MADEGRO: 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.
MADEGRO
Largest movements
- Receivables within one year -€191,844
down €191,844 (-52.2%), from €367,802 to €175,959
of which Trade receivables: -€308,367
- Current investments +€130,000
up €130,000 (+188.4%), from €69,010 to €199,010
- Cash -€97,935
down €97,935 (-82.4%), from €118,799 to €20,864
mainly Trade debts (-€180,898) and Current investments (-€130,000)
- Tangible fixed assets -€13,683
down €13,683 (-6.0%), from €226,759 to €213,076
- Trade debts -€180,898
down €180,898 (-95.3%), from €189,895 to €8,997
- Reserves +€13,884
up €13,884 (+9.6%), from €144,703 to €158,587
of which Distributable reserves: +€13,884
- Other debts -€8,133
down €8,133 (-23.5%), from €34,580 to €26,446
- Gross operating margin +€4,583
up €4,583 (+17.7%), from €25,836 to €30,418
- Financial income +€3,111
up €3,111 (+250.2%), from €1,244 to €4,355
- Financial charges +€1,822
up €1,822 (+417.2%), from €437 to €2,258
- Depreciation -€1,792
down €1,792 (-11.6%), from €15,474 to €13,683
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €783,359 | €609,095 | -€174,264 | -22.2% |
| Fixed assets | 21/28 | €226,945 | €213,262 | -€13,683 | -6.0% |
| Tangible fixed assets | 22/27 | €226,759 | €213,076 | -€13,683 | -6.0% |
| Land and buildings | 22 | €226,759 | €213,076 | -€13,683 | -6.0% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €556,415 | €395,833 | -€160,582 | -28.9% |
| Amounts receivable within one year | 40/41 | €367,802 | €175,959 | -€191,844 | -52.2% |
| Trade receivables | 40 | €334,239 | €25,872 | -€308,367 | -92.3% |
| Other amounts receivable | 41 | €33,564 | €150,087 | +€116,523 | +347.2% |
| Current investments | 50/53 | €69,010 | €199,010 | +€130,000 | +188.4% |
| Cash at bank and in hand | 54/58 | €118,799 | €20,864 | -€97,935 | -82.4% |
| Deferred charges and accrued income | 490/1 | €803 | - | -€803 | |
| Total equity and liabilities | 10/49 | €783,359 | €609,095 | -€174,264 | -22.2% |
| Equity | 10/15 | €557,218 | €571,102 | +€13,884 | +2.5% |
| Contributions | 10/11 | €412,515 | €412,515 | = | 0.0% |
| Reserves | 13 | €144,703 | €158,587 | +€13,884 | +9.6% |
| Non-distributable reserves | 130/1 | €14,714 | €14,714 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,714 | €14,714 | = | 0.0% |
| Distributable reserves | 133 | €129,989 | €143,873 | +€13,884 | +10.7% |
| Amounts payable | 17/49 | €226,141 | €37,992 | -€188,148 | -83.2% |
| Amounts payable within one year | 42/48 | €225,767 | €35,443 | -€190,323 | -84.3% |
| Trade debts | 44 | €189,895 | €8,997 | -€180,898 | -95.3% |
| Suppliers | 440/4 | €189,895 | €8,997 | -€180,898 | -95.3% |
| Taxes, remuneration and social security | 45 | €1,292 | - | -€1,292 | |
| Taxes | 450/3 | €1,292 | - | -€1,292 | |
| Other amounts payable | 47/48 | €34,580 | €26,446 | -€8,133 | -23.5% |
| Accrued charges and deferred income | 492/3 | €374 | €2,549 | +€2,175 | +581.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,474 | €13,683 | -€1,792 | -11.6% |
| Other operating charges | 640/8 | €4,848 | €4,948 | +€100 | +2.1% |
| Gross operating margin | 9900 | €25,836 | €30,418 | +€4,583 | +17.7% |
| Operating profit (loss) | 9901 | €5,513 | €11,787 | +€6,274 | +113.8% |
| Financial income | 75/76B | €1,244 | €4,355 | +€3,111 | +250.2% |
| Recurring financial income | 75 | €1,244 | €4,355 | +€3,111 | +250.2% |
| Financial charges | 65/66B | €437 | €2,258 | +€1,822 | +417.2% |
| Recurring financial charges | 65 | €437 | €2,258 | +€1,822 | +417.2% |
| Profit (loss) for the period before taxes | 9903 | €6,320 | €13,884 | +€7,564 | +119.7% |
| Profit (loss) for the period | 9904 | €6,320 | €13,884 | +€7,564 | +119.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,320 | €13,884 | +€7,564 | +119.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.