MADEFRU: 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.
MADEFRU
Largest movements
- Receivables within one year +€554,784
up €554,784 (+43.3%), from €1.3m to €1.8m
of which Trade receivables: +€901,168
- Current investments +€300,000
up €300,000 (+547,946%), from €55 to €300,055
- Cash -€180,610
down €180,610 (-74.2%), from €243,478 to €62,869
mainly Receivables within one year (-€554,784) and Current investments (-€300,000)
- Tangible fixed assets +€34,657
up €34,657 (+9.0%), from €383,052 to €417,709
of which Furniture and vehicles: +€26,409
- Trade debts +€364,990
up €364,990 (+32.9%), from €1.1m to €1.5m
- Other debts +€229,847
up €229,847 (+463%), from €49,644 to €279,491
- Tax, wage and social debts +€120,489
up €120,489 (+33.3%), from €361,944 to €482,433
of which Remuneration and social security: +€60,897
- Reserves +€63,267
up €63,267 (+23.5%), from €268,665 to €331,932
- Debts after one year -€29,200
down €29,200 (-36.9%), from €79,200 to €50,000
- Gross operating margin -€746,628
down €746,628 (-44.3%), from €1.7m to €938,533
- Staff costs -€674,198
down €674,198 (-48.3%), from €1.4m to €722,976
- Depreciation -€52,524
down €52,524 (-31.1%), from €168,688 to €116,164
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 | €2,133,404 | €2,867,797 | +€734,393 | +34.4% |
| Fixed assets | 21/28 | €383,052 | €417,709 | +€34,657 | +9.0% |
| Tangible fixed assets | 22/27 | €383,052 | €417,709 | +€34,657 | +9.0% |
| Plant, machinery and equipment | 23 | €332,304 | €330,692 | -€1,613 | -0.5% |
| Furniture and vehicles | 24 | €39,606 | €66,015 | +€26,409 | +66.7% |
| Other tangible fixed assets | 26 | €11,142 | €21,002 | +€9,860 | +88.5% |
| Current assets | 29/58 | €1,750,351 | €2,450,088 | +€699,736 | +40.0% |
| Stocks and contracts in progress | 3 | €9,745 | €34,633 | +€24,887 | +255% |
| Stocks | 30/36 | €9,745 | €9,633 | -€113 | -1.2% |
| Contracts in progress | 37 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €1,280,281 | €1,835,065 | +€554,784 | +43.3% |
| Trade receivables | 40 | €528,578 | €1,429,746 | +€901,168 | +170% |
| Other amounts receivable | 41 | €751,703 | €405,319 | -€346,384 | -46.1% |
| Current investments | 50/53 | €55 | €300,055 | +€300,000 | +547,946% |
| Cash at bank and in hand | 54/58 | €243,478 | €62,869 | -€180,610 | -74.2% |
| Deferred charges and accrued income | 490/1 | €216,792 | €217,467 | +€675 | +0.3% |
| Total equity and liabilities | 10/49 | €2,133,404 | €2,867,797 | +€734,393 | +34.4% |
| Equity | 10/15 | €287,265 | €350,532 | +€63,267 | +22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €268,665 | €331,932 | +€63,267 | +23.5% |
| Distributable reserves | 133 | €268,665 | €331,932 | +€63,267 | +23.5% |
| Amounts payable | 17/49 | €1,846,138 | €2,517,265 | +€671,126 | +36.4% |
| Amounts payable after more than one year | 17 | €79,200 | €50,000 | -€29,200 | -36.9% |
| Financial debts | 170/4 | €79,200 | €50,000 | -€29,200 | -36.9% |
| Amounts payable within one year | 42/48 | €1,551,031 | €2,266,357 | +€715,326 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €29,200 | €29,200 | = | 0.0% |
| Trade debts | 44 | €1,110,243 | €1,475,233 | +€364,990 | +32.9% |
| Suppliers | 440/4 | €1,110,243 | €1,475,233 | +€364,990 | +32.9% |
| Taxes, remuneration and social security | 45 | €361,944 | €482,433 | +€120,489 | +33.3% |
| Taxes | 450/3 | €79,542 | €139,134 | +€59,592 | +74.9% |
| Remuneration and social security | 454/9 | €282,402 | €343,299 | +€60,897 | +21.6% |
| Other amounts payable | 47/48 | €49,644 | €279,491 | +€229,847 | +463% |
| Accrued charges and deferred income | 492/3 | €215,907 | €200,907 | -€15,000 | -6.9% |
| Non-recurring operating income | 76A | €8 | - | -€8 | |
| Remuneration, social security and pensions | 62 | €1,397,174 | €722,976 | -€674,198 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,688 | €116,164 | -€52,524 | -31.1% |
| Other operating charges | 640/8 | €8,139 | €9,237 | +€1,098 | +13.5% |
| Non-recurring operating charges | 66A | - | €2 | +€2 | |
| Gross operating margin | 9900 | €1,685,161 | €938,533 | -€746,628 | -44.3% |
| Operating profit (loss) | 9901 | €111,161 | €90,155 | -€21,006 | -18.9% |
| Financial income | 75/76B | €1,641 | €12,918 | +€11,277 | +687% |
| Recurring financial income | 75 | €1,641 | €12,918 | +€11,277 | +687% |
| Financial charges | 65/66B | €11,491 | €6,053 | -€5,438 | -47.3% |
| Recurring financial charges | 65 | €11,491 | €6,053 | -€5,438 | -47.3% |
| Profit (loss) for the period before taxes | 9903 | €101,311 | €97,020 | -€4,291 | -4.2% |
| Income taxes | 67/77 | €40,002 | €33,754 | -€6,249 | -15.6% |
| Profit (loss) for the period | 9904 | €61,309 | €63,267 | +€1,958 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,309 | €63,267 | +€1,958 | +3.2% |
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 14 October 2026 via checked.be.