Madelec: 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.
Madelec
Largest movements
- Cash -€1.0m
down €1.0m (-54.0%), from €1.9m to €874,617
mainly Receivables within one year (-€677,777) and Contributions, distributions and other (-€500,000)
- Receivables within one year +€677,777
up €677,777 (+52.6%), from €1.3m to €2.0m
of which Trade receivables: +€696,649
- Tangible fixed assets -€56,755
down €56,755 (-11.8%), from €481,960 to €425,205
of which Furniture and vehicles: -€63,028
- Profit (loss) carried forward -€243,309
down €243,309 (-11.0%), from €2.2m to €2.0m
- Trade debts -€170,163
down €170,163 (-27.1%), from €627,348 to €457,185
- Tax, wage and social debts +€44,393
up €44,393 (+16.5%), from €269,428 to €313,821
of which Remuneration and social security: +€39,452
- Gross operating margin -€374,236
down €374,236 (-10.4%), from €3.6m to €3.2m
- Taxes -€71,862
down €71,862 (-44.2%), from €162,723 to €90,861
- Staff costs -€59,118
down €59,118 (-2.1%), from €2.8m to €2.7m
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 | €4,363,834 | €3,987,618 | -€376,216 | -8.6% |
| Fixed assets | 21/28 | €481,960 | €425,205 | -€56,755 | -11.8% |
| Tangible fixed assets | 22/27 | €481,960 | €425,205 | -€56,755 | -11.8% |
| Land and buildings | 22 | €6,865 | €5,017 | -€1,848 | -26.9% |
| Plant, machinery and equipment | 23 | €188,445 | €196,566 | +€8,121 | +4.3% |
| Furniture and vehicles | 24 | €276,273 | €213,245 | -€63,028 | -22.8% |
| Other tangible fixed assets | 26 | €10,377 | €10,377 | = | 0.0% |
| Current assets | 29/58 | €3,881,874 | €3,562,414 | -€319,461 | -8.2% |
| Stocks and contracts in progress | 3 | €684,868 | €712,756 | +€27,888 | +4.1% |
| Stocks | 30/36 | €684,868 | €712,756 | +€27,888 | +4.1% |
| Amounts receivable within one year | 40/41 | €1,287,371 | €1,965,148 | +€677,777 | +52.6% |
| Trade receivables | 40 | €1,022,646 | €1,719,295 | +€696,649 | +68.1% |
| Other amounts receivable | 41 | €264,725 | €245,853 | -€18,872 | -7.1% |
| Cash at bank and in hand | 54/58 | €1,900,930 | €874,617 | -€1.0m | -54.0% |
| Deferred charges and accrued income | 490/1 | €8,705 | €9,893 | +€1,188 | +13.6% |
| Total equity and liabilities | 10/49 | €4,363,834 | €3,987,618 | -€376,216 | -8.6% |
| Equity | 10/15 | €2,920,652 | €2,677,344 | -€243,309 | -8.3% |
| Contributions | 10/11 | €181,449 | €181,449 | = | 0.0% |
| Capital | 10 | €181,449 | €181,449 | = | 0.0% |
| Issued capital | 100 | €181,449 | €181,449 | = | 0.0% |
| Reserves | 13 | €533,915 | €533,915 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,145 | €18,145 | = | 0.0% |
| Legal reserve | 130 | €18,145 | €18,145 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,873 | €20,873 | = | 0.0% |
| Distributable reserves | 133 | €494,897 | €494,897 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,205,288 | €1,961,980 | -€243,309 | -11.0% |
| Provisions and deferred taxes | 16 | €18,500 | €0 | -€18,500 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €18,500 | €0 | -€18,500 | -100.0% |
| Other liabilities and charges | 164/5 | €18,500 | €0 | -€18,500 | -100.0% |
| Amounts payable | 17/49 | €1,424,682 | €1,310,275 | -€114,407 | -8.0% |
| Amounts payable after more than one year | 17 | - | €13,917 | +€13,917 | |
| Other amounts payable | 178/9 | - | €13,917 | +€13,917 | |
| Amounts payable within one year | 42/48 | €1,419,494 | €1,296,358 | -€123,137 | -8.7% |
| Trade debts | 44 | €627,348 | €457,185 | -€170,163 | -27.1% |
| Suppliers | 440/4 | €627,348 | €457,185 | -€170,163 | -27.1% |
| Taxes, remuneration and social security | 45 | €269,428 | €313,821 | +€44,393 | +16.5% |
| Taxes | 450/3 | €14,652 | €19,593 | +€4,941 | +33.7% |
| Remuneration and social security | 454/9 | €254,776 | €294,228 | +€39,452 | +15.5% |
| Other amounts payable | 47/48 | €522,718 | €525,352 | +€2,634 | +0.5% |
| Accrued charges and deferred income | 492/3 | €5,187 | €0 | -€5,187 | -100.0% |
| Non-recurring operating income | 76A | €9,400 | €3,000 | -€6,400 | -68.1% |
| Remuneration, social security and pensions | 62 | €2,808,080 | €2,748,962 | -€59,118 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,225 | €184,360 | +€7,135 | +4.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€18,500 | -€18,500 | |
| Other operating charges | 640/8 | €23,428 | €22,765 | -€663 | -2.8% |
| Non-recurring operating charges | 66A | - | €18,592 | +€18,592 | |
| Gross operating margin | 9900 | €3,602,877 | €3,228,642 | -€374,236 | -10.4% |
| Operating profit (loss) | 9901 | €594,144 | €272,463 | -€321,681 | -54.1% |
| Financial income | 75/76B | €105,143 | €105,212 | +€69 | +0.1% |
| Recurring financial income | 75 | €105,143 | €105,212 | +€69 | +0.1% |
| Financial charges | 65/66B | €47,470 | €30,123 | -€17,348 | -36.5% |
| Recurring financial charges | 65 | €47,470 | €30,123 | -€17,348 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €651,817 | €347,552 | -€304,264 | -46.7% |
| Income taxes | 67/77 | €162,723 | €90,861 | -€71,862 | -44.2% |
| Profit (loss) for the period | 9904 | €489,094 | €256,691 | -€232,403 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €489,094 | €256,691 | -€232,403 | -47.5% |
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 30 September 2026 via checked.be.