MADICO: 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.
What changed
MADICO
NACE 82.990, Other business support services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €213,872+€1.4m
Equity
€7.6m
2024 · €6.0m+€1.6m
Cash
€30,119
2024 · €141,256-€111,137
Balance sheet total
€8.2m
2024 · €6.7m+€1.5m
Largest movements
Assets
- Current investments +€2.6m
up €2.6m (+103.9%), from €2.5m to €5.1m
- Tangible fixed assets -€932,375
down €932,375 (-24.6%), from €3.8m to €2.9m
of which Land and buildings: -€911,090
- Cash -€111,137
down €111,137 (-78.7%), from €141,256 to €30,119
mainly Current investments (-€2.6m) and Current portion of long-term debt (-€35,907)
Equity and liabilities
- Reserves +€1.6m
up €1.6m (+31.6%), from €5.0m to €6.6m
of which Distributable reserves: +€1.6m
Income statement
- Gross operating margin +€2.1m
up €2.1m (+587.0%), from €354,738 to €2.4m
- Taxes +€656,240
up €656,240 (+942.8%), from €69,607 to €725,846
- Financial income -€74,414
down €74,414 (-26.6%), from €279,958 to €205,544
- Financial charges +€35,710
up €35,710 (+487.5%), from €7,326 to €43,036
- Other operating charges -€33,235
down €33,235 (-31.9%), from €104,035 to €70,800
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.
Result 2024
€213,872
Gross operating margin
+€2.1m
Staff costs
-€137
Depreciation
+€11,422
Other operating charges
+€33,235
Financial income
-€74,414
Financial charges
-€35,710
Taxes
-€656,240
Deferred taxes and other
+€863
Result 2025
€1.6m
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.
From operations
+€1.8m
Investment
-€1.9m
Financing
-€49,612
Cash 2024
€141,256
From operations (derived)
+€1.8m
Net result for the year
+€1.6m
Depreciation
+€219,947
Receivables within one year
+€18,874
Smaller working-capital items
-€3,555
Provisions
-€13,925
Trade debts
-€15,676
Tax, wage and social debts
+€31,028
Investment (derived)
-€1.9m
Investment in fixed assets (net)
+€712,429
Current investments
-€2.6m
Financing
-€49,612
Debts after one year
-€13,705
Current portion of long-term debt
-€35,907
Cash 2025
€30,119
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,650,076 | €8,177,026 | +€1.5m | +23.0% |
| Fixed assets | 21/28 | €3,795,790 | €2,863,415 | -€932,375 | -24.6% |
| Tangible fixed assets | 22/27 | €3,795,289 | €2,862,914 | -€932,375 | -24.6% |
| Land and buildings | 22 | €3,765,621 | €2,854,532 | -€911,090 | -24.2% |
| Plant, machinery and equipment | 23 | €13,889 | €8,382 | -€5,507 | -39.6% |
| Furniture and vehicles | 24 | €15,778 | €0 | -€15,778 | -100.0% |
| Financial fixed assets | 28 | €501 | €501 | = | 0.0% |
| Current assets | 29/58 | €2,854,286 | €5,313,611 | +€2.5m | +86.2% |
| Amounts receivable within one year | 40/41 | €225,475 | €206,601 | -€18,874 | -8.4% |
| Trade receivables | 40 | €67,599 | €38,342 | -€29,257 | -43.3% |
| Other amounts receivable | 41 | €157,876 | €168,259 | +€10,383 | +6.6% |
| Current investments | 50/53 | €2,487,555 | €5,073,232 | +€2.6m | +103.9% |
| Cash at bank and in hand | 54/58 | €141,256 | €30,119 | -€111,137 | -78.7% |
| Deferred charges and accrued income | 490/1 | - | €3,659 | +€3,659 | |
| Total equity and liabilities | 10/49 | €6,650,076 | €8,177,026 | +€1.5m | +23.0% |
| Equity | 10/15 | €6,043,866 | €7,618,897 | +€1.6m | +26.1% |
| Contributions | 10/11 | €1,041,313 | €1,041,313 | = | 0.0% |
| Capital | 10 | €1,041,313 | €1,041,313 | = | 0.0% |
| Issued capital | 100 | €1,041,313 | €1,041,313 | = | 0.0% |
| Reserves | 13 | €4,991,830 | €6,566,861 | +€1.6m | +31.6% |
| Non-distributable reserves | 130/1 | €104,131 | €104,131 | = | 0.0% |
| Legal reserve | 130 | €104,131 | €104,131 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,456,496 | €1,414,720 | -€41,776 | -2.9% |
| Distributable reserves | 133 | €3,431,202 | €5,048,010 | +€1.6m | +47.1% |
| Profit (loss) carried forward | 14 | €10,723 | €10,723 | = | 0.0% |
| Provisions and deferred taxes | 16 | €485,499 | €471,573 | -€13,925 | -2.9% |
| Deferred taxes | 168 | €485,499 | €471,573 | -€13,925 | -2.9% |
| Amounts payable | 17/49 | €120,712 | €86,556 | -€34,156 | -28.3% |
| Amounts payable after more than one year | 17 | €14,944 | €1,239 | -€13,705 | -91.7% |
| Financial debts | 170/4 | €13,705 | €0 | -€13,705 | -100.0% |
| Other amounts payable | 178/9 | €1,239 | €1,239 | = | 0.0% |
| Amounts payable within one year | 42/48 | €101,194 | €80,639 | -€20,555 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €54,165 | €18,258 | -€35,907 | -66.3% |
| Trade debts | 44 | €40,344 | €24,668 | -€15,676 | -38.9% |
| Suppliers | 440/4 | €40,344 | €24,668 | -€15,676 | -38.9% |
| Taxes, remuneration and social security | 45 | €6,685 | €37,713 | +€31,028 | +464.1% |
| Taxes | 450/3 | €5,197 | €35,044 | +€29,847 | +574.3% |
| Remuneration and social security | 454/9 | €1,488 | €2,669 | +€1,181 | +79.4% |
| Accrued charges and deferred income | 492/3 | €4,573 | €4,677 | +€104 | +2.3% |
| Non-recurring operating income | 76A | - | €2,011,242 | +€2.0m | |
| Remuneration, social security and pensions | 62 | €21,551 | €21,688 | +€137 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €231,369 | €219,947 | -€11,422 | -4.9% |
| Other operating charges | 640/8 | €104,035 | €70,800 | -€33,235 | -31.9% |
| Gross operating margin | 9900 | €354,738 | €2,436,878 | +€2.1m | +587.0% |
| Operating profit (loss) | 9901 | -€2,216 | €2,124,444 | +€2.1m | |
| Financial income | 75/76B | €279,958 | €205,544 | -€74,414 | -26.6% |
| Recurring financial income | 75 | €279,958 | €205,544 | -€74,414 | -26.6% |
| Financial charges | 65/66B | €7,326 | €43,036 | +€35,710 | +487.5% |
| Recurring financial charges | 65 | €7,326 | €43,036 | +€35,710 | +487.5% |
| Profit (loss) for the period before taxes | 9903 | €270,416 | €2,286,952 | +€2.0m | +745.7% |
| Transfer from deferred taxes | 780 | €13,063 | €13,925 | +€863 | +6.6% |
| Income taxes | 67/77 | €69,607 | €725,846 | +€656,240 | +942.8% |
| Profit (loss) for the period | 9904 | €213,872 | €1,575,031 | +€1.4m | +636.4% |
| Transfer from tax-exempt reserves | 789 | €39,188 | €41,776 | +€2,588 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €253,060 | €1,616,807 | +€1.4m | +538.9% |
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 5 October 2026 via checked.be.