 | -€3,548 | -13.5% |
| Furniture and vehicles | 24 | €712 | €0 | -€712 | -100.0% |
| Current assets | 29/58 | €25,073 | €40,617 | +€15,544 | +62.0% |
| Stocks and contracts in progress | 3 | €5,750 | €6,560 | +€810 | +14.1% |
| Stocks | 30/36 | €5,750 | €6,560 | +€810 | +14.1% |
| Amounts receivable within one year | 40/41 | €16,988 | €21,500 | +€4,512 | +26.6% |
| Trade receivables | 40 | €16,843 | €19,417 | +€2,574 | +15.3% |
| Other amounts receivable | 41 | €145 | €2,083 | +€1,938 | +1335.2% |
| Cash at bank and in hand | 54/58 | €617 | €11,004 | +€10,387 | +1683.5% |
| Deferred charges and accrued income | 490/1 | €1,719 | €1,553 | -€166 | -9.6% |
| Total equity and liabilities | 10/49 | €52,164 | €63,446 | +€11,283 | +21.6% |
| Equity | 10/15 | €21,435 | €26,887 | +€5,451 | +25.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €19,435 | €24,887 | +€5,451 | +28.0% |
| Distributable reserves | 133 | €19,435 | €24,887 | +€5,451 | +28.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €30,728 | €36,560 | +€5,831 | +19.0% |
| Amounts payable after more than one year | 17 | €7,557 | €0 | -€7,557 | -100.0% |
| Financial debts | 170/4 | €7,557 | €0 | -€7,557 | -100.0% |
| Amounts payable within one year | 42/48 | €23,171 | €36,560 | +€13,389 | +57.8% |
| Current portion of amounts payable after more than one year | 42 | €12,468 | €8,576 | -€3,892 | -31.2% |
| Trade debts | 44 | €5,905 | €2,651 | -€3,254 | -55.1% |
| Suppliers | 440/4 | €5,905 | €2,651 | -€3,254 | -55.1% |
| Taxes, remuneration and social security | 45 | €1,517 | €2,226 | +€709 | +46.7% |
| Taxes | 450/3 | €1,517 | €2,226 | +€709 | +46.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,281 | €23,106 | +€19,826 | +604.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,262 | €4,261 | -€6,001 | -58.5% |
| Other operating charges | 640/8 | €1,241 | €964 | -€277 | -22.3% |
| Gross operating margin | 9900 | €29,159 | €44,229 | +€15,071 | +51.7% |
| Operating profit (loss) | 9901 | €17,656 | €39,005 | +€21,349 | +120.9% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €372 | €334 | -€38 | -10.2% |
| Recurring financial charges | 65 | €372 | €334 | -€38 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €17,284 | €38,671 | +€21,386 | +123.7% |
| Income taxes | 67/77 | €5,323 | €7,951 | +€2,628 | +49.4% |
| Profit (loss) for the period | 9904 | €11,961 | €30,720 | +€18,759 | +156.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,961 | €30,720 | +€18,759 | +156.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.