MADERA: 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.
MADERA
Largest movements
- Receivables within one year +€58,036
up €58,036 (+475%), from €12,223 to €70,259
of which Other amounts receivable: +€59,795
- Tangible fixed assets +€16,502
up €16,502 (+60.3%), from €27,353 to €43,855
of which Plant, machinery and equipment: +€15,772
- Cash +€16,117
up €16,117 (+58.1%), from €27,718 to €43,835
mainly Net result for the year (+€49,015) and Tax, wage and social debts (+€23,872)
- Reserves +€39,851
up €39,851 (+184%), from €21,621 to €61,472
- Tax, wage and social debts +€23,872
up €23,872 (+199%), from €12,016 to €35,888
- Debts after one year +€18,903
new in 2025: €18,903
- Profit (loss) carried forward +€9,164
up €9,164, from -€9,164 to €0
- Other debts -€8,636
down €8,636 (-100%), from €8,636 to €0
- Gross operating margin +€44,231
up €44,231 (+112%), from €39,563 to €83,795
- Taxes +€13,930
up €13,930 (+127%), from €10,992 to €24,922
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 | €69,393 | €158,879 | +€89,486 | +129% |
| Fixed assets | 21/28 | €27,353 | €43,855 | +€16,502 | +60.3% |
| Tangible fixed assets | 22/27 | €27,353 | €43,855 | +€16,502 | +60.3% |
| Plant, machinery and equipment | 23 | €7,408 | €23,179 | +€15,772 | +213% |
| Furniture and vehicles | 24 | €19,945 | €20,676 | +€730 | +3.7% |
| Current assets | 29/58 | €42,040 | €115,024 | +€72,984 | +174% |
| Stocks and contracts in progress | 3 | €1,880 | €649 | -€1,230 | -65.5% |
| Stocks | 30/36 | €1,880 | €649 | -€1,230 | -65.5% |
| Amounts receivable within one year | 40/41 | €12,223 | €70,259 | +€58,036 | +475% |
| Trade receivables | 40 | €8,742 | €6,983 | -€1,759 | -20.1% |
| Other amounts receivable | 41 | €3,481 | €63,276 | +€59,795 | +1,718% |
| Cash at bank and in hand | 54/58 | €27,718 | €43,835 | +€16,117 | +58.1% |
| Deferred charges and accrued income | 490/1 | €219 | €281 | +€62 | +28.1% |
| Total equity and liabilities | 10/49 | €69,393 | €158,879 | +€89,486 | +129% |
| Equity | 10/15 | €31,058 | €80,072 | +€49,015 | +158% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,621 | €61,472 | +€39,851 | +184% |
| Distributable reserves | 133 | €21,621 | €61,472 | +€39,851 | +184% |
| Profit (loss) carried forward | 14 | -€9,164 | €0 | +€9,164 | |
| Amounts payable | 17/49 | €38,336 | €78,807 | +€40,471 | +106% |
| Amounts payable after more than one year | 17 | - | €18,903 | +€18,903 | |
| Financial debts | 170/4 | - | €18,903 | +€18,903 | |
| Amounts payable within one year | 42/48 | €38,336 | €59,904 | +€21,568 | +56.3% |
| Current portion of amounts payable after more than one year | 42 | - | €5,375 | +€5,375 | |
| Trade debts | 44 | €17,683 | €18,641 | +€958 | +5.4% |
| Suppliers | 440/4 | €17,683 | €18,641 | +€958 | +5.4% |
| Taxes, remuneration and social security | 45 | €12,016 | €35,888 | +€23,872 | +199% |
| Taxes | 450/3 | €12,016 | €35,888 | +€23,872 | +199% |
| Other amounts payable | 47/48 | €8,636 | €0 | -€8,636 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €572 | €91 | -€481 | -84.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,528 | €8,661 | +€134 | +1.6% |
| Other operating charges | 640/8 | €1,965 | €1,895 | -€70 | -3.6% |
| Gross operating margin | 9900 | €39,563 | €83,795 | +€44,231 | +112% |
| Operating profit (loss) | 9901 | €28,499 | €73,148 | +€44,649 | +157% |
| Financial income | 75/76B | €637 | €1,385 | +€748 | +117% |
| Recurring financial income | 75 | €637 | €1,385 | +€748 | +117% |
| Financial charges | 65/66B | €713 | €596 | -€117 | -16.4% |
| Recurring financial charges | 65 | €713 | €596 | -€117 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €28,423 | €73,937 | +€45,514 | +160% |
| Income taxes | 67/77 | €10,992 | €24,922 | +€13,930 | +127% |
| Profit (loss) for the period | 9904 | €17,431 | €49,015 | +€31,584 | +181% |
| Profit (loss) for the period to be appropriated | 9905 | €17,431 | €49,015 | +€31,584 | +181% |
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 17 October 2026 via checked.be.