Madedo: 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.
Madedo
Largest movements
- Cash -€9,740
down €9,740 (-68.9%), from €14,137 to €4,397
mainly Contributions, distributions and other (-€43,166) and Investment in fixed assets (net) (-€3,079)
- Receivables within one year -€4,078
down €4,078 (-10.1%), from €40,579 to €36,501
of which Trade receivables: -€5,611
- Tangible fixed assets -€2,220
down €2,220 (-8.5%), from €25,970 to €23,750
of which Other tangible fixed assets: -€2,894
- Deferred charges and accrued income +€1,603
up €1,603 (+65.8%), from €2,438 to €4,041
- Profit (loss) carried forward -€36,156
down €36,156 (-57.4%), from €63,038 to €26,882
- Other debts +€15,220
up €15,220 (+419%), from €3,631 to €18,851
- Tax, wage and social debts +€2,713
up €2,713 (+32.6%), from €8,317 to €11,029
- Short-term financial debts +€2,016
up €2,016 (+10,240%), from €20 to €2,036
- Trade debts +€1,772
up €1,772 (+34.6%), from €5,119 to €6,891
- Gross operating margin -€16,931
down €16,931 (-46.7%), from €36,272 to €19,341
- Taxes -€3,471
down €3,471 (-52.5%), from €6,612 to €3,140
- Depreciation +€1,188
up €1,188 (+28.9%), from €4,112 to €5,299
- Financial charges +€1,094
up €1,094 (+78.2%), from €1,400 to €2,493
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 | €83,124 | €68,689 | -€14,435 | -17.4% |
| Fixed assets | 21/28 | €25,970 | €23,750 | -€2,220 | -8.5% |
| Tangible fixed assets | 22/27 | €25,970 | €23,750 | -€2,220 | -8.5% |
| Furniture and vehicles | 24 | €2,755 | €3,428 | +€673 | +24.4% |
| Other tangible fixed assets | 26 | €23,215 | €20,322 | -€2,894 | -12.5% |
| Current assets | 29/58 | €57,154 | €44,939 | -€12,215 | -21.4% |
| Amounts receivable within one year | 40/41 | €40,579 | €36,501 | -€4,078 | -10.1% |
| Trade receivables | 40 | €39,252 | €33,641 | -€5,611 | -14.3% |
| Other amounts receivable | 41 | €1,327 | €2,860 | +€1,532 | +115% |
| Cash at bank and in hand | 54/58 | €14,137 | €4,397 | -€9,740 | -68.9% |
| Deferred charges and accrued income | 490/1 | €2,438 | €4,041 | +€1,603 | +65.8% |
| Total equity and liabilities | 10/49 | €83,124 | €68,689 | -€14,435 | -17.4% |
| Equity | 10/15 | €66,038 | €29,882 | -€36,156 | -54.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,038 | €26,882 | -€36,156 | -57.4% |
| Amounts payable | 17/49 | €17,087 | €38,808 | +€21,721 | +127% |
| Amounts payable within one year | 42/48 | €17,087 | €38,808 | +€21,721 | +127% |
| Financial debts | 43 | €20 | €2,036 | +€2,016 | +10,240% |
| Credit institutions | 430/8 | €20 | €2,036 | +€2,016 | +10,240% |
| Trade debts | 44 | €5,119 | €6,891 | +€1,772 | +34.6% |
| Suppliers | 440/4 | €5,119 | €6,891 | +€1,772 | +34.6% |
| Taxes, remuneration and social security | 45 | €8,317 | €11,029 | +€2,713 | +32.6% |
| Taxes | 450/3 | €8,317 | €11,029 | +€2,713 | +32.6% |
| Other amounts payable | 47/48 | €3,631 | €18,851 | +€15,220 | +419% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,112 | €5,299 | +€1,188 | +28.9% |
| Other operating charges | 640/8 | €1,058 | €1,398 | +€340 | +32.1% |
| Gross operating margin | 9900 | €36,272 | €19,341 | -€16,931 | -46.7% |
| Operating profit (loss) | 9901 | €31,102 | €12,644 | -€18,459 | -59.3% |
| Financial charges | 65/66B | €1,400 | €2,493 | +€1,094 | +78.2% |
| Recurring financial charges | 65 | €1,400 | €2,493 | +€1,094 | +78.2% |
| Profit (loss) for the period before taxes | 9903 | €29,703 | €10,150 | -€19,552 | -65.8% |
| Income taxes | 67/77 | €6,612 | €3,140 | -€3,471 | -52.5% |
| Profit (loss) for the period | 9904 | €23,091 | €7,010 | -€16,081 | -69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,091 | €7,010 | -€16,081 | -69.6% |
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 17 October 2026 via checked.be.