MADESMA: 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.
MADESMA
Largest movements
- Tangible fixed assets +€472,303
up €472,303 (+13.5%), from €3.5m to €4.0m
of which Land and buildings: +€1.2m
- Other debts +€647,754
up €647,754 (+51.9%), from €1.2m to €1.9m
- Trade debts -€182,266
down €182,266 (-92.6%), from €196,792 to €14,526
- Debts after one year -€67,884
down €67,884 (-22.3%), from €304,675 to €236,791
- Tax, wage and social debts +€62,312
up €62,312 (+567%), from €10,989 to €73,301
of which Taxes: +€62,312
- Depreciation +€42,819
up €42,819 (+48.0%), from €89,195 to €132,014
- Gross operating margin +€38,278
up €38,278 (+26.0%), from €147,405 to €185,683
- Financial income -€7,470
down €7,470 (-99.6%), from €7,500 to €30
- Financial charges -€4,865
down €4,865 (-38.7%), from €12,564 to €7,699
- Taxes -€2,404
down €2,404 (-21.7%), from €11,052 to €8,649
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 | €3,569,792 | €4,054,877 | +€485,085 | +13.6% |
| Fixed assets | 21/28 | €3,511,665 | €3,983,967 | +€472,303 | +13.4% |
| Tangible fixed assets | 22/27 | €3,511,429 | €3,983,731 | +€472,303 | +13.5% |
| Land and buildings | 22 | €2,766,143 | €3,957,476 | +€1.2m | +43.1% |
| Plant, machinery and equipment | 23 | €13,485 | €11,797 | -€1,687 | -12.5% |
| Furniture and vehicles | 24 | €23,801 | €14,458 | -€9,343 | -39.3% |
| Assets under construction and advance payments | 27 | €708,000 | - | -€708,000 | |
| Financial fixed assets | 28 | €236 | €236 | = | 0.0% |
| Current assets | 29/58 | €58,127 | €70,910 | +€12,783 | +22.0% |
| Amounts receivable within one year | 40/41 | €39,195 | €33,609 | -€5,586 | -14.3% |
| Trade receivables | 40 | €23,685 | €18,099 | -€5,586 | -23.6% |
| Other amounts receivable | 41 | €15,510 | €15,510 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,366 | €36,176 | +€18,810 | +108% |
| Deferred charges and accrued income | 490/1 | €1,566 | €1,124 | -€441 | -28.2% |
| Total equity and liabilities | 10/49 | €3,569,792 | €4,054,877 | +€485,085 | +13.6% |
| Equity | 10/15 | €1,740,797 | €1,763,073 | +€22,276 | +1.3% |
| Contributions | 10/11 | €1,157,839 | €1,157,839 | = | 0.0% |
| Reserves | 13 | €582,958 | €605,234 | +€22,276 | +3.8% |
| Distributable reserves | 133 | €582,958 | €605,234 | +€22,276 | +3.8% |
| Amounts payable | 17/49 | €1,828,995 | €2,291,804 | +€462,809 | +25.3% |
| Amounts payable after more than one year | 17 | €304,675 | €236,791 | -€67,884 | -22.3% |
| Financial debts | 170/4 | €304,675 | €236,791 | -€67,884 | -22.3% |
| Amounts payable within one year | 42/48 | €1,524,320 | €2,055,013 | +€530,693 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €64,983 | €65,171 | +€188 | +0.3% |
| Financial debts | 43 | €2,485 | €5,190 | +€2,705 | +109% |
| Credit institutions | 430/8 | €2,485 | €5,190 | +€2,705 | +109% |
| Trade debts | 44 | €196,792 | €14,526 | -€182,266 | -92.6% |
| Suppliers | 440/4 | €196,792 | €14,526 | -€182,266 | -92.6% |
| Taxes, remuneration and social security | 45 | €10,989 | €73,301 | +€62,312 | +567% |
| Taxes | 450/3 | €5,259 | €67,571 | +€62,312 | +1,185% |
| Remuneration and social security | 454/9 | €5,730 | €5,730 | = | 0.0% |
| Other amounts payable | 47/48 | €1,249,071 | €1,896,825 | +€647,754 | +51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,195 | €132,014 | +€42,819 | +48.0% |
| Other operating charges | 640/8 | €14,132 | €15,075 | +€943 | +6.7% |
| Gross operating margin | 9900 | €147,405 | €185,683 | +€38,278 | +26.0% |
| Operating profit (loss) | 9901 | €44,078 | €38,594 | -€5,484 | -12.4% |
| Financial income | 75/76B | €7,500 | €30 | -€7,470 | -99.6% |
| Recurring financial income | 75 | €7,500 | €30 | -€7,470 | -99.6% |
| Financial charges | 65/66B | €12,564 | €7,699 | -€4,865 | -38.7% |
| Recurring financial charges | 65 | €12,564 | €7,699 | -€4,865 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €39,014 | €30,925 | -€8,089 | -20.7% |
| Income taxes | 67/77 | €11,052 | €8,649 | -€2,404 | -21.7% |
| Profit (loss) for the period | 9904 | €27,962 | €22,276 | -€5,685 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,962 | €22,276 | -€5,685 | -20.3% |
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 24 October 2026 via checked.be.