MadGus: 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.
MadGus
Largest movements
- Receivables within one year +€74,576
up €74,576 (+240%), from €31,138 to €105,714
of which Other amounts receivable: +€73,526
- Cash -€12,594
down €12,594 (-11.6%), from €108,183 to €95,589
mainly Contributions, distributions and other (-€106,750) and Receivables within one year (-€74,576)
- Reserves +€50,200
up €50,200 (+47.0%), from €106,750 to €156,950
- Tax, wage and social debts +€11,037
up €11,037 (+72.2%), from €15,291 to €26,328
- Gross operating margin +€71,116
up €71,116 (+52.5%), from €135,457 to €206,574
- Taxes +€17,633
up €17,633 (+56.2%), from €31,399 to €49,032
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 | €142,191 | €203,113 | +€60,922 | +42.8% |
| Fixed assets | 21/28 | €1,817 | €651 | -€1,165 | -64.2% |
| Tangible fixed assets | 22/27 | €1,817 | €651 | -€1,165 | -64.2% |
| Furniture and vehicles | 24 | €1,817 | €651 | -€1,165 | -64.2% |
| Current assets | 29/58 | €140,374 | €202,462 | +€62,088 | +44.2% |
| Amounts receivable within one year | 40/41 | €31,138 | €105,714 | +€74,576 | +240% |
| Trade receivables | 40 | €14,280 | €15,330 | +€1,050 | +7.4% |
| Other amounts receivable | 41 | €16,858 | €90,384 | +€73,526 | +436% |
| Cash at bank and in hand | 54/58 | €108,183 | €95,589 | -€12,594 | -11.6% |
| Deferred charges and accrued income | 490/1 | €1,053 | €1,158 | +€105 | +10.0% |
| Total equity and liabilities | 10/49 | €142,191 | €203,113 | +€60,922 | +42.8% |
| Equity | 10/15 | €125,608 | €175,596 | +€49,988 | +39.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,750 | €156,950 | +€50,200 | +47.0% |
| Distributable reserves | 133 | €106,750 | €156,950 | +€50,200 | +47.0% |
| Profit (loss) carried forward | 14 | €258 | €46 | -€212 | -82.2% |
| Amounts payable | 17/49 | €16,582 | €27,517 | +€10,935 | +65.9% |
| Amounts payable within one year | 42/48 | €16,089 | €27,315 | +€11,226 | +69.8% |
| Trade debts | 44 | €799 | €987 | +€189 | +23.6% |
| Suppliers | 440/4 | €799 | €987 | +€189 | +23.6% |
| Taxes, remuneration and social security | 45 | €15,291 | €26,328 | +€11,037 | +72.2% |
| Taxes | 450/3 | €15,291 | €26,328 | +€11,037 | +72.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €493 | €202 | -€291 | -59.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,370 | €1,165 | -€204 | -14.9% |
| Other operating charges | 640/8 | €736 | €758 | +€22 | +3.0% |
| Gross operating margin | 9900 | €135,457 | €206,574 | +€71,116 | +52.5% |
| Operating profit (loss) | 9901 | €133,352 | €204,650 | +€71,298 | +53.5% |
| Financial income | 75/76B | €822 | €2,201 | +€1,379 | +168% |
| Recurring financial income | 75 | €822 | €2,201 | +€1,379 | +168% |
| Financial charges | 65/66B | €1,022 | €1,081 | +€60 | +5.8% |
| Recurring financial charges | 65 | €1,022 | €1,081 | +€60 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €133,152 | €205,769 | +€72,617 | +54.5% |
| Income taxes | 67/77 | €31,399 | €49,032 | +€17,633 | +56.2% |
| Profit (loss) for the period | 9904 | €101,753 | €156,738 | +€54,985 | +54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,753 | €156,738 | +€54,985 | +54.0% |
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 19 October 2026 via checked.be.