MADECO: 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.
MADECO
Largest movements
- Financial fixed assets -€117,750
down €117,750 (-100.0%), from €117,750 to €0
- Current assets +€116,567
up €116,567 (+6.0%), from €2.0m to €2.1m
of which Cash: +€148,294
- Equity -€31,654
down €31,654 (-1.7%), from €1.8m to €1.8m
of which Profit (loss) carried forward: -€21,622
- Gross operating margin -€343,500
down €343,500 (-69.3%), from €495,350 to €151,850
- Taxes -€130,914
down €130,914 (-65.8%), from €199,097 to €68,183
- Depreciation -€11,130
down €11,130 (-40.4%), from €27,540 to €16,409
From the 2019 result to the 2020 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2019 | 2020 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,120,023 | €2,106,190 | -€13,833 | -0.7% |
| Fixed assets | 21/28 | €168,057 | €37,657 | -€130,400 | -77.6% |
| Intangible fixed assets | 21 | €18,000 | €16,000 | -€2,000 | -11.1% |
| Tangible fixed assets | 22/27 | €32,307 | €21,657 | -€10,650 | -33.0% |
| Financial fixed assets | 28 | €117,750 | €0 | -€117,750 | -100.0% |
| Current assets | 29/58 | €1,951,966 | €2,068,533 | +€116,567 | +6.0% |
| Amounts receivable within one year | 40/41 | €46,227 | €16,713 | -€29,514 | -63.8% |
| Current investments | 50/53 | €356,405 | €356,405 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,543,117 | €1,691,411 | +€148,294 | +9.6% |
| Total equity and liabilities | 10/49 | €2,120,023 | €2,106,190 | -€13,833 | -0.7% |
| Equity | 10/15 | €1,842,195 | €1,810,541 | -€31,654 | -1.7% |
| Contributions | 10/11 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €1,726,659 | €1,716,627 | -€10,032 | -0.6% |
| Profit (loss) carried forward | 14 | €96,944 | €75,322 | -€21,622 | -22.3% |
| Amounts payable | 17/49 | €277,828 | €295,649 | +€17,821 | +6.4% |
| Amounts payable within one year | 42/48 | €277,828 | €295,649 | +€17,821 | +6.4% |
| Trade debts | 44 | €32,111 | €15,275 | -€16,835 | -52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,540 | €16,409 | -€11,130 | -40.4% |
| Gross operating margin | 9900 | €495,350 | €151,850 | -€343,500 | -69.3% |
| Operating profit (loss) | 9901 | €461,381 | €133,715 | -€327,666 | -71.0% |
| Recurring financial income | 75 | €220,774 | €21,880 | -€198,894 | -90.1% |
| Recurring financial charges | 65 | €7,818 | €119,065 | +€111,247 | +1423.0% |
| Profit (loss) for the period before taxes | 9903 | €674,337 | €36,530 | -€637,807 | -94.6% |
| Income taxes | 67/77 | €199,097 | €68,183 | -€130,914 | -65.8% |
| Profit (loss) for the period | 9904 | €475,240 | -€31,654 | -€506,894 | |
| Profit (loss) for the period to be appropriated | 9905 | €475,240 | €373,196 | -€102,044 | -21.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2019 and 31 December 2020. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.