MADEVCO: 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.
MADEVCO
Largest movements
- Tangible fixed assets -€95,482
down €95,482 (-14.5%), from €658,436 to €562,953
of which Land and buildings: -€95,311
- Cash -€30,321
down €30,321 (-73.9%), from €41,011 to €10,690
mainly Debts after one year (-€61,914) and Other debts (-€41,256)
- Receivables within one year -€10,371
down €10,371 (-56.3%), from €18,418 to €8,046
of which Trade receivables: -€10,280
- Debts after one year -€61,914
down €61,914 (-10.5%), from €589,182 to €527,269
- Other debts -€41,256
down €41,256 (-20.4%), from €202,540 to €161,284
- Profit (loss) carried forward -€27,562
down €27,562 (-11.1%), from -€248,758 to -€276,320
- Trade debts -€12,704
down €12,704 (-25.8%), from €49,180 to €36,476
- Depreciation -€5,957
down €5,957 (-5.8%), from €102,754 to €96,798
- Gross operating margin -€5,801
down €5,801 (-5.5%), from €105,060 to €99,259
- Other operating charges +€4,025
up €4,025 (+40.7%), from €9,895 to €13,920
- Financial charges -€2,252
down €2,252 (-12.3%), from €18,316 to €16,064
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 | €721,322 | €584,010 | -€137,312 | -19.0% |
| Fixed assets | 21/28 | €658,436 | €562,953 | -€95,482 | -14.5% |
| Tangible fixed assets | 22/27 | €658,436 | €562,953 | -€95,482 | -14.5% |
| Land and buildings | 22 | €658,264 | €562,953 | -€95,311 | -14.5% |
| Furniture and vehicles | 24 | €172 | €0 | -€172 | -100.0% |
| Current assets | 29/58 | €62,887 | €21,057 | -€41,830 | -66.5% |
| Amounts receivable within one year | 40/41 | €18,418 | €8,046 | -€10,371 | -56.3% |
| Trade receivables | 40 | €18,135 | €7,856 | -€10,280 | -56.7% |
| Other amounts receivable | 41 | €282 | €191 | -€92 | -32.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €41,011 | €10,690 | -€30,321 | -73.9% |
| Deferred charges and accrued income | 490/1 | €3,457 | €2,320 | -€1,137 | -32.9% |
| Total equity and liabilities | 10/49 | €721,322 | €584,010 | -€137,312 | -19.0% |
| Equity | 10/15 | -€181,822 | -€209,385 | -€27,562 | -15.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €54,536 | €54,536 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €52,676 | €54,536 | +€1,860 | +3.5% |
| Profit (loss) carried forward | 14 | -€248,758 | -€276,320 | -€27,562 | -11.1% |
| Amounts payable | 17/49 | €903,144 | €793,395 | -€109,750 | -12.2% |
| Amounts payable after more than one year | 17 | €589,182 | €527,269 | -€61,914 | -10.5% |
| Financial debts | 170/4 | €589,182 | €527,269 | -€61,914 | -10.5% |
| Amounts payable within one year | 42/48 | €312,982 | €261,029 | -€51,953 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €61,262 | €61,914 | +€651 | +1.1% |
| Trade debts | 44 | €49,180 | €36,476 | -€12,704 | -25.8% |
| Suppliers | 440/4 | €49,180 | €36,476 | -€12,704 | -25.8% |
| Taxes, remuneration and social security | 45 | €0 | €1,355 | +€1,355 | |
| Taxes | 450/3 | €0 | €1,355 | +€1,355 | |
| Other amounts payable | 47/48 | €202,540 | €161,284 | -€41,256 | -20.4% |
| Accrued charges and deferred income | 492/3 | €980 | €5,098 | +€4,118 | +420.2% |
| Remuneration, social security and pensions | 62 | €46 | €70 | +€24 | +52.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,754 | €96,798 | -€5,957 | -5.8% |
| Other operating charges | 640/8 | €9,895 | €13,920 | +€4,025 | +40.7% |
| Gross operating margin | 9900 | €105,060 | €99,259 | -€5,801 | -5.5% |
| Operating profit (loss) | 9901 | -€7,635 | -€11,528 | -€3,893 | -51.0% |
| Financial income | 75/76B | €610 | €31 | -€580 | -95.0% |
| Recurring financial income | 75 | €610 | €31 | -€580 | -95.0% |
| Financial charges | 65/66B | €18,316 | €16,064 | -€2,252 | -12.3% |
| Recurring financial charges | 65 | €18,316 | €16,064 | -€2,252 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | -€25,341 | -€27,562 | -€2,221 | -8.8% |
| Profit (loss) for the period | 9904 | -€25,341 | -€27,562 | -€2,221 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,341 | -€27,562 | -€2,221 | -8.8% |
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 4 October 2026 via checked.be.