MADISIM: 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.
What changed
MADISIM
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€494,757
2024 · €655,976-€161,220
Equity
€4.7m
2024 · €4.2m+€494,757
Cash
€217,929
2024 · €213,465+€4,463
Balance sheet total
€4.8m
2024 · €4.4m+€436,865
Largest movements
Assets
- Receivables after one year +€600,000
up €600,000 (+141.2%), from €424,979 to €1.0m
- Current investments -€250,000
down €250,000 (-14.3%), from €1.8m to €1.5m
- Receivables within one year +€91,013
up €91,013 (+56.9%), from €160,092 to €251,105
of which Trade receivables: +€76,512
Equity and liabilities
- Profit (loss) carried forward +€696,837
up €696,837 (+24.1%), from €2.9m to €3.6m
- Reserves -€202,080
down €202,080 (-17.6%), from €1.1m to €946,535
of which Tax-exempt reserves: -€202,080
- Accrued charges and deferred income -€65,058
no longer reported in 2025 (was €65,058)
Income statement
- Services and other goods +€117,039
up €117,039 (+54.8%), from €213,635 to €330,674
- Other operating income +€61,549
up €61,549 (+318.3%), from €19,335 to €80,884
- Turnover -€43,323
down €43,323 (-4.0%), from €1.1m to €1.0m
- Staff costs +€39,198
up €39,198 (+71.0%), from €55,174 to €94,372
- Taxes +€32,247
up €32,247 (+14.5%), from €222,416 to €254,663
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.
Result 2024
€655,976
Turnover
-€43,323
Other operating income
+€61,549
Services and other goods
-€117,039
Staff costs
-€39,198
Depreciation
-€351
Other operating charges
+€1,032
Other operating items
+€98
Financial income
+€6,673
Financial charges
+€1,587
Taxes
-€32,247
Result 2025
€494,757
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.
From operations
-€233,299
Investment
+€237,762
Financing
€0
Cash 2024
€213,465
From operations (derived)
-€233,299
Net result for the year
+€494,757
Depreciation
+€849
Receivables after one year
-€600,000
Receivables within one year
-€91,013
Deferred charges and accrued income
+€20,000
Trade debts
+€2,139
Tax, wage and social debts
+€5,027
Accrued charges and deferred income
-€65,058
Investment (derived)
+€237,762
Investment in fixed assets (net)
-€12,238
Current investments
+€250,000
Cash 2025
€217,929
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,369,414 | €4,806,279 | +€436,865 | +10.0% |
| Fixed assets | 21/28 | €1,800,878 | €1,812,267 | +€11,388 | +0.6% |
| Tangible fixed assets | 22/27 | €878 | €12,267 | +€11,388 | +1296.9% |
| Furniture and vehicles | 24 | €878 | €12,267 | +€11,388 | +1296.9% |
| Financial fixed assets | 28 | €1,800,000 | €1,800,000 | = | 0.0% |
| Affiliated companies | 280/1 | €1,800,000 | €1,800,000 | = | 0.0% |
| Participating interests | 280 | €1,800,000 | €1,800,000 | = | 0.0% |
| Current assets | 29/58 | €2,568,536 | €2,994,012 | +€425,476 | +16.6% |
| Amounts receivable after more than one year | 29 | €424,979 | €1,024,979 | +€600,000 | +141.2% |
| Other amounts receivable | 291 | €424,979 | €1,024,979 | +€600,000 | +141.2% |
| Amounts receivable within one year | 40/41 | €160,092 | €251,105 | +€91,013 | +56.9% |
| Trade receivables | 40 | €113,212 | €189,723 | +€76,512 | +67.6% |
| Other amounts receivable | 41 | €46,880 | €61,381 | +€14,502 | +30.9% |
| Current investments | 50/53 | €1,750,000 | €1,500,000 | -€250,000 | -14.3% |
| Other investments | 51/53 | €1,750,000 | €1,500,000 | -€250,000 | -14.3% |
| Cash at bank and in hand | 54/58 | €213,465 | €217,929 | +€4,463 | +2.1% |
| Deferred charges and accrued income | 490/1 | €20,000 | - | -€20,000 | |
| Total equity and liabilities | 10/49 | €4,369,414 | €4,806,279 | +€436,865 | +10.0% |
| Equity | 10/15 | €4,238,601 | €4,733,357 | +€494,757 | +11.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,148,615 | €946,535 | -€202,080 | -17.6% |
| Non-distributable reserves | 130/1 | €327,665 | €327,665 | = | 0.0% |
| Reserves not available under the articles | 1311 | €327,665 | €327,665 | = | 0.0% |
| Tax-exempt reserves | 132 | €820,950 | €618,870 | -€202,080 | -24.6% |
| Profit (loss) carried forward | 14 | €2,889,986 | €3,586,822 | +€696,837 | +24.1% |
| Amounts payable | 17/49 | €130,813 | €72,921 | -€57,892 | -44.3% |
| Amounts payable within one year | 42/48 | €65,755 | €72,921 | +€7,166 | +10.9% |
| Trade debts | 44 | €7,904 | €10,043 | +€2,139 | +27.1% |
| Suppliers | 440/4 | €7,904 | €10,043 | +€2,139 | +27.1% |
| Taxes, remuneration and social security | 45 | €57,851 | €62,878 | +€5,027 | +8.7% |
| Taxes | 450/3 | €52,882 | €62,878 | +€9,997 | +18.9% |
| Remuneration and social security | 454/9 | €4,969 | - | -€4,969 | |
| Accrued charges and deferred income | 492/3 | €65,058 | - | -€65,058 | |
| Operating income | 70/76A | €1,093,607 | €1,111,833 | +€18,226 | +1.7% |
| Turnover | 70 | €1,074,272 | €1,030,949 | -€43,323 | -4.0% |
| Other operating income | 74 | €19,335 | €80,884 | +€61,549 | +318.3% |
| Operating charges | 60/66A | €275,103 | €430,562 | +€155,459 | +56.5% |
| Services and other goods | 61 | €213,635 | €330,674 | +€117,039 | +54.8% |
| Remuneration, social security and pensions | 62 | €55,174 | €94,372 | +€39,198 | +71.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €498 | €849 | +€351 | +70.6% |
| Other operating charges | 640/8 | €5,635 | €4,603 | -€1,032 | -18.3% |
| Non-recurring operating charges | 66A | €161 | €63 | -€98 | -60.9% |
| Operating profit (loss) | 9901 | €818,504 | €681,271 | -€137,233 | -16.8% |
| Financial income | 75/76B | €61,602 | €68,275 | +€6,673 | +10.8% |
| Recurring financial income | 75 | €61,602 | €68,275 | +€6,673 | +10.8% |
| Income from current assets | 751 | - | €65,825 | +€65,825 | |
| Other financial income | 752/9 | €61,602 | €2,450 | -€59,151 | -96.0% |
| Financial charges | 65/66B | €1,713 | €126 | -€1,587 | -92.6% |
| Recurring financial charges | 65 | €1,713 | €126 | -€1,587 | -92.6% |
| Other financial charges | 652/9 | €1,713 | €126 | -€1,587 | -92.6% |
| Profit (loss) for the period before taxes | 9903 | €878,392 | €749,419 | -€128,973 | -14.7% |
| Income taxes | 67/77 | €222,416 | €254,663 | +€32,247 | +14.5% |
| Taxes | 670/3 | €222,416 | €254,663 | +€32,247 | +14.5% |
| Profit (loss) for the period | 9904 | €655,976 | €494,757 | -€161,220 | -24.6% |
| Transfer from tax-exempt reserves | 789 | - | €463,100 | +€463,100 | |
| Transfer to tax-exempt reserves | 689 | €189,450 | €261,020 | +€71,570 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €466,526 | €696,837 | +€230,310 | +49.4% |
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 2 October 2026 via checked.be.