MADEGEST: 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.
MADEGEST
Largest movements
- Cash -€13,714
down €13,714 (-82.0%), from €16,734 to €3,020
mainly Debts after one year (-€7,683) and Net result for the year (-€4,680)
- Tangible fixed assets -€5,508
down €5,508 (-3.9%), from €141,496 to €135,988
- Debts after one year -€7,683
down €7,683 (-100.0%), from €7,683 to €0
- Current portion of long-term debt -€3,800
down €3,800 (-33.1%), from €11,482 to €7,683
- Reserves -€3,138
down €3,138 (-1.2%), from €272,003 to €268,865
of which Tax-exempt reserves: -€3,138
- Provisions -€1,616
down €1,616 (-4.2%), from €38,774 to €37,158
- Taxes +€1,772
up €1,772, from -€1,640 to €132
- Gross operating margin +€460
up €460 (+25.2%), from €1,825 to €2,285
- Other operating charges -€368
down €368 (-13.8%), from €2,665 to €2,298
- Financial charges -€68
down €68 (-9.6%), from €711 to €643
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 | €159,568 | €139,828 | -€19,739 | -12.4% |
| Fixed assets | 21/28 | €141,496 | €135,988 | -€5,508 | -3.9% |
| Tangible fixed assets | 22/27 | €141,496 | €135,988 | -€5,508 | -3.9% |
| Land and buildings | 22 | €141,496 | €135,988 | -€5,508 | -3.9% |
| Current assets | 29/58 | €18,072 | €3,841 | -€14,231 | -78.7% |
| Amounts receivable within one year | 40/41 | €521 | €440 | -€81 | -15.5% |
| Other amounts receivable | 41 | €521 | €440 | -€81 | -15.5% |
| Cash at bank and in hand | 54/58 | €16,734 | €3,020 | -€13,714 | -82.0% |
| Deferred charges and accrued income | 490/1 | €817 | €381 | -€436 | -53.4% |
| Total equity and liabilities | 10/49 | €159,568 | €139,828 | -€19,739 | -12.4% |
| Equity | 10/15 | €34,544 | €29,864 | -€4,680 | -13.5% |
| Contributions | 10/11 | €16,120 | €16,120 | = | 0.0% |
| Reserves | 13 | €272,003 | €268,865 | -€3,138 | -1.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,301 | €72,163 | -€3,138 | -4.2% |
| Distributable reserves | 133 | €194,842 | €194,842 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€253,579 | -€255,121 | -€1,542 | -0.6% |
| Provisions and deferred taxes | 16 | €38,774 | €37,158 | -€1,616 | -4.2% |
| Provisions for liabilities and charges | 160/5 | €38,774 | €37,158 | -€1,616 | -4.2% |
| Taxes | 161 | €38,774 | €37,158 | -€1,616 | -4.2% |
| Amounts payable | 17/49 | €86,250 | €72,806 | -€13,444 | -15.6% |
| Amounts payable after more than one year | 17 | €7,683 | €0 | -€7,683 | -100.0% |
| Financial debts | 170/4 | €7,683 | €0 | -€7,683 | -100.0% |
| Amounts payable within one year | 42/48 | €78,119 | €72,744 | -€5,375 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €11,482 | €7,683 | -€3,800 | -33.1% |
| Trade debts | 44 | €217 | €231 | +€14 | +6.6% |
| Suppliers | 440/4 | €217 | €231 | +€14 | +6.6% |
| Taxes, remuneration and social security | 45 | €70 | €32 | -€38 | -54.2% |
| Taxes | 450/3 | €70 | €32 | -€38 | -54.2% |
| Other amounts payable | 47/48 | €66,350 | €64,799 | -€1,552 | -2.3% |
| Accrued charges and deferred income | 492/3 | €448 | €62 | -€386 | -86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,508 | €5,508 | = | 0.0% |
| Other operating charges | 640/8 | €2,665 | €2,298 | -€368 | -13.8% |
| Gross operating margin | 9900 | €1,825 | €2,285 | +€460 | +25.2% |
| Operating profit (loss) | 9901 | -€6,349 | -€5,521 | +€828 | +13.0% |
| Financial charges | 65/66B | €711 | €643 | -€68 | -9.6% |
| Recurring financial charges | 65 | €711 | €643 | -€68 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,059 | -€6,163 | +€896 | +12.7% |
| Transfer from deferred taxes | 780 | €1,616 | €1,616 | = | 0.0% |
| Income taxes | 67/77 | -€1,640 | €132 | +€1,772 | |
| Profit (loss) for the period | 9904 | -€3,804 | -€4,680 | -€876 | -23.0% |
| Transfer from tax-exempt reserves | 789 | €3,138 | €3,138 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€667 | -€1,542 | -€876 | -131.3% |
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 29 September 2026 via checked.be.