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
- Receivables within one year -€19,418
down €19,418 (-33.8%), from €57,469 to €38,051
of which Other amounts receivable: -€14,639
- Cash +€12,708
up €12,708 (+23.5%), from €54,114 to €66,822
mainly Receivables within one year (+€19,418) and Other debts (+€7,716)
- Stocks and contracts +€11,400
up €11,400 (+76.8%), from €14,850 to €26,250
- Tangible fixed assets +€1,584
up €1,584 (+8.7%), from €18,142 to €19,727
of which Plant, machinery and equipment: +€5,172
- Other debts +€7,716
up €7,716 (+926.3%), from €833 to €8,549
- Trade debts -€3,962
down €3,962 (-21.5%), from €18,396 to €14,434
- Profit (loss) carried forward +€3,432
up €3,432 (+133004.7%), from €3 to €3,434
- Gross operating margin -€104,451
down €104,451 (-88.8%), from €117,602 to €13,151
- Taxes -€30,232
down €30,232 (-95.9%), from €31,517 to €1,285
- Depreciation +€3,423
up €3,423 (+88.4%), from €3,873 to €7,296
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,068 | €153,451 | +€7,383 | +5.1% |
| Fixed assets | 21/28 | €18,142 | €19,727 | +€1,584 | +8.7% |
| Tangible fixed assets | 22/27 | €18,142 | €19,727 | +€1,584 | +8.7% |
| Plant, machinery and equipment | 23 | €4,448 | €9,620 | +€5,172 | +116.3% |
| Furniture and vehicles | 24 | €13,694 | €8,178 | -€5,516 | -40.3% |
| Other tangible fixed assets | 26 | - | €1,929 | +€1,929 | |
| Current assets | 29/58 | €127,926 | €133,724 | +€5,799 | +4.5% |
| Stocks and contracts in progress | 3 | €14,850 | €26,250 | +€11,400 | +76.8% |
| Stocks | 30/36 | €14,850 | €26,250 | +€11,400 | +76.8% |
| Amounts receivable within one year | 40/41 | €57,469 | €38,051 | -€19,418 | -33.8% |
| Trade receivables | 40 | €37,351 | €32,572 | -€4,779 | -12.8% |
| Other amounts receivable | 41 | €20,118 | €5,479 | -€14,639 | -72.8% |
| Cash at bank and in hand | 54/58 | €54,114 | €66,822 | +€12,708 | +23.5% |
| Deferred charges and accrued income | 490/1 | €1,492 | €2,601 | +€1,108 | +74.3% |
| Total equity and liabilities | 10/49 | €146,068 | €153,451 | +€7,383 | +5.1% |
| Equity | 10/15 | €85,883 | €89,314 | +€3,432 | +4.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €80,880 | €80,880 | = | 0.0% |
| Distributable reserves | 133 | €80,880 | €80,880 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3 | €3,434 | +€3,432 | +133004.7% |
| Amounts payable | 17/49 | €60,185 | €64,137 | +€3,951 | +6.6% |
| Amounts payable within one year | 42/48 | €60,185 | €64,137 | +€3,951 | +6.6% |
| Trade debts | 44 | €18,396 | €14,434 | -€3,962 | -21.5% |
| Suppliers | 440/4 | €18,396 | €14,434 | -€3,962 | -21.5% |
| Taxes, remuneration and social security | 45 | €40,956 | €41,154 | +€197 | +0.5% |
| Taxes | 450/3 | €40,956 | €41,154 | +€197 | +0.5% |
| Other amounts payable | 47/48 | €833 | €8,549 | +€7,716 | +926.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,873 | €7,296 | +€3,423 | +88.4% |
| Other operating charges | 640/8 | €583 | €536 | -€47 | -8.1% |
| Gross operating margin | 9900 | €117,602 | €13,151 | -€104,451 | -88.8% |
| Operating profit (loss) | 9901 | €113,146 | €5,319 | -€107,826 | -95.3% |
| Financial income | 75/76B | €137 | €305 | +€168 | +122.7% |
| Recurring financial income | 75 | €137 | €305 | +€168 | +122.7% |
| Financial charges | 65/66B | €50 | €75 | +€25 | +50.4% |
| Recurring financial charges | 65 | €50 | €75 | +€25 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €113,233 | €5,550 | -€107,683 | -95.1% |
| Income taxes | 67/77 | €31,517 | €1,285 | -€30,232 | -95.9% |
| Profit (loss) for the period | 9904 | €81,716 | €4,265 | -€77,451 | -94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €81,716 | €4,265 | -€77,451 | -94.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.