MADFRED SOINS: 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.
MADFRED SOINS
Largest movements
- Receivables within one year +€22,886
up €22,886 (+61.5%), from €37,214 to €60,100
- Cash +€17,017
up €17,017 (+32.0%), from €53,178 to €70,195
mainly Net result for the year (+€31,211) and Tax, wage and social debts (+€8,602)
- Tangible fixed assets +€2,837
up €2,837 (+25.5%), from €11,144 to €13,981
- Reserves +€31,211
up €31,211 (+39.9%), from €78,195 to €109,406
- Tax, wage and social debts +€8,602
up €8,602 (+42.5%), from €20,243 to €28,845
- Trade debts +€2,918
up €2,918 (+895%), from €326 to €3,244
- Gross operating margin -€59,866
down €59,866 (-56.6%), from €105,844 to €45,978
- Taxes -€11,642
down €11,642 (-57.5%), from €20,244 to €8,602
- Financial income +€1,509
up €1,509 (+134%), from €1,128 to €2,637
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 | €101,764 | €144,495 | +€42,731 | +42.0% |
| Fixed assets | 21/28 | €11,144 | €13,981 | +€2,837 | +25.5% |
| Tangible fixed assets | 22/27 | €11,144 | €13,981 | +€2,837 | +25.5% |
| Furniture and vehicles | 24 | €11,144 | €13,981 | +€2,837 | +25.5% |
| Current assets | 29/58 | €90,620 | €130,514 | +€39,894 | +44.0% |
| Amounts receivable within one year | 40/41 | €37,214 | €60,100 | +€22,886 | +61.5% |
| Other amounts receivable | 41 | €37,214 | €60,100 | +€22,886 | +61.5% |
| Cash at bank and in hand | 54/58 | €53,178 | €70,195 | +€17,017 | +32.0% |
| Deferred charges and accrued income | 490/1 | €228 | €219 | -€9 | -3.9% |
| Total equity and liabilities | 10/49 | €101,764 | €144,495 | +€42,731 | +42.0% |
| Equity | 10/15 | €81,195 | €112,406 | +€31,211 | +38.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €78,195 | €109,406 | +€31,211 | +39.9% |
| Distributable reserves | 133 | €78,195 | €109,406 | +€31,211 | +39.9% |
| Amounts payable | 17/49 | €20,569 | €32,089 | +€11,520 | +56.0% |
| Amounts payable within one year | 42/48 | €20,569 | €32,089 | +€11,520 | +56.0% |
| Trade debts | 44 | €326 | €3,244 | +€2,918 | +895% |
| Suppliers | 440/4 | €326 | €3,244 | +€2,918 | +895% |
| Taxes, remuneration and social security | 45 | €20,243 | €28,845 | +€8,602 | +42.5% |
| Taxes | 450/3 | €20,243 | €28,845 | +€8,602 | +42.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,037 | €3,762 | -€275 | -6.8% |
| Other operating charges | 640/8 | €580 | €788 | +€208 | +35.9% |
| Gross operating margin | 9900 | €105,844 | €45,978 | -€59,866 | -56.6% |
| Operating profit (loss) | 9901 | €101,227 | €41,428 | -€59,799 | -59.1% |
| Financial income | 75/76B | €1,128 | €2,637 | +€1,509 | +134% |
| Recurring financial income | 75 | €1,128 | €2,637 | +€1,509 | +134% |
| Financial charges | 65/66B | €3,916 | €4,252 | +€336 | +8.6% |
| Recurring financial charges | 65 | €3,916 | €4,252 | +€336 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €98,439 | €39,813 | -€58,626 | -59.6% |
| Income taxes | 67/77 | €20,244 | €8,602 | -€11,642 | -57.5% |
| Profit (loss) for the period | 9904 | €78,195 | €31,211 | -€46,984 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,195 | €31,211 | -€46,984 | -60.1% |
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 15 October 2026 via checked.be.