Madel Printing: 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.
Madel Printing
Largest movements
- Current investments -€250,000
down €250,000 (-100%), from €250,000 to €0
- Cash +€152,474
up €152,474 (+129%), from €118,620 to €271,094
mainly Other debts (+€279,756) and Current investments (+€250,000)
- Receivables within one year +€31,745
up €31,745 (+18.6%), from €171,107 to €202,853
of which Trade receivables: +€33,942
- Tangible fixed assets +€26,194
up €26,194 (+8.6%), from €303,143 to €329,338
of which Plant, machinery and equipment: +€71,163
- Profit (loss) carried forward -€484,417
down €484,417 (-100%), from €484,417 to €0
- Other debts +€279,756
up €279,756 (+139%), from €201,412 to €481,168
- Reserves +€208,713
up €208,713 (+2,087%), from €10,000 to €218,713
- Tax, wage and social debts -€29,097
down €29,097 (-28.2%), from €103,356 to €74,260
of which Taxes: -€18,600
- Gross operating margin +€32,489
up €32,489 (+6.1%), from €529,543 to €562,032
- Staff costs +€18,122
up €18,122 (+9.9%), from €182,633 to €200,755
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 | €848,595 | €817,003 | -€31,592 | -3.7% |
| Fixed assets | 21/28 | €304,164 | €330,038 | +€25,874 | +8.5% |
| Intangible fixed assets | 21 | €1,020 | €700 | -€320 | -31.4% |
| Tangible fixed assets | 22/27 | €303,143 | €329,338 | +€26,194 | +8.6% |
| Land and buildings | 22 | €209,843 | €177,440 | -€32,403 | -15.4% |
| Plant, machinery and equipment | 23 | €10,806 | €81,969 | +€71,163 | +659% |
| Furniture and vehicles | 24 | €82,494 | €69,929 | -€12,565 | -15.2% |
| Current assets | 29/58 | €544,431 | €486,965 | -€57,466 | -10.6% |
| Stocks and contracts in progress | 3 | €4,098 | €5,136 | +€1,038 | +25.3% |
| Stocks | 30/36 | €4,098 | €5,136 | +€1,038 | +25.3% |
| Amounts receivable within one year | 40/41 | €171,107 | €202,853 | +€31,745 | +18.6% |
| Trade receivables | 40 | €168,451 | €202,394 | +€33,942 | +20.1% |
| Other amounts receivable | 41 | €2,656 | €459 | -€2,197 | -82.7% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100% |
| Cash at bank and in hand | 54/58 | €118,620 | €271,094 | +€152,474 | +129% |
| Deferred charges and accrued income | 490/1 | €605 | €7,883 | +€7,277 | +1,202% |
| Total equity and liabilities | 10/49 | €848,595 | €817,003 | -€31,592 | -3.7% |
| Equity | 10/15 | €512,967 | €237,263 | -€275,705 | -53.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €10,000 | €218,713 | +€208,713 | +2,087% |
| Distributable reserves | 133 | €10,000 | €218,713 | +€208,713 | +2,087% |
| Profit (loss) carried forward | 14 | €484,417 | €0 | -€484,417 | -100% |
| Amounts payable | 17/49 | €335,627 | €579,740 | +€244,113 | +72.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €335,446 | €577,969 | +€242,523 | +72.3% |
| Current portion of amounts payable after more than one year | 42 | €596 | €0 | -€596 | -100% |
| Trade debts | 44 | €30,081 | €22,541 | -€7,540 | -25.1% |
| Suppliers | 440/4 | €30,081 | €22,541 | -€7,540 | -25.1% |
| Taxes, remuneration and social security | 45 | €103,356 | €74,260 | -€29,097 | -28.2% |
| Taxes | 450/3 | €68,795 | €50,195 | -€18,600 | -27.0% |
| Remuneration and social security | 454/9 | €34,561 | €24,064 | -€10,497 | -30.4% |
| Other amounts payable | 47/48 | €201,412 | €481,168 | +€279,756 | +139% |
| Accrued charges and deferred income | 492/3 | €182 | €1,771 | +€1,589 | +875% |
| Remuneration, social security and pensions | 62 | €182,633 | €200,755 | +€18,122 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,745 | €68,491 | -€254 | -0.4% |
| Other operating charges | 640/8 | €6,451 | €4,299 | -€2,152 | -33.4% |
| Non-recurring operating charges | 66A | - | €3,056 | +€3,056 | |
| Gross operating margin | 9900 | €529,543 | €562,032 | +€32,489 | +6.1% |
| Operating profit (loss) | 9901 | €271,714 | €285,431 | +€13,717 | +5.0% |
| Financial income | 75/76B | €11,443 | €8,028 | -€3,415 | -29.8% |
| Recurring financial income | 75 | €11,443 | €7,853 | -€3,590 | -31.4% |
| Non-recurring financial income | 76B | - | €175 | +€175 | |
| Financial charges | 65/66B | €5,831 | €994 | -€4,837 | -83.0% |
| Recurring financial charges | 65 | €5,831 | €994 | -€4,837 | -83.0% |
| Profit (loss) for the period before taxes | 9903 | €277,326 | €292,465 | +€15,139 | +5.5% |
| Income taxes | 67/77 | €69,204 | €68,170 | -€1,034 | -1.5% |
| Profit (loss) for the period | 9904 | €208,122 | €224,295 | +€16,173 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €208,122 | €224,295 | +€16,173 | +7.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.