MADEMCO: 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.
MADEMCO
Largest movements
- Current investments +€442,000
up €442,000 (+13.0%), from €3.4m to €3.8m
- Cash -€257,932
down €257,932 (-80.7%), from €319,431 to €61,499
mainly Current investments (-€442,000) and Contributions, distributions and other (-€254,611)
- Receivables after one year +€207,175
up €207,175 (+247%), from €83,778 to €290,953
- Reserves +€582,035
up €582,035 (+16.0%), from €3.6m to €4.2m
of which Distributable reserves: +€540,203
- Other debts -€122,934
down €122,934 (-32.8%), from €374,416 to €251,482
- Financial income -€76,076
down €76,076 (-8.2%), from €926,192 to €850,116
- Gross operating margin +€8,602
up €8,602 (+5.6%), from €152,363 to €160,965
- Taxes -€4,997
down €4,997 (-3.2%), from €156,512 to €151,514
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 | €8,062,269 | €8,520,247 | +€457,978 | +5.7% |
| Fixed assets | 21/28 | €3,832,650 | €3,812,444 | -€20,205 | -0.5% |
| Tangible fixed assets | 22/27 | €34,572 | €14,366 | -€20,205 | -58.4% |
| Furniture and vehicles | 24 | €34,572 | €14,366 | -€20,205 | -58.4% |
| Financial fixed assets | 28 | €3,798,078 | €3,798,078 | = | 0.0% |
| Current assets | 29/58 | €4,229,619 | €4,707,803 | +€478,184 | +11.3% |
| Amounts receivable after more than one year | 29 | €83,778 | €290,953 | +€207,175 | +247% |
| Other amounts receivable | 291 | €83,778 | €290,953 | +€207,175 | +247% |
| Amounts receivable within one year | 40/41 | €418,224 | €498,639 | +€80,414 | +19.2% |
| Trade receivables | 40 | €22,583 | €23,449 | +€866 | +3.8% |
| Other amounts receivable | 41 | €395,641 | €475,189 | +€79,548 | +20.1% |
| Current investments | 50/53 | €3,388,000 | €3,830,000 | +€442,000 | +13.0% |
| Cash at bank and in hand | 54/58 | €319,431 | €61,499 | -€257,932 | -80.7% |
| Deferred charges and accrued income | 490/1 | €20,186 | €26,713 | +€6,526 | +32.3% |
| Total equity and liabilities | 10/49 | €8,062,269 | €8,520,247 | +€457,978 | +5.7% |
| Equity | 10/15 | €7,558,412 | €8,140,447 | +€582,035 | +7.7% |
| Contributions | 10/11 | €3,920,750 | €3,920,750 | = | 0.0% |
| Capital | 10 | €3,920,750 | €3,920,750 | = | 0.0% |
| Issued capital | 100 | €3,920,750 | €3,920,750 | = | 0.0% |
| Reserves | 13 | €3,637,662 | €4,219,697 | +€582,035 | +16.0% |
| Non-distributable reserves | 130/1 | €278,322 | €320,154 | +€41,832 | +15.0% |
| Legal reserve | 130 | €278,322 | €320,154 | +€41,832 | +15.0% |
| Distributable reserves | 133 | €3,359,340 | €3,899,543 | +€540,203 | +16.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €503,857 | €379,800 | -€124,057 | -24.6% |
| Amounts payable within one year | 42/48 | €503,857 | €379,800 | -€124,057 | -24.6% |
| Trade debts | 44 | €3,203 | €10,461 | +€7,258 | +227% |
| Suppliers | 440/4 | €3,203 | €10,461 | +€7,258 | +227% |
| Taxes, remuneration and social security | 45 | €126,239 | €117,857 | -€8,381 | -6.6% |
| Taxes | 450/3 | €126,239 | €117,857 | -€8,381 | -6.6% |
| Other amounts payable | 47/48 | €374,416 | €251,482 | -€122,934 | -32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,556 | €20,205 | -€351 | -1.7% |
| Other operating charges | 640/8 | €2,725 | €2,213 | -€512 | -18.8% |
| Gross operating margin | 9900 | €152,363 | €160,965 | +€8,602 | +5.6% |
| Operating profit (loss) | 9901 | €129,082 | €138,546 | +€9,464 | +7.3% |
| Financial income | 75/76B | €926,192 | €850,116 | -€76,076 | -8.2% |
| Recurring financial income | 75 | €926,192 | €850,116 | -€76,076 | -8.2% |
| Financial charges | 65/66B | €833 | €502 | -€332 | -39.8% |
| Recurring financial charges | 65 | €833 | €502 | -€332 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €1,054,441 | €988,160 | -€66,280 | -6.3% |
| Income taxes | 67/77 | €156,512 | €151,514 | -€4,997 | -3.2% |
| Profit (loss) for the period | 9904 | €897,929 | €836,646 | -€61,283 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €897,929 | €836,646 | -€61,283 | -6.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.