MADISO: 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.
MADISO
Largest movements
- Cash +€72,732
up €72,732 (+281%), from €25,854 to €98,586
mainly Other debts (+€94,673) and Net result for the year (+€80,644)
- Receivables within one year +€34,972
up €34,972 (+78.2%), from €44,726 to €79,698
of which Trade receivables: +€32,704
- Stocks and contracts -€20,943
down €20,943 (-100%), from €20,943 to €0
- Tangible fixed assets -€5,759
down €5,759 (-15.7%), from €36,606 to €30,847
of which Plant, machinery and equipment: -€3,541
- Other debts +€94,673
up €94,673 (+481%), from €19,672 to €114,344
- Reserves -€80,135
down €80,135 (-100%), from €80,135 to €0
- Profit (loss) carried forward +€52,279
up €52,279 (+547%), from €9,557 to €61,836
- Tax, wage and social debts +€19,757
up €19,757 (+3,881%), from €509 to €20,266
- Trade debts -€5,778
down €5,778 (-68.3%), from €8,462 to €2,684
- Gross operating margin +€78,712
up €78,712 (+226%), from €34,846 to €113,559
- Taxes +€15,331
up €15,331 (+461%), from €3,325 to €18,656
- Staff costs -€5,429
down €5,429 (-100%), from €5,429 to €0
- Depreciation -€1,976
down €1,976 (-17.1%), from €11,545 to €9,569
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 | €128,335 | €209,131 | +€80,796 | +63.0% |
| Fixed assets | 21/28 | €36,606 | €30,847 | -€5,759 | -15.7% |
| Tangible fixed assets | 22/27 | €36,606 | €30,847 | -€5,759 | -15.7% |
| Land and buildings | 22 | €22,541 | €19,590 | -€2,950 | -13.1% |
| Plant, machinery and equipment | 23 | €10,668 | €7,126 | -€3,541 | -33.2% |
| Furniture and vehicles | 24 | €3,397 | €4,130 | +€733 | +21.6% |
| Current assets | 29/58 | €91,729 | €178,284 | +€86,555 | +94.4% |
| Stocks and contracts in progress | 3 | €20,943 | €0 | -€20,943 | -100% |
| Contracts in progress | 37 | €20,943 | €0 | -€20,943 | -100% |
| Amounts receivable within one year | 40/41 | €44,726 | €79,698 | +€34,972 | +78.2% |
| Trade receivables | 40 | €37,172 | €69,876 | +€32,704 | +88.0% |
| Other amounts receivable | 41 | €7,554 | €9,822 | +€2,268 | +30.0% |
| Cash at bank and in hand | 54/58 | €25,854 | €98,586 | +€72,732 | +281% |
| Deferred charges and accrued income | 490/1 | €207 | €0 | -€207 | -100% |
| Total equity and liabilities | 10/49 | €128,335 | €209,131 | +€80,796 | +63.0% |
| Equity | 10/15 | €99,692 | €71,836 | -€27,856 | -27.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €80,135 | €0 | -€80,135 | -100% |
| Distributable reserves | 133 | €80,135 | €0 | -€80,135 | -100% |
| Profit (loss) carried forward | 14 | €9,557 | €61,836 | +€52,279 | +547% |
| Amounts payable | 17/49 | €28,643 | €137,295 | +€108,652 | +379% |
| Amounts payable within one year | 42/48 | €28,643 | €137,295 | +€108,652 | +379% |
| Trade debts | 44 | €8,462 | €2,684 | -€5,778 | -68.3% |
| Suppliers | 440/4 | €8,462 | €2,684 | -€5,778 | -68.3% |
| Taxes, remuneration and social security | 45 | €509 | €20,266 | +€19,757 | +3,881% |
| Taxes | 450/3 | €509 | €20,266 | +€19,757 | +3,881% |
| Other amounts payable | 47/48 | €19,672 | €114,344 | +€94,673 | +481% |
| Remuneration, social security and pensions | 62 | €5,429 | €0 | -€5,429 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,545 | €9,569 | -€1,976 | -17.1% |
| Other operating charges | 640/8 | €684 | €714 | +€30 | +4.4% |
| Gross operating margin | 9900 | €34,846 | €113,559 | +€78,712 | +226% |
| Operating profit (loss) | 9901 | €17,189 | €103,276 | +€86,087 | +501% |
| Financial income | 75/76B | €13 | €30 | +€17 | +136% |
| Recurring financial income | 75 | €13 | €30 | +€17 | +136% |
| Financial charges | 65/66B | €4,319 | €4,006 | -€313 | -7.3% |
| Recurring financial charges | 65 | €4,319 | €4,006 | -€313 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €12,882 | €99,300 | +€86,418 | +671% |
| Income taxes | 67/77 | €3,325 | €18,656 | +€15,331 | +461% |
| Profit (loss) for the period | 9904 | €9,557 | €80,644 | +€71,087 | +744% |
| Profit (loss) for the period to be appropriated | 9905 | €9,557 | €80,644 | +€71,087 | +744% |
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 18 October 2026 via checked.be.