MADELCA: 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.
MADELCA
Largest movements
- Cash +€163,839
up €163,839 (+363.4%), from €45,081 to €208,920
mainly Debts after one year (+€103,001) and Net result for the year (+€59,489)
- Receivables within one year -€17,202
down €17,202 (-37.9%), from €45,400 to €28,198
of which Trade receivables: -€18,240
- Tangible fixed assets +€6,587
up €6,587 (+2.5%), from €263,667 to €270,254
of which Other tangible fixed assets: +€209,990
- Debts after one year +€103,001
up €103,001 (+206.1%), from €49,978 to €152,979
- Reserves +€58,656
up €58,656 (+40.9%), from €143,338 to €201,994
of which Distributable reserves: +€58,656
- Tax, wage and social debts -€8,701
down €8,701 (-73.2%), from €11,887 to €3,186
of which Taxes: -€8,861
- Trade debts +€6,174
up €6,174 (+12.0%), from €51,412 to €57,586
- Gross operating margin +€56,988
up €56,988 (+73.9%), from €77,159 to €134,146
- Taxes +€17,006
up €17,006 (+356.5%), from €4,771 to €21,776
- Depreciation -€5,217
down €5,217 (-12.4%), from €41,945 to €36,728
- Financial charges +€1,350
up €1,350 (+12.9%), from €10,464 to €11,814
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 | €396,313 | €551,505 | +€155,192 | +39.2% |
| Fixed assets | 21/28 | €264,503 | €270,420 | +€5,917 | +2.2% |
| Intangible fixed assets | 21 | €836 | €166 | -€670 | -80.1% |
| Tangible fixed assets | 22/27 | €263,667 | €270,254 | +€6,587 | +2.5% |
| Land and buildings | 22 | €152,324 | €0 | -€152,324 | -100.0% |
| Plant, machinery and equipment | 23 | €40,895 | €16,293 | -€24,602 | -60.2% |
| Furniture and vehicles | 24 | €64,050 | €37,574 | -€26,477 | -41.3% |
| Other tangible fixed assets | 26 | €6,397 | €216,387 | +€209,990 | +3282.5% |
| Current assets | 29/58 | €131,810 | €281,085 | +€149,275 | +113.2% |
| Stocks and contracts in progress | 3 | €38,204 | €41,410 | +€3,206 | +8.4% |
| Stocks | 30/36 | €38,204 | €41,410 | +€3,206 | +8.4% |
| Amounts receivable within one year | 40/41 | €45,400 | €28,198 | -€17,202 | -37.9% |
| Trade receivables | 40 | €44,047 | €25,807 | -€18,240 | -41.4% |
| Other amounts receivable | 41 | €1,353 | €2,392 | +€1,039 | +76.8% |
| Cash at bank and in hand | 54/58 | €45,081 | €208,920 | +€163,839 | +363.4% |
| Deferred charges and accrued income | 490/1 | €3,125 | €2,556 | -€569 | -18.2% |
| Total equity and liabilities | 10/49 | €396,313 | €551,505 | +€155,192 | +39.2% |
| Equity | 10/15 | €161,938 | €220,594 | +€58,656 | +36.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,338 | €201,994 | +€58,656 | +40.9% |
| Tax-exempt reserves | 132 | €7,177 | €7,177 | = | 0.0% |
| Distributable reserves | 133 | €136,161 | €194,817 | +€58,656 | +43.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €234,376 | €330,911 | +€96,536 | +41.2% |
| Amounts payable after more than one year | 17 | €49,978 | €152,979 | +€103,001 | +206.1% |
| Financial debts | 170/4 | €49,978 | €152,979 | +€103,001 | +206.1% |
| Amounts payable within one year | 42/48 | €183,855 | €177,933 | -€5,923 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €27,676 | €22,697 | -€4,979 | -18.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €51,412 | €57,586 | +€6,174 | +12.0% |
| Suppliers | 440/4 | €51,412 | €57,586 | +€6,174 | +12.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €11,887 | €3,186 | -€8,701 | -73.2% |
| Taxes | 450/3 | €11,567 | €2,706 | -€8,861 | -76.6% |
| Remuneration and social security | 454/9 | €320 | €480 | +€160 | +50.0% |
| Other amounts payable | 47/48 | €92,880 | €94,464 | +€1,584 | +1.7% |
| Accrued charges and deferred income | 492/3 | €543 | €0 | -€543 | -100.0% |
| Non-recurring operating income | 76A | - | €129,261 | +€129,261 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,945 | €36,728 | -€5,217 | -12.4% |
| Other operating charges | 640/8 | €4,476 | €5,224 | +€747 | +16.7% |
| Gross operating margin | 9900 | €77,159 | €134,146 | +€56,988 | +73.9% |
| Operating profit (loss) | 9901 | €30,737 | €92,195 | +€61,458 | +199.9% |
| Financial income | 75/76B | €1,018 | €884 | -€134 | -13.2% |
| Recurring financial income | 75 | €1,018 | €884 | -€134 | -13.2% |
| Financial charges | 65/66B | €10,464 | €11,814 | +€1,350 | +12.9% |
| Recurring financial charges | 65 | €10,464 | €11,814 | +€1,350 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €21,292 | €81,265 | +€59,974 | +281.7% |
| Income taxes | 67/77 | €4,771 | €21,776 | +€17,006 | +356.5% |
| Profit (loss) for the period | 9904 | €16,521 | €59,489 | +€42,968 | +260.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,521 | €59,489 | +€42,968 | +260.1% |
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 4 October 2026 via checked.be.