MADININA: 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.
MADININA
Largest movements
- Current investments +€383,218
up €383,218 (+14.9%), from €2.6m to €3.0m
- Cash -€341,450
down €341,450 (-61.4%), from €556,003 to €214,553
mainly Contributions, distributions and other (-€519,147) and Current investments (-€383,218)
- Receivables within one year -€266,028
down €266,028 (-26.8%), from €991,575 to €725,546
- Reserves -€369,288
down €369,288 (-33.5%), from €1.1m to €732,995
of which Distributable reserves: -€369,288
- Other debts +€135,062
new in 2025: €135,062
- Write-downs +€18,615
new in 2025: €18,615
- Depreciation -€13,977
down €13,977 (-77.7%), from €17,994 to €4,017
- Taxes +€8,557
up €8,557 (+23.7%), from €36,094 to €44,651
- Financial income +€7,962
up €7,962 (+3.1%), from €258,936 to €266,898
- Financial charges -€6,987
down €6,987 (-14.7%), from €47,540 to €40,554
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 | €7,722,710 | €7,496,996 | -€225,714 | -2.9% |
| Fixed assets | 21/28 | €938,141 | €933,724 | -€4,417 | -0.5% |
| Tangible fixed assets | 22/27 | €4,158 | €141 | -€4,017 | -96.6% |
| Furniture and vehicles | 24 | €4,158 | €141 | -€4,017 | -96.6% |
| Financial fixed assets | 28 | €933,983 | €933,583 | -€400 | 0.0% |
| Current assets | 29/58 | €6,784,569 | €6,563,273 | -€221,297 | -3.3% |
| Amounts receivable after more than one year | 29 | €2,350,000 | €2,350,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,350,000 | €2,350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €991,575 | €725,546 | -€266,028 | -26.8% |
| Other amounts receivable | 41 | €991,575 | €725,546 | -€266,028 | -26.8% |
| Current investments | 50/53 | €2,573,521 | €2,956,739 | +€383,218 | +14.9% |
| Cash at bank and in hand | 54/58 | €556,003 | €214,553 | -€341,450 | -61.4% |
| Deferred charges and accrued income | 490/1 | €313,471 | €316,434 | +€2,964 | +0.9% |
| Total equity and liabilities | 10/49 | €7,722,710 | €7,496,996 | -€225,714 | -2.9% |
| Equity | 10/15 | €7,675,249 | €7,305,962 | -€369,288 | -4.8% |
| Contributions | 10/11 | €6,210,750 | €6,210,750 | = | 0.0% |
| Reserves | 13 | €1,102,283 | €732,995 | -€369,288 | -33.5% |
| Non-distributable reserves | 130/1 | €242,134 | €242,134 | = | 0.0% |
| Reserves not available under the articles | 1311 | €242,134 | €242,134 | = | 0.0% |
| Distributable reserves | 133 | €860,149 | €490,861 | -€369,288 | -42.9% |
| Profit (loss) carried forward | 14 | €362,216 | €362,216 | = | 0.0% |
| Amounts payable | 17/49 | €47,460 | €191,035 | +€143,574 | +303% |
| Amounts payable within one year | 42/48 | €47,460 | €191,035 | +€143,574 | +303% |
| Trade debts | 44 | €2,125 | €1,070 | -€1,055 | -49.7% |
| Suppliers | 440/4 | €2,125 | €1,070 | -€1,055 | -49.7% |
| Taxes, remuneration and social security | 45 | €45,335 | €54,903 | +€9,568 | +21.1% |
| Taxes | 450/3 | €45,335 | €54,903 | +€9,568 | +21.1% |
| Other amounts payable | 47/48 | - | €135,062 | +€135,062 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,994 | €4,017 | -€13,977 | -77.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,615 | +€18,615 | |
| Other operating charges | 640/8 | €1,990 | €2,437 | +€447 | +22.5% |
| Gross operating margin | 9900 | -€11,029 | -€6,765 | +€4,264 | +38.7% |
| Operating profit (loss) | 9901 | -€31,012 | -€31,834 | -€822 | -2.6% |
| Financial income | 75/76B | €258,936 | €266,898 | +€7,962 | +3.1% |
| Recurring financial income | 75 | €258,936 | €266,898 | +€7,962 | +3.1% |
| Financial charges | 65/66B | €47,540 | €40,554 | -€6,987 | -14.7% |
| Recurring financial charges | 65 | €47,540 | €40,554 | -€6,987 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €180,384 | €194,511 | +€14,127 | +7.8% |
| Income taxes | 67/77 | €36,094 | €44,651 | +€8,557 | +23.7% |
| Profit (loss) for the period | 9904 | €144,290 | €149,859 | +€5,570 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €144,290 | €149,859 | +€5,570 | +3.9% |
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 26 October 2026 via checked.be.