MADIGRO: what changed
MADIGRO
Largest movements
- Cash -€45,056
down €45,056 (-21.7%), from €207,653 to €162,596
mainly Debts after one year (-€57,821) and Current portion of long-term debt (-€24,385)
- Tangible fixed assets -€44,343
down €44,343 (-21.0%), from €211,178 to €166,835
- Receivables within one year +€13,667
up €13,667 (+13.0%), from €104,880 to €118,548
of which Other amounts receivable: +€30,454
- Receivables after one year -€7,825
down €7,825 (-14.0%), from €55,800 to €47,975
- Debts after one year -€57,821
down €57,821 (-42.2%), from €137,105 to €79,284
- Current portion of long-term debt -€24,385
down €24,385 (-64.8%), from €37,635 to €13,250
- Reserves +€11,421
up €11,421 (+2.8%), from €404,511 to €415,932
- Tax, wage and social debts -€11,342
down €11,342 (-90.5%), from €12,536 to €1,194
of which Taxes: -€9,647
- Staff costs -€11,985
down €11,985 (-28.1%), from €42,688 to €30,702
- Taxes +€2,993
up €2,993 (+750%), from €399 to €3,392
- Financial charges -€1,534
down €1,534 (-26.9%), from €5,699 to €4,166
- Gross operating margin +€1,353
up €1,353 (+1.5%), from €88,275 to €89,628
- Depreciation -€1,053
down €1,053 (-2.3%), from €45,396 to €44,343
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €609,009 | €525,165 | -€83,844 | -13.8% |
| Fixed assets | 21/28 | €211,263 | €166,920 | -€44,343 | -21.0% |
| Tangible fixed assets | 22/27 | €211,178 | €166,835 | -€44,343 | -21.0% |
| Land and buildings | 22 | €107,206 | €100,671 | -€6,535 | -6.1% |
| Plant, machinery and equipment | 23 | €57,507 | €35,973 | -€21,534 | -37.4% |
| Furniture and vehicles | 24 | €44,920 | €28,939 | -€15,981 | -35.6% |
| Other tangible fixed assets | 26 | €1,545 | €1,252 | -€293 | -19.0% |
| Financial fixed assets | 28 | €85 | €85 | = | 0.0% |
| Current assets | 29/58 | €397,746 | €358,245 | -€39,501 | -9.9% |
| Amounts receivable after more than one year | 29 | €55,800 | €47,975 | -€7,825 | -14.0% |
| Other amounts receivable | 291 | €55,800 | €47,975 | -€7,825 | -14.0% |
| Amounts receivable within one year | 40/41 | €104,880 | €118,548 | +€13,667 | +13.0% |
| Trade receivables | 40 | €50,541 | €33,755 | -€16,786 | -33.2% |
| Other amounts receivable | 41 | €54,339 | €84,793 | +€30,454 | +56.0% |
| Current investments | 50/53 | €25,000 | €25,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €207,653 | €162,596 | -€45,056 | -21.7% |
| Deferred charges and accrued income | 490/1 | €4,413 | €4,126 | -€287 | -6.5% |
| Total equity and liabilities | 10/49 | €609,009 | €525,165 | -€83,844 | -13.8% |
| Equity | 10/15 | €410,711 | €422,132 | +€11,421 | +2.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €404,511 | €415,932 | +€11,421 | +2.8% |
| Distributable reserves | 133 | €404,511 | €415,932 | +€11,421 | +2.8% |
| Amounts payable | 17/49 | €198,298 | €103,033 | -€95,265 | -48.0% |
| Amounts payable after more than one year | 17 | €137,105 | €79,284 | -€57,821 | -42.2% |
| Financial debts | 170/4 | €137,105 | €79,284 | -€57,821 | -42.2% |
| Amounts payable within one year | 42/48 | €61,091 | €23,748 | -€37,343 | -61.1% |
| Current portion of amounts payable after more than one year | 42 | €37,635 | €13,250 | -€24,385 | -64.8% |
| Trade debts | 44 | €10,920 | €9,304 | -€1,616 | -14.8% |
| Suppliers | 440/4 | €10,920 | €9,304 | -€1,616 | -14.8% |
| Taxes, remuneration and social security | 45 | €12,536 | €1,194 | -€11,342 | -90.5% |
| Taxes | 450/3 | €10,583 | €935 | -€9,647 | -91.2% |
| Remuneration and social security | 454/9 | €1,954 | €259 | -€1,695 | -86.7% |
| Accrued charges and deferred income | 492/3 | €102 | - | -€102 | |
| Remuneration, social security and pensions | 62 | €42,688 | €30,702 | -€11,985 | -28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,396 | €44,343 | -€1,053 | -2.3% |
| Other operating charges | 640/8 | €1,660 | €1,453 | -€207 | -12.5% |
| Gross operating margin | 9900 | €88,275 | €89,628 | +€1,353 | +1.5% |
| Operating profit (loss) | 9901 | -€1,469 | €13,130 | +€14,599 | |
| Financial income | 75/76B | €5,402 | €5,850 | +€447 | +8.3% |
| Recurring financial income | 75 | €5,402 | €5,850 | +€447 | +8.3% |
| Financial charges | 65/66B | €5,699 | €4,166 | -€1,534 | -26.9% |
| Recurring financial charges | 65 | €5,699 | €4,166 | -€1,534 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,767 | €14,813 | +€16,580 | |
| Income taxes | 67/77 | €399 | €3,392 | +€2,993 | +750% |
| Profit (loss) for the period | 9904 | -€2,166 | €11,421 | +€13,587 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,166 | €11,421 | +€13,587 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.