Madep: 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.
Madep
Largest movements
- Cash +€18,269
up €18,269 (+9.5%), from €193,106 to €211,375
mainly Net result for the year (+€77,229) and Depreciation (+€18,835)
- Tangible fixed assets -€15,739
down €15,739 (-21.2%), from €74,269 to €58,530
of which Furniture and vehicles: -€9,828
- Receivables after one year -€10,000
down €10,000 (-100.0%), from €10,000 to €0
- Receivables within one year -€7,841
down €7,841 (-12.0%), from €65,402 to €57,561
of which Trade receivables: -€8,007
- Reserves +€77,229
up €77,229 (+40.3%), from €191,640 to €268,870
- Tax, wage and social debts -€44,139
down €44,139 (-58.1%), from €75,954 to €31,815
of which Taxes: -€37,307
- Trade debts -€41,191
down €41,191 (-74.8%), from €55,060 to €13,869
- Debts after one year -€6,116
down €6,116 (-69.9%), from €8,752 to €2,637
- Gross operating margin +€43,805
up €43,805 (+39.9%), from €109,865 to €153,669
- Taxes +€7,953
up €7,953 (+65.1%), from €12,217 to €20,170
- Depreciation +€2,185
up €2,185 (+13.1%), from €16,650 to €18,835
- Other operating charges +€1,690
up €1,690 (+340.8%), from €496 to €2,186
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 | €345,872 | €330,666 | -€15,206 | -4.4% |
| Fixed assets | 21/28 | €74,269 | €58,530 | -€15,739 | -21.2% |
| Tangible fixed assets | 22/27 | €74,269 | €58,530 | -€15,739 | -21.2% |
| Plant, machinery and equipment | 23 | €36,367 | €27,699 | -€8,668 | -23.8% |
| Furniture and vehicles | 24 | €37,902 | €28,074 | -€9,828 | -25.9% |
| Assets under construction and advance payments | 27 | - | €2,757 | +€2,757 | |
| Current assets | 29/58 | €271,603 | €272,136 | +€533 | +0.2% |
| Amounts receivable after more than one year | 29 | €10,000 | €0 | -€10,000 | -100.0% |
| Other amounts receivable | 291 | €10,000 | €0 | -€10,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €65,402 | €57,561 | -€7,841 | -12.0% |
| Trade receivables | 40 | €61,932 | €53,925 | -€8,007 | -12.9% |
| Other amounts receivable | 41 | €3,470 | €3,636 | +€166 | +4.8% |
| Cash at bank and in hand | 54/58 | €193,106 | €211,375 | +€18,269 | +9.5% |
| Deferred charges and accrued income | 490/1 | €3,095 | €3,200 | +€105 | +3.4% |
| Total equity and liabilities | 10/49 | €345,872 | €330,666 | -€15,206 | -4.4% |
| Equity | 10/15 | €193,140 | €270,370 | +€77,229 | +40.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €191,640 | €268,870 | +€77,229 | +40.3% |
| Distributable reserves | 133 | €191,640 | €268,870 | +€77,229 | +40.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €152,732 | €60,297 | -€92,435 | -60.5% |
| Amounts payable after more than one year | 17 | €8,752 | €2,637 | -€6,116 | -69.9% |
| Financial debts | 170/4 | €8,752 | €2,637 | -€6,116 | -69.9% |
| Amounts payable within one year | 42/48 | €143,979 | €57,660 | -€86,319 | -60.0% |
| Current portion of amounts payable after more than one year | 42 | €5,828 | €6,116 | +€288 | +4.9% |
| Trade debts | 44 | €55,060 | €13,869 | -€41,191 | -74.8% |
| Suppliers | 440/4 | €55,060 | €13,869 | -€41,191 | -74.8% |
| Taxes, remuneration and social security | 45 | €75,954 | €31,815 | -€44,139 | -58.1% |
| Taxes | 450/3 | €69,121 | €31,815 | -€37,307 | -54.0% |
| Remuneration and social security | 454/9 | €6,833 | €0 | -€6,833 | -100.0% |
| Other amounts payable | 47/48 | €7,137 | €5,860 | -€1,277 | -17.9% |
| Remuneration, social security and pensions | 62 | €33,809 | €34,455 | +€646 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,650 | €18,835 | +€2,185 | +13.1% |
| Other operating charges | 640/8 | €496 | €2,186 | +€1,690 | +340.8% |
| Gross operating margin | 9900 | €109,865 | €153,669 | +€43,805 | +39.9% |
| Operating profit (loss) | 9901 | €58,910 | €98,194 | +€39,283 | +66.7% |
| Financial income | 75/76B | €1,068 | €132 | -€936 | -87.6% |
| Recurring financial income | 75 | €1,068 | €132 | -€936 | -87.6% |
| Financial charges | 65/66B | €1,038 | €927 | -€111 | -10.7% |
| Recurring financial charges | 65 | €1,038 | €927 | -€111 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €58,940 | €97,399 | +€38,458 | +65.3% |
| Income taxes | 67/77 | €12,217 | €20,170 | +€7,953 | +65.1% |
| Profit (loss) for the period | 9904 | €46,723 | €77,229 | +€30,506 | +65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,723 | €77,229 | +€30,506 | +65.3% |
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 9 October 2026 via checked.be.