Madeco-Recycling: 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.
Madeco-Recycling
Largest movements
- Current investments +€65,000
up €65,000 (+65.0%), from €100,000 to €165,000
- Cash -€45,325
down €45,325 (-92.3%), from €49,106 to €3,781
mainly Contributions, distributions and other (-€108,000) and Current investments (-€65,000)
- Deferred charges and accrued income -€4,624
no longer reported in 2025 (was €4,624)
- Other debts +€81,116
up €81,116 (+193,133%), from €42 to €81,158
- Reserves -€42,508
down €42,508 (-21.0%), from €202,040 to €159,532
- Tax, wage and social debts -€14,563
down €14,563 (-63.7%), from €22,860 to €8,297
- Debts after one year -€10,777
down €10,777 (-7.0%), from €154,278 to €143,501
- Gross operating margin +€4,829
up €4,829 (+5.7%), from €84,619 to €89,448
- Taxes +€1,965
up €1,965 (+11.8%), from €16,661 to €18,626
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.
Derived cash bridge
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 | €429,841 | €443,019 | +€13,178 | +3.1% |
| Fixed assets | 21/28 | €257,961 | €259,446 | +€1,485 | +0.6% |
| Tangible fixed assets | 22/27 | €257,906 | €259,391 | +€1,485 | +0.6% |
| Land and buildings | 22 | €252,000 | €253,007 | +€1,007 | +0.4% |
| Plant, machinery and equipment | 23 | €3,265 | €2,195 | -€1,070 | -32.8% |
| Furniture and vehicles | 24 | €2,641 | €4,189 | +€1,548 | +58.6% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €171,880 | €183,573 | +€11,693 | +6.8% |
| Amounts receivable within one year | 40/41 | €18,150 | €14,792 | -€3,358 | -18.5% |
| Trade receivables | 40 | €18,150 | €13,966 | -€4,184 | -23.1% |
| Other amounts receivable | 41 | - | €826 | +€826 | |
| Current investments | 50/53 | €100,000 | €165,000 | +€65,000 | +65.0% |
| Cash at bank and in hand | 54/58 | €49,106 | €3,781 | -€45,325 | -92.3% |
| Deferred charges and accrued income | 490/1 | €4,624 | - | -€4,624 | |
| Total equity and liabilities | 10/49 | €429,841 | €443,019 | +€13,178 | +3.1% |
| Equity | 10/15 | €234,040 | €191,532 | -€42,508 | -18.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Revaluation surpluses | 12 | €27,000 | €27,000 | = | 0.0% |
| Reserves | 13 | €202,040 | €159,532 | -€42,508 | -21.0% |
| Distributable reserves | 133 | €202,040 | €159,532 | -€42,508 | -21.0% |
| Amounts payable | 17/49 | €195,801 | €251,487 | +€55,686 | +28.4% |
| Amounts payable after more than one year | 17 | €154,278 | €143,501 | -€10,777 | -7.0% |
| Financial debts | 170/4 | €154,278 | €143,501 | -€10,777 | -7.0% |
| Amounts payable within one year | 42/48 | €41,083 | €107,620 | +€66,537 | +162% |
| Current portion of amounts payable after more than one year | 42 | €10,506 | €10,777 | +€271 | +2.6% |
| Trade debts | 44 | €7,675 | €7,388 | -€287 | -3.7% |
| Suppliers | 440/4 | €7,675 | €7,388 | -€287 | -3.7% |
| Taxes, remuneration and social security | 45 | €22,860 | €8,297 | -€14,563 | -63.7% |
| Taxes | 450/3 | €22,860 | €8,297 | -€14,563 | -63.7% |
| Other amounts payable | 47/48 | €42 | €81,158 | +€81,116 | +193,133% |
| Accrued charges and deferred income | 492/3 | €440 | €366 | -€74 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,445 | €2,615 | +€170 | +7.0% |
| Other operating charges | 640/8 | €641 | €583 | -€58 | -9.0% |
| Gross operating margin | 9900 | €84,619 | €89,448 | +€4,829 | +5.7% |
| Operating profit (loss) | 9901 | €81,533 | €86,250 | +€4,717 | +5.8% |
| Financial income | 75/76B | €2,354 | €2,272 | -€82 | -3.5% |
| Recurring financial income | 75 | €2,354 | €2,272 | -€82 | -3.5% |
| Financial charges | 65/66B | €4,751 | €4,404 | -€347 | -7.3% |
| Recurring financial charges | 65 | €4,751 | €4,404 | -€347 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €79,136 | €84,118 | +€4,982 | +6.3% |
| Income taxes | 67/77 | €16,661 | €18,626 | +€1,965 | +11.8% |
| Profit (loss) for the period | 9904 | €62,475 | €65,492 | +€3,017 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,475 | €65,492 | +€3,017 | +4.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.