Madev: what changed
Two fiscal 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.
Madev
Largest movements
- Receivables within one year -€11,300
down €11,300 (-23.9%), from €47,283 to €35,982
of which Other amounts receivable: -€21,088
- Deferred charges and accrued income -€5,573
down €5,573 (-23.5%), from €23,665 to €18,092
- Receivables after one year -€5,000
down €5,000 (-14.3%), from €35,000 to €30,000
- Tangible fixed assets -€1,404
down €1,404 (-16.8%), from €8,336 to €6,932
of which Furniture and vehicles: -€1,194
- Tax, wage and social debts -€19,394
down €19,394 (-73.9%), from €26,252 to €6,858
- Other debts -€11,645
down €11,645 (-25.2%), from €46,228 to €34,583
- Trade debts +€5,051
up €5,051 (+13498.2%), from €37 to €5,088
- Current portion of long-term debt +€2,278
up €2,278 (+44.9%), from €5,075 to €7,353
- Gross operating margin +€12,730
up €12,730 (+19.2%), from €66,175 to €78,905
- Financial charges +€6,027
up €6,027 (+105.8%), from €5,696 to €11,723
- Taxes -€5,773
down €5,773 (-40.7%), from €14,181 to €8,409
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 | €118,270 | €94,560 | -€23,710 | -20.0% |
| Fixed assets | 21/28 | €8,336 | €6,932 | -€1,404 | -16.8% |
| Tangible fixed assets | 22/27 | €8,336 | €6,932 | -€1,404 | -16.8% |
| Furniture and vehicles | 24 | €6,928 | €5,733 | -€1,194 | -17.2% |
| Other tangible fixed assets | 26 | €1,408 | €1,199 | -€210 | -14.9% |
| Current assets | 29/58 | €109,934 | €87,628 | -€22,306 | -20.3% |
| Amounts receivable after more than one year | 29 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Other amounts receivable | 291 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Amounts receivable within one year | 40/41 | €47,283 | €35,982 | -€11,300 | -23.9% |
| Trade receivables | 40 | €16,285 | €26,072 | +€9,787 | +60.1% |
| Other amounts receivable | 41 | €30,998 | €9,910 | -€21,088 | -68.0% |
| Current investments | 50/53 | €3,455 | €3,455 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €531 | €99 | -€433 | -81.4% |
| Deferred charges and accrued income | 490/1 | €23,665 | €18,092 | -€5,573 | -23.5% |
| Total equity and liabilities | 10/49 | €118,270 | €94,560 | -€23,710 | -20.0% |
| Equity | 10/15 | €40,678 | €40,678 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €35,678 | €35,678 | = | 0.0% |
| Distributable reserves | 133 | €35,678 | €35,678 | = | 0.0% |
| Amounts payable | 17/49 | €77,592 | €53,883 | -€23,710 | -30.6% |
| Amounts payable within one year | 42/48 | €77,592 | €53,883 | -€23,710 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €5,075 | €7,353 | +€2,278 | +44.9% |
| Trade debts | 44 | €37 | €5,088 | +€5,051 | +13498.2% |
| Suppliers | 440/4 | €37 | €5,088 | +€5,051 | +13498.2% |
| Taxes, remuneration and social security | 45 | €26,252 | €6,858 | -€19,394 | -73.9% |
| Taxes | 450/3 | €26,252 | €6,858 | -€19,394 | -73.9% |
| Other amounts payable | 47/48 | €46,228 | €34,583 | -€11,645 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,404 | €1,404 | = | 0.0% |
| Other operating charges | 640/8 | €628 | €644 | +€16 | +2.5% |
| Non-recurring operating charges | 66A | - | €37,327 | +€37,327 | |
| Gross operating margin | 9900 | €66,175 | €78,905 | +€12,730 | +19.2% |
| Operating profit (loss) | 9901 | €64,144 | €39,530 | -€24,613 | -38.4% |
| Financial income | 75/76B | €1,961 | €1,673 | -€288 | -14.7% |
| Recurring financial income | 75 | €1,961 | €1,673 | -€288 | -14.7% |
| Financial charges | 65/66B | €5,696 | €11,723 | +€6,027 | +105.8% |
| Recurring financial charges | 65 | €5,696 | €11,723 | +€6,027 | +105.8% |
| Profit (loss) for the period before taxes | 9903 | €60,409 | €29,480 | -€30,928 | -51.2% |
| Income taxes | 67/77 | €14,181 | €8,409 | -€5,773 | -40.7% |
| Profit (loss) for the period | 9904 | €46,228 | €21,072 | -€25,156 | -54.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,228 | €21,072 | -€25,156 | -54.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.