MADICEB: 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.
MADICEB
Largest movements
- Receivables within one year -€19,546
down €19,546 (-75.6%), from €25,848 to €6,303
of which Trade receivables: -€15,384
- Tangible fixed assets -€18,389
down €18,389 (-3.8%), from €484,364 to €465,975
of which Land and buildings: -€16,333
- Short-term financial debts -€26,158
down €26,158 (-77.8%), from €33,610 to €7,452
- Trade debts -€20,146
down €20,146 (-93.6%), from €21,521 to €1,375
- Reserves +€18,790
up €18,790 (+34.8%), from €53,995 to €72,785
- Debts after one year -€13,917
down €13,917 (-34.0%), from €40,959 to €27,043
- Tax, wage and social debts +€7,513
up €7,513 (+72.1%), from €10,422 to €17,935
of which Remuneration and social security: +€9,027
- Write-downs +€4,638
up €4,638, from -€4,638 to €0
- Gross operating margin +€3,388
up €3,388 (+6.1%), from €55,609 to €58,997
- Financial charges -€2,167
down €2,167 (-25.1%), from €8,644 to €6,477
- Taxes +€1,696
up €1,696 (+29.6%), from €5,733 to €7,430
- Other operating charges -€1,625
down €1,625 (-19.6%), from €8,311 to €6,686
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 | €555,333 | €516,564 | -€38,769 | -7.0% |
| Fixed assets | 21/28 | €485,204 | €465,975 | -€19,229 | -4.0% |
| Tangible fixed assets | 22/27 | €484,364 | €465,975 | -€18,389 | -3.8% |
| Land and buildings | 22 | €479,254 | €462,921 | -€16,333 | -3.4% |
| Plant, machinery and equipment | 23 | €1,218 | €441 | -€778 | -63.8% |
| Furniture and vehicles | 24 | €2,742 | €2,074 | -€668 | -24.4% |
| Other tangible fixed assets | 26 | €1,150 | €540 | -€610 | -53.0% |
| Financial fixed assets | 28 | €840 | €0 | -€840 | -100% |
| Current assets | 29/58 | €70,129 | €50,589 | -€19,540 | -27.9% |
| Stocks and contracts in progress | 3 | €42,778 | €39,285 | -€3,493 | -8.2% |
| Stocks | 30/36 | €42,778 | €39,285 | -€3,493 | -8.2% |
| Amounts receivable within one year | 40/41 | €25,848 | €6,303 | -€19,546 | -75.6% |
| Trade receivables | 40 | €19,166 | €3,782 | -€15,384 | -80.3% |
| Other amounts receivable | 41 | €6,683 | €2,521 | -€4,162 | -62.3% |
| Cash at bank and in hand | 54/58 | €1,503 | €763 | -€740 | -49.2% |
| Deferred charges and accrued income | 490/1 | €0 | €4,239 | +€4,239 | |
| Total equity and liabilities | 10/49 | €555,333 | €516,564 | -€38,769 | -7.0% |
| Equity | 10/15 | €332,685 | €351,476 | +€18,790 | +5.6% |
| Contributions | 10/11 | €123,000 | €123,000 | = | 0.0% |
| Revaluation surpluses | 12 | €155,691 | €155,691 | = | 0.0% |
| Reserves | 13 | €53,995 | €72,785 | +€18,790 | +34.8% |
| Distributable reserves | 133 | €53,995 | €72,785 | +€18,790 | +34.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €222,648 | €165,089 | -€57,559 | -25.9% |
| Amounts payable after more than one year | 17 | €40,959 | €27,043 | -€13,917 | -34.0% |
| Financial debts | 170/4 | €40,959 | €27,043 | -€13,917 | -34.0% |
| Amounts payable within one year | 42/48 | €181,688 | €138,046 | -€43,642 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €13,282 | €13,917 | +€635 | +4.8% |
| Financial debts | 43 | €33,610 | €7,452 | -€26,158 | -77.8% |
| Credit institutions | 430/8 | €33,610 | €7,452 | -€26,158 | -77.8% |
| Trade debts | 44 | €21,521 | €1,375 | -€20,146 | -93.6% |
| Suppliers | 440/4 | €21,521 | €1,375 | -€20,146 | -93.6% |
| Taxes, remuneration and social security | 45 | €10,422 | €17,935 | +€7,513 | +72.1% |
| Taxes | 450/3 | €6,879 | €5,364 | -€1,515 | -22.0% |
| Remuneration and social security | 454/9 | €3,543 | €12,571 | +€9,027 | +255% |
| Other amounts payable | 47/48 | €102,854 | €97,367 | -€5,487 | -5.3% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,198 | €19,617 | -€581 | -2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,638 | €0 | +€4,638 | |
| Other operating charges | 640/8 | €8,311 | €6,686 | -€1,625 | -19.6% |
| Gross operating margin | 9900 | €55,609 | €58,997 | +€3,388 | +6.1% |
| Operating profit (loss) | 9901 | €31,738 | €32,695 | +€957 | +3.0% |
| Financial income | 75/76B | €216 | €2 | -€214 | -99.1% |
| Recurring financial income | 75 | €216 | €2 | -€214 | -99.1% |
| Financial charges | 65/66B | €8,644 | €6,477 | -€2,167 | -25.1% |
| Recurring financial charges | 65 | €8,644 | €6,477 | -€2,167 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €23,310 | €26,220 | +€2,910 | +12.5% |
| Income taxes | 67/77 | €5,733 | €7,430 | +€1,696 | +29.6% |
| Profit (loss) for the period | 9904 | €17,577 | €18,790 | +€1,214 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,577 | €18,790 | +€1,214 | +6.9% |
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 15 October 2026 via checked.be.