Madeli: 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.
Madeli
Largest movements
- Tangible fixed assets +€46,018
up €46,018 (+4.7%), from €977,394 to €1.0m
of which Furniture and vehicles: +€68,278
- Receivables within one year +€25,288
up €25,288 (+38.2%), from €66,261 to €91,548
of which Other amounts receivable: +€27,950
- Trade debts +€26,394
up €26,394 (+69.8%), from €37,812 to €64,207
- Other debts +€16,927
up €16,927 (+9.1%), from €185,452 to €202,379
- Reserves +€15,094
up €15,094 (+21.5%), from €70,046 to €85,140
of which Distributable reserves: +€15,094
- Gross operating margin +€24,681
up €24,681 (+37.1%), from €66,489 to €91,170
- Taxes +€5,468
up €5,468, from -€77 to €5,391
- Other operating charges -€5,262
down €5,262 (-43.3%), from €12,152 to €6,890
- Depreciation +€4,389
up €4,389 (+9.7%), from €45,428 to €49,817
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 | €1,059,093 | €1,131,025 | +€71,932 | +6.8% |
| Fixed assets | 21/28 | €978,120 | €1,024,138 | +€46,018 | +4.7% |
| Tangible fixed assets | 22/27 | €977,394 | €1,023,412 | +€46,018 | +4.7% |
| Land and buildings | 22 | €966,142 | €924,646 | -€41,497 | -4.3% |
| Plant, machinery and equipment | 23 | €5,458 | €24,695 | +€19,237 | +352% |
| Furniture and vehicles | 24 | €5,794 | €74,072 | +€68,278 | +1,178% |
| Financial fixed assets | 28 | €726 | €726 | = | 0.0% |
| Current assets | 29/58 | €80,973 | €106,886 | +€25,914 | +32.0% |
| Amounts receivable within one year | 40/41 | €66,261 | €91,548 | +€25,288 | +38.2% |
| Trade receivables | 40 | €4,862 | €2,200 | -€2,662 | -54.8% |
| Other amounts receivable | 41 | €61,399 | €89,348 | +€27,950 | +45.5% |
| Current investments | 50/53 | €13 | €6,000 | +€5,988 | +46,632% |
| Cash at bank and in hand | 54/58 | €14,280 | €8,935 | -€5,345 | -37.4% |
| Deferred charges and accrued income | 490/1 | €420 | €403 | -€17 | -4.0% |
| Total equity and liabilities | 10/49 | €1,059,093 | €1,131,025 | +€71,932 | +6.8% |
| Equity | 10/15 | €97,789 | €112,882 | +€15,094 | +15.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €70,046 | €85,140 | +€15,094 | +21.5% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €69,946 | €85,040 | +€15,094 | +21.6% |
| Profit (loss) carried forward | 14 | €8,743 | €8,743 | = | 0.0% |
| Amounts payable | 17/49 | €961,304 | €1,018,142 | +€56,838 | +5.9% |
| Amounts payable after more than one year | 17 | €696,940 | €700,703 | +€3,763 | +0.5% |
| Financial debts | 170/4 | €696,940 | €700,703 | +€3,763 | +0.5% |
| Amounts payable within one year | 42/48 | €264,364 | €317,440 | +€53,075 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €39,846 | €47,696 | +€7,850 | +19.7% |
| Trade debts | 44 | €37,812 | €64,207 | +€26,394 | +69.8% |
| Suppliers | 440/4 | €37,812 | €64,207 | +€26,394 | +69.8% |
| Taxes, remuneration and social security | 45 | €1,255 | €3,159 | +€1,904 | +152% |
| Taxes | 450/3 | €1,255 | €143 | -€1,112 | -88.6% |
| Remuneration and social security | 454/9 | - | €3,016 | +€3,016 | |
| Other amounts payable | 47/48 | €185,452 | €202,379 | +€16,927 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,428 | €49,817 | +€4,389 | +9.7% |
| Other operating charges | 640/8 | €12,152 | €6,890 | -€5,262 | -43.3% |
| Gross operating margin | 9900 | €66,489 | €91,170 | +€24,681 | +37.1% |
| Operating profit (loss) | 9901 | €8,909 | €34,463 | +€25,554 | +287% |
| Financial income | 75/76B | €0 | €1 | +€0 | +152% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +152% |
| Financial charges | 65/66B | €14,140 | €13,980 | -€160 | -1.1% |
| Recurring financial charges | 65 | €14,140 | €13,980 | -€160 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,231 | €20,484 | +€25,715 | |
| Income taxes | 67/77 | -€77 | €5,391 | +€5,468 | |
| Profit (loss) for the period | 9904 | -€5,153 | €15,094 | +€20,247 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,153 | €15,094 | +€20,247 |
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 18 October 2026 via checked.be.