MADIOR: what changed
Two fiscal 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.
MADIOR
Largest movements
- Tangible fixed assets +€43,173
new in 2025: €43,173
- Receivables within one year -€23,847
down €23,847 (-93.5%), from €25,501 to €1,654
of which Trade receivables: -€22,006
- Stocks and contracts -€9,586
down €9,586 (-91.2%), from €10,513 to €927
- Cash -€8,743
down €8,743 (-66.6%), from €13,120 to €4,377
mainly Investment in fixed assets (net) (-€51,565) and Trade debts (-€9,289)
- Deferred charges and accrued income +€1,200
new in 2025: €1,200
- Other debts +€14,507
new in 2025: €14,507
- Trade debts -€9,289
down €9,289 (-16.1%), from €57,827 to €48,538
- Profit (loss) carried forward -€3,680
down €3,680 (-13.5%), from -€27,292 to -€30,972
- Tax, wage and social debts +€659
new in 2025: €659
- Financial charges -€23,630
down €23,630 (-99.3%), from €23,791 to €161
of which Non-recurring financial charges: -€23,669
- Financial income -€20,661
no longer reported in 2025 (was €20,661)
of which Financial income: -€20,661
- Gross operating margin +€10,661
up €10,661, from -€3,940 to €6,721
- Depreciation +€8,392
new in 2025: €8,392
- Other operating charges +€1,538
up €1,538 (+495.9%), from €310 to €1,848
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 | €49,134 | €51,332 | +€2,198 | +4.5% |
| Fixed assets | 21/28 | - | €43,173 | +€43,173 | |
| Tangible fixed assets | 22/27 | - | €43,173 | +€43,173 | |
| Furniture and vehicles | 24 | - | €43,173 | +€43,173 | |
| Current assets | 29/58 | €49,134 | €8,159 | -€40,975 | -83.4% |
| Stocks and contracts in progress | 3 | €10,513 | €927 | -€9,586 | -91.2% |
| Stocks | 30/36 | €10,513 | €927 | -€9,586 | -91.2% |
| Amounts receivable within one year | 40/41 | €25,501 | €1,654 | -€23,847 | -93.5% |
| Trade receivables | 40 | €23,660 | €1,654 | -€22,006 | -93.0% |
| Other amounts receivable | 41 | €1,840 | - | -€1,840 | |
| Cash at bank and in hand | 54/58 | €13,120 | €4,377 | -€8,743 | -66.6% |
| Deferred charges and accrued income | 490/1 | - | €1,200 | +€1,200 | |
| Total equity and liabilities | 10/49 | €49,134 | €51,332 | +€2,198 | +4.5% |
| Equity | 10/15 | -€8,692 | -€12,372 | -€3,680 | -42.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,292 | -€30,972 | -€3,680 | -13.5% |
| Amounts payable | 17/49 | €57,827 | €63,704 | +€5,878 | +10.2% |
| Amounts payable within one year | 42/48 | €57,827 | €63,704 | +€5,878 | +10.2% |
| Trade debts | 44 | €57,827 | €48,538 | -€9,289 | -16.1% |
| Suppliers | 440/4 | €57,827 | €48,538 | -€9,289 | -16.1% |
| Taxes, remuneration and social security | 45 | - | €659 | +€659 | |
| Taxes | 450/3 | - | €659 | +€659 | |
| Other amounts payable | 47/48 | - | €14,507 | +€14,507 | |
| Non-recurring operating income | 76A | - | €12,100 | +€12,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €8,392 | +€8,392 | |
| Other operating charges | 640/8 | €310 | €1,848 | +€1,538 | +495.9% |
| Gross operating margin | 9900 | -€3,940 | €6,721 | +€10,661 | |
| Operating profit (loss) | 9901 | -€4,250 | -€3,519 | +€731 | +17.2% |
| Financial income | 75/76B | €20,661 | - | -€20,661 | |
| Recurring financial income | 75 | €20,661 | - | -€20,661 | |
| Non-recurring financial income | 76B | €20,661 | - | -€20,661 | |
| Financial charges | 65/66B | €23,791 | €161 | -€23,630 | -99.3% |
| Recurring financial charges | 65 | €121 | €161 | +€39 | +32.2% |
| Non-recurring financial charges | 66B | €23,669 | - | -€23,669 | |
| Profit (loss) for the period before taxes | 9903 | -€7,380 | -€3,680 | +€3,700 | +50.1% |
| Profit (loss) for the period | 9904 | -€7,380 | -€3,680 | +€3,700 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,380 | -€3,680 | +€3,700 | +50.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.