MADEF: 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.
MADEF
Largest movements
- Tangible fixed assets +€192,212
up €192,212 (+10.2%), from €1.9m to €2.1m
of which Land and buildings: +€193,176
- Debts after one year +€120,129
up €120,129 (+7.2%), from €1.7m to €1.8m
- Current portion of long-term debt +€75,064
up €75,064 (+392.9%), from €19,107 to €94,171
- Depreciation +€165,027
up €165,027 (+531.4%), from €31,056 to €196,083
- Gross operating margin +€71,368
up €71,368 (+65.3%), from €109,354 to €180,722
- Other operating charges -€33,478
down €33,478 (-67.8%), from €49,390 to €15,911
- Taxes -€4,735
down €4,735 (-99.9%), from €4,737 to €3
- Financial charges +€2,356
up €2,356 (+6.0%), from €38,969 to €41,324
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 | €2,080,088 | €2,262,465 | +€182,377 | +8.8% |
| Fixed assets | 21/28 | €1,919,397 | €2,111,609 | +€192,212 | +10.0% |
| Tangible fixed assets | 22/27 | €1,883,737 | €2,075,949 | +€192,212 | +10.2% |
| Land and buildings | 22 | €1,876,922 | €2,070,098 | +€193,176 | +10.3% |
| Furniture and vehicles | 24 | €6,815 | €5,851 | -€964 | -14.1% |
| Financial fixed assets | 28 | €35,660 | €35,660 | = | 0.0% |
| Current assets | 29/58 | €160,691 | €150,856 | -€9,835 | -6.1% |
| Amounts receivable within one year | 40/41 | €26,345 | €21,460 | -€4,885 | -18.5% |
| Trade receivables | 40 | €21,460 | €21,460 | = | 0.0% |
| Other amounts receivable | 41 | €4,885 | - | -€4,885 | |
| Cash at bank and in hand | 54/58 | €71,493 | €66,506 | -€4,988 | -7.0% |
| Deferred charges and accrued income | 490/1 | €62,852 | €62,890 | +€38 | +0.1% |
| Total equity and liabilities | 10/49 | €2,080,088 | €2,262,465 | +€182,377 | +8.8% |
| Equity | 10/15 | €275,532 | €263,948 | -€11,584 | -4.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €165,473 | €165,473 | = | 0.0% |
| Distributable reserves | 133 | €165,473 | €165,473 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,059 | -€1,525 | -€11,584 | |
| Amounts payable | 17/49 | €1,804,556 | €1,998,517 | +€193,961 | +10.7% |
| Amounts payable after more than one year | 17 | €1,673,032 | €1,793,161 | +€120,129 | +7.2% |
| Financial debts | 170/4 | €1,673,032 | €1,793,161 | +€120,129 | +7.2% |
| Amounts payable within one year | 42/48 | €112,094 | €180,558 | +€68,464 | +61.1% |
| Current portion of amounts payable after more than one year | 42 | €19,107 | €94,171 | +€75,064 | +392.9% |
| Trade debts | 44 | €17,552 | €18,117 | +€565 | +3.2% |
| Suppliers | 440/4 | €17,552 | €18,117 | +€565 | +3.2% |
| Taxes, remuneration and social security | 45 | €24,627 | €5,312 | -€19,316 | -78.4% |
| Taxes | 450/3 | €22,331 | €5,312 | -€17,019 | -76.2% |
| Remuneration and social security | 454/9 | €2,296 | - | -€2,296 | |
| Other amounts payable | 47/48 | €50,807 | €62,958 | +€12,151 | +23.9% |
| Accrued charges and deferred income | 492/3 | €19,430 | €24,798 | +€5,368 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,056 | €196,083 | +€165,027 | +531.4% |
| Other operating charges | 640/8 | €49,390 | €15,911 | -€33,478 | -67.8% |
| Gross operating margin | 9900 | €109,354 | €180,722 | +€71,368 | +65.3% |
| Operating profit (loss) | 9901 | €28,909 | -€31,272 | -€60,181 | |
| Financial income | 75/76B | €60,842 | €61,015 | +€173 | +0.3% |
| Recurring financial income | 75 | €60,842 | €61,015 | +€173 | +0.3% |
| Financial charges | 65/66B | €38,969 | €41,324 | +€2,356 | +6.0% |
| Recurring financial charges | 65 | €38,969 | €41,324 | +€2,356 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €50,782 | -€11,582 | -€62,363 | |
| Income taxes | 67/77 | €4,737 | €3 | -€4,735 | -99.9% |
| Profit (loss) for the period | 9904 | €46,045 | -€11,584 | -€57,629 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,045 | -€11,584 | -€57,629 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.