MADEKS: 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.
MADEKS
Largest movements
- Cash -€342,769
down €342,769 (-19.0%), from €1.8m to €1.5m
mainly Debts after one year (-€725,362) and Stocks and contracts (-€108,601)
- Receivables within one year -€215,937
down €215,937 (-27.5%), from €786,201 to €570,265
- Stocks and contracts +€108,601
up €108,601 (+37.7%), from €288,383 to €396,984
- Tangible fixed assets -€35,323
down €35,323 (-9.9%), from €357,778 to €322,455
of which Furniture and vehicles: -€32,617
- Debts after one year -€725,362
down €725,362 (-100.0%), from €725,362 to €0
- Reserves +€212,307
up €212,307 (+9.2%), from €2.3m to €2.5m
of which Distributable reserves: +€177,011
- Gross operating margin -€88,787
down €88,787 (-15.2%), from €583,704 to €494,916
- Financial charges +€35,064
up €35,064 (+26.2%), from €133,812 to €168,876
- Taxes +€15,845
up €15,845 (+19.6%), from €80,981 to €96,826
- Other operating charges +€11,229
up €11,229 (+120.7%), from €9,305 to €20,533
- Depreciation +€9,176
up €9,176 (+34.6%), from €26,507 to €35,683
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 | €3,291,136 | €2,776,917 | -€514,219 | -15.6% |
| Fixed assets | 21/28 | €358,949 | €323,266 | -€35,683 | -9.9% |
| Intangible fixed assets | 21 | €1,121 | €761 | -€360 | -32.1% |
| Tangible fixed assets | 22/27 | €357,778 | €322,455 | -€35,323 | -9.9% |
| Land and buildings | 22 | €231,721 | €229,671 | -€2,050 | -0.9% |
| Plant, machinery and equipment | 23 | €3,052 | €2,396 | -€656 | -21.5% |
| Furniture and vehicles | 24 | €123,004 | €90,387 | -€32,617 | -26.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €2,932,187 | €2,453,651 | -€478,536 | -16.3% |
| Stocks and contracts in progress | 3 | €288,383 | €396,984 | +€108,601 | +37.7% |
| Stocks | 30/36 | €288,383 | €396,984 | +€108,601 | +37.7% |
| Amounts receivable within one year | 40/41 | €786,201 | €570,265 | -€215,937 | -27.5% |
| Trade receivables | 40 | €786,201 | €570,265 | -€215,937 | -27.5% |
| Cash at bank and in hand | 54/58 | €1,808,121 | €1,465,353 | -€342,769 | -19.0% |
| Deferred charges and accrued income | 490/1 | €49,482 | €21,050 | -€28,432 | -57.5% |
| Total equity and liabilities | 10/49 | €3,291,136 | €2,776,917 | -€514,219 | -15.6% |
| Equity | 10/15 | €2,368,968 | €2,581,275 | +€212,307 | +9.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,306,968 | €2,519,275 | +€212,307 | +9.2% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €364,654 | €399,950 | +€35,296 | +9.7% |
| Distributable reserves | 133 | €1,935,814 | €2,112,825 | +€177,011 | +9.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €922,168 | €195,642 | -€726,526 | -78.8% |
| Amounts payable after more than one year | 17 | €725,362 | €0 | -€725,362 | -100.0% |
| Other amounts payable | 178/9 | €725,362 | €0 | -€725,362 | -100.0% |
| Amounts payable within one year | 42/48 | €135,432 | €155,765 | +€20,333 | +15.0% |
| Trade debts | 44 | €14,866 | €47,162 | +€32,295 | +217.2% |
| Suppliers | 440/4 | €14,866 | €47,162 | +€32,295 | +217.2% |
| Taxes, remuneration and social security | 45 | €26,576 | €15,892 | -€10,684 | -40.2% |
| Taxes | 450/3 | €18,250 | €7,270 | -€10,980 | -60.2% |
| Remuneration and social security | 454/9 | €8,325 | €8,622 | +€297 | +3.6% |
| Other amounts payable | 47/48 | €93,990 | €92,712 | -€1,278 | -1.4% |
| Accrued charges and deferred income | 492/3 | €61,374 | €39,877 | -€21,497 | -35.0% |
| Remuneration, social security and pensions | 62 | €75,495 | €77,366 | +€1,871 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,507 | €35,683 | +€9,176 | +34.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €9,305 | €20,533 | +€11,229 | +120.7% |
| Non-recurring operating charges | 66A | €137,914 | €0 | -€137,914 | -100.0% |
| Gross operating margin | 9900 | €583,704 | €494,916 | -€88,787 | -15.2% |
| Operating profit (loss) | 9901 | €334,483 | €361,334 | +€26,851 | +8.0% |
| Financial income | 75/76B | €116,231 | €116,674 | +€443 | +0.4% |
| Recurring financial income | 75 | €107,231 | €116,674 | +€9,443 | +8.8% |
| Non-recurring financial income | 76B | €9,000 | €0 | -€9,000 | -100.0% |
| Financial charges | 65/66B | €133,812 | €168,876 | +€35,064 | +26.2% |
| Recurring financial charges | 65 | €133,812 | €168,876 | +€35,064 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €316,902 | €309,132 | -€7,770 | -2.5% |
| Income taxes | 67/77 | €80,981 | €96,826 | +€15,845 | +19.6% |
| Profit (loss) for the period | 9904 | €235,922 | €212,307 | -€23,615 | -10.0% |
| Transfer to tax-exempt reserves | 689 | €138,930 | €35,296 | -€103,634 | -74.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,992 | €177,011 | +€80,019 | +82.5% |
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 6 October 2026 via checked.be.