Madecon: 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.
Madecon
Largest movements
- Tangible fixed assets +€43,291
up €43,291 (+55.9%), from €77,464 to €120,755
of which Furniture and vehicles: +€38,140
- Receivables within one year -€5,998
down €5,998 (-14.0%), from €42,811 to €36,814
of which Trade receivables: -€6,051
- Cash -€1,705
down €1,705 (-26.1%), from €6,540 to €4,835
mainly Investment in fixed assets (net) (-€65,567) and Tax, wage and social debts (-€7,173)
- Other debts +€33,407
new in 2025: €33,407
- Reserves +€12,859
up €12,859 (+14.4%), from €89,537 to €102,396
- Tax, wage and social debts -€7,173
down €7,173 (-60.1%), from €11,943 to €4,770
of which Remuneration and social security: -€8,000
- Trade debts -€2,522
down €2,522 (-93.1%), from €2,708 to €186
- Depreciation +€5,054
up €5,054 (+29.3%), from €17,221 to €22,276
- Taxes -€2,877
down €2,877 (-31.5%), from €9,134 to €6,257
- Gross operating margin -€2,731
down €2,731 (-5.8%), from €47,464 to €44,733
- Financial charges +€1,718
up €1,718 (+1588.3%), from €108 to €1,826
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 | €127,631 | €163,989 | +€36,358 | +28.5% |
| Fixed assets | 21/28 | €77,464 | €120,755 | +€43,291 | +55.9% |
| Tangible fixed assets | 22/27 | €77,464 | €120,755 | +€43,291 | +55.9% |
| Land and buildings | 22 | €36,240 | €43,308 | +€7,068 | +19.5% |
| Plant, machinery and equipment | 23 | €3,400 | €1,482 | -€1,917 | -56.4% |
| Furniture and vehicles | 24 | €37,824 | €75,964 | +€38,140 | +100.8% |
| Current assets | 29/58 | €50,167 | €43,234 | -€6,933 | -13.8% |
| Amounts receivable within one year | 40/41 | €42,811 | €36,814 | -€5,998 | -14.0% |
| Trade receivables | 40 | €36,300 | €30,249 | -€6,051 | -16.7% |
| Other amounts receivable | 41 | €6,511 | €6,565 | +€53 | +0.8% |
| Cash at bank and in hand | 54/58 | €6,540 | €4,835 | -€1,705 | -26.1% |
| Deferred charges and accrued income | 490/1 | €816 | €1,586 | +€770 | +94.3% |
| Total equity and liabilities | 10/49 | €127,631 | €163,989 | +€36,358 | +28.5% |
| Equity | 10/15 | €108,137 | €120,996 | +€12,859 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,537 | €102,396 | +€12,859 | +14.4% |
| Distributable reserves | 133 | €89,537 | €102,396 | +€12,859 | +14.4% |
| Amounts payable | 17/49 | €19,494 | €42,993 | +€23,499 | +120.5% |
| Amounts payable within one year | 42/48 | €14,651 | €38,363 | +€23,712 | +161.8% |
| Trade debts | 44 | €2,708 | €186 | -€2,522 | -93.1% |
| Suppliers | 440/4 | €2,708 | €186 | -€2,522 | -93.1% |
| Taxes, remuneration and social security | 45 | €11,943 | €4,770 | -€7,173 | -60.1% |
| Taxes | 450/3 | €1,943 | €2,770 | +€827 | +42.5% |
| Remuneration and social security | 454/9 | €10,000 | €2,000 | -€8,000 | -80.0% |
| Other amounts payable | 47/48 | - | €33,407 | +€33,407 | |
| Accrued charges and deferred income | 492/3 | €4,842 | €4,630 | -€212 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,221 | €22,276 | +€5,054 | +29.3% |
| Other operating charges | 640/8 | €1,566 | €1,516 | -€50 | -3.2% |
| Gross operating margin | 9900 | €47,464 | €44,733 | -€2,731 | -5.8% |
| Operating profit (loss) | 9901 | €28,676 | €20,941 | -€7,735 | -27.0% |
| Financial charges | 65/66B | €108 | €1,826 | +€1,718 | +1588.3% |
| Recurring financial charges | 65 | €108 | €1,826 | +€1,718 | +1588.3% |
| Profit (loss) for the period before taxes | 9903 | €28,568 | €19,116 | -€9,452 | -33.1% |
| Income taxes | 67/77 | €9,134 | €6,257 | -€2,877 | -31.5% |
| Profit (loss) for the period | 9904 | €19,434 | €12,859 | -€6,575 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,434 | €12,859 | -€6,575 | -33.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.