MADINA: 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.
MADINA
Largest movements
- Tangible fixed assets -€12,860
down €12,860 (-4.9%), from €264,213 to €251,353
of which Land and buildings: -€9,385
- Stocks and contracts -€12,173
down €12,173 (-11.8%), from €103,051 to €90,878
- Cash +€4,800
up €4,800 (+11.5%), from €41,574 to €46,373
mainly Net result for the year (+€55,327) and Depreciation (+€14,360)
- Debts after one year -€22,767
down €22,767 (-14.0%), from €162,415 to €139,648
- Reserves +€18,124
up €18,124 (+13.0%), from €139,089 to €157,213
- Other debts -€12,629
down €12,629 (-21.3%), from €59,243 to €46,615
- Gross operating margin +€13,677
up €13,677 (+12.4%), from €110,470 to €124,147
- Other operating charges +€5,980
up €5,980 (+125%), from €4,768 to €10,748
- Depreciation +€3,996
up €3,996 (+38.6%), from €10,363 to €14,360
- Staff costs +€3,912
up €3,912 (+21.2%), from €18,416 to €22,328
- Financial charges -€1,676
down €1,676 (-10.3%), from €16,275 to €14,599
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 | €420,766 | €401,761 | -€19,006 | -4.5% |
| Fixed assets | 21/28 | €268,028 | €255,168 | -€12,860 | -4.8% |
| Tangible fixed assets | 22/27 | €264,213 | €251,353 | -€12,860 | -4.9% |
| Land and buildings | 22 | €251,102 | €241,716 | -€9,385 | -3.7% |
| Furniture and vehicles | 24 | €13,111 | €9,637 | -€3,474 | -26.5% |
| Financial fixed assets | 28 | €3,815 | €3,815 | = | 0.0% |
| Current assets | 29/58 | €152,739 | €146,592 | -€6,146 | -4.0% |
| Stocks and contracts in progress | 3 | €103,051 | €90,878 | -€12,173 | -11.8% |
| Stocks | 30/36 | €103,051 | €90,878 | -€12,173 | -11.8% |
| Amounts receivable within one year | 40/41 | €5,557 | €7,571 | +€2,014 | +36.2% |
| Trade receivables | 40 | €848 | €3,730 | +€2,882 | +340% |
| Other amounts receivable | 41 | €4,709 | €3,841 | -€868 | -18.4% |
| Current investments | 50/53 | €400 | €0 | -€400 | -100% |
| Cash at bank and in hand | 54/58 | €41,574 | €46,373 | +€4,800 | +11.5% |
| Deferred charges and accrued income | 490/1 | €2,157 | €1,770 | -€387 | -17.9% |
| Total equity and liabilities | 10/49 | €420,766 | €401,761 | -€19,006 | -4.5% |
| Equity | 10/15 | €158,486 | €175,813 | +€17,327 | +10.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €139,089 | €157,213 | +€18,124 | +13.0% |
| Distributable reserves | 133 | €139,089 | €157,213 | +€18,124 | +13.0% |
| Profit (loss) carried forward | 14 | €797 | €0 | -€797 | -100% |
| Amounts payable | 17/49 | €262,280 | €225,948 | -€36,332 | -13.9% |
| Amounts payable after more than one year | 17 | €162,415 | €139,648 | -€22,767 | -14.0% |
| Financial debts | 170/4 | €162,415 | €139,648 | -€22,767 | -14.0% |
| Amounts payable within one year | 42/48 | €99,865 | €85,139 | -€14,727 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €25,267 | €22,625 | -€2,643 | -10.5% |
| Trade debts | 44 | €11,429 | €11,136 | -€293 | -2.6% |
| Suppliers | 440/4 | €11,429 | €11,136 | -€293 | -2.6% |
| Taxes, remuneration and social security | 45 | €3,926 | €4,763 | +€838 | +21.3% |
| Taxes | 450/3 | €795 | €4,763 | +€3,968 | +499% |
| Remuneration and social security | 454/9 | €3,131 | €0 | -€3,131 | -100% |
| Other amounts payable | 47/48 | €59,243 | €46,615 | -€12,629 | -21.3% |
| Accrued charges and deferred income | 492/3 | - | €1,162 | +€1,162 | |
| Remuneration, social security and pensions | 62 | €18,416 | €22,328 | +€3,912 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,363 | €14,360 | +€3,996 | +38.6% |
| Other operating charges | 640/8 | €4,768 | €10,748 | +€5,980 | +125% |
| Gross operating margin | 9900 | €110,470 | €124,147 | +€13,677 | +12.4% |
| Operating profit (loss) | 9901 | €76,922 | €76,711 | -€211 | -0.3% |
| Financial income | 75/76B | €97 | €215 | +€118 | +121% |
| Recurring financial income | 75 | €97 | €215 | +€118 | +121% |
| Financial charges | 65/66B | €16,275 | €14,599 | -€1,676 | -10.3% |
| Recurring financial charges | 65 | €16,275 | €14,599 | -€1,676 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €60,744 | €62,327 | +€1,582 | +2.6% |
| Income taxes | 67/77 | €6,194 | €7,000 | +€805 | +13.0% |
| Profit (loss) for the period | 9904 | €54,550 | €55,327 | +€777 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €54,550 | €55,327 | +€777 | +1.4% |
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 17 October 2026 via checked.be.