MADIN: 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.
What changed
MADIN
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€274,240
2023 · -€292,763+€567,003
Equity
€43.4m
2023 · €43.1m+€274,240
Cash
€201,005
2023 · €6.8m-€6.6m
Balance sheet total
€48.8m
2023 · €53.5m-€4.7m
Largest movements
Assets
- Receivables within one year +€28.1m
up €28.1m (+5546.0%), from €506,832 to €28.6m
of which Other amounts receivable: +€28.3m
- Financial fixed assets -€26.0m
down €26.0m (-81.9%), from €31.8m to €5.8m
of which Affiliated companies: -€30.2m
- Cash -€6.6m
down €6.6m (-97.1%), from €6.8m to €201,005
mainly Receivables within one year (-€28.1m) and Short-term financial debts (-€3.0m)
Equity and liabilities
- Short-term financial debts -€3.0m
no longer reported in 2024 (was €3.0m)
- Debts after one year -€910,000
down €910,000 (-20.0%), from €4.6m to €3.6m
- Other debts -€878,265
down €878,265 (-52.0%), from €1.7m to €811,522
Income statement
- Other operating charges +€2.8m
up €2.8m (+881.4%), from €317,368 to €3.1m
- Financial charges -€1.8m
down €1.8m (-93.4%), from €1.9m to €127,026
of which Non-recurring financial charges: -€1.7m
- Write-downs -€998,646
down €998,646, from €372,932 to -€625,714
- Services and other goods -€201,073
no longer reported in 2024 (was €201,073)
- Financial income +€119,907
up €119,907 (+4.2%), from €2.9m to €3.0m
of which Non-recurring financial income: +€1.9m
From the 2023 result to the 2024 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.
Result 2023
-€292,763
Staff costs
+€17,209
Depreciation
+€5,013
Write-downs
+€998,646
Other operating charges
-€2.8m
Other operating items
+€416,651
Financial income
+€119,907
Financial charges
+€1.8m
Taxes
+€155
Result 2024
€274,240
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€28.8m
Investment
+€26.1m
Financing
-€3.9m
Cash 2023
€6.8m
From operations (derived)
-€28.8m
Net result for the year
+€274,240
Depreciation
+€70,709
Receivables within one year
-€28.1m
Trade debts
-€156,311
Tax, wage and social debts
-€1,215
Other debts
-€878,265
Investment (derived)
+€26.1m
Investment in fixed assets (net)
+€26.0m
Current investments
+€57,684
Financing
-€3.9m
Debts after one year
-€910,000
Short-term financial debts
-€3.0m
Cash 2024
€201,005
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,452,085 | €48,780,535 | -€4.7m | -8.7% |
| Fixed assets | 21/28 | €32,470,307 | €6,363,739 | -€26.1m | -80.4% |
| Tangible fixed assets | 22/27 | €674,556 | €603,847 | -€70,709 | -10.5% |
| Plant, machinery and equipment | 23 | €3,615 | - | -€3,615 | |
| Other tangible fixed assets | 26 | €670,941 | €603,847 | -€67,094 | -10.0% |
| Financial fixed assets | 28 | €31,795,752 | €5,759,893 | -€26.0m | -81.9% |
| Affiliated companies | 280/1 | €30,183,745 | - | -€30.2m | |
| Participating interests | 280 | €4,190,845 | - | -€4.2m | |
| Amounts receivable | 281 | €25,992,900 | - | -€26.0m | |
| Companies linked by participating interests | 282/3 | €1,612,006 | - | -€1.6m | |
| Participating interests | 282 | €1,569,048 | - | -€1.6m | |
| Amounts receivable | 283 | €42,958 | - | -€42,958 | |
| Current assets | 29/58 | €20,981,778 | €42,416,795 | +€21.4m | +102.2% |
| Amounts receivable within one year | 40/41 | €506,832 | €28,615,948 | +€28.1m | +5546.0% |
| Trade receivables | 40 | €219,959 | €59,342 | -€160,617 | -73.0% |
| Other amounts receivable | 41 | €286,873 | €28,556,606 | +€28.3m | +9854.4% |
| Current investments | 50/53 | €13,657,526 | €13,599,842 | -€57,684 | -0.4% |
| Other investments | 51/53 | €13,657,526 | - | -€13.7m | |
| Cash at bank and in hand | 54/58 | €6,817,420 | €201,005 | -€6.6m | -97.1% |
| Total equity and liabilities | 10/49 | €53,452,085 | €48,780,535 | -€4.7m | -8.7% |
| Equity | 10/15 | €43,143,650 | €43,417,890 | +€274,240 | +0.6% |
| Contributions | 10/11 | €34,730,046 | €34,730,046 | = | 0.0% |
| Capital | 10 | €34,720,670 | €34,720,670 | = | 0.0% |
| Issued capital | 100 | €34,720,670 | €34,720,670 | = | 0.0% |
| Outside capital | 11 | €9,376 | €9,376 | = | 0.0% |
| Share premium | 1100/10 | €9,376 | €9,376 | = | 0.0% |
| Revaluation surpluses | 12 | €1,483,382 | €1,483,382 | = | 0.0% |
| Reserves | 13 | €3,672,000 | €3,672,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,672,000 | €3,672,000 | = | 0.0% |
| Legal reserve | 130 | €3,672,000 | €3,672,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,258,222 | €3,532,462 | +€274,240 | +8.4% |
| Amounts payable | 17/49 | €10,308,436 | €5,362,645 | -€4.9m | -48.0% |
| Amounts payable after more than one year | 17 | €4,550,000 | €3,640,000 | -€910,000 | -20.0% |
| Financial debts | 170/4 | €4,550,000 | €3,640,000 | -€910,000 | -20.0% |
| Credit institutions | 173 | €4,550,000 | - | -€4.6m | |
| Amounts payable within one year | 42/48 | €5,758,436 | €1,722,645 | -€4.0m | -70.1% |
| Current portion of amounts payable after more than one year | 42 | €910,000 | €910,000 | = | 0.0% |
| Financial debts | 43 | €3,000,000 | - | -€3.0m | |
| Credit institutions | 430/8 | €3,000,000 | - | -€3.0m | |
| Trade debts | 44 | €157,434 | €1,123 | -€156,311 | -99.3% |
| Suppliers | 440/4 | €157,434 | €1,123 | -€156,311 | -99.3% |
| Taxes, remuneration and social security | 45 | €1,215 | - | -€1,215 | |
| Remuneration and social security | 454/9 | €1,215 | - | -€1,215 | |
| Other amounts payable | 47/48 | €1,689,787 | €811,522 | -€878,265 | -52.0% |
| Operating income | 70/76A | €67,914 | - | -€67,914 | |
| Other operating income | 74 | €63,222 | - | -€63,222 | |
| Non-recurring operating income | 76A | €4,691 | - | -€4,691 | |
| Operating charges | 60/66A | €1,295,893 | - | -€1.3m | |
| Services and other goods | 61 | €201,073 | - | -€201,073 | |
| Remuneration, social security and pensions | 62 | €28,797 | €11,589 | -€17,209 | -59.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,722 | €70,709 | -€5,013 | -6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €372,932 | -€625,714 | -€998,646 | |
| Other operating charges | 640/8 | €317,368 | €3,114,644 | +€2.8m | +881.4% |
| Non-recurring operating charges | 66A | €300,000 | - | -€300,000 | |
| Gross operating margin | 9900 | - | -€16,508 | -€16,508 | |
| Operating profit (loss) | 9901 | -€1,227,979 | -€2,587,736 | -€1.4m | -110.7% |
| Financial income | 75/76B | €2,869,764 | €2,989,671 | +€119,907 | +4.2% |
| Recurring financial income | 75 | €2,869,764 | €1,137,905 | -€1.7m | -60.3% |
| Income from financial fixed assets | 750 | €2,284,265 | - | -€2.3m | |
| Income from current assets | 751 | €583,416 | - | -€583,416 | |
| Other financial income | 752/9 | €2,083 | - | -€2,083 | |
| Non-recurring financial income | 76B | - | €1,851,766 | +€1.9m | |
| Financial charges | 65/66B | €1,933,723 | €127,026 | -€1.8m | -93.4% |
| Recurring financial charges | 65 | €258,819 | €127,026 | -€131,793 | -50.9% |
| Debt charges | 650 | €185,211 | - | -€185,211 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€236 | - | +€236 | |
| Other financial charges | 652/9 | €73,844 | - | -€73,844 | |
| Non-recurring financial charges | 66B | €1,674,904 | - | -€1.7m | |
| Profit (loss) for the period before taxes | 9903 | -€291,938 | €274,910 | +€566,848 | |
| Income taxes | 67/77 | €825 | €670 | -€155 | -18.8% |
| Taxes | 670/3 | €825 | - | -€825 | |
| Profit (loss) for the period | 9904 | -€292,763 | €274,240 | +€567,003 | |
| Profit (loss) for the period to be appropriated | 9905 | -€292,763 | €274,240 | +€567,003 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.