MADEWI: 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.
MADEWI
Largest movements
- Receivables within one year +€7,706
up €7,706 (+1249.6%), from €617 to €8,323
of which Trade receivables: +€8,163
- Tangible fixed assets -€4,547
down €4,547 (-23.1%), from €19,708 to €15,161
of which Other tangible fixed assets: -€2,286
- Deferred charges and accrued income -€4,254
down €4,254 (-73.5%), from €5,791 to €1,536
- Cash -€673
down €673 (-10.8%), from €6,241 to €5,568
mainly Trade debts (-€8,216) and Receivables within one year (-€7,706)
- Trade debts -€8,216
down €8,216 (-70.2%), from €11,696 to €3,480
- Profit (loss) carried forward +€6,016
new in 2025: €6,016
- Debts after one year -€4,815
down €4,815 (-44.2%), from €10,892 to €6,077
- Other debts +€2,208
up €2,208 (+142.2%), from €1,552 to €3,760
- Tax, wage and social debts +€1,464
up €1,464 (+90.5%), from €1,618 to €3,082
- Gross operating margin +€8,175
up €8,175 (+108.8%), from €7,514 to €15,689
- Depreciation +€2,774
up €2,774 (+156.4%), from €1,773 to €4,547
- Taxes +€986
up €986 (+138.7%), from €711 to €1,697
- Other operating charges +€870
up €870 (+49.7%), from €1,751 to €2,621
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 | €39,256 | €37,488 | -€1,768 | -4.5% |
| Fixed assets | 21/28 | €26,608 | €22,061 | -€4,547 | -17.1% |
| Tangible fixed assets | 22/27 | €19,708 | €15,161 | -€4,547 | -23.1% |
| Furniture and vehicles | 24 | €8,521 | €6,260 | -€2,261 | -26.5% |
| Other tangible fixed assets | 26 | €11,187 | €8,901 | -€2,286 | -20.4% |
| Financial fixed assets | 28 | €6,900 | €6,900 | = | 0.0% |
| Current assets | 29/58 | €12,648 | €15,427 | +€2,779 | +22.0% |
| Amounts receivable within one year | 40/41 | €617 | €8,323 | +€7,706 | +1249.6% |
| Trade receivables | 40 | €159 | €8,323 | +€8,163 | +5119.3% |
| Other amounts receivable | 41 | €457 | - | -€457 | |
| Cash at bank and in hand | 54/58 | €6,241 | €5,568 | -€673 | -10.8% |
| Deferred charges and accrued income | 490/1 | €5,791 | €1,536 | -€4,254 | -73.5% |
| Total equity and liabilities | 10/49 | €39,256 | €37,488 | -€1,768 | -4.5% |
| Equity | 10/15 | €9,105 | €15,121 | +€6,016 | +66.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €3,105 | €3,105 | = | 0.0% |
| Distributable reserves | 133 | €3,105 | €3,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €6,016 | +€6,016 | |
| Amounts payable | 17/49 | €30,151 | €22,368 | -€7,783 | -25.8% |
| Amounts payable after more than one year | 17 | €10,892 | €6,077 | -€4,815 | -44.2% |
| Financial debts | 170/4 | €10,892 | €6,077 | -€4,815 | -44.2% |
| Amounts payable within one year | 42/48 | €19,259 | €15,137 | -€4,122 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €4,393 | €4,815 | +€422 | +9.6% |
| Trade debts | 44 | €11,696 | €3,480 | -€8,216 | -70.2% |
| Suppliers | 440/4 | €11,696 | €3,480 | -€8,216 | -70.2% |
| Taxes, remuneration and social security | 45 | €1,618 | €3,082 | +€1,464 | +90.5% |
| Taxes | 450/3 | €1,618 | €3,082 | +€1,464 | +90.5% |
| Other amounts payable | 47/48 | €1,552 | €3,760 | +€2,208 | +142.2% |
| Accrued charges and deferred income | 492/3 | - | €1,154 | +€1,154 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,773 | €4,547 | +€2,774 | +156.4% |
| Other operating charges | 640/8 | €1,751 | €2,621 | +€870 | +49.7% |
| Gross operating margin | 9900 | €7,514 | €15,689 | +€8,175 | +108.8% |
| Operating profit (loss) | 9901 | €3,991 | €8,522 | +€4,531 | +113.5% |
| Financial income | 75/76B | €0 | €40 | +€40 | +197700.0% |
| Recurring financial income | 75 | €0 | €40 | +€40 | +197700.0% |
| Financial charges | 65/66B | €710 | €849 | +€139 | +19.5% |
| Recurring financial charges | 65 | €710 | €849 | +€139 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €3,280 | €7,713 | +€4,432 | +135.1% |
| Income taxes | 67/77 | €711 | €1,697 | +€986 | +138.7% |
| Profit (loss) for the period | 9904 | €2,569 | €6,016 | +€3,446 | +134.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,569 | €6,016 | +€3,446 | +134.1% |
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 8 October 2026 via checked.be.