MADHU: 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.
MADHU
Largest movements
- Cash -€5,879
down €5,879 (-31.5%), from €18,690 to €12,811
mainly Investment in fixed assets (net) (-€7,025) and Net result for the year (-€6,986)
- Tangible fixed assets +€468
up €468 (+3.1%), from €15,070 to €15,538
of which Plant, machinery and equipment: +€1,462
- Profit (loss) carried forward -€6,986
down €6,986 (-48.6%), from €14,385 to €7,399
- Trade debts +€5,723
up €5,723 (+54.1%), from €10,579 to €16,302
- Tax, wage and social debts -€2,221
down €2,221 (-27.7%), from €8,026 to €5,805
of which Taxes: -€4,276
- Other debts -€1,750
no longer reported in 2025 (was €1,750)
- Gross operating margin -€9,418
down €9,418 (-16.5%), from €57,057 to €47,639
- Staff costs +€7,512
up €7,512 (+22.5%), from €33,377 to €40,889
- Taxes +€3,553
new in 2025: €3,553
- Depreciation +€1,315
up €1,315 (+25.1%), from €5,242 to €6,557
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 | €39,740 | €34,645 | -€5,095 | -12.8% |
| Fixed assets | 21/28 | €15,070 | €15,538 | +€468 | +3.1% |
| Tangible fixed assets | 22/27 | €15,070 | €15,538 | +€468 | +3.1% |
| Plant, machinery and equipment | 23 | €12,667 | €14,129 | +€1,462 | +11.5% |
| Furniture and vehicles | 24 | €2,403 | €1,409 | -€994 | -41.4% |
| Current assets | 29/58 | €24,670 | €19,107 | -€5,563 | -22.5% |
| Stocks and contracts in progress | 3 | €5,867 | €6,243 | +€376 | +6.4% |
| Stocks | 30/36 | €5,867 | €6,243 | +€376 | +6.4% |
| Amounts receivable within one year | 40/41 | €113 | €53 | -€60 | -53.1% |
| Other amounts receivable | 41 | €113 | €53 | -€60 | -53.1% |
| Cash at bank and in hand | 54/58 | €18,690 | €12,811 | -€5,879 | -31.5% |
| Total equity and liabilities | 10/49 | €39,740 | €34,645 | -€5,095 | -12.8% |
| Equity | 10/15 | €19,385 | €12,399 | -€6,986 | -36.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,385 | €7,399 | -€6,986 | -48.6% |
| Amounts payable | 17/49 | €20,355 | €22,246 | +€1,891 | +9.3% |
| Amounts payable within one year | 42/48 | €20,355 | €22,107 | +€1,752 | +8.6% |
| Trade debts | 44 | €10,579 | €16,302 | +€5,723 | +54.1% |
| Suppliers | 440/4 | €10,579 | €16,302 | +€5,723 | +54.1% |
| Taxes, remuneration and social security | 45 | €8,026 | €5,805 | -€2,221 | -27.7% |
| Taxes | 450/3 | €5,231 | €955 | -€4,276 | -81.7% |
| Remuneration and social security | 454/9 | €2,795 | €4,850 | +€2,055 | +73.5% |
| Other amounts payable | 47/48 | €1,750 | - | -€1,750 | |
| Accrued charges and deferred income | 492/3 | - | €139 | +€139 | |
| Remuneration, social security and pensions | 62 | €33,377 | €40,889 | +€7,512 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,242 | €6,557 | +€1,315 | +25.1% |
| Other operating charges | 640/8 | €2,962 | €2,508 | -€454 | -15.3% |
| Gross operating margin | 9900 | €57,057 | €47,639 | -€9,418 | -16.5% |
| Operating profit (loss) | 9901 | €15,476 | -€2,315 | -€17,791 | |
| Financial income | 75/76B | €19 | €3 | -€16 | -84.2% |
| Recurring financial income | 75 | €19 | €3 | -€16 | -84.2% |
| Financial charges | 65/66B | €1,110 | €1,121 | +€11 | +1.0% |
| Recurring financial charges | 65 | €1,110 | €1,121 | +€11 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €14,385 | -€3,433 | -€17,818 | |
| Income taxes | 67/77 | - | €3,553 | +€3,553 | |
| Profit (loss) for the period | 9904 | €14,385 | -€6,986 | -€21,371 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,385 | -€6,986 | -€21,371 |
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 14 October 2026 via checked.be.