MADIX: 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.
MADIX
Largest movements
- Receivables within one year -€109,518
down €109,518 (-95.8%), from €114,302 to €4,785
of which Other amounts receivable: -€111,333
- Tangible fixed assets +€29,866
up €29,866 (+65.6%), from €45,511 to €75,377
of which Other tangible fixed assets: +€39,171
- Debts after one year -€318,675
down €318,675 (-23.8%), from €1.3m to €1.0m
- Profit (loss) carried forward +€171,362
up €171,362 (+75.6%), from €226,769 to €398,131
- Other debts +€56,797
up €56,797 (+94.9%), from €59,870 to €116,667
- Accrued charges and deferred income +€29,883
up €29,883 (+300.2%), from €9,954 to €39,837
- Gross operating margin +€13,085
up €13,085 (+31.2%), from €41,953 to €55,037
- Depreciation +€4,802
up €4,802 (+49.3%), from €9,748 to €14,550
- Financial charges +€3,248
up €3,248 (+5.4%), from €59,700 to €62,948
- Other operating charges +€561
up €561 (+128.3%), from €437 to €998
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 | €1,868,650 | €1,787,926 | -€80,724 | -4.3% |
| Fixed assets | 21/28 | €1,728,511 | €1,758,377 | +€29,866 | +1.7% |
| Tangible fixed assets | 22/27 | €45,511 | €75,377 | +€29,866 | +65.6% |
| Furniture and vehicles | 24 | €39,817 | €30,512 | -€9,305 | -23.4% |
| Other tangible fixed assets | 26 | €5,694 | €44,865 | +€39,171 | +687.9% |
| Financial fixed assets | 28 | €1,683,000 | €1,683,000 | = | 0.0% |
| Current assets | 29/58 | €140,138 | €29,548 | -€110,590 | -78.9% |
| Amounts receivable within one year | 40/41 | €114,302 | €4,785 | -€109,518 | -95.8% |
| Trade receivables | 40 | €0 | €1,815 | +€1,815 | |
| Other amounts receivable | 41 | €114,302 | €2,970 | -€111,333 | -97.4% |
| Cash at bank and in hand | 54/58 | €24,184 | €21,736 | -€2,449 | -10.1% |
| Deferred charges and accrued income | 490/1 | €1,652 | €3,028 | +€1,376 | +83.3% |
| Total equity and liabilities | 10/49 | €1,868,650 | €1,787,926 | -€80,724 | -4.3% |
| Equity | 10/15 | €229,269 | €400,631 | +€171,362 | +74.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €226,769 | €398,131 | +€171,362 | +75.6% |
| Amounts payable | 17/49 | €1,639,381 | €1,387,294 | -€252,086 | -15.4% |
| Amounts payable after more than one year | 17 | €1,341,235 | €1,022,560 | -€318,675 | -23.8% |
| Financial debts | 170/4 | €1,341,235 | €1,022,560 | -€318,675 | -23.8% |
| Amounts payable within one year | 42/48 | €288,192 | €324,898 | +€36,706 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €210,633 | €198,675 | -€11,958 | -5.7% |
| Trade debts | 44 | €12,168 | €2,222 | -€9,946 | -81.7% |
| Suppliers | 440/4 | €12,168 | €2,222 | -€9,946 | -81.7% |
| Taxes, remuneration and social security | 45 | €5,521 | €7,334 | +€1,813 | +32.8% |
| Taxes | 450/3 | €5,521 | €7,334 | +€1,813 | +32.8% |
| Other amounts payable | 47/48 | €59,870 | €116,667 | +€56,797 | +94.9% |
| Accrued charges and deferred income | 492/3 | €9,954 | €39,837 | +€29,883 | +300.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,748 | €14,550 | +€4,802 | +49.3% |
| Other operating charges | 640/8 | €437 | €998 | +€561 | +128.3% |
| Gross operating margin | 9900 | €41,953 | €55,037 | +€13,085 | +31.2% |
| Operating profit (loss) | 9901 | €31,767 | €39,488 | +€7,721 | +24.3% |
| Financial income | 75/76B | €195,364 | €194,989 | -€375 | -0.2% |
| Recurring financial income | 75 | €195,364 | €194,989 | -€375 | -0.2% |
| Financial charges | 65/66B | €59,700 | €62,948 | +€3,248 | +5.4% |
| Recurring financial charges | 65 | €59,700 | €62,948 | +€3,248 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €167,431 | €171,529 | +€4,098 | +2.4% |
| Income taxes | 67/77 | €63 | €167 | +€104 | +164.2% |
| Profit (loss) for the period | 9904 | €167,368 | €171,362 | +€3,994 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €167,368 | €171,362 | +€3,994 | +2.4% |
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 6 October 2026 via checked.be.