Madek: 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.
Madek
Largest movements
- Tangible fixed assets +€32,783
up €32,783 (+27.0%), from €121,346 to €154,129
of which Furniture and vehicles: +€39,538
- Receivables within one year -€28,840
down €28,840 (-28.4%), from €101,646 to €72,806
of which Trade receivables: -€28,652
- Stocks and contracts +€21,500
up €21,500 (+134.4%), from €16,000 to €37,500
of which Stocks: +€21,000
- Intangible fixed assets -€9,000
down €9,000 (-10.4%), from €86,238 to €77,238
- Trade debts -€17,611
down €17,611 (-23.8%), from €73,982 to €56,371
- Debts after one year +€13,164
up €13,164 (+6.0%), from €219,200 to €232,364
of which Financial debts: +€28,821
- Current portion of long-term debt +€12,813
up €12,813 (+86.3%), from €14,856 to €27,668
- Reserves +€6,162
up €6,162 (+89.4%), from €6,892 to €13,054
- Short-term financial debts -€4,683
down €4,683 (-94.2%), from €4,974 to €291
- Gross operating margin +€68,803
up €68,803 (+261.1%), from €26,350 to €95,152
- Depreciation +€34,520
up €34,520 (+217.3%), from €15,885 to €50,405
- Staff costs +€28,966
new in 2025: €28,966
- Financial charges +€3,716
up €3,716 (+310.9%), from €1,195 to €4,911
- Taxes +€1,604
up €1,604 (+125.7%), from €1,277 to €2,881
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 | €333,835 | €345,154 | +€11,319 | +3.4% |
| Formation expenses | 20 | €2,755 | - | -€2,755 | |
| Fixed assets | 21/28 | €207,584 | €231,367 | +€23,783 | +11.5% |
| Intangible fixed assets | 21 | €86,238 | €77,238 | -€9,000 | -10.4% |
| Tangible fixed assets | 22/27 | €121,346 | €154,129 | +€32,783 | +27.0% |
| Plant, machinery and equipment | 23 | €49,293 | €42,539 | -€6,754 | -13.7% |
| Furniture and vehicles | 24 | €72,053 | €111,591 | +€39,538 | +54.9% |
| Current assets | 29/58 | €123,496 | €113,787 | -€9,709 | -7.9% |
| Stocks and contracts in progress | 3 | €16,000 | €37,500 | +€21,500 | +134.4% |
| Stocks | 30/36 | €15,000 | €36,000 | +€21,000 | +140.0% |
| Contracts in progress | 37 | €1,000 | €1,500 | +€500 | +50.0% |
| Amounts receivable within one year | 40/41 | €101,646 | €72,806 | -€28,840 | -28.4% |
| Trade receivables | 40 | €95,560 | €66,908 | -€28,652 | -30.0% |
| Other amounts receivable | 41 | €6,086 | €5,897 | -€188 | -3.1% |
| Cash at bank and in hand | 54/58 | €3,188 | €1,144 | -€2,044 | -64.1% |
| Deferred charges and accrued income | 490/1 | €2,662 | €2,338 | -€325 | -12.2% |
| Total equity and liabilities | 10/49 | €333,835 | €345,154 | +€11,319 | +3.4% |
| Equity | 10/15 | €11,892 | €18,054 | +€6,162 | +51.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €6,892 | €13,054 | +€6,162 | +89.4% |
| Distributable reserves | 133 | €6,892 | €13,054 | +€6,162 | +89.4% |
| Amounts payable | 17/49 | €321,943 | €327,100 | +€5,157 | +1.6% |
| Amounts payable after more than one year | 17 | €219,200 | €232,364 | +€13,164 | +6.0% |
| Financial debts | 170/4 | €76,707 | €105,529 | +€28,821 | +37.6% |
| Other amounts payable | 178/9 | €142,492 | €126,835 | -€15,657 | -11.0% |
| Amounts payable within one year | 42/48 | €101,478 | €94,127 | -€7,351 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €14,856 | €27,668 | +€12,813 | +86.3% |
| Financial debts | 43 | €4,974 | €291 | -€4,683 | -94.2% |
| Credit institutions | 430/8 | €4,974 | €291 | -€4,683 | -94.2% |
| Trade debts | 44 | €73,982 | €56,371 | -€17,611 | -23.8% |
| Suppliers | 440/4 | €73,982 | €56,371 | -€17,611 | -23.8% |
| Taxes, remuneration and social security | 45 | €1,277 | €3,797 | +€2,520 | +197.4% |
| Taxes | 450/3 | €1,277 | €3,186 | +€1,910 | +149.6% |
| Remuneration and social security | 454/9 | - | €610 | +€610 | |
| Other amounts payable | 47/48 | €6,390 | €6,000 | -€390 | -6.1% |
| Accrued charges and deferred income | 492/3 | €1,265 | €608 | -€657 | -51.9% |
| Remuneration, social security and pensions | 62 | - | €28,966 | +€28,966 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,885 | €50,405 | +€34,520 | +217.3% |
| Other operating charges | 640/8 | €1,106 | €1,871 | +€765 | +69.2% |
| Gross operating margin | 9900 | €26,350 | €95,152 | +€68,803 | +261.1% |
| Operating profit (loss) | 9901 | €9,358 | €13,910 | +€4,552 | +48.6% |
| Financial income | 75/76B | €6 | €44 | +€38 | +622.6% |
| Recurring financial income | 75 | €6 | €44 | +€38 | +622.6% |
| Financial charges | 65/66B | €1,195 | €4,911 | +€3,716 | +310.9% |
| Recurring financial charges | 65 | €1,195 | €4,911 | +€3,716 | +310.9% |
| Profit (loss) for the period before taxes | 9903 | €8,169 | €9,043 | +€874 | +10.7% |
| Income taxes | 67/77 | €1,277 | €2,881 | +€1,604 | +125.7% |
| Profit (loss) for the period | 9904 | €6,892 | €6,162 | -€731 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,892 | €6,162 | -€731 | -10.6% |
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.