MADESSA: 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.
MADESSA
Largest movements
- Tangible fixed assets -€40,228
down €40,228 (-5.5%), from €732,509 to €692,280
of which Land and buildings: -€38,314
- Cash +€10,006
up €10,006 (+14.8%), from €67,757 to €77,764
mainly Depreciation (+€40,228) and Tax, wage and social debts (+€1,445)
- Reserves -€25,500
down €25,500 (-4.0%), from €640,474 to €614,974
of which Tax-exempt reserves: -€29,309
- Provisions -€9,770
down €9,770 (-5.9%), from €164,608 to €154,839
- Taxes +€1,561
new in 2025: €1,561
- Depreciation +€826
up €826 (+2.1%), from €39,402 to €40,228
- Gross operating margin +€821
up €821 (+7.1%), from €11,635 to €12,456
- Other operating charges +€411
up €411 (+28.9%), from €1,424 to €1,835
- Financial income +€291
up €291 (+306%), from €95 to €386
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 | €833,769 | €803,571 | -€30,198 | -3.6% |
| Fixed assets | 21/28 | €765,494 | €725,266 | -€40,228 | -5.3% |
| Intangible fixed assets | 21 | €32,986 | €32,986 | = | 0.0% |
| Tangible fixed assets | 22/27 | €732,509 | €692,280 | -€40,228 | -5.5% |
| Land and buildings | 22 | €729,971 | €691,657 | -€38,314 | -5.2% |
| Plant, machinery and equipment | 23 | €2,132 | €623 | -€1,508 | -70.8% |
| Furniture and vehicles | 24 | €406 | - | -€406 | |
| Current assets | 29/58 | €68,274 | €78,305 | +€10,031 | +14.7% |
| Cash at bank and in hand | 54/58 | €67,757 | €77,764 | +€10,006 | +14.8% |
| Deferred charges and accrued income | 490/1 | €517 | €541 | +€24 | +4.7% |
| Total equity and liabilities | 10/49 | €833,769 | €803,571 | -€30,198 | -3.6% |
| Equity | 10/15 | €636,243 | €614,974 | -€21,269 | -3.3% |
| Reserves | 13 | €640,474 | €614,974 | -€25,500 | -4.0% |
| Tax-exempt reserves | 132 | €466,102 | €436,793 | -€29,309 | -6.3% |
| Distributable reserves | 133 | €174,372 | €178,181 | +€3,809 | +2.2% |
| Profit (loss) carried forward | 14 | -€4,231 | - | +€4,231 | |
| Provisions and deferred taxes | 16 | €164,608 | €154,839 | -€9,770 | -5.9% |
| Deferred taxes | 168 | €164,608 | €154,839 | -€9,770 | -5.9% |
| Amounts payable | 17/49 | €32,917 | €33,758 | +€841 | +2.6% |
| Amounts payable within one year | 42/48 | €32,917 | €33,758 | +€841 | +2.6% |
| Trade debts | 44 | €1,929 | €1,929 | = | 0.0% |
| Suppliers | 440/4 | €1,929 | €1,929 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €1,445 | +€1,445 | |
| Taxes | 450/3 | - | €1,445 | +€1,445 | |
| Other amounts payable | 47/48 | €30,989 | €30,385 | -€604 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,402 | €40,228 | +€826 | +2.1% |
| Other operating charges | 640/8 | €1,424 | €1,835 | +€411 | +28.9% |
| Gross operating margin | 9900 | €11,635 | €12,456 | +€821 | +7.1% |
| Operating profit (loss) | 9901 | -€29,191 | -€29,607 | -€416 | -1.4% |
| Financial income | 75/76B | €95 | €386 | +€291 | +306% |
| Recurring financial income | 75 | €95 | €386 | +€291 | +306% |
| Financial charges | 65/66B | €197 | €258 | +€61 | +31.0% |
| Recurring financial charges | 65 | €197 | €258 | +€61 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,293 | -€29,478 | -€185 | -0.6% |
| Transfer from deferred taxes | 780 | €9,822 | €9,770 | -€53 | -0.5% |
| Income taxes | 67/77 | - | €1,561 | +€1,561 | |
| Profit (loss) for the period | 9904 | -€19,470 | -€21,269 | -€1,799 | -9.2% |
| Transfer from tax-exempt reserves | 789 | €29,467 | €29,309 | -€158 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,997 | €8,040 | -€1,957 | -19.6% |
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.