MADIC BENELUX: 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.
MADIC BENELUX
Largest movements
- Receivables within one year -€102,770
down €102,770 (-7.8%), from €1.3m to €1.2m
of which Trade receivables: -€104,581
- Deferred charges and accrued income +€82,957
up €82,957 (+353%), from €23,472 to €106,429
- Cash -€65,566
down €65,566 (-86.5%), from €75,832 to €10,266
mainly Net result for the year (-€1.4m) and Other debts (-€1.3m)
- Tangible fixed assets +€50,704
up €50,704 (+325%), from €15,595 to €66,299
of which Other tangible fixed assets: +€53,566
- Stocks and contracts +€36,918
up €36,918 (+4.8%), from €761,623 to €798,541
- Profit (loss) carried forward +€3.1m
up €3.1m (+68.9%), from -€4.6m to -€1.4m
- Contributions -€1.6m
down €1.6m (-51.9%), from €3.0m to €1.4m
- Other debts -€1.3m
down €1.3m (-58.6%), from €2.2m to €902,228
- Trade debts -€155,146
down €155,146 (-28.4%), from €545,992 to €390,846
- Accrued charges and deferred income -€144,429
down €144,429 (-20.6%), from €701,758 to €557,329
- Gross operating margin -€388,232
down €388,232 (-48.6%), from €798,056 to €409,824
- Staff costs -€222,469
down €222,469 (-11.3%), from €2.0m to €1.8m
- Financial income -€20,282
down €20,282 (-96.3%), from €21,056 to €774
of which Financial income: -€19,153
- Financial charges +€11,454
up €11,454 (+146%), from €7,837 to €19,291
- Taxes -€9,654
down €9,654 (-72.4%), from €13,332 to €3,678
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 | €2,216,463 | €2,212,706 | -€3,757 | -0.2% |
| Fixed assets | 21/28 | €30,145 | €74,848 | +€44,703 | +148% |
| Tangible fixed assets | 22/27 | €15,595 | €66,299 | +€50,704 | +325% |
| Plant, machinery and equipment | 23 | €1,378 | €4,618 | +€3,240 | +235% |
| Furniture and vehicles | 24 | €13,236 | €7,133 | -€6,103 | -46.1% |
| Other tangible fixed assets | 26 | €981 | €54,547 | +€53,566 | +5,460% |
| Financial fixed assets | 28 | €14,550 | €8,550 | -€6,001 | -41.2% |
| Current assets | 29/58 | €2,186,318 | €2,137,858 | -€48,460 | -2.2% |
| Stocks and contracts in progress | 3 | €761,623 | €798,541 | +€36,918 | +4.8% |
| Stocks | 30/36 | €761,623 | €798,541 | +€36,918 | +4.8% |
| Amounts receivable within one year | 40/41 | €1,325,391 | €1,222,621 | -€102,770 | -7.8% |
| Trade receivables | 40 | €1,305,448 | €1,200,867 | -€104,581 | -8.0% |
| Other amounts receivable | 41 | €19,943 | €21,754 | +€1,811 | +9.1% |
| Cash at bank and in hand | 54/58 | €75,832 | €10,266 | -€65,566 | -86.5% |
| Deferred charges and accrued income | 490/1 | €23,472 | €106,429 | +€82,957 | +353% |
| Total equity and liabilities | 10/49 | €2,216,463 | €2,212,706 | -€3,757 | -0.2% |
| Equity | 10/15 | -€1,557,662 | €22,812 | +€1.6m | |
| Contributions | 10/11 | €3,000,000 | €1,442,338 | -€1.6m | -51.9% |
| Profit (loss) carried forward | 14 | -€4,557,662 | -€1,419,526 | +€3.1m | +68.9% |
| Amounts payable | 17/49 | €3,774,125 | €2,189,894 | -€1.6m | -42.0% |
| Amounts payable within one year | 42/48 | €3,072,367 | €1,632,565 | -€1.4m | -46.9% |
| Trade debts | 44 | €545,992 | €390,846 | -€155,146 | -28.4% |
| Suppliers | 440/4 | €545,992 | €390,846 | -€155,146 | -28.4% |
| Advances received on contracts in progress | 46 | €40,433 | €71,779 | +€31,346 | +77.5% |
| Taxes, remuneration and social security | 45 | €308,704 | €267,712 | -€40,992 | -13.3% |
| Taxes | 450/3 | €113,456 | €104,069 | -€9,387 | -8.3% |
| Remuneration and social security | 454/9 | €195,248 | €163,643 | -€31,605 | -16.2% |
| Other amounts payable | 47/48 | €2,177,238 | €902,228 | -€1.3m | -58.6% |
| Accrued charges and deferred income | 492/3 | €701,758 | €557,329 | -€144,429 | -20.6% |
| Remuneration, social security and pensions | 62 | €1,976,408 | €1,753,939 | -€222,469 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,035 | €17,985 | +€1,950 | +12.2% |
| Other operating charges | 640/8 | €43,485 | €35,232 | -€8,253 | -19.0% |
| Gross operating margin | 9900 | €798,056 | €409,824 | -€388,232 | -48.6% |
| Operating profit (loss) | 9901 | -€1,237,872 | -€1,397,332 | -€159,460 | -12.9% |
| Financial income | 75/76B | €21,056 | €774 | -€20,282 | -96.3% |
| Recurring financial income | 75 | €19,927 | €774 | -€19,153 | -96.1% |
| Non-recurring financial income | 76B | €1,129 | - | -€1,129 | |
| Financial charges | 65/66B | €7,837 | €19,291 | +€11,454 | +146% |
| Recurring financial charges | 65 | €7,837 | €19,291 | +€11,454 | +146% |
| Profit (loss) for the period before taxes | 9903 | -€1,224,653 | -€1,415,848 | -€191,195 | -15.6% |
| Income taxes | 67/77 | €13,332 | €3,678 | -€9,654 | -72.4% |
| Profit (loss) for the period | 9904 | -€1,237,985 | -€1,419,526 | -€181,541 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,237,985 | -€1,419,526 | -€181,541 | -14.7% |
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 30 October 2026 via checked.be.