MADECORN: 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.
MADECORN
Largest movements
- Tangible fixed assets -€21,471
down €21,471 (-8.6%), from €250,822 to €229,350
of which Furniture and vehicles: -€14,166
- Cash +€18,251
up €18,251 (+15.5%), from €117,387 to €135,638
mainly Net result for the year (+€64,215) and Depreciation (+€42,942)
- Receivables within one year -€5,740
down €5,740 (-89.2%), from €6,432 to €692
- Deferred charges and accrued income -€5,296
down €5,296 (-68.4%), from €7,746 to €2,449
- Trade debts -€15,524
down €15,524 (-74.5%), from €20,833 to €5,309
- Other debts -€13,499
down €13,499 (-13.4%), from €100,569 to €87,070
- Reserves +€11,215
up €11,215 (+4.3%), from €260,986 to €272,201
- Depreciation +€9,690
up €9,690 (+29.1%), from €33,252 to €42,942
- Gross operating margin +€5,995
up €5,995 (+3.4%), from €177,354 to €183,349
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 | €490,886 | €475,130 | -€15,757 | -3.2% |
| Fixed assets | 21/28 | €250,822 | €229,350 | -€21,471 | -8.6% |
| Tangible fixed assets | 22/27 | €250,822 | €229,350 | -€21,471 | -8.6% |
| Land and buildings | 22 | €75,467 | €81,669 | +€6,203 | +8.2% |
| Plant, machinery and equipment | 23 | €10,594 | €7,912 | -€2,682 | -25.3% |
| Furniture and vehicles | 24 | €59,263 | €45,096 | -€14,166 | -23.9% |
| Leasing and similar rights | 25 | €101,922 | €90,606 | -€11,316 | -11.1% |
| Other tangible fixed assets | 26 | €3,576 | €4,066 | +€490 | +13.7% |
| Current assets | 29/58 | €240,064 | €245,779 | +€5,715 | +2.4% |
| Stocks and contracts in progress | 3 | €8,500 | €7,000 | -€1,500 | -17.6% |
| Stocks | 30/36 | €8,500 | €7,000 | -€1,500 | -17.6% |
| Amounts receivable within one year | 40/41 | €6,432 | €692 | -€5,740 | -89.2% |
| Other amounts receivable | 41 | €6,432 | €692 | -€5,740 | -89.2% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €117,387 | €135,638 | +€18,251 | +15.5% |
| Deferred charges and accrued income | 490/1 | €7,746 | €2,449 | -€5,296 | -68.4% |
| Total equity and liabilities | 10/49 | €490,886 | €475,130 | -€15,757 | -3.2% |
| Equity | 10/15 | €279,586 | €290,801 | +€11,215 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €260,986 | €272,201 | +€11,215 | +4.3% |
| Distributable reserves | 133 | €260,986 | €272,201 | +€11,215 | +4.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €71,120 | €71,120 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €71,120 | €71,120 | = | 0.0% |
| Pensions and similar obligations | 160 | €71,120 | €71,120 | = | 0.0% |
| Amounts payable | 17/49 | €140,180 | €113,208 | -€26,972 | -19.2% |
| Amounts payable within one year | 42/48 | €140,180 | €113,208 | -€26,972 | -19.2% |
| Trade debts | 44 | €20,833 | €5,309 | -€15,524 | -74.5% |
| Suppliers | 440/4 | €20,833 | €5,309 | -€15,524 | -74.5% |
| Taxes, remuneration and social security | 45 | €18,779 | €20,829 | +€2,051 | +10.9% |
| Taxes | 450/3 | €14,393 | €13,245 | -€1,148 | -8.0% |
| Remuneration and social security | 454/9 | €4,386 | €7,585 | +€3,199 | +72.9% |
| Other amounts payable | 47/48 | €100,569 | €87,070 | -€13,499 | -13.4% |
| Remuneration, social security and pensions | 62 | €32,894 | €32,230 | -€664 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,252 | €42,942 | +€9,690 | +29.1% |
| Other operating charges | 640/8 | €6,905 | €6,275 | -€630 | -9.1% |
| Gross operating margin | 9900 | €177,354 | €183,349 | +€5,995 | +3.4% |
| Operating profit (loss) | 9901 | €104,303 | €101,902 | -€2,401 | -2.3% |
| Financial income | 75/76B | €23 | €39 | +€16 | +69.9% |
| Recurring financial income | 75 | €23 | €39 | +€16 | +69.9% |
| Financial charges | 65/66B | €2,956 | €3,501 | +€544 | +18.4% |
| Recurring financial charges | 65 | €2,851 | €3,501 | +€649 | +22.8% |
| Non-recurring financial charges | 66B | €105 | €0 | -€105 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €101,370 | €98,440 | -€2,930 | -2.9% |
| Income taxes | 67/77 | €33,050 | €34,225 | +€1,175 | +3.6% |
| Profit (loss) for the period | 9904 | €68,320 | €64,215 | -€4,104 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,320 | €64,215 | -€4,104 | -6.0% |
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 6 October 2026 via checked.be.