MADIMA: 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.
MADIMA
Largest movements
- Tangible fixed assets -€19,243
down €19,243 (-2.7%), from €705,954 to €686,712
of which Land and buildings: -€15,118
- Profit (loss) carried forward -€29,065
down €29,065 (-29.5%), from -€98,396 to -€127,461
- Other debts +€13,266
up €13,266 (+13.4%), from €98,852 to €112,118
- Staff costs -€19,765
down €19,765 (-22.4%), from €88,418 to €68,652
- Financial charges -€19,275
down €19,275 (-38.9%), from €49,500 to €30,226
- Gross operating margin +€16,118
up €16,118 (+19.0%), from €85,004 to €101,122
- Depreciation -€13,109
down €13,109 (-35.6%), from €36,798 to €23,689
- Other operating charges -€1,228
down €1,228 (-13.9%), from €8,848 to €7,620
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 | €716,530 | €698,610 | -€17,920 | -2.5% |
| Fixed assets | 21/28 | €705,954 | €686,712 | -€19,243 | -2.7% |
| Tangible fixed assets | 22/27 | €705,954 | €686,712 | -€19,243 | -2.7% |
| Land and buildings | 22 | €673,944 | €658,825 | -€15,118 | -2.2% |
| Plant, machinery and equipment | 23 | €14,497 | €13,617 | -€880 | -6.1% |
| Furniture and vehicles | 24 | €17,514 | €14,270 | -€3,244 | -18.5% |
| Current assets | 29/58 | €10,575 | €11,899 | +€1,323 | +12.5% |
| Amounts receivable within one year | 40/41 | €900 | €517 | -€383 | -42.6% |
| Trade receivables | 40 | €900 | €517 | -€383 | -42.6% |
| Cash at bank and in hand | 54/58 | €8,991 | €9,901 | +€910 | +10.1% |
| Deferred charges and accrued income | 490/1 | €685 | €1,481 | +€796 | +116.3% |
| Total equity and liabilities | 10/49 | €716,530 | €698,610 | -€17,920 | -2.5% |
| Equity | 10/15 | -€88,396 | -€117,461 | -€29,065 | -32.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€98,396 | -€127,461 | -€29,065 | -29.5% |
| Amounts payable | 17/49 | €804,926 | €816,071 | +€11,145 | +1.4% |
| Amounts payable after more than one year | 17 | €644,415 | €639,154 | -€5,261 | -0.8% |
| Financial debts | 170/4 | €644,415 | €639,154 | -€5,261 | -0.8% |
| Amounts payable within one year | 42/48 | €154,500 | €175,424 | +€20,924 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €19,335 | €21,807 | +€2,471 | +12.8% |
| Trade debts | 44 | €26,102 | €28,280 | +€2,179 | +8.3% |
| Suppliers | 440/4 | €26,102 | €28,280 | +€2,179 | +8.3% |
| Taxes, remuneration and social security | 45 | €10,211 | €13,219 | +€3,008 | +29.5% |
| Taxes | 450/3 | €4,066 | €7,032 | +€2,967 | +73.0% |
| Remuneration and social security | 454/9 | €6,145 | €6,186 | +€41 | +0.7% |
| Other amounts payable | 47/48 | €98,852 | €112,118 | +€13,266 | +13.4% |
| Accrued charges and deferred income | 492/3 | €6,012 | €1,494 | -€4,518 | -75.1% |
| Remuneration, social security and pensions | 62 | €88,418 | €68,652 | -€19,765 | -22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,798 | €23,689 | -€13,109 | -35.6% |
| Other operating charges | 640/8 | €8,848 | €7,620 | -€1,228 | -13.9% |
| Gross operating margin | 9900 | €85,004 | €101,122 | +€16,118 | +19.0% |
| Operating profit (loss) | 9901 | -€49,060 | €1,161 | +€50,221 | |
| Financial income | 75/76B | €164 | - | -€164 | |
| Recurring financial income | 75 | €164 | - | -€164 | |
| Financial charges | 65/66B | €49,500 | €30,226 | -€19,275 | -38.9% |
| Recurring financial charges | 65 | €49,500 | €30,226 | -€19,275 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | -€98,396 | -€29,065 | +€69,331 | +70.5% |
| Profit (loss) for the period | 9904 | -€98,396 | -€29,065 | +€69,331 | +70.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€98,396 | -€29,065 | +€69,331 | +70.5% |
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 28 September 2026 via checked.be.