Madelas: 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.
Madelas
Largest movements
- Receivables within one year -€43,476
down €43,476 (-70.1%), from €62,046 to €18,571
of which Trade receivables: -€44,413
- Cash -€14,742
down €14,742 (-86.2%), from €17,101 to €2,359
mainly Net result for the year (-€75,976) and Trade debts (-€2,570)
- Intangible fixed assets -€7,333
down €7,333 (-56.0%), from €13,100 to €5,766
- Tangible fixed assets -€2,422
down €2,422 (-27.7%), from €8,739 to €6,317
- Profit (loss) carried forward -€47,781
new in 2025: -€47,781
- Reserves -€28,194
no longer reported in 2025 (was €28,194)
- Other debts +€10,382
up €10,382 (+36.9%), from €28,110 to €38,492
- Trade debts -€2,570
down €2,570 (-6.1%), from €42,450 to €39,880
- Write-downs +€44,413
new in 2025: €44,413
- Gross operating margin +€14,575
up €14,575 (+40.5%), from -€35,958 to -€21,383
- Other operating charges -€687
down €687 (-79.3%), from €866 to €179
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 | €100,985 | €33,012 | -€67,973 | -67.3% |
| Fixed assets | 21/28 | €21,838 | €12,083 | -€9,755 | -44.7% |
| Intangible fixed assets | 21 | €13,100 | €5,766 | -€7,333 | -56.0% |
| Tangible fixed assets | 22/27 | €8,739 | €6,317 | -€2,422 | -27.7% |
| Furniture and vehicles | 24 | €8,739 | €6,317 | -€2,422 | -27.7% |
| Current assets | 29/58 | €79,147 | €20,929 | -€58,218 | -73.6% |
| Amounts receivable within one year | 40/41 | €62,046 | €18,571 | -€43,476 | -70.1% |
| Trade receivables | 40 | €53,740 | €9,327 | -€44,413 | -82.6% |
| Other amounts receivable | 41 | €8,307 | €9,244 | +€937 | +11.3% |
| Cash at bank and in hand | 54/58 | €17,101 | €2,359 | -€14,742 | -86.2% |
| Total equity and liabilities | 10/49 | €100,985 | €33,012 | -€67,973 | -67.3% |
| Equity | 10/15 | €30,194 | -€45,781 | -€75,976 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €28,194 | - | -€28,194 | |
| Distributable reserves | 133 | €28,194 | - | -€28,194 | |
| Profit (loss) carried forward | 14 | - | -€47,781 | -€47,781 | |
| Amounts payable | 17/49 | €70,791 | €78,794 | +€8,003 | +11.3% |
| Amounts payable within one year | 42/48 | €70,791 | €78,794 | +€8,003 | +11.3% |
| Trade debts | 44 | €42,450 | €39,880 | -€2,570 | -6.1% |
| Suppliers | 440/4 | €42,450 | €39,880 | -€2,570 | -6.1% |
| Taxes, remuneration and social security | 45 | €231 | €422 | +€190 | +82.2% |
| Taxes | 450/3 | €231 | €422 | +€190 | +82.2% |
| Other amounts payable | 47/48 | €28,110 | €38,492 | +€10,382 | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,755 | €9,755 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €44,413 | +€44,413 | |
| Other operating charges | 640/8 | €866 | €179 | -€687 | -79.3% |
| Gross operating margin | 9900 | -€35,958 | -€21,383 | +€14,575 | +40.5% |
| Operating profit (loss) | 9901 | -€46,580 | -€75,730 | -€29,151 | -62.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €51 | €54 | +€3 | +5.9% |
| Recurring financial charges | 65 | €51 | €54 | +€3 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | -€46,631 | -€75,784 | -€29,154 | -62.5% |
| Income taxes | 67/77 | €165 | €191 | +€27 | +16.3% |
| Profit (loss) for the period | 9904 | -€46,795 | -€75,976 | -€29,180 | -62.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,795 | -€75,976 | -€29,180 | -62.4% |
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 8 October 2026 via checked.be.