MADINE: 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.
MADINE
Largest movements
- Receivables within one year -€74,862
down €74,862 (-76.6%), from €97,764 to €22,902
of which Other amounts receivable: -€93,012
- Cash +€41,497
up €41,497 (+40.9%), from €101,371 to €142,868
mainly Receivables within one year (+€74,862) and Net result for the year (+€73,940)
- Deferred charges and accrued income +€4,472
up €4,472 (+576.5%), from €776 to €5,248
- Debts after one year -€85,850
down €85,850 (-100.0%), from €85,850 to €0
- Reserves +€73,000
up €73,000 (+82.7%), from €88,233 to €161,233
- Other debts -€13,507
down €13,507 (-100.0%), from €13,507 to €0
- Short-term financial debts -€10,975
down €10,975 (-100.0%), from €10,975 to €0
- Trade debts +€3,940
up €3,940 (+329.6%), from €1,196 to €5,136
- Gross operating margin +€22,054
up €22,054 (+19.3%), from €114,230 to €136,284
- Financial charges -€17,537
down €17,537 (-34.5%), from €50,877 to €33,341
- Taxes +€7,877
up €7,877 (+45.5%), from €17,329 to €25,206
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 | €208,409 | €177,515 | -€30,894 | -14.8% |
| Fixed assets | 21/28 | €8,498 | €6,498 | -€2,000 | -23.5% |
| Tangible fixed assets | 22/27 | €8,498 | €6,498 | -€2,000 | -23.5% |
| Furniture and vehicles | 24 | €8,498 | €6,498 | -€2,000 | -23.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €199,911 | €171,017 | -€28,894 | -14.5% |
| Amounts receivable within one year | 40/41 | €97,764 | €22,902 | -€74,862 | -76.6% |
| Trade receivables | 40 | €0 | €18,150 | +€18,150 | |
| Other amounts receivable | 41 | €97,764 | €4,752 | -€93,012 | -95.1% |
| Cash at bank and in hand | 54/58 | €101,371 | €142,868 | +€41,497 | +40.9% |
| Deferred charges and accrued income | 490/1 | €776 | €5,248 | +€4,472 | +576.5% |
| Total equity and liabilities | 10/49 | €208,409 | €177,515 | -€30,894 | -14.8% |
| Equity | 10/15 | €93,233 | €167,173 | +€73,940 | +79.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €88,233 | €161,233 | +€73,000 | +82.7% |
| Distributable reserves | 133 | €88,233 | €161,233 | +€73,000 | +82.7% |
| Profit (loss) carried forward | 14 | - | €940 | +€940 | |
| Amounts payable | 17/49 | €115,176 | €10,342 | -€104,834 | -91.0% |
| Amounts payable after more than one year | 17 | €85,850 | €0 | -€85,850 | -100.0% |
| Other amounts payable | 178/9 | €85,850 | €0 | -€85,850 | -100.0% |
| Amounts payable within one year | 42/48 | €29,326 | €10,342 | -€18,984 | -64.7% |
| Financial debts | 43 | €10,975 | €0 | -€10,975 | -100.0% |
| Credit institutions | 430/8 | €10,975 | €0 | -€10,975 | -100.0% |
| Trade debts | 44 | €1,196 | €5,136 | +€3,940 | +329.6% |
| Suppliers | 440/4 | €1,196 | €5,136 | +€3,940 | +329.6% |
| Taxes, remuneration and social security | 45 | €3,649 | €5,206 | +€1,557 | +42.7% |
| Taxes | 450/3 | €3,649 | €5,206 | +€1,557 | +42.7% |
| Other amounts payable | 47/48 | €13,507 | €0 | -€13,507 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,502 | €2,000 | +€498 | +33.1% |
| Other operating charges | 640/8 | €2,019 | €1,881 | -€138 | -6.8% |
| Gross operating margin | 9900 | €114,230 | €136,284 | +€22,054 | +19.3% |
| Operating profit (loss) | 9901 | €110,708 | €132,403 | +€21,695 | +19.6% |
| Financial income | 75/76B | €61 | €84 | +€23 | +38.6% |
| Recurring financial income | 75 | €61 | €84 | +€23 | +38.6% |
| Financial charges | 65/66B | €50,877 | €33,341 | -€17,537 | -34.5% |
| Recurring financial charges | 65 | €50,877 | €33,341 | -€17,537 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €59,892 | €99,147 | +€39,255 | +65.5% |
| Income taxes | 67/77 | €17,329 | €25,206 | +€7,877 | +45.5% |
| Profit (loss) for the period | 9904 | €42,563 | €73,940 | +€31,377 | +73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,563 | €73,940 | +€31,377 | +73.7% |
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 10 October 2026 via checked.be.