Madimax: 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.
Madimax
Largest movements
- Cash -€25,234
down €25,234 (-75.2%), from €33,556 to €8,322
mainly Debts after one year (-€124,656) and Net result for the year (-€12,473)
- Tangible fixed assets -€15,426
down €15,426 (-2.0%), from €761,035 to €745,608
- Debts after one year -€124,656
down €124,656 (-23.5%), from €531,439 to €406,784
of which Financial debts: -€109,989
- Current portion of long-term debt +€96,678
up €96,678 (+726.3%), from €13,311 to €109,989
- Profit (loss) carried forward -€12,473
down €12,473 (-13.8%), from -€90,374 to -€102,847
- Other operating charges -€2,327
down €2,327 (-50.1%), from €4,648 to €2,321
- Gross operating margin +€1,443
up €1,443 (+9.3%), from €15,525 to €16,968
- Depreciation +€559
up €559 (+2.9%), from €18,970 to €19,528
- Financial charges +€268
up €268 (+3.7%), from €7,323 to €7,592
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 | €803,247 | €765,414 | -€37,833 | -4.7% |
| Formation expenses | 20 | €261 | €0 | -€260 | -100.0% |
| Fixed assets | 21/28 | €761,035 | €745,608 | -€15,426 | -2.0% |
| Tangible fixed assets | 22/27 | €761,035 | €745,608 | -€15,426 | -2.0% |
| Land and buildings | 22 | €761,035 | €745,608 | -€15,426 | -2.0% |
| Current assets | 29/58 | €41,952 | €19,806 | -€22,146 | -52.8% |
| Amounts receivable within one year | 40/41 | €7,271 | €10,274 | +€3,003 | +41.3% |
| Trade receivables | 40 | €0 | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | €7,271 | €7,274 | +€3 | 0.0% |
| Cash at bank and in hand | 54/58 | €33,556 | €8,322 | -€25,234 | -75.2% |
| Deferred charges and accrued income | 490/1 | €1,125 | €1,209 | +€84 | +7.5% |
| Total equity and liabilities | 10/49 | €803,247 | €765,414 | -€37,833 | -4.7% |
| Equity | 10/15 | -€50,374 | -€62,847 | -€12,473 | -24.8% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,374 | -€102,847 | -€12,473 | -13.8% |
| Amounts payable | 17/49 | €853,621 | €828,261 | -€25,360 | -3.0% |
| Amounts payable after more than one year | 17 | €531,439 | €406,784 | -€124,656 | -23.5% |
| Financial debts | 170/4 | €370,106 | €260,117 | -€109,989 | -29.7% |
| Other amounts payable | 178/9 | €161,333 | €146,667 | -€14,667 | -9.1% |
| Amounts payable within one year | 42/48 | €321,086 | €420,202 | +€99,116 | +30.9% |
| Current portion of amounts payable after more than one year | 42 | €13,311 | €109,989 | +€96,678 | +726.3% |
| Trade debts | 44 | €155 | €469 | +€314 | +202.4% |
| Suppliers | 440/4 | €155 | €469 | +€314 | +202.4% |
| Taxes, remuneration and social security | 45 | €1 | €1 | = | 0.0% |
| Taxes | 450/3 | €1 | €1 | = | 0.0% |
| Other amounts payable | 47/48 | €307,619 | €309,743 | +€2,124 | +0.7% |
| Accrued charges and deferred income | 492/3 | €1,095 | €1,275 | +€180 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,970 | €19,528 | +€559 | +2.9% |
| Other operating charges | 640/8 | €4,648 | €2,321 | -€2,327 | -50.1% |
| Gross operating margin | 9900 | €15,525 | €16,968 | +€1,443 | +9.3% |
| Operating profit (loss) | 9901 | -€8,092 | -€4,881 | +€3,211 | +39.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €7,323 | €7,592 | +€268 | +3.7% |
| Recurring financial charges | 65 | €7,323 | €7,592 | +€268 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | -€15,416 | -€12,473 | +€2,943 | +19.1% |
| Profit (loss) for the period | 9904 | -€15,416 | -€12,473 | +€2,943 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,416 | -€12,473 | +€2,943 | +19.1% |
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 8 October 2026 via checked.be.