MADIM: 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.
MADIM
Largest movements
- Tangible fixed assets -€3,909
down €3,909 (-5.1%), from €76,952 to €73,043
- Receivables within one year +€3,635
up €3,635 (+12.1%), from €30,023 to €33,658
of which Trade receivables: +€4,230
- Cash +€1,441
up €1,441 (+41.8%), from €3,451 to €4,892
mainly Trade debts (+€11,602) and Depreciation (+€3,909)
- Trade debts +€11,602
up €11,602 (+2036.5%), from €570 to €12,172
- Profit (loss) carried forward -€6,726
down €6,726 (-52.0%), from -€12,938 to -€19,664
- Debts after one year -€4,901
down €4,901 (-17.7%), from €27,659 to €22,758
- Gross operating margin -€7,570
down €7,570, from €6,837 to -€734
- Financial charges -€120
down €120 (-14.6%), from €820 to €701
- Depreciation -€90
down €90 (-2.3%), from €3,999 to €3,909
- Other operating charges -€80
down €80 (-5.5%), from €1,462 to €1,382
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,427 | €111,594 | +€1,167 | +1.1% |
| Fixed assets | 21/28 | €76,952 | €73,043 | -€3,909 | -5.1% |
| Tangible fixed assets | 22/27 | €76,952 | €73,043 | -€3,909 | -5.1% |
| Land and buildings | 22 | €76,952 | €73,043 | -€3,909 | -5.1% |
| Current assets | 29/58 | €33,474 | €38,550 | +€5,076 | +15.2% |
| Amounts receivable within one year | 40/41 | €30,023 | €33,658 | +€3,635 | +12.1% |
| Trade receivables | 40 | €5,158 | €9,388 | +€4,230 | +82.0% |
| Other amounts receivable | 41 | €24,865 | €24,269 | -€596 | -2.4% |
| Cash at bank and in hand | 54/58 | €3,451 | €4,892 | +€1,441 | +41.8% |
| Total equity and liabilities | 10/49 | €110,427 | €111,594 | +€1,167 | +1.1% |
| Equity | 10/15 | €77,522 | €70,796 | -€6,726 | -8.7% |
| Contributions | 10/11 | €90,460 | €90,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,938 | -€19,664 | -€6,726 | -52.0% |
| Amounts payable | 17/49 | €32,905 | €40,798 | +€7,893 | +24.0% |
| Amounts payable after more than one year | 17 | €27,659 | €22,758 | -€4,901 | -17.7% |
| Financial debts | 170/4 | €27,659 | €22,758 | -€4,901 | -17.7% |
| Amounts payable within one year | 42/48 | €5,246 | €18,039 | +€12,794 | +243.9% |
| Current portion of amounts payable after more than one year | 42 | €4,350 | €4,791 | +€442 | +10.2% |
| Trade debts | 44 | €570 | €12,172 | +€11,602 | +2036.5% |
| Suppliers | 440/4 | €570 | €12,172 | +€11,602 | +2036.5% |
| Taxes, remuneration and social security | 45 | €326 | €1,077 | +€750 | +229.7% |
| Taxes | 450/3 | €326 | €1,077 | +€750 | +229.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,999 | €3,909 | -€90 | -2.3% |
| Other operating charges | 640/8 | €1,462 | €1,382 | -€80 | -5.5% |
| Gross operating margin | 9900 | €6,837 | -€734 | -€7,570 | |
| Operating profit (loss) | 9901 | €1,375 | -€6,025 | -€7,401 | |
| Financial charges | 65/66B | €820 | €701 | -€120 | -14.6% |
| Recurring financial charges | 65 | €820 | €701 | -€120 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €555 | -€6,726 | -€7,281 | |
| Profit (loss) for the period | 9904 | €555 | -€6,726 | -€7,281 | |
| Profit (loss) for the period to be appropriated | 9905 | €555 | -€6,726 | -€7,281 |
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.