MADFIVE: 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.
MADFIVE
Largest movements
- Deferred charges and accrued income +€34,746
up €34,746 (+342%), from €10,145 to €44,891
- Cash -€27,943
down €27,943 (-54.8%), from €50,999 to €23,056
mainly Debts after one year (-€69,608) and Investment in fixed assets (net) (-€41,287)
- Receivables within one year -€26,629
down €26,629 (-7.4%), from €361,427 to €334,798
of which Trade receivables: -€38,063
- Tangible fixed assets -€24,383
down €24,383 (-1.6%), from €1.5m to €1.5m
of which Land and buildings: -€19,464
- Reserves +€84,000
up €84,000 (+7.2%), from €1.2m to €1.3m
of which Distributable reserves: +€84,000
- Debts after one year -€69,608
down €69,608 (-9.5%), from €730,852 to €661,244
- Current portion of long-term debt -€26,852
down €26,852 (-25.7%), from €104,299 to €77,447
- Gross operating margin -€81,938
down €81,938 (-27.6%), from €296,722 to €214,784
- Financial income -€44,657
down €44,657 (-79.3%), from €56,293 to €11,635
- Taxes -€25,707
down €25,707 (-42.6%), from €60,280 to €34,573
- Financial charges -€11,474
down €11,474 (-23.6%), from €48,607 to €37,133
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 | €2,146,084 | €2,101,875 | -€44,209 | -2.1% |
| Fixed assets | 21/28 | €1,723,513 | €1,699,130 | -€24,383 | -1.4% |
| Tangible fixed assets | 22/27 | €1,496,613 | €1,472,230 | -€24,383 | -1.6% |
| Land and buildings | 22 | €1,487,513 | €1,468,049 | -€19,464 | -1.3% |
| Plant, machinery and equipment | 23 | - | €2,174 | +€2,174 | |
| Furniture and vehicles | 24 | €5,736 | €663 | -€5,072 | -88.4% |
| Other tangible fixed assets | 26 | €3,364 | €1,344 | -€2,021 | -60.1% |
| Financial fixed assets | 28 | €226,900 | €226,900 | = | 0.0% |
| Current assets | 29/58 | €422,571 | €402,745 | -€19,826 | -4.7% |
| Amounts receivable within one year | 40/41 | €361,427 | €334,798 | -€26,629 | -7.4% |
| Trade receivables | 40 | €40,537 | €2,474 | -€38,063 | -93.9% |
| Other amounts receivable | 41 | €320,890 | €332,324 | +€11,434 | +3.6% |
| Cash at bank and in hand | 54/58 | €50,999 | €23,056 | -€27,943 | -54.8% |
| Deferred charges and accrued income | 490/1 | €10,145 | €44,891 | +€34,746 | +342% |
| Total equity and liabilities | 10/49 | €2,146,084 | €2,101,875 | -€44,209 | -2.1% |
| Equity | 10/15 | €1,180,282 | €1,263,941 | +€83,659 | +7.1% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,167,355 | €1,251,355 | +€84,000 | +7.2% |
| Tax-exempt reserves | 132 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €1,159,855 | €1,243,855 | +€84,000 | +7.2% |
| Profit (loss) carried forward | 14 | €427 | €86 | -€341 | -79.9% |
| Amounts payable | 17/49 | €965,802 | €837,934 | -€127,868 | -13.2% |
| Amounts payable after more than one year | 17 | €730,852 | €661,244 | -€69,608 | -9.5% |
| Financial debts | 170/4 | €730,852 | €661,244 | -€69,608 | -9.5% |
| Amounts payable within one year | 42/48 | €229,580 | €176,345 | -€53,236 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €104,299 | €77,447 | -€26,852 | -25.7% |
| Financial debts | 43 | €10,148 | €18,983 | +€8,834 | +87.1% |
| Credit institutions | 430/8 | €10,148 | €18,983 | +€8,834 | +87.1% |
| Trade debts | 44 | €21,240 | €13,641 | -€7,599 | -35.8% |
| Suppliers | 440/4 | €21,240 | €13,641 | -€7,599 | -35.8% |
| Taxes, remuneration and social security | 45 | €47,359 | €40,022 | -€7,337 | -15.5% |
| Taxes | 450/3 | €47,359 | €40,022 | -€7,337 | -15.5% |
| Other amounts payable | 47/48 | €46,534 | €26,252 | -€20,282 | -43.6% |
| Accrued charges and deferred income | 492/3 | €5,370 | €346 | -€5,024 | -93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,368 | €65,671 | -€1,697 | -2.5% |
| Other operating charges | 640/8 | €8,214 | €5,384 | -€2,829 | -34.4% |
| Gross operating margin | 9900 | €296,722 | €214,784 | -€81,938 | -27.6% |
| Operating profit (loss) | 9901 | €221,141 | €143,729 | -€77,411 | -35.0% |
| Financial income | 75/76B | €56,293 | €11,635 | -€44,657 | -79.3% |
| Recurring financial income | 75 | €56,293 | €11,635 | -€44,657 | -79.3% |
| Financial charges | 65/66B | €48,607 | €37,133 | -€11,474 | -23.6% |
| Recurring financial charges | 65 | €48,607 | €37,133 | -€11,474 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €228,827 | €118,232 | -€110,594 | -48.3% |
| Income taxes | 67/77 | €60,280 | €34,573 | -€25,707 | -42.6% |
| Profit (loss) for the period | 9904 | €168,547 | €83,659 | -€84,888 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €168,547 | €83,659 | -€84,888 | -50.4% |
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 13 October 2026 via checked.be.