MADENOR: 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.
MADENOR
Largest movements
- Tangible fixed assets +€87,377
up €87,377 (+135.9%), from €64,279 to €151,656
of which Furniture and vehicles: +€95,001
- Cash -€73,836
down €73,836 (-53.3%), from €138,600 to €64,764
mainly Investment in fixed assets (net) (-€118,788) and Contributions, distributions and other (-€57,348)
- Receivables within one year +€26,498
up €26,498 (+11.8%), from €224,205 to €250,704
of which Other amounts receivable: +€54,795
- Tax, wage and social debts +€30,063
up €30,063 (+84.6%), from €35,550 to €65,613
- Reserves +€17,027
up €17,027 (+4.4%), from €383,659 to €400,686
- Debts after one year -€9,230
no longer reported in 2025 (was €9,230)
- Financial income +€6,489
up €6,489 (+2107.3%), from €308 to €6,797
of which Financial income: +€3,322
- Financial charges +€3,444
up €3,444 (+322.7%), from €1,067 to €4,511
- Gross operating margin -€2,335
down €2,335 (-1.6%), from €146,204 to €143,868
- Depreciation +€1,601
up €1,601 (+5.4%), from €29,810 to €31,411
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 | €453,621 | €489,323 | +€35,702 | +7.9% |
| Fixed assets | 21/28 | €64,279 | €151,656 | +€87,377 | +135.9% |
| Tangible fixed assets | 22/27 | €64,279 | €151,656 | +€87,377 | +135.9% |
| Land and buildings | 22 | €5,017 | €4,211 | -€807 | -16.1% |
| Plant, machinery and equipment | 23 | €18,779 | €11,961 | -€6,818 | -36.3% |
| Furniture and vehicles | 24 | €40,483 | €135,484 | +€95,001 | +234.7% |
| Current assets | 29/58 | €389,342 | €337,668 | -€51,674 | -13.3% |
| Amounts receivable after more than one year | 29 | €23,052 | €18,606 | -€4,447 | -19.3% |
| Other amounts receivable | 291 | €23,052 | €18,606 | -€4,447 | -19.3% |
| Amounts receivable within one year | 40/41 | €224,205 | €250,704 | +€26,498 | +11.8% |
| Trade receivables | 40 | €54,758 | €26,462 | -€28,296 | -51.7% |
| Other amounts receivable | 41 | €169,447 | €224,242 | +€54,795 | +32.3% |
| Cash at bank and in hand | 54/58 | €138,600 | €64,764 | -€73,836 | -53.3% |
| Deferred charges and accrued income | 490/1 | €3,484 | €3,594 | +€110 | +3.2% |
| Total equity and liabilities | 10/49 | €453,621 | €489,323 | +€35,702 | +7.9% |
| Equity | 10/15 | €389,909 | €406,936 | +€17,027 | +4.4% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €383,659 | €400,686 | +€17,027 | +4.4% |
| Distributable reserves | 133 | €383,659 | €400,686 | +€17,027 | +4.4% |
| Amounts payable | 17/49 | €63,712 | €82,388 | +€18,676 | +29.3% |
| Amounts payable after more than one year | 17 | €9,230 | - | -€9,230 | |
| Financial debts | 170/4 | €9,230 | - | -€9,230 | |
| Amounts payable within one year | 42/48 | €49,807 | €82,388 | +€32,581 | +65.4% |
| Current portion of amounts payable after more than one year | 42 | €9,113 | €9,230 | +€116 | +1.3% |
| Financial debts | 43 | €5,144 | €5,113 | -€31 | -0.6% |
| Credit institutions | 430/8 | €5,144 | €5,113 | -€31 | -0.6% |
| Trade debts | 44 | - | €2,432 | +€2,432 | |
| Suppliers | 440/4 | - | €2,432 | +€2,432 | |
| Taxes, remuneration and social security | 45 | €35,550 | €65,613 | +€30,063 | +84.6% |
| Taxes | 450/3 | €35,550 | €65,613 | +€30,063 | +84.6% |
| Accrued charges and deferred income | 492/3 | €4,675 | - | -€4,675 | |
| Non-recurring operating income | 76A | €5,857 | €717 | -€5,141 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,810 | €31,411 | +€1,601 | +5.4% |
| Other operating charges | 640/8 | €1,164 | €1,607 | +€443 | +38.1% |
| Gross operating margin | 9900 | €146,204 | €143,868 | -€2,335 | -1.6% |
| Operating profit (loss) | 9901 | €115,230 | €110,851 | -€4,379 | -3.8% |
| Financial income | 75/76B | €308 | €6,797 | +€6,489 | +2107.3% |
| Recurring financial income | 75 | €308 | €3,630 | +€3,322 | +1078.8% |
| Non-recurring financial income | 76B | - | €3,167 | +€3,167 | |
| Financial charges | 65/66B | €1,067 | €4,511 | +€3,444 | +322.7% |
| Recurring financial charges | 65 | €1,067 | €4,511 | +€3,444 | +322.7% |
| Profit (loss) for the period before taxes | 9903 | €114,471 | €113,137 | -€1,334 | -1.2% |
| Income taxes | 67/77 | €38,498 | €38,762 | +€264 | +0.7% |
| Profit (loss) for the period | 9904 | €75,973 | €74,375 | -€1,598 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €75,973 | €74,375 | -€1,598 | -2.1% |
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 29 September 2026 via checked.be.