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
- Cash +€41,047
up €41,047 (+77.1%), from €53,247 to €94,294
mainly Net result for the year (+€27,125) and Receivables within one year (+€18,540)
- Receivables within one year -€18,540
down €18,540 (-36.4%), from €50,868 to €32,328
of which Trade receivables: -€18,707
- Receivables after one year -€14,193
down €14,193 (-51.1%), from €27,749 to €13,556
- Deferred charges and accrued income +€8,962
new in 2025: €8,962
- Tangible fixed assets -€8,409
down €8,409 (-22.2%), from €37,808 to €29,399
of which Plant, machinery and equipment: -€6,445
- Reserves +€27,125
up €27,125 (+19.8%), from €136,667 to €163,792
of which Distributable reserves: +€27,125
- Tax, wage and social debts -€9,165
down €9,165 (-87.9%), from €10,430 to €1,266
- Trade debts -€8,489
down €8,489 (-53.8%), from €15,769 to €7,280
- Taxes +€8,938
up €8,938 (+178.8%), from €5,000 to €13,938
- Gross operating margin -€6,718
down €6,718 (-10.7%), from €62,851 to €56,133
- Depreciation +€3,184
up €3,184 (+31.8%), from €10,010 to €13,194
- Other operating charges +€666
up €666 (+47.3%), from €1,409 to €2,076
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 | €169,671 | €178,539 | +€8,867 | +5.2% |
| Fixed assets | 21/28 | €37,808 | €29,399 | -€8,409 | -22.2% |
| Tangible fixed assets | 22/27 | €37,808 | €29,399 | -€8,409 | -22.2% |
| Plant, machinery and equipment | 23 | €35,844 | €29,399 | -€6,445 | -18.0% |
| Furniture and vehicles | 24 | €1,964 | €0 | -€1,964 | -100.0% |
| Current assets | 29/58 | €131,863 | €149,140 | +€17,276 | +13.1% |
| Amounts receivable after more than one year | 29 | €27,749 | €13,556 | -€14,193 | -51.1% |
| Other amounts receivable | 291 | €27,749 | €13,556 | -€14,193 | -51.1% |
| Amounts receivable within one year | 40/41 | €50,868 | €32,328 | -€18,540 | -36.4% |
| Trade receivables | 40 | €36,395 | €17,688 | -€18,707 | -51.4% |
| Other amounts receivable | 41 | €14,473 | €14,640 | +€166 | +1.1% |
| Cash at bank and in hand | 54/58 | €53,247 | €94,294 | +€41,047 | +77.1% |
| Deferred charges and accrued income | 490/1 | - | €8,962 | +€8,962 | |
| Total equity and liabilities | 10/49 | €169,671 | €178,539 | +€8,867 | +5.2% |
| Equity | 10/15 | €142,867 | €169,992 | +€27,125 | +19.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €136,667 | €163,792 | +€27,125 | +19.8% |
| Tax-exempt reserves | 132 | €22,004 | €22,004 | = | 0.0% |
| Distributable reserves | 133 | €114,663 | €141,788 | +€27,125 | +23.7% |
| Amounts payable | 17/49 | €26,804 | €8,546 | -€18,258 | -68.1% |
| Amounts payable within one year | 42/48 | €26,804 | €8,546 | -€18,258 | -68.1% |
| Trade debts | 44 | €15,769 | €7,280 | -€8,489 | -53.8% |
| Suppliers | 440/4 | €15,769 | €7,280 | -€8,489 | -53.8% |
| Taxes, remuneration and social security | 45 | €10,430 | €1,266 | -€9,165 | -87.9% |
| Taxes | 450/3 | €10,430 | €1,266 | -€9,165 | -87.9% |
| Other amounts payable | 47/48 | €605 | - | -€605 | |
| Non-recurring operating income | 76A | €14,127 | €10,250 | -€3,877 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,010 | €13,194 | +€3,184 | +31.8% |
| Other operating charges | 640/8 | €1,409 | €2,076 | +€666 | +47.3% |
| Gross operating margin | 9900 | €62,851 | €56,133 | -€6,718 | -10.7% |
| Operating profit (loss) | 9901 | €51,432 | €40,864 | -€10,568 | -20.5% |
| Financial income | 75/76B | €617 | €439 | -€179 | -28.9% |
| Recurring financial income | 75 | €617 | €439 | -€179 | -28.9% |
| Financial charges | 65/66B | €241 | €240 | -€1 | -0.5% |
| Recurring financial charges | 65 | €241 | €240 | -€1 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €51,809 | €41,063 | -€10,746 | -20.7% |
| Income taxes | 67/77 | €5,000 | €13,938 | +€8,938 | +178.8% |
| Profit (loss) for the period | 9904 | €46,809 | €27,125 | -€19,683 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,809 | €27,125 | -€19,683 | -42.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.