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
- Cash +€310,728
up €310,728 (+596.2%), from €52,117 to €362,845
mainly Net result for the year (+€271,690) and Tax, wage and social debts (+€86,072)
- Tangible fixed assets +€68,022
up €68,022 (+284.6%), from €23,899 to €91,921
of which Plant, machinery and equipment: +€60,016
- Receivables within one year +€13,434
up €13,434 (+577.1%), from €2,328 to €15,762
of which Trade receivables: +€13,522
- Stocks and contracts -€6,771
down €6,771 (-71.3%), from €9,500 to €2,728
- Reserves +€223,589
new in 2025: €223,589
- Tax, wage and social debts +€86,072
up €86,072 (+330.6%), from €26,035 to €112,108
of which Taxes: +€85,295
- Other debts +€49,261
new in 2025: €49,261
- Debts after one year -€34,523
no longer reported in 2025 (was €34,523)
- Trade debts +€32,608
up €32,608 (+275.8%), from €11,821 to €44,429
- Gross operating margin +€261,677
up €261,677 (+82.6%), from €316,721 to €578,397
- Taxes +€63,002
up €63,002 (+11269.8%), from €559 to €63,561
- Staff costs -€27,649
down €27,649 (-10.9%), from €254,340 to €226,691
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 | €87,843 | €475,839 | +€387,996 | +441.7% |
| Fixed assets | 21/28 | €23,899 | €91,921 | +€68,022 | +284.6% |
| Tangible fixed assets | 22/27 | €23,899 | €91,921 | +€68,022 | +284.6% |
| Land and buildings | 22 | €4,249 | €3,050 | -€1,200 | -28.2% |
| Plant, machinery and equipment | 23 | €9,239 | €69,254 | +€60,016 | +649.6% |
| Furniture and vehicles | 24 | €10,411 | €19,616 | +€9,205 | +88.4% |
| Current assets | 29/58 | €63,944 | €383,919 | +€319,975 | +500.4% |
| Stocks and contracts in progress | 3 | €9,500 | €2,728 | -€6,771 | -71.3% |
| Stocks | 30/36 | €9,500 | €2,728 | -€6,771 | -71.3% |
| Amounts receivable within one year | 40/41 | €2,328 | €15,762 | +€13,434 | +577.1% |
| Trade receivables | 40 | €1,173 | €14,695 | +€13,522 | +1152.6% |
| Other amounts receivable | 41 | €1,155 | €1,067 | -€88 | -7.6% |
| Cash at bank and in hand | 54/58 | €52,117 | €362,845 | +€310,728 | +596.2% |
| Deferred charges and accrued income | 490/1 | - | €2,583 | +€2,583 | |
| Total equity and liabilities | 10/49 | €87,843 | €475,839 | +€387,996 | +441.7% |
| Equity | 10/15 | €14,899 | €263,589 | +€248,690 | +1669.1% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | - | €223,589 | +€223,589 | |
| Distributable reserves | 133 | - | €223,589 | +€223,589 | |
| Profit (loss) carried forward | 14 | -€25,101 | - | +€25,101 | |
| Amounts payable | 17/49 | €72,944 | €212,250 | +€139,306 | +191.0% |
| Amounts payable after more than one year | 17 | €34,523 | - | -€34,523 | |
| Other amounts payable | 178/9 | €34,523 | - | -€34,523 | |
| Amounts payable within one year | 42/48 | €38,421 | €205,798 | +€167,377 | +435.6% |
| Trade debts | 44 | €11,821 | €44,429 | +€32,608 | +275.8% |
| Suppliers | 440/4 | €11,821 | €44,429 | +€32,608 | +275.8% |
| Advances received on contracts in progress | 46 | €564 | - | -€564 | |
| Taxes, remuneration and social security | 45 | €26,035 | €112,108 | +€86,072 | +330.6% |
| Taxes | 450/3 | €7,887 | €93,183 | +€85,295 | +1081.4% |
| Remuneration and social security | 454/9 | €18,148 | €18,925 | +€777 | +4.3% |
| Other amounts payable | 47/48 | - | €49,261 | +€49,261 | |
| Accrued charges and deferred income | 492/3 | - | €6,452 | +€6,452 | |
| Remuneration, social security and pensions | 62 | €254,340 | €226,691 | -€27,649 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,975 | €10,464 | +€4,489 | +75.1% |
| Other operating charges | 640/8 | €688 | €1,738 | +€1,050 | +152.6% |
| Gross operating margin | 9900 | €316,721 | €578,397 | +€261,677 | +82.6% |
| Operating profit (loss) | 9901 | €55,717 | €339,504 | +€283,787 | +509.3% |
| Financial income | 75/76B | €517 | - | -€517 | |
| Recurring financial income | 75 | €517 | - | -€517 | |
| Financial charges | 65/66B | €5,855 | €4,253 | -€1,601 | -27.3% |
| Recurring financial charges | 65 | €5,855 | €977 | -€4,878 | -83.3% |
| Non-recurring financial charges | 66B | - | €3,277 | +€3,277 | |
| Profit (loss) for the period before taxes | 9903 | €50,380 | €335,251 | +€284,871 | +565.4% |
| Income taxes | 67/77 | €559 | €63,561 | +€63,002 | +11269.8% |
| Profit (loss) for the period | 9904 | €49,821 | €271,690 | +€221,869 | +445.3% |
| Profit (loss) for the period to be appropriated | 9905 | €49,821 | €271,690 | +€221,869 | +445.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.