MADEKO: 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.
MADEKO
Largest movements
- Receivables within one year -€44,363
down €44,363 (-13.9%), from €318,526 to €274,164
of which Other amounts receivable: -€32,215
- Current investments -€28,000
down €28,000 (-46.7%), from €60,000 to €32,000
- Tangible fixed assets +€13,201
up €13,201 (+112%), from €11,756 to €24,958
of which Furniture and vehicles: +€12,244
- Other debts -€57,964
down €57,964 (-42.0%), from €137,964 to €80,000
- Debts after one year -€20,408
no longer reported in 2025 (was €20,408)
- Short-term financial debts +€11,288
new in 2025: €11,288
- Reserves +€9,000
up €9,000 (+12.7%), from €70,620 to €79,620
- Gross operating margin +€17,358
up €17,358 (+607%), from €2,860 to €20,218
- Financial charges +€3,455
up €3,455 (+70.0%), from €4,934 to €8,389
- Depreciation +€3,074
up €3,074 (+123%), from €2,504 to €5,579
- Taxes +€2,688
up €2,688 (+78.7%), from €3,416 to €6,104
- Financial income +€578
up €578 (+5.6%), from €10,356 to €10,934
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 | €621,652 | €566,374 | -€55,278 | -8.9% |
| Fixed assets | 21/28 | €227,756 | €240,958 | +€13,201 | +5.8% |
| Tangible fixed assets | 22/27 | €11,756 | €24,958 | +€13,201 | +112% |
| Plant, machinery and equipment | 23 | €2,002 | €2,959 | +€957 | +47.8% |
| Furniture and vehicles | 24 | €9,754 | €21,999 | +€12,244 | +126% |
| Financial fixed assets | 28 | €216,000 | €216,000 | = | 0.0% |
| Current assets | 29/58 | €393,895 | €325,416 | -€68,479 | -17.4% |
| Amounts receivable within one year | 40/41 | €318,526 | €274,164 | -€44,363 | -13.9% |
| Trade receivables | 40 | €61,375 | €49,228 | -€12,147 | -19.8% |
| Other amounts receivable | 41 | €257,151 | €224,936 | -€32,215 | -12.5% |
| Current investments | 50/53 | €60,000 | €32,000 | -€28,000 | -46.7% |
| Cash at bank and in hand | 54/58 | €13,950 | €19,253 | +€5,303 | +38.0% |
| Deferred charges and accrued income | 490/1 | €1,419 | - | -€1,419 | |
| Total equity and liabilities | 10/49 | €621,652 | €566,374 | -€55,278 | -8.9% |
| Equity | 10/15 | €430,338 | €439,411 | +€9,073 | +2.1% |
| Contributions | 10/11 | €278,500 | €278,500 | = | 0.0% |
| Reserves | 13 | €70,620 | €79,620 | +€9,000 | +12.7% |
| Distributable reserves | 133 | €70,620 | €79,620 | +€9,000 | +12.7% |
| Profit (loss) carried forward | 14 | €81,218 | €81,291 | +€73 | +0.1% |
| Amounts payable | 17/49 | €191,314 | €126,963 | -€64,351 | -33.6% |
| Amounts payable after more than one year | 17 | €20,408 | - | -€20,408 | |
| Financial debts | 170/4 | €20,408 | - | -€20,408 | |
| Amounts payable within one year | 42/48 | €170,906 | €126,963 | -€43,942 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €21,328 | €20,408 | -€919 | -4.3% |
| Financial debts | 43 | - | €11,288 | +€11,288 | |
| Credit institutions | 430/8 | - | €11,288 | +€11,288 | |
| Trade debts | 44 | €5,266 | €6,707 | +€1,441 | +27.4% |
| Suppliers | 440/4 | €5,266 | €6,707 | +€1,441 | +27.4% |
| Taxes, remuneration and social security | 45 | €6,349 | €8,561 | +€2,212 | +34.8% |
| Taxes | 450/3 | €1,600 | €3,778 | +€2,178 | +136% |
| Remuneration and social security | 454/9 | €4,749 | €4,782 | +€34 | +0.7% |
| Other amounts payable | 47/48 | €137,964 | €80,000 | -€57,964 | -42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,504 | €5,579 | +€3,074 | +123% |
| Other operating charges | 640/8 | €1,829 | €2,007 | +€178 | +9.7% |
| Gross operating margin | 9900 | €2,860 | €20,218 | +€17,358 | +607% |
| Operating profit (loss) | 9901 | -€1,473 | €12,632 | +€14,105 | |
| Financial income | 75/76B | €10,356 | €10,934 | +€578 | +5.6% |
| Recurring financial income | 75 | €10,356 | €10,934 | +€578 | +5.6% |
| Financial charges | 65/66B | €4,934 | €8,389 | +€3,455 | +70.0% |
| Recurring financial charges | 65 | €4,934 | €8,389 | +€3,455 | +70.0% |
| Profit (loss) for the period before taxes | 9903 | €3,949 | €15,177 | +€11,228 | +284% |
| Income taxes | 67/77 | €3,416 | €6,104 | +€2,688 | +78.7% |
| Profit (loss) for the period | 9904 | €532 | €9,073 | +€8,540 | +1,604% |
| Profit (loss) for the period to be appropriated | 9905 | €532 | €9,073 | +€8,540 | +1,604% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.