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 +€26,830
up €26,830 (+1192.1%), from €2,251 to €29,081
mainly Net result for the year (+€119,925) and Short-term financial debts (+€13,936)
- Receivables within one year +€17,891
up €17,891 (+31.7%), from €56,378 to €74,269
of which Other amounts receivable: +€17,891
- Tangible fixed assets -€6,919
down €6,919 (-36.3%), from €19,064 to €12,145
of which Furniture and vehicles: -€5,800
- Reserves +€90,602
up €90,602 (+20.2%), from €449,554 to €540,156
- Other debts -€63,323
down €63,323 (-61.4%), from €103,146 to €39,823
- Short-term financial debts +€13,936
up €13,936 (+9452.5%), from €147 to €14,083
of which Other loans: +€10,096
- Trade debts -€10,669
down €10,669 (-62.9%), from €16,967 to €6,298
- Gross operating margin +€111,437
up €111,437 (+152.3%), from €73,146 to €184,583
- Taxes +€33,063
up €33,063 (+178.1%), from €18,561 to €51,624
- Depreciation +€4,909
up €4,909 (+244.2%), from €2,010 to €6,919
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 | €600,942 | €638,756 | +€37,813 | +6.3% |
| Fixed assets | 21/28 | €465,529 | €458,610 | -€6,919 | -1.5% |
| Tangible fixed assets | 22/27 | €19,064 | €12,145 | -€6,919 | -36.3% |
| Plant, machinery and equipment | 23 | €4,304 | €3,185 | -€1,119 | -26.0% |
| Furniture and vehicles | 24 | €14,760 | €8,960 | -€5,800 | -39.3% |
| Financial fixed assets | 28 | €446,465 | €446,465 | = | 0.0% |
| Current assets | 29/58 | €135,413 | €180,146 | +€44,733 | +33.0% |
| Amounts receivable within one year | 40/41 | €56,378 | €74,269 | +€17,891 | +31.7% |
| Trade receivables | 40 | €56,378 | €56,378 | = | 0.0% |
| Other amounts receivable | 41 | - | €17,891 | +€17,891 | |
| Current investments | 50/53 | €75,000 | €75,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,251 | €29,081 | +€26,830 | +1192.1% |
| Deferred charges and accrued income | 490/1 | €1,785 | €1,796 | +€11 | +0.6% |
| Total equity and liabilities | 10/49 | €600,942 | €638,756 | +€37,813 | +6.3% |
| Equity | 10/15 | €455,754 | €546,356 | +€90,602 | +19.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €449,554 | €540,156 | +€90,602 | +20.2% |
| Distributable reserves | 133 | €449,554 | €540,156 | +€90,602 | +20.2% |
| Amounts payable | 17/49 | €145,189 | €92,400 | -€52,789 | -36.4% |
| Amounts payable within one year | 42/48 | €145,189 | €87,876 | -€57,312 | -39.5% |
| Financial debts | 43 | €147 | €14,083 | +€13,936 | +9452.5% |
| Credit institutions | 430/8 | €147 | €3,987 | +€3,840 | +2604.5% |
| Other loans | 439 | - | €10,096 | +€10,096 | |
| Trade debts | 44 | €16,967 | €6,298 | -€10,669 | -62.9% |
| Suppliers | 440/4 | €16,967 | €6,298 | -€10,669 | -62.9% |
| Taxes, remuneration and social security | 45 | €24,928 | €27,672 | +€2,744 | +11.0% |
| Taxes | 450/3 | €24,928 | €27,672 | +€2,744 | +11.0% |
| Other amounts payable | 47/48 | €103,146 | €39,823 | -€63,323 | -61.4% |
| Accrued charges and deferred income | 492/3 | - | €4,524 | +€4,524 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,010 | €6,919 | +€4,909 | +244.2% |
| Other operating charges | 640/8 | €1,031 | €1,064 | +€34 | +3.3% |
| Gross operating margin | 9900 | €73,146 | €184,583 | +€111,437 | +152.3% |
| Operating profit (loss) | 9901 | €70,105 | €176,599 | +€106,494 | +151.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €4,153 | €5,050 | +€897 | +21.6% |
| Recurring financial charges | 65 | €4,153 | €5,050 | +€897 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €65,952 | €171,550 | +€105,598 | +160.1% |
| Income taxes | 67/77 | €18,561 | €51,624 | +€33,063 | +178.1% |
| Profit (loss) for the period | 9904 | €47,391 | €119,925 | +€72,534 | +153.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,391 | €119,925 | +€72,534 | +153.1% |
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 9 October 2026 via checked.be.