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
- Cash -€13,411
down €13,411 (-48.1%), from €27,861 to €14,450
mainly Net result for the year (-€13,905) and Trade debts (-€8,185)
- Tangible fixed assets -€6,690
down €6,690 (-20.8%), from €32,206 to €25,516
- Deferred charges and accrued income -€1,716
down €1,716 (-68.6%), from €2,501 to €785
- Stocks and contracts -€1,524
down €1,524 (-69.8%), from €2,185 to €660
- Profit (loss) carried forward -€13,905
down €13,905 (-59.0%), from -€23,579 to -€37,484
- Trade debts -€8,185
down €8,185 (-98.6%), from €8,304 to €118
- Tax, wage and social debts -€1,350
down €1,350 (-8.1%), from €16,590 to €15,240
of which Taxes: -€2,143
- Gross operating margin +€11,770
up €11,770 (+13.2%), from €89,184 to €100,954
- Staff costs +€3,728
up €3,728 (+4.0%), from €93,884 to €97,612
- Depreciation -€2,868
down €2,868 (-18.8%), from €15,265 to €12,397
- Financial charges +€1,364
up €1,364 (+90.0%), from €1,516 to €2,880
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 | €73,459 | €50,020 | -€23,440 | -31.9% |
| Fixed assets | 21/28 | €32,206 | €25,516 | -€6,690 | -20.8% |
| Tangible fixed assets | 22/27 | €32,206 | €25,516 | -€6,690 | -20.8% |
| Plant, machinery and equipment | 23 | €6,041 | €3,252 | -€2,789 | -46.2% |
| Furniture and vehicles | 24 | €21,041 | €18,091 | -€2,949 | -14.0% |
| Other tangible fixed assets | 26 | €5,124 | €4,173 | -€952 | -18.6% |
| Current assets | 29/58 | €41,254 | €24,504 | -€16,750 | -40.6% |
| Stocks and contracts in progress | 3 | €2,185 | €660 | -€1,524 | -69.8% |
| Stocks | 30/36 | €2,185 | €660 | -€1,524 | -69.8% |
| Amounts receivable within one year | 40/41 | €8,707 | €8,608 | -€99 | -1.1% |
| Trade receivables | 40 | €0 | €238 | +€238 | |
| Other amounts receivable | 41 | €8,707 | €8,370 | -€337 | -3.9% |
| Cash at bank and in hand | 54/58 | €27,861 | €14,450 | -€13,411 | -48.1% |
| Deferred charges and accrued income | 490/1 | €2,501 | €785 | -€1,716 | -68.6% |
| Total equity and liabilities | 10/49 | €73,459 | €50,020 | -€23,440 | -31.9% |
| Equity | 10/15 | €48,566 | €34,661 | -€13,905 | -28.6% |
| Contributions | 10/11 | €12,850 | €12,850 | = | 0.0% |
| Reserves | 13 | €59,295 | €59,295 | = | 0.0% |
| Distributable reserves | 133 | €59,295 | €59,295 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,579 | -€37,484 | -€13,905 | -59.0% |
| Amounts payable | 17/49 | €24,893 | €15,358 | -€9,535 | -38.3% |
| Amounts payable within one year | 42/48 | €24,893 | €15,358 | -€9,535 | -38.3% |
| Trade debts | 44 | €8,304 | €118 | -€8,185 | -98.6% |
| Suppliers | 440/4 | €8,304 | €118 | -€8,185 | -98.6% |
| Taxes, remuneration and social security | 45 | €16,590 | €15,240 | -€1,350 | -8.1% |
| Taxes | 450/3 | €5,743 | €3,600 | -€2,143 | -37.3% |
| Remuneration and social security | 454/9 | €10,847 | €11,640 | +€793 | +7.3% |
| Remuneration, social security and pensions | 62 | €93,884 | €97,612 | +€3,728 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,265 | €12,397 | -€2,868 | -18.8% |
| Other operating charges | 640/8 | €1,919 | €2,306 | +€386 | +20.1% |
| Gross operating margin | 9900 | €89,184 | €100,954 | +€11,770 | +13.2% |
| Operating profit (loss) | 9901 | -€21,884 | -€11,361 | +€10,524 | +48.1% |
| Financial income | 75/76B | €509 | €801 | +€291 | +57.2% |
| Recurring financial income | 75 | €509 | €801 | +€291 | +57.2% |
| Financial charges | 65/66B | €1,516 | €2,880 | +€1,364 | +90.0% |
| Recurring financial charges | 65 | €1,516 | €2,880 | +€1,364 | +90.0% |
| Profit (loss) for the period before taxes | 9903 | -€22,891 | -€13,440 | +€9,451 | +41.3% |
| Income taxes | 67/77 | €688 | €465 | -€223 | -32.4% |
| Profit (loss) for the period | 9904 | -€23,579 | -€13,905 | +€9,674 | +41.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,579 | -€13,905 | +€9,674 | +41.0% |
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.