MADELL: 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.
MADELL
Largest movements
- Receivables within one year +€299,969
up €299,969 (+162.4%), from €184,705 to €484,674
of which Trade receivables: +€299,517
- Cash +€116,377
up €116,377 (+92.9%), from €125,240 to €241,617
mainly Advances received (+€163,572) and Net result for the year (+€119,610)
- Advances received +€163,572
up €163,572 (+865.0%), from €18,910 to €182,482
- Profit (loss) carried forward +€89,610
up €89,610 (+74.9%), from €119,567 to €209,177
- Other debts +€78,986
up €78,986 (+8776.2%), from €900 to €79,886
- Trade debts +€72,731
up €72,731 (+55.7%), from €130,515 to €203,246
- Gross operating margin +€104,080
up €104,080 (+202.5%), from €51,391 to €155,471
- Taxes +€12,837
up €12,837 (+69.4%), from €18,492 to €31,329
- Depreciation -€6,421
down €6,421 (-53.3%), from €12,057 to €5,636
- Financial income +€3,444
new in 2024: €3,444
of which Financial income: +€3,444
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €324,553 | €735,262 | +€410,710 | +126.5% |
| Fixed assets | 21/28 | €14,608 | €8,972 | -€5,636 | -38.6% |
| Tangible fixed assets | 22/27 | €13,546 | €7,910 | -€5,636 | -41.6% |
| Furniture and vehicles | 24 | €4,828 | €2,072 | -€2,756 | -57.1% |
| Leasing and similar rights | 25 | €8,718 | €5,838 | -€2,880 | -33.0% |
| Financial fixed assets | 28 | €1,062 | €1,062 | = | 0.0% |
| Current assets | 29/58 | €309,945 | €726,291 | +€416,346 | +134.3% |
| Amounts receivable within one year | 40/41 | €184,705 | €484,674 | +€299,969 | +162.4% |
| Trade receivables | 40 | €172,207 | €471,724 | +€299,517 | +173.9% |
| Other amounts receivable | 41 | €12,498 | €12,950 | +€452 | +3.6% |
| Cash at bank and in hand | 54/58 | €125,240 | €241,617 | +€116,377 | +92.9% |
| Total equity and liabilities | 10/49 | €324,553 | €735,262 | +€410,710 | +126.5% |
| Equity | 10/15 | €134,224 | €228,615 | +€94,391 | +70.3% |
| Contributions | 10/11 | €13,818 | €18,600 | +€4,782 | +34.6% |
| Contributions outside capital | 11 | €13,818 | - | -€13,818 | |
| Other | 1109/19 | €13,818 | - | -€13,818 | |
| Reserves | 13 | €838 | €838 | = | 0.0% |
| Non-distributable reserves | 130/1 | €838 | €838 | = | 0.0% |
| Reserves not available under the articles | 1311 | €838 | €838 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,567 | €209,177 | +€89,610 | +74.9% |
| Amounts payable | 17/49 | €190,329 | €506,647 | +€316,318 | +166.2% |
| Amounts payable within one year | 42/48 | €190,329 | €506,647 | +€316,318 | +166.2% |
| Current portion of amounts payable after more than one year | 42 | €4,672 | €3,123 | -€1,549 | -33.2% |
| Financial debts | 43 | €36 | - | -€36 | |
| Credit institutions | 430/8 | €36 | - | -€36 | |
| Trade debts | 44 | €130,515 | €203,246 | +€72,731 | +55.7% |
| Suppliers | 440/4 | €130,515 | €203,246 | +€72,731 | +55.7% |
| Advances received on contracts in progress | 46 | €18,910 | €182,482 | +€163,572 | +865.0% |
| Taxes, remuneration and social security | 45 | €35,296 | €37,910 | +€2,614 | +7.4% |
| Taxes | 450/3 | €9,294 | €28,623 | +€19,329 | +208.0% |
| Remuneration and social security | 454/9 | €26,002 | €9,287 | -€16,714 | -64.3% |
| Other amounts payable | 47/48 | €900 | €79,886 | +€78,986 | +8776.2% |
| Remuneration, social security and pensions | 62 | €84 | €515 | +€431 | +513.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,057 | €5,636 | -€6,421 | -53.3% |
| Other operating charges | 640/8 | €1,463 | €1,625 | +€162 | +11.1% |
| Gross operating margin | 9900 | €51,391 | €155,471 | +€104,080 | +202.5% |
| Operating profit (loss) | 9901 | €37,786 | €147,694 | +€109,908 | +290.9% |
| Financial income | 75/76B | - | €3,444 | +€3,444 | |
| Recurring financial income | 75 | - | €3,444 | +€3,444 | |
| Non-recurring financial income | 76B | - | €3,444 | +€3,444 | |
| Financial charges | 65/66B | €610 | €200 | -€410 | -67.2% |
| Recurring financial charges | 65 | €610 | €200 | -€410 | -67.2% |
| Profit (loss) for the period before taxes | 9903 | €37,176 | €150,938 | +€113,762 | +306.0% |
| Income taxes | 67/77 | €18,492 | €31,329 | +€12,837 | +69.4% |
| Profit (loss) for the period | 9904 | €18,685 | €119,610 | +€100,925 | +540.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,685 | €119,610 | +€100,925 | +540.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.