MADEPO: 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.
MADEPO
Largest movements
- Stocks and contracts +€11,667
up €11,667 (+58.5%), from €19,940 to €31,607
- Receivables within one year -€3,838
down €3,838 (-10.0%), from €38,507 to €34,669
of which Trade receivables: -€9,328
- Tangible fixed assets -€3,632
down €3,632 (-17.9%), from €20,270 to €16,638
of which Plant, machinery and equipment: -€2,226
- Cash -€2,896
down €2,896 (-13.1%), from €22,168 to €19,272
mainly Stocks and contracts (-€11,667) and Net result for the year (-€9,961)
- Trade debts +€16,969
up €16,969 (+281.5%), from €6,028 to €22,997
- Profit (loss) carried forward -€9,961
new in 2025: -€9,961
- Other debts -€4,297
down €4,297 (-43.6%), from €9,858 to €5,561
- Tax, wage and social debts -€1,410
down €1,410 (-29.1%), from €4,838 to €3,428
of which Remuneration and social security: -€1,410
- Purchases and services -€51,180
down €51,180 (-25.8%), from €198,194 to €147,014
- Gross operating margin -€29,966
down €29,966, from €28,065 to -€1,901
- Taxes -€4,342
no longer reported in 2025 (was €4,342)
- Write-downs -€4,028
down €4,028 (-94.1%), from €4,280 to €252
- Depreciation -€799
down €799 (-13.7%), from €5,854 to €5,055
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 | €100,884 | €102,185 | +€1,301 | +1.3% |
| Fixed assets | 21/28 | €20,270 | €16,638 | -€3,632 | -17.9% |
| Tangible fixed assets | 22/27 | €20,270 | €16,638 | -€3,632 | -17.9% |
| Plant, machinery and equipment | 23 | €15,208 | €12,982 | -€2,226 | -14.6% |
| Furniture and vehicles | 24 | €5,062 | €3,656 | -€1,406 | -27.8% |
| Current assets | 29/58 | €80,614 | €85,547 | +€4,933 | +6.1% |
| Stocks and contracts in progress | 3 | €19,940 | €31,607 | +€11,667 | +58.5% |
| Stocks | 30/36 | €19,940 | €31,607 | +€11,667 | +58.5% |
| Amounts receivable within one year | 40/41 | €38,507 | €34,669 | -€3,838 | -10.0% |
| Trade receivables | 40 | €36,531 | €27,203 | -€9,328 | -25.5% |
| Other amounts receivable | 41 | €1,976 | €7,466 | +€5,490 | +277.8% |
| Cash at bank and in hand | 54/58 | €22,168 | €19,272 | -€2,896 | -13.1% |
| Total equity and liabilities | 10/49 | €100,884 | €102,185 | +€1,301 | +1.3% |
| Equity | 10/15 | €80,161 | €70,200 | -€9,961 | -12.4% |
| Contributions | 10/11 | €29,116 | €29,116 | = | 0.0% |
| Reserves | 13 | €51,046 | €51,046 | = | 0.0% |
| Distributable reserves | 133 | €51,046 | €51,046 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,961 | -€9,961 | |
| Amounts payable | 17/49 | €20,723 | €31,985 | +€11,262 | +54.3% |
| Amounts payable within one year | 42/48 | €20,723 | €31,985 | +€11,262 | +54.3% |
| Trade debts | 44 | €6,028 | €22,997 | +€16,969 | +281.5% |
| Suppliers | 440/4 | €6,028 | €22,997 | +€16,969 | +281.5% |
| Taxes, remuneration and social security | 45 | €4,838 | €3,428 | -€1,410 | -29.1% |
| Taxes | 450/3 | €2,342 | €2,342 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,496 | €1,085 | -€1,410 | -56.5% |
| Other amounts payable | 47/48 | €9,858 | €5,561 | -€4,297 | -43.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €198,194 | €147,014 | -€51,180 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,854 | €5,055 | -€799 | -13.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,280 | €252 | -€4,028 | -94.1% |
| Other operating charges | 640/8 | €2,938 | €2,449 | -€489 | -16.7% |
| Gross operating margin | 9900 | €28,065 | -€1,901 | -€29,966 | |
| Operating profit (loss) | 9901 | €14,993 | -€9,657 | -€24,650 | |
| Financial charges | 65/66B | €367 | €305 | -€63 | -17.0% |
| Recurring financial charges | 65 | €367 | €305 | -€63 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €14,626 | -€9,961 | -€24,587 | |
| Income taxes | 67/77 | €4,342 | - | -€4,342 | |
| Profit (loss) for the period | 9904 | €10,284 | -€9,961 | -€20,245 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,284 | -€9,961 | -€20,245 |
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 11 October 2026 via checked.be.