MADEX: what changed
Two financial 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.
MADEX
Largest movements
- Cash +€63,764
up €63,764 (+87.7%), from €72,716 to €136,480
mainly Net result for the year (+€179,050) and Other debts (+€80,152)
- Receivables within one year -€14,930
down €14,930 (-13.5%), from €110,757 to €95,827
of which Other amounts receivable: -€17,987
- Tangible fixed assets -€13,530
down €13,530 (-13.0%), from €104,034 to €90,504
of which Land and buildings: -€8,755
- Other debts +€80,152
up €80,152 (+67.5%), from €118,716 to €198,867
- Debts after one year -€23,662
down €23,662 (-21.0%), from €112,888 to €89,226
- Reserves -€19,818
down €19,818 (-4.1%), from €486,395 to €466,577
- Gross operating margin +€24,231
up €24,231 (+9.7%), from €249,410 to €273,640
- Taxes +€10,851
up €10,851 (+15.8%), from €68,476 to €79,327
- Financial charges -€5,690
down €5,690 (-59.2%), from €9,611 to €3,921
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 | €801,539 | €835,301 | +€33,762 | +4.2% |
| Fixed assets | 21/28 | €244,183 | €230,653 | -€13,530 | -5.5% |
| Tangible fixed assets | 22/27 | €104,034 | €90,504 | -€13,530 | -13.0% |
| Land and buildings | 22 | €75,566 | €66,812 | -€8,755 | -11.6% |
| Plant, machinery and equipment | 23 | €1,046 | €1,448 | +€402 | +38.5% |
| Furniture and vehicles | 24 | €27,422 | €22,245 | -€5,177 | -18.9% |
| Financial fixed assets | 28 | €140,149 | €140,149 | = | 0.0% |
| Current assets | 29/58 | €557,355 | €604,647 | +€47,292 | +8.5% |
| Amounts receivable after more than one year | 29 | €21,719 | €21,719 | = | 0.0% |
| Other amounts receivable | 291 | €21,719 | €21,719 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,757 | €95,827 | -€14,930 | -13.5% |
| Trade receivables | 40 | €23,768 | €26,825 | +€3,057 | +12.9% |
| Other amounts receivable | 41 | €86,989 | €69,002 | -€17,987 | -20.7% |
| Current investments | 50/53 | €350,000 | €350,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €72,716 | €136,480 | +€63,764 | +87.7% |
| Deferred charges and accrued income | 490/1 | €2,163 | €621 | -€1,542 | -71.3% |
| Total equity and liabilities | 10/49 | €801,539 | €835,301 | +€33,762 | +4.2% |
| Equity | 10/15 | €492,595 | €472,777 | -€19,818 | -4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €486,395 | €466,577 | -€19,818 | -4.1% |
| Distributable reserves | 133 | €486,395 | €466,577 | -€19,818 | -4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €308,944 | €362,524 | +€53,580 | +17.3% |
| Amounts payable after more than one year | 17 | €112,888 | €89,226 | -€23,662 | -21.0% |
| Financial debts | 170/4 | €112,888 | €89,226 | -€23,662 | -21.0% |
| Amounts payable within one year | 42/48 | €196,056 | €273,298 | +€77,242 | +39.4% |
| Current portion of amounts payable after more than one year | 42 | €23,157 | €23,662 | +€505 | +2.2% |
| Trade debts | 44 | €5,485 | €0 | -€5,485 | -100.0% |
| Suppliers | 440/4 | €5,485 | €0 | -€5,485 | -100.0% |
| Taxes, remuneration and social security | 45 | €48,698 | €50,768 | +€2,070 | +4.3% |
| Taxes | 450/3 | €48,698 | €50,768 | +€2,070 | +4.3% |
| Other amounts payable | 47/48 | €118,716 | €198,867 | +€80,152 | +67.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,899 | €14,430 | +€531 | +3.8% |
| Other operating charges | 640/8 | €2,501 | €1,964 | -€537 | -21.5% |
| Gross operating margin | 9900 | €249,410 | €273,640 | +€24,231 | +9.7% |
| Operating profit (loss) | 9901 | €233,009 | €257,247 | +€24,237 | +10.4% |
| Financial income | 75/76B | €3,635 | €5,050 | +€1,415 | +38.9% |
| Recurring financial income | 75 | €3,635 | €5,050 | +€1,415 | +38.9% |
| Financial charges | 65/66B | €9,611 | €3,921 | -€5,690 | -59.2% |
| Recurring financial charges | 65 | €9,611 | €3,921 | -€5,690 | -59.2% |
| Profit (loss) for the period before taxes | 9903 | €227,034 | €258,376 | +€31,343 | +13.8% |
| Income taxes | 67/77 | €68,476 | €79,327 | +€10,851 | +15.8% |
| Profit (loss) for the period | 9904 | €158,557 | €179,050 | +€20,492 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €158,557 | €179,050 | +€20,492 | +12.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.