MADIO: 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.
MADIO
Largest movements
- Current investments +€151,353
up €151,353 (+20.4%), from €741,526 to €892,879
- Cash +€56,264
up €56,264 (+37.9%), from €148,508 to €204,772
mainly Net result for the year (+€156,924) and Depreciation (+€68,235)
- Tangible fixed assets -€47,070
down €47,070 (-5.2%), from €911,433 to €864,363
- Receivables within one year -€19,798
down €19,798 (-71.2%), from €27,800 to €8,002
of which Trade receivables: -€21,300
- Reserves +€156,924
up €156,924 (+17.4%), from €901,630 to €1.1m
- Tax, wage and social debts -€49,058
down €49,058 (-95.4%), from €51,401 to €2,343
- Other debts +€28,738
up €28,738 (+44.2%), from €65,042 to €93,779
- Gross operating margin -€116,591
down €116,591 (-28.6%), from €407,630 to €291,039
- Taxes -€50,708
down €50,708 (-49.2%), from €103,079 to €52,371
- Financial income +€9,825
up €9,825 (+104.6%), from €9,395 to €19,220
- Depreciation +€4,756
up €4,756 (+7.5%), from €63,478 to €68,235
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 | €1,831,705 | €1,972,481 | +€140,776 | +7.7% |
| Fixed assets | 21/28 | €911,433 | €864,363 | -€47,070 | -5.2% |
| Tangible fixed assets | 22/27 | €911,433 | €864,363 | -€47,070 | -5.2% |
| Land and buildings | 22 | €813,665 | €791,143 | -€22,522 | -2.8% |
| Plant, machinery and equipment | 23 | €42,304 | €31,164 | -€11,140 | -26.3% |
| Furniture and vehicles | 24 | €55,464 | €42,056 | -€13,408 | -24.2% |
| Current assets | 29/58 | €920,271 | €1,108,118 | +€187,846 | +20.4% |
| Amounts receivable within one year | 40/41 | €27,800 | €8,002 | -€19,798 | -71.2% |
| Trade receivables | 40 | €27,800 | €6,500 | -€21,300 | -76.6% |
| Other amounts receivable | 41 | - | €1,502 | +€1,502 | |
| Current investments | 50/53 | €741,526 | €892,879 | +€151,353 | +20.4% |
| Cash at bank and in hand | 54/58 | €148,508 | €204,772 | +€56,264 | +37.9% |
| Deferred charges and accrued income | 490/1 | €2,437 | €2,464 | +€27 | +1.1% |
| Total equity and liabilities | 10/49 | €1,831,705 | €1,972,481 | +€140,776 | +7.7% |
| Equity | 10/15 | €1,351,630 | €1,508,555 | +€156,924 | +11.6% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €901,630 | €1,058,555 | +€156,924 | +17.4% |
| Distributable reserves | 133 | €901,630 | €1,058,555 | +€156,924 | +17.4% |
| Amounts payable | 17/49 | €480,074 | €463,926 | -€16,148 | -3.4% |
| Amounts payable after more than one year | 17 | €350,000 | €351,817 | +€1,817 | +0.5% |
| Financial debts | 170/4 | €350,000 | €350,000 | = | 0.0% |
| Other amounts payable | 178/9 | - | €1,817 | +€1,817 | |
| Amounts payable within one year | 42/48 | €127,133 | €108,310 | -€18,822 | -14.8% |
| Trade debts | 44 | €8,940 | €12,188 | +€3,248 | +36.3% |
| Suppliers | 440/4 | €8,940 | €12,188 | +€3,248 | +36.3% |
| Advances received on contracts in progress | 46 | €1,750 | - | -€1,750 | |
| Taxes, remuneration and social security | 45 | €51,401 | €2,343 | -€49,058 | -95.4% |
| Taxes | 450/3 | €51,401 | €2,343 | -€49,058 | -95.4% |
| Other amounts payable | 47/48 | €65,042 | €93,779 | +€28,738 | +44.2% |
| Accrued charges and deferred income | 492/3 | €2,942 | €3,798 | +€857 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,478 | €68,235 | +€4,756 | +7.5% |
| Other operating charges | 640/8 | €5,654 | €4,932 | -€722 | -12.8% |
| Gross operating margin | 9900 | €407,630 | €291,039 | -€116,591 | -28.6% |
| Operating profit (loss) | 9901 | €338,498 | €217,873 | -€120,625 | -35.6% |
| Financial income | 75/76B | €9,395 | €19,220 | +€9,825 | +104.6% |
| Recurring financial income | 75 | €9,395 | €19,220 | +€9,825 | +104.6% |
| Financial charges | 65/66B | €29,109 | €27,797 | -€1,312 | -4.5% |
| Recurring financial charges | 65 | €29,109 | €27,797 | -€1,312 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €318,784 | €209,295 | -€109,489 | -34.3% |
| Income taxes | 67/77 | €103,079 | €52,371 | -€50,708 | -49.2% |
| Profit (loss) for the period | 9904 | €215,705 | €156,924 | -€58,780 | -27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €215,705 | €156,924 | -€58,780 | -27.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.