MADELEIN: 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.
MADELEIN
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+176%), from €572,432 to €1.6m
of which Land and buildings: +€1.0m
- Cash +€38,764
up €38,764 (+272%), from €14,262 to €53,026
mainly Debts after one year (+€874,577) and Other debts (+€134,000)
- Debts after one year +€874,577
new in 2025: €874,577
- Other debts +€134,000
up €134,000 (+23.0%), from €583,168 to €717,168
- Profit (loss) carried forward -€119,948
down €119,948 (-286%), from -€41,952 to -€161,900
- Trade debts +€109,159
up €109,159 (+5,182%), from €2,106 to €111,265
- Current portion of long-term debt +€51,426
new in 2025: €51,426
- Depreciation +€49,452
up €49,452 (+213%), from €23,269 to €72,721
- Financial charges +€27,066
up €27,066 (+460%), from €5,879 to €32,945
of which Financial charges: +€31,924
- Other operating charges +€1,135
up €1,135 (+293%), from €387 to €1,523
- Gross operating margin -€414
down €414 (-3.3%), from -€12,417 to -€12,831
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 | €603,429 | €1,652,535 | +€1.0m | +174% |
| Fixed assets | 21/28 | €581,707 | €1,588,563 | +€1.0m | +173% |
| Intangible fixed assets | 21 | €9,275 | €10,635 | +€1,359 | +14.7% |
| Tangible fixed assets | 22/27 | €572,432 | €1,577,928 | +€1.0m | +176% |
| Land and buildings | 22 | €524,240 | €1,539,899 | +€1.0m | +194% |
| Plant, machinery and equipment | 23 | €29,652 | €23,889 | -€5,762 | -19.4% |
| Furniture and vehicles | 24 | €18,540 | €14,140 | -€4,400 | -23.7% |
| Current assets | 29/58 | €21,722 | €63,972 | +€42,250 | +195% |
| Amounts receivable within one year | 40/41 | €7,145 | €9,074 | +€1,929 | +27.0% |
| Trade receivables | 40 | €1,640 | - | -€1,640 | |
| Other amounts receivable | 41 | €5,505 | €9,074 | +€3,569 | +64.8% |
| Cash at bank and in hand | 54/58 | €14,262 | €53,026 | +€38,764 | +272% |
| Deferred charges and accrued income | 490/1 | €316 | €1,873 | +€1,557 | +493% |
| Total equity and liabilities | 10/49 | €603,429 | €1,652,535 | +€1.0m | +174% |
| Equity | 10/15 | €18,048 | -€101,900 | -€119,948 | |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,952 | -€161,900 | -€119,948 | -286% |
| Amounts payable | 17/49 | €585,381 | €1,754,436 | +€1.2m | +200% |
| Amounts payable after more than one year | 17 | - | €874,577 | +€874,577 | |
| Financial debts | 170/4 | - | €874,577 | +€874,577 | |
| Amounts payable within one year | 42/48 | €585,381 | €879,859 | +€294,478 | +50.3% |
| Current portion of amounts payable after more than one year | 42 | - | €51,426 | +€51,426 | |
| Trade debts | 44 | €2,106 | €111,265 | +€109,159 | +5,182% |
| Suppliers | 440/4 | €2,106 | €111,265 | +€109,159 | +5,182% |
| Taxes, remuneration and social security | 45 | €107 | - | -€107 | |
| Taxes | 450/3 | €107 | - | -€107 | |
| Other amounts payable | 47/48 | €583,168 | €717,168 | +€134,000 | +23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,269 | €72,721 | +€49,452 | +213% |
| Other operating charges | 640/8 | €387 | €1,523 | +€1,135 | +293% |
| Gross operating margin | 9900 | -€12,417 | -€12,831 | -€414 | -3.3% |
| Operating profit (loss) | 9901 | -€36,073 | -€87,075 | -€51,002 | -141% |
| Financial income | 75/76B | €0 | €71 | +€71 | +710,700% |
| Recurring financial income | 75 | €0 | €71 | +€71 | +710,700% |
| Financial charges | 65/66B | €5,879 | €32,945 | +€27,066 | +460% |
| Recurring financial charges | 65 | €1,020 | €32,945 | +€31,924 | +3,129% |
| Non-recurring financial charges | 66B | €4,859 | - | -€4,859 | |
| Profit (loss) for the period before taxes | 9903 | -€41,952 | -€119,948 | -€77,997 | -186% |
| Profit (loss) for the period | 9904 | -€41,952 | -€119,948 | -€77,997 | -186% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,952 | -€119,948 | -€77,997 | -186% |
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 13 October 2026 via checked.be.