MADEWO: 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.
MADEWO
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€30,619
up €30,619 (+66.2%), from €46,249 to €76,868
mainly Net result for the year (+€54,928) and Other debts (+€54,928)
- Tangible fixed assets +€6,675
up €6,675 (+119.2%), from €5,600 to €12,276
of which Other tangible fixed assets: +€7,587
- Receivables within one year -€3,589
down €3,589 (-61.1%), from €5,875 to €2,286
of which Other amounts receivable: -€3,660
- Reserves -€71,781
down €71,781 (-68.4%), from €104,955 to €33,174
- Other debts +€54,928
new in 2025: €54,928
- Gross operating margin +€9,694
up €9,694 (+15.6%), from €62,288 to €71,982
- Taxes +€1,959
up €1,959 (+15.0%), from €13,050 to €15,009
- Financial income +€931
up €931 (+224.3%), from €415 to €1,346
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 | €108,773 | €92,628 | -€16,145 | -14.8% |
| Fixed assets | 21/28 | €5,600 | €12,276 | +€6,675 | +119.2% |
| Tangible fixed assets | 22/27 | €5,600 | €12,276 | +€6,675 | +119.2% |
| Plant, machinery and equipment | 23 | €425 | - | -€425 | |
| Furniture and vehicles | 24 | €2,229 | €1,743 | -€486 | -21.8% |
| Other tangible fixed assets | 26 | €2,946 | €10,533 | +€7,587 | +257.6% |
| Current assets | 29/58 | €103,173 | €80,353 | -€22,820 | -22.1% |
| Amounts receivable within one year | 40/41 | €5,875 | €2,286 | -€3,589 | -61.1% |
| Trade receivables | 40 | - | €70 | +€70 | |
| Other amounts receivable | 41 | €5,875 | €2,216 | -€3,660 | -62.3% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €46,249 | €76,868 | +€30,619 | +66.2% |
| Deferred charges and accrued income | 490/1 | €1,049 | €1,198 | +€150 | +14.3% |
| Total equity and liabilities | 10/49 | €108,773 | €92,628 | -€16,145 | -14.8% |
| Equity | 10/15 | €107,455 | €35,674 | -€71,781 | -66.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €104,955 | €33,174 | -€71,781 | -68.4% |
| Distributable reserves | 133 | €104,955 | €33,174 | -€71,781 | -68.4% |
| Amounts payable | 17/49 | €1,318 | €56,955 | +€55,636 | +4220.7% |
| Amounts payable within one year | 42/48 | €1,314 | €56,955 | +€55,641 | +4234.7% |
| Financial debts | 43 | €300 | €737 | +€437 | +146.0% |
| Credit institutions | 430/8 | €300 | €737 | +€437 | +146.0% |
| Trade debts | 44 | €1,014 | €1,290 | +€275 | +27.2% |
| Suppliers | 440/4 | €1,014 | €1,290 | +€275 | +27.2% |
| Other amounts payable | 47/48 | - | €54,928 | +€54,928 | |
| Accrued charges and deferred income | 492/3 | €4 | - | -€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,166 | €1,791 | +€625 | +53.6% |
| Other operating charges | 640/8 | €1,606 | €1,504 | -€101 | -6.3% |
| Gross operating margin | 9900 | €62,288 | €71,982 | +€9,694 | +15.6% |
| Operating profit (loss) | 9901 | €59,516 | €68,687 | +€9,171 | +15.4% |
| Financial income | 75/76B | €415 | €1,346 | +€931 | +224.3% |
| Recurring financial income | 75 | €415 | €1,346 | +€931 | +224.3% |
| Financial charges | 65/66B | €100 | €96 | -€4 | -4.1% |
| Recurring financial charges | 65 | €100 | €96 | -€4 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €59,831 | €69,936 | +€10,105 | +16.9% |
| Income taxes | 67/77 | €13,050 | €15,009 | +€1,959 | +15.0% |
| Profit (loss) for the period | 9904 | €46,781 | €54,928 | +€8,147 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,781 | €54,928 | +€8,147 | +17.4% |
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 4 October 2026 via checked.be.