MADECOS: 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.
MADECOS
Largest movements
- Cash +€4,551
up €4,551 (+49.9%), from €9,127 to €13,678
mainly Other debts (+€15,235) and Tax, wage and social debts (+€5,316)
- Receivables within one year +€1,891
up €1,891 (+8.9%), from €21,344 to €23,236
- Tangible fixed assets -€1,507
down €1,507 (-100.0%), from €1,507 to €0
- Profit (loss) carried forward -€15,437
down €15,437 (-14.4%), from -€107,454 to -€122,892
- Other debts +€15,235
up €15,235 (+11.3%), from €135,019 to €150,254
- Tax, wage and social debts +€5,316
up €5,316 (+195.8%), from €2,715 to €8,032
- Gross operating margin +€31,087
up €31,087 (+70.3%), from -€44,207 to -€13,120
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 | €32,535 | €37,498 | +€4,963 | +15.3% |
| Fixed assets | 21/28 | €1,507 | €0 | -€1,507 | -100.0% |
| Tangible fixed assets | 22/27 | €1,507 | €0 | -€1,507 | -100.0% |
| Furniture and vehicles | 24 | €1,507 | €0 | -€1,507 | -100.0% |
| Current assets | 29/58 | €31,028 | €37,498 | +€6,470 | +20.9% |
| Amounts receivable within one year | 40/41 | €21,344 | €23,236 | +€1,891 | +8.9% |
| Trade receivables | 40 | €21,344 | €23,236 | +€1,891 | +8.9% |
| Cash at bank and in hand | 54/58 | €9,127 | €13,678 | +€4,551 | +49.9% |
| Deferred charges and accrued income | 490/1 | €556 | €585 | +€29 | +5.2% |
| Total equity and liabilities | 10/49 | €32,535 | €37,498 | +€4,963 | +15.3% |
| Equity | 10/15 | -€106,454 | -€121,892 | -€15,437 | -14.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€107,454 | -€122,892 | -€15,437 | -14.4% |
| Amounts payable | 17/49 | €138,990 | €159,390 | +€20,400 | +14.7% |
| Amounts payable within one year | 42/48 | €138,963 | €159,390 | +€20,427 | +14.7% |
| Trade debts | 44 | €1,229 | €1,104 | -€124 | -10.1% |
| Suppliers | 440/4 | €1,229 | €1,104 | -€124 | -10.1% |
| Taxes, remuneration and social security | 45 | €2,715 | €8,032 | +€5,316 | +195.8% |
| Taxes | 450/3 | €2,715 | €8,032 | +€5,316 | +195.8% |
| Other amounts payable | 47/48 | €135,019 | €150,254 | +€15,235 | +11.3% |
| Accrued charges and deferred income | 492/3 | €27 | €0 | -€27 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,846 | €1,507 | -€339 | -18.4% |
| Other operating charges | 640/8 | €694 | €660 | -€34 | -4.9% |
| Gross operating margin | 9900 | -€44,207 | -€13,120 | +€31,087 | +70.3% |
| Operating profit (loss) | 9901 | -€46,748 | -€15,287 | +€31,460 | +67.3% |
| Financial income | 75/76B | €20 | €6 | -€14 | -69.9% |
| Recurring financial income | 75 | €20 | €6 | -€14 | -69.9% |
| Financial charges | 65/66B | €149 | €156 | +€7 | +5.0% |
| Recurring financial charges | 65 | €149 | €156 | +€7 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | -€46,876 | -€15,437 | +€31,439 | +67.1% |
| Profit (loss) for the period | 9904 | -€46,876 | -€15,437 | +€31,439 | +67.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,876 | -€15,437 | +€31,439 | +67.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.