MADENA: 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.
MADENA
Largest movements
- Cash +€149,578
up €149,578 (+402%), from €37,163 to €186,741
mainly Trade debts (+€105,205) and Current investments (+€76,475)
- Current investments -€76,475
no longer reported in 2025 (was €76,475)
- Stocks and contracts +€49,536
up €49,536 (+105%), from €47,073 to €96,609
- Receivables within one year +€42,684
up €42,684 (+65.6%), from €65,029 to €107,713
of which Trade receivables: +€23,974
- Tangible fixed assets -€8,933
down €8,933 (-3.1%), from €291,819 to €282,887
of which Land and buildings: -€19,076
- Trade debts +€105,205
up €105,205 (+392%), from €26,863 to €132,068
- Reserves +€67,322
up €67,322 (+3,619%), from €1,860 to €69,182
- Accrued charges and deferred income -€42,055
no longer reported in 2025 (was €42,055)
- Tax, wage and social debts +€21,010
up €21,010 (+51.7%), from €40,628 to €61,639
of which Taxes: +€17,710
- Debts after one year -€11,349
down €11,349 (-8.2%), from €138,310 to €126,961
- Gross operating margin +€105,092
up €105,092 (+36.0%), from €291,954 to €397,046
- Staff costs +€61,931
up €61,931 (+33.9%), from €182,477 to €244,408
- Taxes +€14,969
up €14,969 (+91.6%), from €16,335 to €31,304
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 | €530,521 | €681,182 | +€150,661 | +28.4% |
| Fixed assets | 21/28 | €299,053 | €290,120 | -€8,933 | -3.0% |
| Tangible fixed assets | 22/27 | €291,819 | €282,887 | -€8,933 | -3.1% |
| Land and buildings | 22 | €232,200 | €213,124 | -€19,076 | -8.2% |
| Plant, machinery and equipment | 23 | €18,350 | €12,645 | -€5,705 | -31.1% |
| Furniture and vehicles | 24 | €41,269 | €57,118 | +€15,848 | +38.4% |
| Financial fixed assets | 28 | €7,233 | €7,233 | = | 0.0% |
| Current assets | 29/58 | €231,468 | €391,063 | +€159,594 | +68.9% |
| Stocks and contracts in progress | 3 | €47,073 | €96,609 | +€49,536 | +105% |
| Stocks | 30/36 | €47,073 | €96,609 | +€49,536 | +105% |
| Amounts receivable within one year | 40/41 | €65,029 | €107,713 | +€42,684 | +65.6% |
| Trade receivables | 40 | €24,333 | €48,307 | +€23,974 | +98.5% |
| Other amounts receivable | 41 | €40,696 | €59,406 | +€18,710 | +46.0% |
| Current investments | 50/53 | €76,475 | - | -€76,475 | |
| Cash at bank and in hand | 54/58 | €37,163 | €186,741 | +€149,578 | +402% |
| Deferred charges and accrued income | 490/1 | €5,728 | - | -€5,728 | |
| Total equity and liabilities | 10/49 | €530,521 | €681,182 | +€150,661 | +28.4% |
| Equity | 10/15 | €250,068 | €317,390 | +€67,322 | +26.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €69,182 | +€67,322 | +3,619% |
| Distributable reserves | 133 | €1,860 | €69,182 | +€67,322 | +3,619% |
| Profit (loss) carried forward | 14 | €229,608 | €229,608 | = | 0.0% |
| Amounts payable | 17/49 | €280,453 | €363,792 | +€83,339 | +29.7% |
| Amounts payable after more than one year | 17 | €138,310 | €126,961 | -€11,349 | -8.2% |
| Financial debts | 170/4 | €138,310 | €126,961 | -€11,349 | -8.2% |
| Amounts payable within one year | 42/48 | €100,088 | €236,831 | +€136,743 | +137% |
| Current portion of amounts payable after more than one year | 42 | €32,596 | €34,664 | +€2,068 | +6.3% |
| Financial debts | 43 | - | €8,459 | +€8,459 | |
| Credit institutions | 430/8 | - | €8,459 | +€8,459 | |
| Trade debts | 44 | €26,863 | €132,068 | +€105,205 | +392% |
| Suppliers | 440/4 | €26,863 | €132,068 | +€105,205 | +392% |
| Taxes, remuneration and social security | 45 | €40,628 | €61,639 | +€21,010 | +51.7% |
| Taxes | 450/3 | €29,015 | €46,725 | +€17,710 | +61.0% |
| Remuneration and social security | 454/9 | €11,613 | €14,914 | +€3,300 | +28.4% |
| Accrued charges and deferred income | 492/3 | €42,055 | - | -€42,055 | |
| Non-recurring operating income | 76A | €826 | - | -€826 | |
| Remuneration, social security and pensions | 62 | €182,477 | €244,408 | +€61,931 | +33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,439 | €45,763 | +€2,324 | +5.3% |
| Other operating charges | 640/8 | €3,137 | €4,403 | +€1,265 | +40.3% |
| Gross operating margin | 9900 | €291,954 | €397,046 | +€105,092 | +36.0% |
| Operating profit (loss) | 9901 | €62,901 | €102,473 | +€39,572 | +62.9% |
| Financial income | 75/76B | - | €3,176 | +€3,176 | |
| Recurring financial income | 75 | - | €3,176 | +€3,176 | |
| Financial charges | 65/66B | €8,210 | €7,023 | -€1,188 | -14.5% |
| Recurring financial charges | 65 | €8,210 | €7,023 | -€1,188 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €54,691 | €98,626 | +€43,936 | +80.3% |
| Income taxes | 67/77 | €16,335 | €31,304 | +€14,969 | +91.6% |
| Profit (loss) for the period | 9904 | €38,355 | €67,322 | +€28,967 | +75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,355 | €67,322 | +€28,967 | +75.5% |
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 17 October 2026 via checked.be.