MADELCO: 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.
MADELCO
Largest movements
- Receivables within one year +€61,344
up €61,344 (+143.3%), from €42,818 to €104,162
of which Other amounts receivable: +€60,075
- Tangible fixed assets -€29,167
down €29,167 (-9.8%), from €296,297 to €267,130
of which Furniture and vehicles: -€23,630
- Reserves +€371,695
up €371,695 (+53.4%), from €695,486 to €1.1m
of which Distributable reserves: +€368,445
- Debts after one year -€306,488
down €306,488 (-17.2%), from €1.8m to €1.5m
- Financial income +€253,282
up €253,282 (+2650.0%), from €9,558 to €262,840
- Gross operating margin -€137,639
down €137,639 (-32.9%), from €418,691 to €281,053
- Taxes -€36,378
down €36,378 (-36.9%), from €98,685 to €62,307
- Financial charges +€7,765
up €7,765 (+16.8%), from €46,198 to €53,963
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 | €2,844,584 | €2,903,597 | +€59,013 | +2.1% |
| Fixed assets | 21/28 | €2,796,297 | €2,767,130 | -€29,167 | -1.0% |
| Tangible fixed assets | 22/27 | €296,297 | €267,130 | -€29,167 | -9.8% |
| Land and buildings | 22 | €239,521 | €233,983 | -€5,537 | -2.3% |
| Furniture and vehicles | 24 | €56,776 | €33,146 | -€23,630 | -41.6% |
| Financial fixed assets | 28 | €2,500,000 | €2,500,000 | = | 0.0% |
| Current assets | 29/58 | €48,288 | €136,468 | +€88,180 | +182.6% |
| Amounts receivable within one year | 40/41 | €42,818 | €104,162 | +€61,344 | +143.3% |
| Trade receivables | 40 | €34,348 | €35,618 | +€1,269 | +3.7% |
| Other amounts receivable | 41 | €8,470 | €68,545 | +€60,075 | +709.3% |
| Cash at bank and in hand | 54/58 | €5,470 | €32,305 | +€26,836 | +490.6% |
| Total equity and liabilities | 10/49 | €2,844,584 | €2,903,597 | +€59,013 | +2.1% |
| Equity | 10/15 | €750,486 | €1,122,180 | +€371,695 | +49.5% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €695,486 | €1,067,180 | +€371,695 | +53.4% |
| Tax-exempt reserves | 132 | €251,455 | €254,705 | +€3,250 | +1.3% |
| Distributable reserves | 133 | €444,031 | €812,475 | +€368,445 | +83.0% |
| Amounts payable | 17/49 | €2,094,099 | €1,781,417 | -€312,682 | -14.9% |
| Amounts payable after more than one year | 17 | €1,780,417 | €1,473,929 | -€306,488 | -17.2% |
| Financial debts | 170/4 | €1,780,417 | €1,473,929 | -€306,488 | -17.2% |
| Amounts payable within one year | 42/48 | €297,901 | €291,810 | -€6,091 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €17,500 | €17,500 | = | 0.0% |
| Trade debts | 44 | €36,497 | €21,007 | -€15,490 | -42.4% |
| Suppliers | 440/4 | €36,497 | €21,007 | -€15,490 | -42.4% |
| Taxes, remuneration and social security | 45 | €8,581 | €10,705 | +€2,125 | +24.8% |
| Taxes | 450/3 | €7,425 | €10,705 | +€3,280 | +44.2% |
| Remuneration and social security | 454/9 | €1,156 | - | -€1,156 | |
| Other amounts payable | 47/48 | €235,323 | €242,598 | +€7,275 | +3.1% |
| Accrued charges and deferred income | 492/3 | €15,781 | €15,678 | -€103 | -0.7% |
| Non-recurring operating income | 76A | - | €413 | +€413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,230 | €29,167 | -€63 | -0.2% |
| Other operating charges | 640/8 | €2,225 | €1,761 | -€464 | -20.8% |
| Gross operating margin | 9900 | €418,691 | €281,053 | -€137,639 | -32.9% |
| Operating profit (loss) | 9901 | €387,236 | €250,124 | -€137,111 | -35.4% |
| Financial income | 75/76B | €9,558 | €262,840 | +€253,282 | +2650.0% |
| Recurring financial income | 75 | €9,558 | €262,840 | +€253,282 | +2650.0% |
| Financial charges | 65/66B | €46,198 | €53,963 | +€7,765 | +16.8% |
| Recurring financial charges | 65 | €46,198 | €53,963 | +€7,765 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €350,596 | €459,002 | +€108,406 | +30.9% |
| Income taxes | 67/77 | €98,685 | €62,307 | -€36,378 | -36.9% |
| Profit (loss) for the period | 9904 | €251,911 | €396,695 | +€144,784 | +57.5% |
| Transfer from tax-exempt reserves | 789 | - | €80,950 | +€80,950 | |
| Transfer to tax-exempt reserves | 689 | €138,930 | €84,200 | -€54,730 | -39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €112,981 | €393,445 | +€280,464 | +248.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.