MADLEM: 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.
MADLEM
Largest movements
- Cash +€68,252
up €68,252 (+64.0%), from €106,688 to €174,940
mainly Other debts (+€148,750) and Net result for the year (+€95,879)
- Receivables within one year +€62,676
up €62,676 (+1086.9%), from €5,767 to €68,442
of which Other amounts receivable: +€63,292
- Tangible fixed assets -€23,788
down €23,788 (-100.0%), from €23,788 to €0
of which Plant, machinery and equipment: -€16,314
- Stocks and contracts -€7,395
no longer reported in 2025 (was €7,395)
- Other debts +€148,750
new in 2025: €148,750
- Reserves -€116,621
down €116,621 (-94.2%), from €123,776 to €7,155
of which Distributable reserves: -€116,621
- Tax, wage and social debts +€63,706
up €63,706 (+4541.1%), from €1,403 to €65,109
- Trade debts +€3,777
new in 2025: €3,777
- Financial income +€116,874
up €116,874 (+159271.8%), from €73 to €116,947
of which Non-recurring financial income: +€116,427
- Depreciation -€15,344
no longer reported in 2025 (was €15,344)
- Taxes +€15,009
new in 2025: €15,009
- Staff costs -€7,031
down €7,031 (-19.8%), from €35,535 to €28,504
- Financial charges -€6,440
down €6,440 (-80.5%), from €8,002 to €1,563
of which Non-recurring financial charges: -€6,598
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 | €143,771 | €243,383 | +€99,612 | +69.3% |
| Fixed assets | 21/28 | €23,921 | - | -€23,921 | |
| Tangible fixed assets | 22/27 | €23,788 | €0 | -€23,788 | -100.0% |
| Plant, machinery and equipment | 23 | €16,314 | - | -€16,314 | |
| Other tangible fixed assets | 26 | €7,474 | - | -€7,474 | |
| Financial fixed assets | 28 | €133 | €0 | -€133 | -100.0% |
| Current assets | 29/58 | €119,850 | €243,383 | +€123,533 | +103.1% |
| Stocks and contracts in progress | 3 | €7,395 | - | -€7,395 | |
| Stocks | 30/36 | €7,395 | - | -€7,395 | |
| Amounts receivable within one year | 40/41 | €5,767 | €68,442 | +€62,676 | +1086.9% |
| Trade receivables | 40 | €5,578 | €4,961 | -€616 | -11.0% |
| Other amounts receivable | 41 | €189 | €63,481 | +€63,292 | +33487.8% |
| Cash at bank and in hand | 54/58 | €106,688 | €174,940 | +€68,252 | +64.0% |
| Total equity and liabilities | 10/49 | €143,771 | €243,383 | +€99,612 | +69.3% |
| Equity | 10/15 | €142,368 | €25,747 | -€116,621 | -81.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €123,776 | €7,155 | -€116,621 | -94.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €121,917 | €5,296 | -€116,621 | -95.7% |
| Amounts payable | 17/49 | €1,403 | €217,636 | +€216,233 | +15413.6% |
| Amounts payable within one year | 42/48 | €1,403 | €217,636 | +€216,233 | +15413.6% |
| Trade debts | 44 | - | €3,777 | +€3,777 | |
| Suppliers | 440/4 | - | €3,777 | +€3,777 | |
| Taxes, remuneration and social security | 45 | €1,403 | €65,109 | +€63,706 | +4541.1% |
| Taxes | 450/3 | €1,403 | €65,109 | +€63,706 | +4541.1% |
| Other amounts payable | 47/48 | - | €148,750 | +€148,750 | |
| Remuneration, social security and pensions | 62 | €35,535 | €28,504 | -€7,031 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,344 | - | -€15,344 | |
| Other operating charges | 640/8 | €4,185 | €2,111 | -€2,074 | -49.6% |
| Non-recurring operating charges | 66A | - | €42,176 | +€42,176 | |
| Gross operating margin | 9900 | €68,198 | €68,295 | +€97 | +0.1% |
| Operating profit (loss) | 9901 | €13,134 | -€4,496 | -€17,630 | |
| Financial income | 75/76B | €73 | €116,947 | +€116,874 | +159271.8% |
| Recurring financial income | 75 | €73 | €447 | +€374 | +509.2% |
| Non-recurring financial income | 76B | €73 | €116,500 | +€116,427 | +158662.6% |
| Financial charges | 65/66B | €8,002 | €1,563 | -€6,440 | -80.5% |
| Recurring financial charges | 65 | €1,405 | €1,563 | +€158 | +11.3% |
| Non-recurring financial charges | 66B | €6,598 | - | -€6,598 | |
| Profit (loss) for the period before taxes | 9903 | €5,205 | €110,888 | +€105,683 | +2030.5% |
| Income taxes | 67/77 | - | €15,009 | +€15,009 | |
| Profit (loss) for the period | 9904 | €5,205 | €95,879 | +€90,674 | +1742.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,205 | €95,879 | +€90,674 | +1742.1% |
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 3 October 2026 via checked.be.