MADECOM: 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.
MADECOM
Largest movements
- Cash +€19,304
up €19,304 (+10.8%), from €179,209 to €198,513
mainly Net result for the year (+€15,673) and Other debts (+€6,503)
- Reserves +€15,673
up €15,673 (+9.8%), from €159,446 to €175,119
- Other debts +€6,503
up €6,503 (+56.3%), from €11,543 to €18,046
- Trade debts -€2,297
no longer reported in 2025 (was €2,297)
- Gross operating margin -€30,531
down €30,531 (-54.2%), from €56,349 to €25,819
- Taxes -€7,801
down €7,801 (-48.2%), from €16,185 to €8,384
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 | €184,230 | €202,516 | +€18,286 | +9.9% |
| Fixed assets | 21/28 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €184,230 | €202,516 | +€18,286 | +9.9% |
| Amounts receivable within one year | 40/41 | €5,021 | €4,003 | -€1,018 | -20.3% |
| Trade receivables | 40 | €5,021 | €387 | -€4,634 | -92.3% |
| Other amounts receivable | 41 | - | €3,616 | +€3,616 | |
| Cash at bank and in hand | 54/58 | €179,209 | €198,513 | +€19,304 | +10.8% |
| Total equity and liabilities | 10/49 | €184,230 | €202,516 | +€18,286 | +9.9% |
| Equity | 10/15 | €165,646 | €181,319 | +€15,673 | +9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €159,446 | €175,119 | +€15,673 | +9.8% |
| Distributable reserves | 133 | €159,446 | €175,119 | +€15,673 | +9.8% |
| Amounts payable | 17/49 | €18,583 | €21,196 | +€2,613 | +14.1% |
| Amounts payable within one year | 42/48 | €18,173 | €20,463 | +€2,290 | +12.6% |
| Trade debts | 44 | €2,297 | - | -€2,297 | |
| Suppliers | 440/4 | €2,297 | - | -€2,297 | |
| Taxes, remuneration and social security | 45 | €4,333 | €2,417 | -€1,916 | -44.2% |
| Taxes | 450/3 | €4,333 | €2,417 | -€1,916 | -44.2% |
| Other amounts payable | 47/48 | €11,543 | €18,046 | +€6,503 | +56.3% |
| Accrued charges and deferred income | 492/3 | €410 | €733 | +€323 | +78.7% |
| Non-recurring operating income | 76A | €15,385 | - | -€15,385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €446 | - | -€446 | |
| Other operating charges | 640/8 | €633 | €513 | -€120 | -19.0% |
| Gross operating margin | 9900 | €56,349 | €25,819 | -€30,531 | -54.2% |
| Operating profit (loss) | 9901 | €55,270 | €25,305 | -€29,964 | -54.2% |
| Financial charges | 65/66B | €928 | €1,248 | +€319 | +34.4% |
| Recurring financial charges | 65 | €928 | €1,248 | +€319 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | €54,341 | €24,058 | -€30,284 | -55.7% |
| Income taxes | 67/77 | €16,185 | €8,384 | -€7,801 | -48.2% |
| Profit (loss) for the period | 9904 | €38,156 | €15,673 | -€22,483 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,156 | €15,673 | -€22,483 | -58.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.