MADILUX: 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.
MADILUX
Largest movements
- Stocks and contracts -€64,929
down €64,929 (-64.3%), from €100,909 to €35,980
of which Contracts in progress: -€43,845
- Cash +€56,396
up €56,396 (+1,154%), from €4,888 to €61,284
mainly Stocks and contracts (+€64,929) and Depreciation (+€21,904)
- Tangible fixed assets -€21,904
down €21,904 (-15.1%), from €144,660 to €122,756
- Receivables within one year -€6,468
down €6,468 (-10.4%), from €62,062 to €55,594
of which Trade receivables: -€5,279
- Deferred charges and accrued income +€3,517
new in 2025: €3,517
- Trade debts -€26,598
down €26,598 (-93.9%), from €28,314 to €1,716
- Debts after one year -€9,755
down €9,755 (-10.5%), from €92,821 to €83,066
- Tax, wage and social debts +€7,397
up €7,397 (+173%), from €4,278 to €11,675
- Current portion of long-term debt -€4,971
down €4,971 (-33.8%), from €14,726 to €9,755
- Gross operating margin +€12,324
up €12,324 (+41.4%), from €29,785 to €42,109
- Depreciation -€1,422
down €1,422 (-6.1%), from €23,326 to €21,904
- Financial charges -€969
down €969 (-23.8%), from €4,068 to €3,099
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 | €312,730 | €279,342 | -€33,388 | -10.7% |
| Fixed assets | 21/28 | €144,871 | €122,967 | -€21,904 | -15.1% |
| Tangible fixed assets | 22/27 | €144,660 | €122,756 | -€21,904 | -15.1% |
| Land and buildings | 22 | €110,624 | €104,409 | -€6,215 | -5.6% |
| Plant, machinery and equipment | 23 | €15,929 | €9,024 | -€6,905 | -43.3% |
| Furniture and vehicles | 24 | €18,107 | €9,322 | -€8,785 | -48.5% |
| Financial fixed assets | 28 | €211 | €211 | = | 0.0% |
| Current assets | 29/58 | €167,859 | €156,375 | -€11,484 | -6.8% |
| Stocks and contracts in progress | 3 | €100,909 | €35,980 | -€64,929 | -64.3% |
| Stocks | 30/36 | €48,173 | €27,089 | -€21,084 | -43.8% |
| Contracts in progress | 37 | €52,736 | €8,891 | -€43,845 | -83.1% |
| Amounts receivable within one year | 40/41 | €62,062 | €55,594 | -€6,468 | -10.4% |
| Trade receivables | 40 | €60,453 | €55,174 | -€5,279 | -8.7% |
| Other amounts receivable | 41 | €1,609 | €420 | -€1,189 | -73.9% |
| Cash at bank and in hand | 54/58 | €4,888 | €61,284 | +€56,396 | +1,154% |
| Deferred charges and accrued income | 490/1 | - | €3,517 | +€3,517 | |
| Total equity and liabilities | 10/49 | €312,730 | €279,342 | -€33,388 | -10.7% |
| Equity | 10/15 | €92,990 | €95,958 | +€2,968 | +3.2% |
| Contributions | 10/11 | €6,197 | €6,197 | +€0 | 0.0% |
| Contributions outside capital | 11 | €6,197 | - | -€6,197 | |
| Other | 1109/19 | €6,197 | - | -€6,197 | |
| Reserves | 13 | €82,310 | €82,310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,850 | €35,850 | = | 0.0% |
| Distributable reserves | 133 | €44,600 | €44,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,483 | €7,451 | +€2,968 | +66.2% |
| Amounts payable | 17/49 | €219,740 | €183,384 | -€36,356 | -16.5% |
| Amounts payable after more than one year | 17 | €92,821 | €83,066 | -€9,755 | -10.5% |
| Financial debts | 170/4 | €92,821 | €83,066 | -€9,755 | -10.5% |
| Amounts payable within one year | 42/48 | €126,919 | €100,318 | -€26,601 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €14,726 | €9,755 | -€4,971 | -33.8% |
| Financial debts | 43 | €2,430 | €0 | -€2,430 | -100% |
| Credit institutions | 430/8 | €2,430 | €0 | -€2,430 | -100% |
| Trade debts | 44 | €28,314 | €1,716 | -€26,598 | -93.9% |
| Suppliers | 440/4 | €28,314 | €1,716 | -€26,598 | -93.9% |
| Taxes, remuneration and social security | 45 | €4,278 | €11,675 | +€7,397 | +173% |
| Taxes | 450/3 | €4,278 | €11,675 | +€7,397 | +173% |
| Other amounts payable | 47/48 | €77,171 | €77,172 | +€1 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,326 | €21,904 | -€1,422 | -6.1% |
| Other operating charges | 640/8 | €753 | €952 | +€199 | +26.4% |
| Non-recurring operating charges | 66A | - | €12,777 | +€12,777 | |
| Gross operating margin | 9900 | €29,785 | €42,109 | +€12,324 | +41.4% |
| Operating profit (loss) | 9901 | €5,706 | €6,476 | +€770 | +13.5% |
| Financial income | 75/76B | €30 | €0 | -€30 | -100% |
| Recurring financial income | 75 | €30 | €0 | -€30 | -100% |
| Financial charges | 65/66B | €4,068 | €3,099 | -€969 | -23.8% |
| Recurring financial charges | 65 | €4,068 | €3,099 | -€969 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €1,668 | €3,377 | +€1,709 | +102% |
| Income taxes | 67/77 | €378 | €787 | +€409 | +108% |
| Profit (loss) for the period | 9904 | €1,290 | €2,590 | +€1,300 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €1,290 | €2,590 | +€1,300 | +101% |
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 19 October 2026 via checked.be.