MADERY: 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.
MADERY
Largest movements
- Cash +€1,314
up €1,314 (+17.7%), from €7,424 to €8,738
mainly Other debts (+€5,793) and Receivables within one year (+€985)
- Receivables within one year -€985
down €985 (-23.3%), from €4,221 to €3,236
of which Trade receivables: -€1,000
- Tangible fixed assets -€368
no longer reported in 2025 (was €368)
- Other debts +€5,793
up €5,793 (+18.2%), from €31,889 to €37,682
- Profit (loss) carried forward -€4,805
down €4,805 (-13.5%), from -€35,707 to -€40,512
- Trade debts -€624
down €624 (-53.4%), from €1,169 to €545
- Tax, wage and social debts -€403
no longer reported in 2025 (was €403)
- Gross operating margin -€2,821
down €2,821, from €260 to -€2,561
- Other operating charges +€1,188
up €1,188 (+189.1%), from €628 to €1,817
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 | €12,013 | €11,974 | -€39 | -0.3% |
| Fixed assets | 21/28 | €368 | - | -€368 | |
| Tangible fixed assets | 22/27 | €368 | - | -€368 | |
| Furniture and vehicles | 24 | €368 | - | -€368 | |
| Current assets | 29/58 | €11,645 | €11,974 | +€329 | +2.8% |
| Amounts receivable within one year | 40/41 | €4,221 | €3,236 | -€985 | -23.3% |
| Trade receivables | 40 | €4,221 | €3,221 | -€1,000 | -23.7% |
| Other amounts receivable | 41 | - | €15 | +€15 | |
| Cash at bank and in hand | 54/58 | €7,424 | €8,738 | +€1,314 | +17.7% |
| Total equity and liabilities | 10/49 | €12,013 | €11,974 | -€39 | -0.3% |
| Equity | 10/15 | -€21,448 | -€26,252 | -€4,805 | -22.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,707 | -€40,512 | -€4,805 | -13.5% |
| Amounts payable | 17/49 | €33,461 | €38,227 | +€4,766 | +14.2% |
| Amounts payable within one year | 42/48 | €33,461 | €38,227 | +€4,766 | +14.2% |
| Trade debts | 44 | €1,169 | €545 | -€624 | -53.4% |
| Suppliers | 440/4 | €1,169 | €545 | -€624 | -53.4% |
| Taxes, remuneration and social security | 45 | €403 | - | -€403 | |
| Taxes | 450/3 | €403 | - | -€403 | |
| Other amounts payable | 47/48 | €31,889 | €37,682 | +€5,793 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €392 | €368 | -€24 | -6.0% |
| Other operating charges | 640/8 | €628 | €1,817 | +€1,188 | +189.1% |
| Gross operating margin | 9900 | €260 | -€2,561 | -€2,821 | |
| Operating profit (loss) | 9901 | -€760 | -€4,746 | -€3,986 | -524.7% |
| Financial income | 75/76B | €14 | €10 | -€4 | -30.1% |
| Recurring financial income | 75 | €14 | €10 | -€4 | -30.1% |
| Financial charges | 65/66B | €69 | €69 | = | 0.0% |
| Recurring financial charges | 65 | €69 | €69 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€815 | -€4,805 | -€3,990 | -489.8% |
| Profit (loss) for the period | 9904 | -€815 | -€4,805 | -€3,990 | -489.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€815 | -€4,805 | -€3,990 | -489.8% |
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 12 October 2026 via checked.be.