MADEWA: 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.
MADEWA
Largest movements
- Cash +€126,349
up €126,349 (+69.1%), from €182,739 to €309,088
mainly Net result for the year (+€85,978) and Receivables within one year (+€31,520)
- Receivables within one year -€31,520
down €31,520 (-22.4%), from €140,595 to €109,074
- Reserves +€85,978
up €85,978 (+9.4%), from €914,591 to €1.0m
- Gross operating margin -€27,628
down €27,628 (-19.7%), from €140,482 to €112,854
- Financial income +€13,216
up €13,216 (+24950.0%), from €53 to €13,269
- Depreciation -€8,932
down €8,932 (-50.0%), from €17,882 to €8,950
- Financial charges -€6,531
down €6,531, from €5,086 to -€1,445
- Taxes -€3,669
down €3,669 (-10.5%), from €34,840 to €31,171
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 | €992,307 | €1,079,829 | +€87,522 | +8.8% |
| Fixed assets | 21/28 | €26,843 | €17,894 | -€8,950 | -33.3% |
| Tangible fixed assets | 22/27 | €26,843 | €17,894 | -€8,950 | -33.3% |
| Furniture and vehicles | 24 | €26,843 | €17,894 | -€8,950 | -33.3% |
| Current assets | 29/58 | €965,464 | €1,061,936 | +€96,472 | +10.0% |
| Amounts receivable within one year | 40/41 | €140,595 | €109,074 | -€31,520 | -22.4% |
| Trade receivables | 40 | €140,595 | €109,074 | -€31,520 | -22.4% |
| Current investments | 50/53 | €641,461 | €642,997 | +€1,535 | +0.2% |
| Cash at bank and in hand | 54/58 | €182,739 | €309,088 | +€126,349 | +69.1% |
| Deferred charges and accrued income | 490/1 | €670 | €777 | +€107 | +16.0% |
| Total equity and liabilities | 10/49 | €992,307 | €1,079,829 | +€87,522 | +8.8% |
| Equity | 10/15 | €955,119 | €1,041,097 | +€85,978 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €914,591 | €1,000,569 | +€85,978 | +9.4% |
| Distributable reserves | 133 | €914,591 | €1,000,569 | +€85,978 | +9.4% |
| Profit (loss) carried forward | 14 | €21,928 | €21,928 | = | 0.0% |
| Amounts payable | 17/49 | €37,188 | €38,732 | +€1,544 | +4.2% |
| Amounts payable within one year | 42/48 | €35,160 | €35,280 | +€120 | +0.3% |
| Trade debts | 44 | €3,317 | €209 | -€3,108 | -93.7% |
| Suppliers | 440/4 | €3,317 | €209 | -€3,108 | -93.7% |
| Taxes, remuneration and social security | 45 | €30,282 | €33,435 | +€3,153 | +10.4% |
| Taxes | 450/3 | €30,282 | €33,435 | +€3,153 | +10.4% |
| Other amounts payable | 47/48 | €1,561 | €1,636 | +€74 | +4.8% |
| Accrued charges and deferred income | 492/3 | €2,028 | €3,452 | +€1,424 | +70.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,882 | €8,950 | -€8,932 | -50.0% |
| Other operating charges | 640/8 | €1,635 | €1,470 | -€166 | -10.1% |
| Gross operating margin | 9900 | €140,482 | €112,854 | -€27,628 | -19.7% |
| Operating profit (loss) | 9901 | €120,964 | €102,435 | -€18,530 | -15.3% |
| Financial income | 75/76B | €53 | €13,269 | +€13,216 | +24950.0% |
| Recurring financial income | 75 | €53 | €13,269 | +€13,216 | +24950.0% |
| Financial charges | 65/66B | €5,086 | -€1,445 | -€6,531 | |
| Recurring financial charges | 65 | €5,086 | -€1,445 | -€6,531 | |
| Profit (loss) for the period before taxes | 9903 | €115,932 | €117,149 | +€1,217 | +1.1% |
| Income taxes | 67/77 | €34,840 | €31,171 | -€3,669 | -10.5% |
| Profit (loss) for the period | 9904 | €81,092 | €85,978 | +€4,886 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,092 | €85,978 | +€4,886 | +6.0% |
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 2 October 2026 via checked.be.