Madison Partners: 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.
Madison Partners
Largest movements
- Receivables within one year +€351,011
up €351,011 (+67.8%), from €517,486 to €868,497
of which Trade receivables: +€351,793
- Cash +€35,145
up €35,145 (+20.4%), from €172,043 to €207,187
mainly Accrued charges and deferred income (+€193,686) and Tax, wage and social debts (+€139,730)
- Deferred charges and accrued income +€15,252
up €15,252 (+81.2%), from €18,792 to €34,043
- Accrued charges and deferred income +€193,686
up €193,686 (+363%), from €53,416 to €247,103
- Tax, wage and social debts +€139,730
up €139,730 (+131%), from €106,889 to €246,619
of which Remuneration and social security: +€71,799
- Current portion of long-term debt +€38,466
new in 2025: €38,466
- Trade debts +€26,718
up €26,718 (+5.7%), from €467,515 to €494,233
- Gross operating margin +€621,196
up €621,196 (+156%), from €396,990 to €1.0m
- Staff costs +€544,217
up €544,217 (+129%), from €422,538 to €966,754
- Financial charges +€11,686
up €11,686 (+169%), from €6,910 to €18,596
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 | €758,754 | €1,157,733 | +€398,979 | +52.6% |
| Fixed assets | 21/28 | €50,435 | €48,006 | -€2,429 | -4.8% |
| Tangible fixed assets | 22/27 | €50,435 | €48,006 | -€2,429 | -4.8% |
| Furniture and vehicles | 24 | €38,552 | €35,114 | -€3,437 | -8.9% |
| Other tangible fixed assets | 26 | €11,883 | €12,891 | +€1,008 | +8.5% |
| Current assets | 29/58 | €708,320 | €1,109,727 | +€401,408 | +56.7% |
| Amounts receivable within one year | 40/41 | €517,486 | €868,497 | +€351,011 | +67.8% |
| Trade receivables | 40 | €516,521 | €868,314 | +€351,793 | +68.1% |
| Other amounts receivable | 41 | €964 | €183 | -€782 | -81.1% |
| Cash at bank and in hand | 54/58 | €172,043 | €207,187 | +€35,145 | +20.4% |
| Deferred charges and accrued income | 490/1 | €18,792 | €34,043 | +€15,252 | +81.2% |
| Total equity and liabilities | 10/49 | €758,754 | €1,157,733 | +€398,979 | +52.6% |
| Equity | 10/15 | €128,727 | €128,124 | -€603 | -0.5% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €3,676 | €3,124 | -€552 | -15.0% |
| Distributable reserves | 133 | €3,676 | €3,124 | -€552 | -15.0% |
| Profit (loss) carried forward | 14 | €51 | €0 | -€51 | -100% |
| Amounts payable | 17/49 | €630,027 | €1,029,609 | +€399,582 | +63.4% |
| Amounts payable within one year | 42/48 | €576,611 | €782,506 | +€205,896 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | - | €38,466 | +€38,466 | |
| Financial debts | 43 | €2,207 | €2,862 | +€656 | +29.7% |
| Credit institutions | 430/8 | €2,207 | €2,862 | +€656 | +29.7% |
| Trade debts | 44 | €467,515 | €494,233 | +€26,718 | +5.7% |
| Suppliers | 440/4 | €467,515 | €494,233 | +€26,718 | +5.7% |
| Taxes, remuneration and social security | 45 | €106,889 | €246,619 | +€139,730 | +131% |
| Taxes | 450/3 | €74,456 | €142,386 | +€67,931 | +91.2% |
| Remuneration and social security | 454/9 | €32,434 | €104,233 | +€71,799 | +221% |
| Other amounts payable | 47/48 | - | €326 | +€326 | |
| Accrued charges and deferred income | 492/3 | €53,416 | €247,103 | +€193,686 | +363% |
| Remuneration, social security and pensions | 62 | €422,538 | €966,754 | +€544,217 | +129% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,926 | €18,347 | +€3,421 | +22.9% |
| Other operating charges | 640/8 | €1,681 | €1,065 | -€616 | -36.7% |
| Non-recurring operating charges | 66A | - | €7,488 | +€7,488 | |
| Gross operating margin | 9900 | €396,990 | €1,018,186 | +€621,196 | +156% |
| Operating profit (loss) | 9901 | -€42,154 | €24,532 | +€66,686 | |
| Financial income | 75/76B | €1 | €157 | +€156 | +21,352% |
| Recurring financial income | 75 | €1 | €157 | +€156 | +21,352% |
| Financial charges | 65/66B | €6,910 | €18,596 | +€11,686 | +169% |
| Recurring financial charges | 65 | €6,910 | €18,596 | +€11,686 | +169% |
| Profit (loss) for the period before taxes | 9903 | -€49,064 | €6,092 | +€55,156 | |
| Income taxes | 67/77 | €978 | €6,696 | +€5,717 | +584% |
| Profit (loss) for the period | 9904 | -€50,042 | -€603 | +€49,439 | +98.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,042 | -€603 | +€49,439 | +98.8% |
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 21 October 2026 via checked.be.