Mademu: what changed
Two fiscal 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.
Mademu
Largest movements
- Cash +€51,104
up €51,104 (+100.4%), from €50,889 to €101,993
mainly Net result for the year (+€55,582) and Trade debts (+€1,157)
- Tangible fixed assets +€3,142
up €3,142 (+324.7%), from €968 to €4,110
- Receivables within one year +€2,550
up €2,550 (+19.9%), from €12,805 to €15,355
of which Trade receivables: +€2,375
- Reserves +€55,000
up €55,000 (+110.0%), from €50,000 to €105,000
- Gross operating margin +€24,163
up €24,163 (+48.8%), from €49,476 to €73,639
- Taxes +€4,837
up €4,837 (+48.9%), from €9,899 to €14,736
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 | €64,661 | €121,457 | +€56,796 | +87.8% |
| Fixed assets | 21/28 | €968 | €4,110 | +€3,142 | +324.7% |
| Tangible fixed assets | 22/27 | €968 | €4,110 | +€3,142 | +324.7% |
| Furniture and vehicles | 24 | €968 | €4,110 | +€3,142 | +324.7% |
| Current assets | 29/58 | €63,694 | €117,348 | +€53,654 | +84.2% |
| Amounts receivable within one year | 40/41 | €12,805 | €15,355 | +€2,550 | +19.9% |
| Trade receivables | 40 | €12,705 | €15,080 | +€2,375 | +18.7% |
| Other amounts receivable | 41 | €100 | €275 | +€175 | +175.0% |
| Cash at bank and in hand | 54/58 | €50,889 | €101,993 | +€51,104 | +100.4% |
| Total equity and liabilities | 10/49 | €64,661 | €121,457 | +€56,796 | +87.8% |
| Equity | 10/15 | €55,704 | €111,286 | +€55,582 | +99.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €105,000 | +€55,000 | +110.0% |
| Distributable reserves | 133 | €50,000 | €105,000 | +€55,000 | +110.0% |
| Profit (loss) carried forward | 14 | €704 | €1,286 | +€582 | +82.5% |
| Amounts payable | 17/49 | €8,957 | €10,171 | +€1,215 | +13.6% |
| Amounts payable within one year | 42/48 | €8,207 | €9,421 | +€1,215 | +14.8% |
| Trade debts | 44 | €324 | €1,480 | +€1,157 | +357.4% |
| Suppliers | 440/4 | €324 | €1,480 | +€1,157 | +357.4% |
| Taxes, remuneration and social security | 45 | €6,506 | €5,883 | -€623 | -9.6% |
| Taxes | 450/3 | €6,506 | €5,883 | -€623 | -9.6% |
| Other amounts payable | 47/48 | €1,377 | €2,058 | +€681 | +49.4% |
| Accrued charges and deferred income | 492/3 | €750 | €750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €332 | €467 | +€134 | +40.5% |
| Other operating charges | 640/8 | €985 | €1,067 | +€82 | +8.3% |
| Gross operating margin | 9900 | €49,476 | €73,639 | +€24,163 | +48.8% |
| Operating profit (loss) | 9901 | €48,159 | €72,105 | +€23,946 | +49.7% |
| Financial charges | 65/66B | €2,293 | €1,788 | -€505 | -22.0% |
| Recurring financial charges | 65 | €2,293 | €1,788 | -€505 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €45,866 | €70,317 | +€24,451 | +53.3% |
| Income taxes | 67/77 | €9,899 | €14,736 | +€4,837 | +48.9% |
| Profit (loss) for the period | 9904 | €35,968 | €55,582 | +€19,614 | +54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,968 | €55,582 | +€19,614 | +54.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.