MADIV: 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.
MADIV
Largest movements
- Receivables within one year -€10,790
down €10,790 (-23.9%), from €45,223 to €34,433
of which Other amounts receivable: -€9,503
- Cash -€9,886
down €9,886 (-44.7%), from €22,135 to €12,249
mainly Contributions, distributions and other (-€15,294) and Trade debts (-€11,061)
- Tangible fixed assets -€2,201
down €2,201 (-37.2%), from €5,910 to €3,709
- Profit (loss) carried forward -€13,782
down €13,782 (-39.3%), from €35,055 to €21,273
- Trade debts -€11,061
down €11,061 (-49.5%), from €22,343 to €11,282
- Tax, wage and social debts +€5,491
up €5,491 (+110.1%), from €4,985 to €10,476
- Debts after one year -€2,881
no longer reported in 2025 (was €2,881)
- Gross operating margin +€4,737
up €4,737 (+61.3%), from €7,722 to €12,459
- Other operating charges +€4,628
up €4,628 (+1195.9%), from €387 to €5,015
- Taxes +€1,652
up €1,652 (+208.8%), from €791 to €2,443
- Financial charges -€1,179
down €1,179, from €1,157 to -€22
- Depreciation +€726
up €726 (+25.8%), from €2,814 to €3,540
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 | €73,461 | €50,912 | -€22,549 | -30.7% |
| Fixed assets | 21/28 | €5,910 | €3,709 | -€2,201 | -37.2% |
| Tangible fixed assets | 22/27 | €5,910 | €3,709 | -€2,201 | -37.2% |
| Furniture and vehicles | 24 | €5,910 | €3,709 | -€2,201 | -37.2% |
| Current assets | 29/58 | €67,551 | €47,204 | -€20,347 | -30.1% |
| Amounts receivable within one year | 40/41 | €45,223 | €34,433 | -€10,790 | -23.9% |
| Trade receivables | 40 | €19,517 | €18,230 | -€1,287 | -6.6% |
| Other amounts receivable | 41 | €25,706 | €16,203 | -€9,503 | -37.0% |
| Cash at bank and in hand | 54/58 | €22,135 | €12,249 | -€9,886 | -44.7% |
| Deferred charges and accrued income | 490/1 | €193 | €521 | +€328 | +170.2% |
| Total equity and liabilities | 10/49 | €73,461 | €50,912 | -€22,549 | -30.7% |
| Equity | 10/15 | €40,055 | €26,273 | -€13,782 | -34.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,055 | €21,273 | -€13,782 | -39.3% |
| Amounts payable | 17/49 | €33,406 | €24,639 | -€8,767 | -26.2% |
| Amounts payable after more than one year | 17 | €2,881 | - | -€2,881 | |
| Financial debts | 170/4 | €2,881 | - | -€2,881 | |
| Amounts payable within one year | 42/48 | €30,525 | €24,639 | -€5,886 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €3,197 | €2,881 | -€316 | -9.9% |
| Trade debts | 44 | €22,343 | €11,282 | -€11,061 | -49.5% |
| Suppliers | 440/4 | €22,343 | €11,282 | -€11,061 | -49.5% |
| Taxes, remuneration and social security | 45 | €4,985 | €10,476 | +€5,491 | +110.1% |
| Taxes | 450/3 | €4,985 | €10,476 | +€5,491 | +110.1% |
| Remuneration, social security and pensions | 62 | €48 | - | -€48 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,814 | €3,540 | +€726 | +25.8% |
| Other operating charges | 640/8 | €387 | €5,015 | +€4,628 | +1195.9% |
| Non-recurring operating charges | 66A | €763 | - | -€763 | |
| Gross operating margin | 9900 | €7,722 | €12,459 | +€4,737 | +61.3% |
| Operating profit (loss) | 9901 | €3,710 | €3,904 | +€194 | +5.2% |
| Financial income | 75/76B | - | €29 | +€29 | |
| Recurring financial income | 75 | - | €29 | +€29 | |
| Financial charges | 65/66B | €1,157 | -€22 | -€1,179 | |
| Recurring financial charges | 65 | €1,157 | -€22 | -€1,179 | |
| Profit (loss) for the period before taxes | 9903 | €2,553 | €3,956 | +€1,403 | +54.9% |
| Income taxes | 67/77 | €791 | €2,443 | +€1,652 | +208.8% |
| Profit (loss) for the period | 9904 | €1,762 | €1,513 | -€249 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,762 | €1,513 | -€249 | -14.1% |
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 8 October 2026 via checked.be.