MADELIEF: 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.
MADELIEF
Largest movements
- Current investments +€112,310
up €112,310 (+61.8%), from €181,749 to €294,059
- Cash -€79,917
down €79,917 (-99.0%), from €80,701 to €784
mainly Current investments (-€112,310) and Trade debts (-€1,780)
- Receivables within one year -€20,198
down €20,198 (-49.6%), from €40,741 to €20,543
of which Trade receivables: -€34,355
- Tangible fixed assets -€7,529
down €7,529 (-38.3%), from €19,667 to €12,138
of which Furniture and vehicles: -€7,203
- Reserves +€6,188
up €6,188 (+2.8%), from €224,623 to €230,810
of which Distributable reserves: +€6,188
- Gross operating margin -€49,832
down €49,832 (-71.4%), from €69,835 to €20,003
- Taxes -€16,390
down €16,390 (-82.2%), from €19,931 to €3,541
- Financial charges +€1,441
up €1,441 (+834.8%), from €173 to €1,613
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 | €324,368 | €328,766 | +€4,398 | +1.4% |
| Fixed assets | 21/28 | €19,667 | €12,138 | -€7,529 | -38.3% |
| Tangible fixed assets | 22/27 | €19,667 | €12,138 | -€7,529 | -38.3% |
| Plant, machinery and equipment | 23 | €1,207 | €881 | -€326 | -27.0% |
| Furniture and vehicles | 24 | €18,460 | €11,257 | -€7,203 | -39.0% |
| Current assets | 29/58 | €304,701 | €316,628 | +€11,927 | +3.9% |
| Amounts receivable within one year | 40/41 | €40,741 | €20,543 | -€20,198 | -49.6% |
| Trade receivables | 40 | €38,093 | €3,737 | -€34,355 | -90.2% |
| Other amounts receivable | 41 | €2,649 | €16,806 | +€14,157 | +534.5% |
| Current investments | 50/53 | €181,749 | €294,059 | +€112,310 | +61.8% |
| Cash at bank and in hand | 54/58 | €80,701 | €784 | -€79,917 | -99.0% |
| Deferred charges and accrued income | 490/1 | €1,509 | €1,242 | -€267 | -17.7% |
| Total equity and liabilities | 10/49 | €324,368 | €328,766 | +€4,398 | +1.4% |
| Equity | 10/15 | €282,603 | €288,790 | +€6,188 | +2.2% |
| Contributions | 10/11 | €57,980 | €57,980 | = | 0.0% |
| Reserves | 13 | €224,623 | €230,810 | +€6,188 | +2.8% |
| Non-distributable reserves | 130/1 | €5,178 | €5,178 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,178 | €5,178 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,500 | €1,500 | = | 0.0% |
| Distributable reserves | 133 | €217,944 | €224,132 | +€6,188 | +2.8% |
| Amounts payable | 17/49 | €41,765 | €39,976 | -€1,789 | -4.3% |
| Amounts payable within one year | 42/48 | €41,765 | €39,976 | -€1,789 | -4.3% |
| Trade debts | 44 | €28,291 | €26,511 | -€1,780 | -6.3% |
| Suppliers | 440/4 | €28,291 | €26,511 | -€1,780 | -6.3% |
| Advances received on contracts in progress | 46 | - | €28 | +€28 | |
| Taxes, remuneration and social security | 45 | €9,964 | €9,964 | = | 0.0% |
| Taxes | 450/3 | €8,444 | €8,444 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,521 | €1,521 | = | 0.0% |
| Other amounts payable | 47/48 | €3,509 | €3,472 | -€38 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,060 | €9,298 | +€238 | +2.6% |
| Other operating charges | 640/8 | €563 | €520 | -€44 | -7.7% |
| Gross operating margin | 9900 | €69,835 | €20,003 | -€49,832 | -71.4% |
| Operating profit (loss) | 9901 | €60,211 | €10,185 | -€50,026 | -83.1% |
| Financial income | 75/76B | €937 | €1,157 | +€220 | +23.5% |
| Recurring financial income | 75 | €937 | €1,157 | +€220 | +23.5% |
| Financial charges | 65/66B | €173 | €1,613 | +€1,441 | +834.8% |
| Recurring financial charges | 65 | €173 | €1,613 | +€1,441 | +834.8% |
| Profit (loss) for the period before taxes | 9903 | €60,976 | €9,729 | -€51,247 | -84.0% |
| Income taxes | 67/77 | €19,931 | €3,541 | -€16,390 | -82.2% |
| Profit (loss) for the period | 9904 | €41,045 | €6,188 | -€34,857 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,045 | €6,188 | -€34,857 | -84.9% |
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 12 October 2026 via checked.be.