MADM-DK: 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.
MADM-DK
Largest movements
- Tangible fixed assets -€23,719
down €23,719 (-3.7%), from €649,614 to €625,896
- Debts after one year -€42,102
down €42,102 (-8.2%), from €512,058 to €469,956
- Reserves +€8,628
up €8,628 (+88.0%), from €9,805 to €18,433
- Gross operating margin +€16,931
up €16,931 (+34.0%), from €49,828 to €66,760
- Taxes +€4,517
up €4,517 (+174.3%), from €2,591 to €7,108
- Financial charges -€835
down €835 (-8.0%), from €10,388 to €9,553
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 | €666,761 | €636,479 | -€30,282 | -4.5% |
| Fixed assets | 21/28 | €649,614 | €625,896 | -€23,719 | -3.7% |
| Tangible fixed assets | 22/27 | €649,614 | €625,896 | -€23,719 | -3.7% |
| Land and buildings | 22 | €649,614 | €625,896 | -€23,719 | -3.7% |
| Current assets | 29/58 | €17,147 | €10,583 | -€6,563 | -38.3% |
| Amounts receivable within one year | 40/41 | €1,222 | €1,221 | -€1 | -0.1% |
| Trade receivables | 40 | €1,169 | €1,212 | +€44 | +3.8% |
| Other amounts receivable | 41 | €53 | €9 | -€45 | -83.6% |
| Cash at bank and in hand | 54/58 | €15,925 | €9,362 | -€6,562 | -41.2% |
| Total equity and liabilities | 10/49 | €666,761 | €636,479 | -€30,282 | -4.5% |
| Equity | 10/15 | €94,805 | €103,433 | +€8,628 | +9.1% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €9,805 | €18,433 | +€8,628 | +88.0% |
| Distributable reserves | 133 | €9,805 | €18,433 | +€8,628 | +88.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €571,956 | €533,046 | -€38,910 | -6.8% |
| Amounts payable after more than one year | 17 | €512,058 | €469,956 | -€42,102 | -8.2% |
| Financial debts | 170/4 | €512,058 | €469,956 | -€42,102 | -8.2% |
| Amounts payable within one year | 42/48 | €53,987 | €57,179 | +€3,192 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €41,243 | €42,102 | +€859 | +2.1% |
| Trade debts | 44 | €244 | €1,169 | +€925 | +379.3% |
| Suppliers | 440/4 | €244 | €1,169 | +€925 | +379.3% |
| Taxes, remuneration and social security | 45 | - | €1,408 | +€1,408 | |
| Taxes | 450/3 | - | €1,408 | +€1,408 | |
| Other amounts payable | 47/48 | €12,500 | €12,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,912 | €5,912 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,719 | €23,719 | = | 0.0% |
| Other operating charges | 640/8 | €5,356 | €5,251 | -€105 | -2.0% |
| Gross operating margin | 9900 | €49,828 | €66,760 | +€16,931 | +34.0% |
| Operating profit (loss) | 9901 | €20,753 | €37,790 | +€17,036 | +82.1% |
| Financial charges | 65/66B | €10,388 | €9,553 | -€835 | -8.0% |
| Recurring financial charges | 65 | €10,388 | €9,553 | -€835 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €10,365 | €28,236 | +€17,871 | +172.4% |
| Income taxes | 67/77 | €2,591 | €7,108 | +€4,517 | +174.3% |
| Profit (loss) for the period | 9904 | €7,774 | €21,128 | +€13,354 | +171.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,774 | €21,128 | +€13,354 | +171.8% |
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 2 October 2026 via checked.be.