MADIBO: 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.
MADIBO
Largest movements
- Tangible fixed assets -€225,148
down €225,148 (-14.9%), from €1.5m to €1.3m
of which Land and buildings: -€231,563
- Cash +€131,965
up €131,965 (+16,682%), from €791 to €132,756
mainly Net result for the year (+€450,049) and Depreciation (+€182,208)
- Stocks and contracts -€63,762
down €63,762 (-2.0%), from €3.1m to €3.1m
- Debts after one year -€722,103
down €722,103 (-34.3%), from €2.1m to €1.4m
of which Financial debts: -€711,928
- Profit (loss) carried forward +€373,388
no longer reported in 2025 (was -€373,388)
- Tax, wage and social debts +€118,159
up €118,159 (+133,077%), from €89 to €118,248
- Trade debts -€113,394
down €113,394 (-19.2%), from €591,707 to €478,313
- Other debts +€90,206
up €90,206 (+3.8%), from €2.4m to €2.4m
- Gross operating margin +€961,376
up €961,376, from -€40,757 to €920,620
- Other operating charges +€60,290
up €60,290 (+681%), from €8,852 to €69,142
- Taxes +€25,749
new in 2025: €25,749
- Financial charges +€11,581
up €11,581 (+7.7%), from €150,123 to €161,705
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 | €5,196,749 | €5,011,596 | -€185,153 | -3.6% |
| Fixed assets | 21/28 | €1,529,329 | €1,304,181 | -€225,148 | -14.7% |
| Tangible fixed assets | 22/27 | €1,515,629 | €1,290,481 | -€225,148 | -14.9% |
| Land and buildings | 22 | €1,434,905 | €1,203,343 | -€231,563 | -16.1% |
| Plant, machinery and equipment | 23 | €43,866 | €72,274 | +€28,408 | +64.8% |
| Furniture and vehicles | 24 | €11,893 | €8,646 | -€3,247 | -27.3% |
| Other tangible fixed assets | 26 | €24,965 | €6,219 | -€18,746 | -75.1% |
| Financial fixed assets | 28 | €13,700 | €13,700 | = | 0.0% |
| Current assets | 29/58 | €3,667,420 | €3,707,415 | +€39,995 | +1.1% |
| Stocks and contracts in progress | 3 | €3,144,802 | €3,081,040 | -€63,762 | -2.0% |
| Stocks | 30/36 | €3,144,802 | €3,081,040 | -€63,762 | -2.0% |
| Amounts receivable within one year | 40/41 | €495,530 | €484,087 | -€11,443 | -2.3% |
| Trade receivables | 40 | €495,133 | €484,087 | -€11,046 | -2.2% |
| Other amounts receivable | 41 | €397 | - | -€397 | |
| Current investments | 50/53 | €11,297 | - | -€11,297 | |
| Cash at bank and in hand | 54/58 | €791 | €132,756 | +€131,965 | +16,682% |
| Deferred charges and accrued income | 490/1 | €14,999 | €9,531 | -€5,468 | -36.5% |
| Total equity and liabilities | 10/49 | €5,196,749 | €5,011,596 | -€185,153 | -3.6% |
| Equity | 10/15 | €55,212 | €505,261 | +€450,049 | +815% |
| Contributions | 10/11 | €128,600 | €128,600 | = | 0.0% |
| Reserves | 13 | €300,000 | €376,661 | +€76,661 | +25.6% |
| Distributable reserves | 133 | €300,000 | €376,661 | +€76,661 | +25.6% |
| Profit (loss) carried forward | 14 | -€373,388 | - | +€373,388 | |
| Amounts payable | 17/49 | €5,141,537 | €4,506,335 | -€635,202 | -12.4% |
| Amounts payable after more than one year | 17 | €2,103,292 | €1,381,190 | -€722,103 | -34.3% |
| Financial debts | 170/4 | €2,093,117 | €1,381,190 | -€711,928 | -34.0% |
| Other amounts payable | 178/9 | €10,175 | - | -€10,175 | |
| Amounts payable within one year | 42/48 | €3,034,948 | €3,124,085 | +€89,137 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €84,667 | €78,833 | -€5,833 | -6.9% |
| Trade debts | 44 | €591,707 | €478,313 | -€113,394 | -19.2% |
| Suppliers | 440/4 | €591,707 | €478,313 | -€113,394 | -19.2% |
| Taxes, remuneration and social security | 45 | €89 | €118,248 | +€118,159 | +133,077% |
| Taxes | 450/3 | €89 | €118,248 | +€118,159 | +133,077% |
| Other amounts payable | 47/48 | €2,358,485 | €2,448,691 | +€90,206 | +3.8% |
| Accrued charges and deferred income | 492/3 | €3,297 | €1,061 | -€2,236 | -67.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,633 | €182,208 | +€1,574 | +0.9% |
| Other operating charges | 640/8 | €8,852 | €69,142 | +€60,290 | +681% |
| Non-recurring operating charges | 66A | €1,308 | €38,863 | +€37,556 | +2,872% |
| Gross operating margin | 9900 | -€40,757 | €920,620 | +€961,376 | |
| Operating profit (loss) | 9901 | -€231,550 | €630,406 | +€861,956 | |
| Financial income | 75/76B | - | €7,096 | +€7,096 | |
| Recurring financial income | 75 | - | €7,096 | +€7,096 | |
| Financial charges | 65/66B | €150,123 | €161,705 | +€11,581 | +7.7% |
| Recurring financial charges | 65 | €150,123 | €161,705 | +€11,581 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | -€381,673 | €475,798 | +€857,471 | |
| Income taxes | 67/77 | - | €25,749 | +€25,749 | |
| Profit (loss) for the period | 9904 | -€381,673 | €450,049 | +€831,722 | |
| Profit (loss) for the period to be appropriated | 9905 | -€381,673 | €450,049 | +€831,722 |
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 27 October 2026 via checked.be.