MADI: what changed
Two fiscal 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.
MADI
Largest movements
- Tangible fixed assets +€342,283
up €342,283 (+30.8%), from €1.1m to €1.5m
- Receivables within one year -€190,274
down €190,274 (-100.0%), from €190,274 to €0
- Other debts +€163,772
up €163,772 (+86.2%), from €189,907 to €353,679
- Debts after one year -€44,356
down €44,356 (-15.5%), from €286,441 to €242,084
- Reserves +€43,710
up €43,710 (+7.5%), from €579,311 to €623,022
of which Distributable reserves: +€59,500
- Current portion of long-term debt -€16,227
down €16,227 (-26.8%), from €60,583 to €44,356
- Gross operating margin +€87,370
up €87,370 (+494.9%), from €17,653 to €105,023
- Financial charges -€61,274
down €61,274 (-76.7%), from €79,915 to €18,641
of which Non-recurring financial charges: -€66,061
- Depreciation +€14,593
up €14,593 (+58.6%), from €24,919 to €39,512
- Taxes +€5,949
up €5,949 (+7821.9%), from €76 to €6,025
- Other operating charges +€2,347
up €2,347 (+55.9%), from €4,200 to €6,547
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.
Cash bridge derived
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 | €1,318,078 | €1,465,335 | +€147,256 | +11.2% |
| Fixed assets | 21/28 | €1,110,391 | €1,452,674 | +€342,283 | +30.8% |
| Tangible fixed assets | 22/27 | €1,110,331 | €1,452,614 | +€342,283 | +30.8% |
| Land and buildings | 22 | €1,110,331 | €1,452,614 | +€342,283 | +30.8% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €207,687 | €12,661 | -€195,026 | -93.9% |
| Amounts receivable within one year | 40/41 | €190,274 | €0 | -€190,274 | -100.0% |
| Other amounts receivable | 41 | €190,274 | €0 | -€190,274 | -100.0% |
| Cash at bank and in hand | 54/58 | €7,455 | €4,711 | -€2,744 | -36.8% |
| Deferred charges and accrued income | 490/1 | €9,958 | €7,949 | -€2,009 | -20.2% |
| Total equity and liabilities | 10/49 | €1,318,078 | €1,465,335 | +€147,256 | +11.2% |
| Equity | 10/15 | €616,464 | €660,443 | +€43,979 | +7.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €579,311 | €623,022 | +€43,710 | +7.5% |
| Tax-exempt reserves | 132 | €281,753 | €265,963 | -€15,790 | -5.6% |
| Distributable reserves | 133 | €297,558 | €357,058 | +€59,500 | +20.0% |
| Profit (loss) carried forward | 14 | €18,561 | €18,830 | +€269 | +1.4% |
| Provisions and deferred taxes | 16 | €93,918 | €88,654 | -€5,263 | -5.6% |
| Deferred taxes | 168 | €93,918 | €88,654 | -€5,263 | -5.6% |
| Amounts payable | 17/49 | €607,697 | €716,237 | +€108,541 | +17.9% |
| Amounts payable after more than one year | 17 | €286,441 | €242,084 | -€44,356 | -15.5% |
| Financial debts | 170/4 | €286,441 | €242,084 | -€44,356 | -15.5% |
| Amounts payable within one year | 42/48 | €321,256 | €474,153 | +€152,897 | +47.6% |
| Current portion of amounts payable after more than one year | 42 | €60,583 | €44,356 | -€16,227 | -26.8% |
| Trade debts | 44 | €30,094 | €27,827 | -€2,267 | -7.5% |
| Suppliers | 440/4 | €30,094 | €27,827 | -€2,267 | -7.5% |
| Taxes, remuneration and social security | 45 | €40,672 | €48,291 | +€7,619 | +18.7% |
| Taxes | 450/3 | €38,601 | €48,291 | +€9,690 | +25.1% |
| Remuneration and social security | 454/9 | €2,071 | €0 | -€2,071 | -100.0% |
| Other amounts payable | 47/48 | €189,907 | €353,679 | +€163,772 | +86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,919 | €39,512 | +€14,593 | +58.6% |
| Other operating charges | 640/8 | €4,200 | €6,547 | +€2,347 | +55.9% |
| Gross operating margin | 9900 | €17,653 | €105,023 | +€87,370 | +494.9% |
| Operating profit (loss) | 9901 | -€11,466 | €58,965 | +€70,430 | |
| Financial income | 75/76B | €6,834 | €6,084 | -€750 | -11.0% |
| Recurring financial income | 75 | €6,834 | €6,084 | -€750 | -11.0% |
| Financial charges | 65/66B | €79,915 | €18,641 | -€61,274 | -76.7% |
| Recurring financial charges | 65 | €13,854 | €18,641 | +€4,787 | +34.5% |
| Non-recurring financial charges | 66B | €66,061 | - | -€66,061 | |
| Profit (loss) for the period before taxes | 9903 | -€84,547 | €46,407 | +€130,954 | |
| Transfer from deferred taxes | 780 | €2,395 | €5,263 | +€2,868 | +119.8% |
| Income taxes | 67/77 | €76 | €6,025 | +€5,949 | +7821.9% |
| Profit (loss) for the period | 9904 | -€82,228 | €45,645 | +€127,873 | |
| Transfer from tax-exempt reserves | 789 | €7,184 | €15,790 | +€8,605 | +119.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,044 | €61,435 | +€136,479 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.