MADEPCO: 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.
MADEPCO
Largest movements
- Receivables within one year +€638,139
up €638,139 (+7.8%), from €8.2m to €8.8m
of which Other amounts receivable: +€602,285
- Cash +€220,896
up €220,896 (+539%), from €40,982 to €261,878
mainly Other debts (+€535,218) and Debts after one year (+€250,000)
- Other debts +€535,218
up €535,218 (+103%), from €521,656 to €1.1m
- Debts after one year +€250,000
new in 2025: €250,000
- Reserves +€149,948
up €149,948 (+2.0%), from €7.3m to €7.5m
- Gross operating margin -€69,458
down €69,458 (-15.9%), from €437,185 to €367,727
- Taxes -€59,523
down €59,523 (-88.2%), from €67,454 to €7,930
- Staff costs +€16,547
up €16,547 (+5.9%), from €281,140 to €297,687
- Financial charges +€11,544
up €11,544 (+142%), from €8,110 to €19,654
- Financial income -€4,526
down €4,526 (-3.3%), from €135,247 to €130,721
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 | €10,036,004 | €11,002,891 | +€966,887 | +9.6% |
| Fixed assets | 21/28 | €1,664,530 | €1,648,430 | -€16,100 | -1.0% |
| Tangible fixed assets | 22/27 | €30,202 | €14,101 | -€16,100 | -53.3% |
| Furniture and vehicles | 24 | €30,202 | €14,101 | -€16,100 | -53.3% |
| Financial fixed assets | 28 | €1,634,328 | €1,634,328 | = | 0.0% |
| Current assets | 29/58 | €8,371,474 | €9,354,462 | +€982,988 | +11.7% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €8,184,820 | €8,822,959 | +€638,139 | +7.8% |
| Trade receivables | 40 | €36,911 | €72,765 | +€35,854 | +97.1% |
| Other amounts receivable | 41 | €8,147,909 | €8,750,194 | +€602,285 | +7.4% |
| Cash at bank and in hand | 54/58 | €40,982 | €261,878 | +€220,896 | +539% |
| Deferred charges and accrued income | 490/1 | €145,672 | €169,625 | +€23,953 | +16.4% |
| Total equity and liabilities | 10/49 | €10,036,004 | €11,002,891 | +€966,887 | +9.6% |
| Equity | 10/15 | €9,467,814 | €9,617,762 | +€149,948 | +1.6% |
| Contributions | 10/11 | €2,152,842 | €2,152,842 | = | 0.0% |
| Reserves | 13 | €7,314,972 | €7,464,920 | +€149,948 | +2.0% |
| Distributable reserves | 133 | €7,314,972 | €7,464,920 | +€149,948 | +2.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €568,189 | €1,385,129 | +€816,939 | +144% |
| Amounts payable after more than one year | 17 | - | €250,000 | +€250,000 | |
| Financial debts | 170/4 | - | €250,000 | +€250,000 | |
| Amounts payable within one year | 42/48 | €559,917 | €1,108,439 | +€548,522 | +98.0% |
| Trade debts | 44 | €3,862 | €5,897 | +€2,035 | +52.7% |
| Suppliers | 440/4 | €3,862 | €5,897 | +€2,035 | +52.7% |
| Taxes, remuneration and social security | 45 | €34,400 | €45,668 | +€11,269 | +32.8% |
| Taxes | 450/3 | €8,649 | €12,683 | +€4,035 | +46.7% |
| Remuneration and social security | 454/9 | €25,751 | €32,985 | +€7,234 | +28.1% |
| Other amounts payable | 47/48 | €521,656 | €1,056,873 | +€535,218 | +103% |
| Accrued charges and deferred income | 492/3 | €8,272 | €26,690 | +€18,418 | +223% |
| Non-recurring operating income | 76A | €83 | €0 | -€83 | -100% |
| Remuneration, social security and pensions | 62 | €281,140 | €297,687 | +€16,547 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,138 | €16,120 | -€4,017 | -19.9% |
| Other operating charges | 640/8 | €2,433 | €2,392 | -€40 | -1.7% |
| Gross operating margin | 9900 | €437,185 | €367,727 | -€69,458 | -15.9% |
| Operating profit (loss) | 9901 | €133,475 | €51,527 | -€81,948 | -61.4% |
| Financial income | 75/76B | €135,247 | €130,721 | -€4,526 | -3.3% |
| Recurring financial income | 75 | €135,247 | €130,721 | -€4,526 | -3.3% |
| Financial charges | 65/66B | €8,110 | €19,654 | +€11,544 | +142% |
| Recurring financial charges | 65 | €8,110 | €19,654 | +€11,544 | +142% |
| Profit (loss) for the period before taxes | 9903 | €260,612 | €162,594 | -€98,018 | -37.6% |
| Income taxes | 67/77 | €67,454 | €7,930 | -€59,523 | -88.2% |
| Profit (loss) for the period | 9904 | €193,158 | €154,663 | -€38,495 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €193,158 | €154,663 | -€38,495 | -19.9% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.