MADERENO: 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.
MADERENO
Largest movements
- Tangible fixed assets +€5,082
up €5,082 (+13.4%), from €37,832 to €42,915
of which Furniture and vehicles: +€11,761
- Receivables within one year +€2,169
up €2,169 (+50.9%), from €4,263 to €6,432
of which Trade receivables: +€5,013
- Cash +€1,687
up €1,687 (+8.7%), from €19,331 to €21,017
mainly Depreciation (+€9,718) and Net result for the year (+€7,049)
- Deferred charges and accrued income +€1,163
up €1,163 (+147%), from €794 to €1,957
- Profit (loss) carried forward +€7,049
up €7,049 (+279%), from €2,529 to €9,579
- Current portion of long-term debt +€4,270
up €4,270 (+68.0%), from €6,282 to €10,552
- Tax, wage and social debts -€3,238
down €3,238 (-88.4%), from €3,664 to €426
of which Remuneration and social security: -€3,000
- Trade debts +€1,485
up €1,485 (+432%), from €344 to €1,829
- Debts after one year +€1,292
up €1,292 (+5.3%), from €24,564 to €25,856
- Depreciation +€5,367
up €5,367 (+123%), from €4,351 to €9,718
- Gross operating margin -€2,895
down €2,895 (-12.1%), from €24,015 to €21,120
- Taxes +€1,262
up €1,262 (+190%), from €664 to €1,926
- Financial charges +€694
up €694 (+89.3%), from €777 to €1,471
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 | €62,220 | €72,322 | +€10,102 | +16.2% |
| Fixed assets | 21/28 | €37,832 | €42,915 | +€5,082 | +13.4% |
| Tangible fixed assets | 22/27 | €37,832 | €42,915 | +€5,082 | +13.4% |
| Furniture and vehicles | 24 | €6,890 | €18,651 | +€11,761 | +171% |
| Leasing and similar rights | 25 | €30,943 | €24,264 | -€6,679 | -21.6% |
| Current assets | 29/58 | €24,387 | €29,407 | +€5,020 | +20.6% |
| Amounts receivable within one year | 40/41 | €4,263 | €6,432 | +€2,169 | +50.9% |
| Trade receivables | 40 | €1,394 | €6,408 | +€5,013 | +360% |
| Other amounts receivable | 41 | €2,869 | €25 | -€2,844 | -99.1% |
| Cash at bank and in hand | 54/58 | €19,331 | €21,017 | +€1,687 | +8.7% |
| Deferred charges and accrued income | 490/1 | €794 | €1,957 | +€1,163 | +147% |
| Total equity and liabilities | 10/49 | €62,220 | €72,322 | +€10,102 | +16.2% |
| Equity | 10/15 | €22,529 | €29,579 | +€7,049 | +31.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,529 | €9,579 | +€7,049 | +279% |
| Amounts payable | 17/49 | €39,690 | €42,743 | +€3,053 | +7.7% |
| Amounts payable after more than one year | 17 | €24,564 | €25,856 | +€1,292 | +5.3% |
| Financial debts | 170/4 | €24,564 | €25,856 | +€1,292 | +5.3% |
| Amounts payable within one year | 42/48 | €15,127 | €16,887 | +€1,761 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €6,282 | €10,552 | +€4,270 | +68.0% |
| Trade debts | 44 | €344 | €1,829 | +€1,485 | +432% |
| Suppliers | 440/4 | €344 | €1,829 | +€1,485 | +432% |
| Taxes, remuneration and social security | 45 | €3,664 | €426 | -€3,238 | -88.4% |
| Taxes | 450/3 | €664 | €426 | -€238 | -35.9% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100% |
| Other amounts payable | 47/48 | €4,836 | €4,081 | -€756 | -15.6% |
| Non-recurring operating income | 76A | €233 | €0 | -€233 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,351 | €9,718 | +€5,367 | +123% |
| Other operating charges | 640/8 | €1,126 | €1,097 | -€30 | -2.6% |
| Gross operating margin | 9900 | €24,015 | €21,120 | -€2,895 | -12.1% |
| Operating profit (loss) | 9901 | €18,538 | €10,305 | -€8,232 | -44.4% |
| Financial income | 75/76B | €0 | €140 | +€140 | +116,917% |
| Recurring financial income | 75 | €0 | €140 | +€140 | +116,917% |
| Financial charges | 65/66B | €777 | €1,471 | +€694 | +89.3% |
| Recurring financial charges | 65 | €777 | €1,471 | +€694 | +89.3% |
| Profit (loss) for the period before taxes | 9903 | €17,761 | €8,975 | -€8,786 | -49.5% |
| Income taxes | 67/77 | €664 | €1,926 | +€1,262 | +190% |
| Profit (loss) for the period | 9904 | €17,097 | €7,049 | -€10,048 | -58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,097 | €7,049 | -€10,048 | -58.8% |
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 18 October 2026 via checked.be.