MADECE: 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.
MADECE
Largest movements
- Receivables within one year +€407,946
up €407,946 (+1040.4%), from €39,210 to €447,156
of which Other amounts receivable: +€364,764
- Tangible fixed assets -€172,795
down €172,795 (-5.4%), from €3.2m to €3.0m
of which Land and buildings: -€172,000
- Cash -€116,384
down €116,384 (-29.2%), from €399,023 to €282,639
mainly Receivables within one year (-€407,946) and Tax, wage and social debts (-€12,969)
- Reserves +€250,000
new in 2025: €250,000
- Profit (loss) carried forward -€118,647
down €118,647 (-90.9%), from €130,470 to €11,823
- Gross operating margin -€31,946
down €31,946 (-7.1%), from €448,655 to €416,709
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 | €3,637,613 | €3,756,785 | +€119,173 | +3.3% |
| Fixed assets | 21/28 | €3,184,179 | €3,011,384 | -€172,795 | -5.4% |
| Tangible fixed assets | 22/27 | €3,184,179 | €3,011,384 | -€172,795 | -5.4% |
| Land and buildings | 22 | €3,182,000 | €3,010,000 | -€172,000 | -5.4% |
| Plant, machinery and equipment | 23 | €2,179 | €1,384 | -€795 | -36.5% |
| Current assets | 29/58 | €453,433 | €745,401 | +€291,968 | +64.4% |
| Amounts receivable within one year | 40/41 | €39,210 | €447,156 | +€407,946 | +1040.4% |
| Trade receivables | 40 | €0 | €43,182 | +€43,182 | |
| Other amounts receivable | 41 | €39,210 | €403,973 | +€364,764 | +930.3% |
| Cash at bank and in hand | 54/58 | €399,023 | €282,639 | -€116,384 | -29.2% |
| Deferred charges and accrued income | 490/1 | €15,201 | €15,607 | +€406 | +2.7% |
| Total equity and liabilities | 10/49 | €3,637,613 | €3,756,785 | +€119,173 | +3.3% |
| Equity | 10/15 | €230,470 | €361,823 | +€131,353 | +57.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | - | €250,000 | +€250,000 | |
| Distributable reserves | 133 | - | €250,000 | +€250,000 | |
| Profit (loss) carried forward | 14 | €130,470 | €11,823 | -€118,647 | -90.9% |
| Amounts payable | 17/49 | €3,407,143 | €3,394,962 | -€12,181 | -0.4% |
| Amounts payable after more than one year | 17 | €3,366,500 | €3,366,500 | = | 0.0% |
| Financial debts | 170/4 | €3,366,500 | €3,366,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,580 | €14,000 | -€12,579 | -47.3% |
| Trade debts | 44 | €4,079 | €4,469 | +€390 | +9.6% |
| Suppliers | 440/4 | €4,079 | €4,469 | +€390 | +9.6% |
| Taxes, remuneration and social security | 45 | €22,500 | €9,531 | -€12,969 | -57.6% |
| Taxes | 450/3 | €22,500 | €9,531 | -€12,969 | -57.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €14,063 | €14,461 | +€398 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,795 | €172,795 | = | 0.0% |
| Other operating charges | 640/8 | €34,003 | €35,058 | +€1,054 | +3.1% |
| Gross operating margin | 9900 | €448,655 | €416,709 | -€31,946 | -7.1% |
| Operating profit (loss) | 9901 | €241,856 | €208,856 | -€33,000 | -13.6% |
| Financial charges | 65/66B | €33,713 | €33,718 | +€5 | 0.0% |
| Recurring financial charges | 65 | €33,713 | €33,718 | +€5 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €208,143 | €175,138 | -€33,005 | -15.9% |
| Income taxes | 67/77 | €43,709 | €43,785 | +€75 | +0.2% |
| Profit (loss) for the period | 9904 | €164,434 | €131,353 | -€33,081 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €164,434 | €131,353 | -€33,081 | -20.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.