MADEX LEDERWAREN: 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 LEDERWAREN
Largest movements
- Cash +€50,433
up €50,433 (+84.5%), from €59,718 to €110,151
mainly Other debts (+€25,902) and Net result for the year (+€16,049)
- Receivables within one year -€7,839
down €7,839 (-65.6%), from €11,959 to €4,120
of which Trade receivables: -€4,064
- Other debts +€25,902
up €25,902 (+10.0%), from €259,209 to €285,110
- Reserves +€16,049
up €16,049 (+12.1%), from €132,108 to €148,158
of which Distributable reserves: +€16,049
- Tax, wage and social debts +€6,049
up €6,049 (+34.5%), from €17,551 to €23,600
of which Taxes: +€6,394
- Gross operating margin +€6,931
up €6,931 (+13.0%), from €53,360 to €60,291
- Financial income +€5,306
up €5,306 (+122%), from €4,344 to €9,651
- Taxes +€4,072
up €4,072 (+176%), from €2,316 to €6,388
- Staff costs -€3,172
down €3,172 (-10.6%), from €29,854 to €26,682
- Financial charges +€1,194
up €1,194 (+6.5%), from €18,291 to €19,485
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.
Derived cash bridge
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 | €545,891 | €593,141 | +€47,250 | +8.7% |
| Current assets | 29/58 | €545,891 | €593,141 | +€47,250 | +8.7% |
| Stocks and contracts in progress | 3 | €181,329 | €185,296 | +€3,967 | +2.2% |
| Stocks | 30/36 | €181,329 | €185,296 | +€3,967 | +2.2% |
| Amounts receivable within one year | 40/41 | €11,959 | €4,120 | -€7,839 | -65.6% |
| Trade receivables | 40 | €7,671 | €3,608 | -€4,064 | -53.0% |
| Other amounts receivable | 41 | €4,287 | €512 | -€3,775 | -88.1% |
| Current investments | 50/53 | €292,885 | €293,574 | +€689 | +0.2% |
| Cash at bank and in hand | 54/58 | €59,718 | €110,151 | +€50,433 | +84.5% |
| Total equity and liabilities | 10/49 | €545,891 | €593,141 | +€47,250 | +8.7% |
| Equity | 10/15 | €265,463 | €279,794 | +€14,331 | +5.4% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €132,108 | €148,158 | +€16,049 | +12.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €132,108 | €148,158 | +€16,049 | +12.1% |
| Profit (loss) carried forward | 14 | €8,354 | €6,636 | -€1,718 | -20.6% |
| Amounts payable | 17/49 | €280,428 | €313,347 | +€32,919 | +11.7% |
| Amounts payable within one year | 42/48 | €279,824 | €313,063 | +€33,239 | +11.9% |
| Trade debts | 44 | €3,065 | €4,353 | +€1,288 | +42.0% |
| Suppliers | 440/4 | €3,065 | €4,353 | +€1,288 | +42.0% |
| Taxes, remuneration and social security | 45 | €17,551 | €23,600 | +€6,049 | +34.5% |
| Taxes | 450/3 | €14,172 | €20,566 | +€6,394 | +45.1% |
| Remuneration and social security | 454/9 | €3,379 | €3,034 | -€345 | -10.2% |
| Other amounts payable | 47/48 | €259,209 | €285,110 | +€25,902 | +10.0% |
| Accrued charges and deferred income | 492/3 | €604 | €283 | -€320 | -53.0% |
| Remuneration, social security and pensions | 62 | €29,854 | €26,682 | -€3,172 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €657 | -€361 | -€1,018 | |
| Other operating charges | 640/8 | €1,574 | €1,698 | +€124 | +7.9% |
| Gross operating margin | 9900 | €53,360 | €60,291 | +€6,931 | +13.0% |
| Operating profit (loss) | 9901 | €21,274 | €32,272 | +€10,998 | +51.7% |
| Financial income | 75/76B | €4,344 | €9,651 | +€5,306 | +122% |
| Recurring financial income | 75 | €4,344 | €9,651 | +€5,306 | +122% |
| Financial charges | 65/66B | €18,291 | €19,485 | +€1,194 | +6.5% |
| Recurring financial charges | 65 | €18,291 | €19,485 | +€1,194 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €7,327 | €22,437 | +€15,110 | +206% |
| Income taxes | 67/77 | €2,316 | €6,388 | +€4,072 | +176% |
| Profit (loss) for the period | 9904 | €5,011 | €16,049 | +€11,038 | +220% |
| Profit (loss) for the period to be appropriated | 9905 | €5,011 | €16,049 | +€11,038 | +220% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.