MADHOSH: 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.
MADHOSH
Largest movements
- Stocks and contracts +€12,545
up €12,545 (+25.1%), from €49,921 to €62,466
- Receivables within one year -€1,921
down €1,921 (-71.9%), from €2,673 to €752
of which Other amounts receivable: -€1,731
- Cash +€1,859
up €1,859 (+71.8%), from €2,589 to €4,448
mainly Net result for the year (+€8,967) and Trade debts (+€7,407)
- Profit (loss) carried forward +€8,967
up €8,967 (+27.3%), from €32,820 to €41,787
- Trade debts +€7,407
up €7,407 (+1,687%), from €439 to €7,846
- Tax, wage and social debts -€2,990
down €2,990 (-55.2%), from €5,421 to €2,431
- Accrued charges and deferred income -€900
no longer reported in 2025 (was €900)
- Gross operating margin -€8,794
down €8,794 (-50.5%), from €17,399 to €8,605
- Taxes -€4,419
down €4,419 (-98.8%), from €4,473 to €55
- Other operating charges -€3,906
no longer reported in 2025 (was €3,906)
- Depreciation -€3,368
no longer reported in 2025 (was €3,368)
- Financial charges +€1,310
up €1,310 (+929%), from €141 to €1,450
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 | €58,932 | €71,416 | +€12,484 | +21.2% |
| Fixed assets | 21/28 | €3,750 | €3,750 | = | 0.0% |
| Tangible fixed assets | 22/27 | €3,750 | €3,750 | = | 0.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €55,182 | €67,666 | +€12,484 | +22.6% |
| Stocks and contracts in progress | 3 | €49,921 | €62,466 | +€12,545 | +25.1% |
| Stocks | 30/36 | €49,921 | €62,466 | +€12,545 | +25.1% |
| Amounts receivable within one year | 40/41 | €2,673 | €752 | -€1,921 | -71.9% |
| Trade receivables | 40 | €190 | - | -€190 | |
| Other amounts receivable | 41 | €2,483 | €752 | -€1,731 | -69.7% |
| Cash at bank and in hand | 54/58 | €2,589 | €4,448 | +€1,859 | +71.8% |
| Total equity and liabilities | 10/49 | €58,932 | €71,416 | +€12,484 | +21.2% |
| Equity | 10/15 | €52,172 | €61,139 | +€8,967 | +17.2% |
| Contributions | 10/11 | €19,352 | €19,352 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,820 | €41,787 | +€8,967 | +27.3% |
| Amounts payable | 17/49 | €6,760 | €10,277 | +€3,517 | +52.0% |
| Amounts payable within one year | 42/48 | €5,860 | €10,277 | +€4,417 | +75.4% |
| Trade debts | 44 | €439 | €7,846 | +€7,407 | +1,687% |
| Suppliers | 440/4 | €439 | €7,846 | +€7,407 | +1,687% |
| Taxes, remuneration and social security | 45 | €5,421 | €2,431 | -€2,990 | -55.2% |
| Taxes | 450/3 | €5,421 | €2,431 | -€2,990 | -55.2% |
| Accrued charges and deferred income | 492/3 | €900 | - | -€900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,368 | - | -€3,368 | |
| Other operating charges | 640/8 | €3,906 | - | -€3,906 | |
| Gross operating margin | 9900 | €17,399 | €8,605 | -€8,794 | -50.5% |
| Operating profit (loss) | 9901 | €10,125 | €8,605 | -€1,520 | -15.0% |
| Financial income | 75/76B | €1,277 | €1,867 | +€591 | +46.3% |
| Recurring financial income | 75 | €1,277 | €1,867 | +€591 | +46.3% |
| Financial charges | 65/66B | €141 | €1,450 | +€1,310 | +929% |
| Recurring financial charges | 65 | €141 | €1,450 | +€1,310 | +929% |
| Profit (loss) for the period before taxes | 9903 | €11,261 | €9,022 | -€2,239 | -19.9% |
| Income taxes | 67/77 | €4,473 | €55 | -€4,419 | -98.8% |
| Profit (loss) for the period | 9904 | €6,787 | €8,967 | +€2,180 | +32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,787 | €8,967 | +€2,180 | +32.1% |
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 16 October 2026 via checked.be.