MADH: 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.
MADH
Largest movements
- Tangible fixed assets +€19,574
up €19,574 (+9.7%), from €202,243 to €221,817
of which Furniture and vehicles: +€32,586
- Receivables within one year -€9,994
down €9,994 (-20.3%), from €49,234 to €39,240
of which Trade receivables: -€12,630
- Current portion of long-term debt +€5,854
up €5,854 (+71.0%), from €8,250 to €14,103
- Debts after one year +€4,694
up €4,694 (+2.7%), from €171,845 to €176,540
- Gross operating margin -€1,852
down €1,852 (-6.2%), from €30,013 to €28,161
- Depreciation +€1,393
up €1,393 (+9.1%), from €15,230 to €16,623
- Financial charges -€1,290
down €1,290 (-16.7%), from €7,745 to €6,455
of which Financial charges: -€1,861
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 | €273,191 | €284,739 | +€11,548 | +4.2% |
| Fixed assets | 21/28 | €202,401 | €221,975 | +€19,574 | +9.7% |
| Tangible fixed assets | 22/27 | €202,243 | €221,817 | +€19,574 | +9.7% |
| Land and buildings | 22 | €169,616 | €158,308 | -€11,308 | -6.7% |
| Plant, machinery and equipment | 23 | €31,740 | €30,036 | -€1,704 | -5.4% |
| Furniture and vehicles | 24 | €888 | €33,474 | +€32,586 | +3,670% |
| Financial fixed assets | 28 | €158 | €158 | = | 0.0% |
| Current assets | 29/58 | €70,790 | €62,764 | -€8,026 | -11.3% |
| Amounts receivable within one year | 40/41 | €49,234 | €39,240 | -€9,994 | -20.3% |
| Trade receivables | 40 | €23,240 | €10,609 | -€12,630 | -54.3% |
| Other amounts receivable | 41 | €25,994 | €28,631 | +€2,636 | +10.1% |
| Cash at bank and in hand | 54/58 | €19,431 | €19,712 | +€281 | +1.4% |
| Deferred charges and accrued income | 490/1 | €2,124 | €3,812 | +€1,688 | +79.5% |
| Total equity and liabilities | 10/49 | €273,191 | €284,739 | +€11,548 | +4.2% |
| Equity | 10/15 | €50,245 | €52,386 | +€2,141 | +4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €21,860 | €21,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,185 | €24,326 | +€2,141 | +9.6% |
| Amounts payable | 17/49 | €222,946 | €232,353 | +€9,408 | +4.2% |
| Amounts payable after more than one year | 17 | €171,845 | €176,540 | +€4,694 | +2.7% |
| Financial debts | 170/4 | €171,845 | €176,540 | +€4,694 | +2.7% |
| Amounts payable within one year | 42/48 | €51,101 | €55,814 | +€4,713 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €8,250 | €14,103 | +€5,854 | +71.0% |
| Trade debts | 44 | €13,531 | €12,156 | -€1,375 | -10.2% |
| Suppliers | 440/4 | €13,531 | €12,156 | -€1,375 | -10.2% |
| Taxes, remuneration and social security | 45 | €1,320 | €1,555 | +€235 | +17.8% |
| Taxes | 450/3 | €1,320 | €1,555 | +€235 | +17.8% |
| Other amounts payable | 47/48 | €28,000 | €28,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,230 | €16,623 | +€1,393 | +9.1% |
| Other operating charges | 640/8 | €1,887 | €1,854 | -€33 | -1.7% |
| Gross operating margin | 9900 | €30,013 | €28,161 | -€1,852 | -6.2% |
| Operating profit (loss) | 9901 | €12,896 | €9,683 | -€3,212 | -24.9% |
| Financial income | 75/76B | €445 | €468 | +€23 | +5.2% |
| Recurring financial income | 75 | €445 | €468 | +€23 | +5.2% |
| Financial charges | 65/66B | €7,745 | €6,455 | -€1,290 | -16.7% |
| Recurring financial charges | 65 | €7,687 | €5,826 | -€1,861 | -24.2% |
| Non-recurring financial charges | 66B | €58 | €629 | +€571 | +984% |
| Profit (loss) for the period before taxes | 9903 | €5,595 | €3,697 | -€1,899 | -33.9% |
| Income taxes | 67/77 | €1,504 | €1,556 | +€52 | +3.4% |
| Profit (loss) for the period | 9904 | €4,091 | €2,141 | -€1,950 | -47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,091 | €2,141 | -€1,950 | -47.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.