MADHOVER: 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.
MADHOVER
Largest movements
- Tangible fixed assets -€79,414
down €79,414 (-7.8%), from €1.0m to €935,381
of which Land and buildings: -€46,727
- Cash -€11,482
down €11,482 (-74.3%), from €15,451 to €3,969
mainly Net result for the year (-€62,325) and Debts after one year (-€44,762)
- Reserves -€59,464
down €59,464 (-89.8%), from €66,184 to €6,720
of which Distributable reserves: -€59,464
- Debts after one year -€44,762
down €44,762 (-14.5%), from €308,134 to €263,372
- Other debts +€33,210
up €33,210 (+7.3%), from €453,689 to €486,898
- Current portion of long-term debt -€22,533
down €22,533 (-33.5%), from €67,295 to €44,762
- Gross operating margin -€49,617
down €49,617 (-52.6%), from €94,375 to €44,758
- Depreciation -€24,966
down €24,966 (-22.8%), from €109,689 to €84,723
- Financial charges +€1,277
up €1,277 (+7.5%), from €16,977 to €18,254
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 | €1,059,270 | €965,936 | -€93,334 | -8.8% |
| Fixed assets | 21/28 | €1,014,795 | €935,381 | -€79,414 | -7.8% |
| Tangible fixed assets | 22/27 | €1,014,795 | €935,381 | -€79,414 | -7.8% |
| Land and buildings | 22 | €875,636 | €828,909 | -€46,727 | -5.3% |
| Plant, machinery and equipment | 23 | €13,247 | €10,391 | -€2,856 | -21.6% |
| Furniture and vehicles | 24 | €125,912 | €96,081 | -€29,831 | -23.7% |
| Current assets | 29/58 | €44,475 | €30,555 | -€13,920 | -31.3% |
| Stocks and contracts in progress | 3 | €5,880 | €5,880 | = | 0.0% |
| Stocks | 30/36 | €5,880 | €5,880 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,787 | €14,971 | -€2,817 | -15.8% |
| Trade receivables | 40 | €16,805 | €14,897 | -€1,908 | -11.4% |
| Other amounts receivable | 41 | €983 | €74 | -€908 | -92.5% |
| Cash at bank and in hand | 54/58 | €15,451 | €3,969 | -€11,482 | -74.3% |
| Deferred charges and accrued income | 490/1 | €5,357 | €5,735 | +€378 | +7.1% |
| Total equity and liabilities | 10/49 | €1,059,270 | €965,936 | -€93,334 | -8.8% |
| Equity | 10/15 | €201,220 | €138,895 | -€62,325 | -31.0% |
| Contributions | 10/11 | €135,036 | €135,036 | = | 0.0% |
| Capital | 10 | €135,036 | €135,036 | = | 0.0% |
| Issued capital | 100 | €135,036 | €135,036 | = | 0.0% |
| Reserves | 13 | €66,184 | €6,720 | -€59,464 | -89.8% |
| Non-distributable reserves | 130/1 | €6,720 | €6,720 | = | 0.0% |
| Legal reserve | 130 | €6,720 | €6,720 | = | 0.0% |
| Distributable reserves | 133 | €59,464 | €0 | -€59,464 | -100% |
| Profit (loss) carried forward | 14 | €0 | -€2,861 | -€2,861 | |
| Amounts payable | 17/49 | €858,050 | €827,041 | -€31,009 | -3.6% |
| Amounts payable after more than one year | 17 | €308,134 | €263,372 | -€44,762 | -14.5% |
| Financial debts | 170/4 | €308,134 | €263,372 | -€44,762 | -14.5% |
| Amounts payable within one year | 42/48 | €535,452 | €548,004 | +€12,552 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €67,295 | €44,762 | -€22,533 | -33.5% |
| Trade debts | 44 | €1,971 | €10,035 | +€8,064 | +409% |
| Suppliers | 440/4 | €1,971 | €10,035 | +€8,064 | +409% |
| Taxes, remuneration and social security | 45 | €12,498 | €6,309 | -€6,189 | -49.5% |
| Taxes | 450/3 | €7,297 | €1,090 | -€6,207 | -85.1% |
| Remuneration and social security | 454/9 | €5,202 | €5,220 | +€18 | +0.3% |
| Other amounts payable | 47/48 | €453,689 | €486,898 | +€33,210 | +7.3% |
| Accrued charges and deferred income | 492/3 | €14,464 | €15,665 | +€1,201 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,689 | €84,723 | -€24,966 | -22.8% |
| Other operating charges | 640/8 | €4,287 | €4,057 | -€230 | -5.4% |
| Gross operating margin | 9900 | €94,375 | €44,758 | -€49,617 | -52.6% |
| Operating profit (loss) | 9901 | -€19,600 | -€44,021 | -€24,421 | -125% |
| Financial income | 75/76B | €0 | €82 | +€82 | |
| Recurring financial income | 75 | €0 | €82 | +€82 | |
| Financial charges | 65/66B | €16,977 | €18,254 | +€1,277 | +7.5% |
| Recurring financial charges | 65 | €16,977 | €18,254 | +€1,277 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | -€36,578 | -€62,193 | -€25,615 | -70.0% |
| Income taxes | 67/77 | €86 | €133 | +€46 | +53.6% |
| Profit (loss) for the period | 9904 | -€36,664 | -€62,325 | -€25,662 | -70.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,664 | -€62,325 | -€25,662 | -70.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.