MADéVAN: 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.
MADéVAN
Largest movements
- Receivables within one year +€73,617
up €73,617 (+109.4%), from €67,289 to €140,907
of which Trade receivables: +€125,171
- Stocks and contracts +€25,000
new in 2025: €25,000
- Tangible fixed assets -€16,937
down €16,937 (-2.5%), from €681,465 to €664,528
of which Land and buildings: -€12,862
- Cash -€9,799
down €9,799 (-14.2%), from €68,966 to €59,168
mainly Receivables within one year (-€73,617) and Stocks and contracts (-€25,000)
- Debts after one year +€84,300
up €84,300 (+15.4%), from €546,600 to €630,900
- Tax, wage and social debts -€9,577
no longer reported in 2025 (was €9,577)
- Purchases and services +€57,101
up €57,101 (+38.6%), from €148,094 to €205,195
- Turnover +€42,740
up €42,740 (+20.4%), from €209,234 to €251,974
- Depreciation -€18,732
down €18,732 (-41.4%), from €45,279 to €26,547
- Gross operating margin -€14,361
down €14,361 (-23.5%), from €61,140 to €46,779
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 | €817,720 | €889,602 | +€71,882 | +8.8% |
| Fixed assets | 21/28 | €681,465 | €664,528 | -€16,937 | -2.5% |
| Tangible fixed assets | 22/27 | €681,465 | €664,528 | -€16,937 | -2.5% |
| Land and buildings | 22 | €668,456 | €655,594 | -€12,862 | -1.9% |
| Plant, machinery and equipment | 23 | €13,009 | €8,934 | -€4,075 | -31.3% |
| Current assets | 29/58 | €136,255 | €225,074 | +€88,819 | +65.2% |
| Stocks and contracts in progress | 3 | - | €25,000 | +€25,000 | |
| Contracts in progress | 37 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €67,289 | €140,907 | +€73,617 | +109.4% |
| Trade receivables | 40 | €12,152 | €137,324 | +€125,171 | +1030.0% |
| Other amounts receivable | 41 | €55,137 | €3,583 | -€51,554 | -93.5% |
| Cash at bank and in hand | 54/58 | €68,966 | €59,168 | -€9,799 | -14.2% |
| Total equity and liabilities | 10/49 | €817,720 | €889,602 | +€71,882 | +8.8% |
| Equity | 10/15 | €252,778 | €257,693 | +€4,915 | +1.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €52,778 | €57,693 | +€4,915 | +9.3% |
| Distributable reserves | 133 | €52,778 | €57,693 | +€4,915 | +9.3% |
| Amounts payable | 17/49 | €564,942 | €631,909 | +€66,967 | +11.9% |
| Amounts payable after more than one year | 17 | €546,600 | €630,900 | +€84,300 | +15.4% |
| Financial debts | 170/4 | €546,600 | €630,900 | +€84,300 | +15.4% |
| Amounts payable within one year | 42/48 | €18,342 | €1,009 | -€17,333 | -94.5% |
| Trade debts | 44 | €7,068 | €1,009 | -€6,059 | -85.7% |
| Suppliers | 440/4 | €7,068 | €1,009 | -€6,059 | -85.7% |
| Taxes, remuneration and social security | 45 | €9,577 | - | -€9,577 | |
| Remuneration and social security | 454/9 | €9,577 | - | -€9,577 | |
| Other amounts payable | 47/48 | €1,697 | - | -€1,697 | |
| Turnover | 70 | €209,234 | €251,974 | +€42,740 | +20.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €148,094 | €205,195 | +€57,101 | +38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,279 | €26,547 | -€18,732 | -41.4% |
| Other operating charges | 640/8 | €11,833 | €13,388 | +€1,556 | +13.1% |
| Gross operating margin | 9900 | €61,140 | €46,779 | -€14,361 | -23.5% |
| Operating profit (loss) | 9901 | €4,028 | €6,844 | +€2,816 | +69.9% |
| Financial charges | 65/66B | €71 | €623 | +€552 | +774.9% |
| Recurring financial charges | 65 | €71 | €623 | +€552 | +774.9% |
| Profit (loss) for the period before taxes | 9903 | €3,957 | €6,221 | +€2,264 | +57.2% |
| Income taxes | 67/77 | €1,070 | €1,306 | +€236 | +22.1% |
| Profit (loss) for the period | 9904 | €2,887 | €4,915 | +€2,027 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,887 | €4,915 | +€2,027 | +70.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.