MADENO: 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.
MADENO
Largest movements
- Cash +€256,216
up €256,216 (+446%), from €57,396 to €313,612
mainly Current investments (+€245,880) and Other debts (+€141,150)
- Current investments -€245,880
down €245,880 (-44.2%), from €556,373 to €310,492
- Receivables after one year +€15,000
new in 2025: €15,000
- Other debts +€141,150
up €141,150 (+356%), from €39,669 to €180,819
- Reserves -€121,600
down €121,600 (-20.6%), from €590,260 to €468,660
- Gross operating margin -€23,884
down €23,884 (-22.4%), from €106,626 to €82,742
- Taxes -€9,763
down €9,763 (-25.5%), from €38,246 to €28,483
- Depreciation +€4,311
up €4,311 (+2,217%), from €194 to €4,505
- Financial income -€3,016
down €3,016 (-24.4%), from €12,361 to €9,345
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 | €654,855 | €675,872 | +€21,017 | +3.2% |
| Fixed assets | 21/28 | €26,490 | €23,492 | -€2,998 | -11.3% |
| Tangible fixed assets | 22/27 | €26,490 | €23,492 | -€2,998 | -11.3% |
| Furniture and vehicles | 24 | €26,490 | €23,492 | -€2,998 | -11.3% |
| Current assets | 29/58 | €628,365 | €652,380 | +€24,015 | +3.8% |
| Amounts receivable after more than one year | 29 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 291 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €10,237 | €9,396 | -€841 | -8.2% |
| Trade receivables | 40 | €9,808 | €8,994 | -€814 | -8.3% |
| Other amounts receivable | 41 | €429 | €402 | -€27 | -6.3% |
| Current investments | 50/53 | €556,373 | €310,492 | -€245,880 | -44.2% |
| Cash at bank and in hand | 54/58 | €57,396 | €313,612 | +€256,216 | +446% |
| Deferred charges and accrued income | 490/1 | €4,359 | €3,880 | -€479 | -11.0% |
| Total equity and liabilities | 10/49 | €654,855 | €675,872 | +€21,017 | +3.2% |
| Equity | 10/15 | €609,171 | €487,641 | -€121,529 | -19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €590,260 | €468,660 | -€121,600 | -20.6% |
| Distributable reserves | 133 | €590,260 | €468,660 | -€121,600 | -20.6% |
| Profit (loss) carried forward | 14 | €311 | €381 | +€71 | +22.7% |
| Amounts payable | 17/49 | €45,684 | €188,231 | +€142,546 | +312% |
| Amounts payable within one year | 42/48 | €45,684 | €187,781 | +€142,096 | +311% |
| Trade debts | 44 | €259 | €152 | -€108 | -41.5% |
| Suppliers | 440/4 | €259 | €152 | -€108 | -41.5% |
| Taxes, remuneration and social security | 45 | €5,756 | €6,810 | +€1,054 | +18.3% |
| Taxes | 450/3 | €5,756 | €6,810 | +€1,054 | +18.3% |
| Other amounts payable | 47/48 | €39,669 | €180,819 | +€141,150 | +356% |
| Accrued charges and deferred income | 492/3 | - | €450 | +€450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194 | €4,505 | +€4,311 | +2,217% |
| Other operating charges | 640/8 | €850 | €1,044 | +€193 | +22.7% |
| Gross operating margin | 9900 | €106,626 | €82,742 | -€23,884 | -22.4% |
| Operating profit (loss) | 9901 | €105,581 | €77,193 | -€28,388 | -26.9% |
| Financial income | 75/76B | €12,361 | €9,345 | -€3,016 | -24.4% |
| Recurring financial income | 75 | €12,361 | €9,345 | -€3,016 | -24.4% |
| Financial charges | 65/66B | €64 | €84 | +€20 | +32.1% |
| Recurring financial charges | 65 | €64 | €84 | +€20 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €117,878 | €86,454 | -€31,424 | -26.7% |
| Income taxes | 67/77 | €38,246 | €28,483 | -€9,763 | -25.5% |
| Profit (loss) for the period | 9904 | €79,633 | €57,971 | -€21,662 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,633 | €57,971 | -€21,662 | -27.2% |
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 19 October 2026 via checked.be.