MADMAN: 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.
MADMAN
Largest movements
- Cash +€51,054
up €51,054 (+195.0%), from €26,187 to €77,241
mainly Net result for the year (+€45,543) and Depreciation (+€11,766)
- Tangible fixed assets -€9,609
down €9,609 (-7.3%), from €131,088 to €121,478
of which Land and buildings: -€9,915
- Receivables within one year +€4,392
up €4,392 (+4.8%), from €91,732 to €96,124
of which Other amounts receivable: +€9,476
- Reserves +€45,543
up €45,543 (+23.5%), from €194,021 to €239,564
- Debts after one year -€9,683
down €9,683 (-6.8%), from €142,978 to €133,296
- Tax, wage and social debts +€8,244
up €8,244 (+110.5%), from €7,463 to €15,707
- Gross operating margin +€11,958
up €11,958 (+18.8%), from €63,737 to €75,694
- Taxes +€4,171
up €4,171 (+28.2%), from €14,766 to €18,937
- Financial charges -€2,057
down €2,057 (-35.9%), from €5,730 to €3,673
- Financial income +€944
up €944 (+18.0%), from €5,253 to €6,197
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 | €357,406 | €403,243 | +€45,836 | +12.8% |
| Fixed assets | 21/28 | €131,088 | €121,478 | -€9,609 | -7.3% |
| Tangible fixed assets | 22/27 | €131,088 | €121,478 | -€9,609 | -7.3% |
| Land and buildings | 22 | €127,739 | €117,825 | -€9,915 | -7.8% |
| Plant, machinery and equipment | 23 | €3,348 | €3,653 | +€305 | +9.1% |
| Current assets | 29/58 | €226,319 | €281,765 | +€55,446 | +24.5% |
| Amounts receivable after more than one year | 29 | €108,400 | €108,400 | = | 0.0% |
| Other amounts receivable | 291 | €108,400 | €108,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €91,732 | €96,124 | +€4,392 | +4.8% |
| Trade receivables | 40 | €56,639 | €51,555 | -€5,084 | -9.0% |
| Other amounts receivable | 41 | €35,093 | €44,569 | +€9,476 | +27.0% |
| Cash at bank and in hand | 54/58 | €26,187 | €77,241 | +€51,054 | +195.0% |
| Total equity and liabilities | 10/49 | €357,406 | €403,243 | +€45,836 | +12.8% |
| Equity | 10/15 | €196,021 | €241,564 | +€45,543 | +23.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €194,021 | €239,564 | +€45,543 | +23.5% |
| Distributable reserves | 133 | €194,021 | €239,564 | +€45,543 | +23.5% |
| Amounts payable | 17/49 | €161,386 | €161,679 | +€293 | +0.2% |
| Amounts payable after more than one year | 17 | €142,978 | €133,296 | -€9,683 | -6.8% |
| Financial debts | 170/4 | €142,978 | €133,296 | -€9,683 | -6.8% |
| Amounts payable within one year | 42/48 | €18,407 | €28,383 | +€9,975 | +54.2% |
| Current portion of amounts payable after more than one year | 42 | €9,495 | €8,883 | -€612 | -6.4% |
| Trade debts | 44 | €1,450 | €3,793 | +€2,343 | +161.6% |
| Suppliers | 440/4 | €1,450 | €3,793 | +€2,343 | +161.6% |
| Taxes, remuneration and social security | 45 | €7,463 | €15,707 | +€8,244 | +110.5% |
| Taxes | 450/3 | €7,463 | €15,707 | +€8,244 | +110.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,485 | €11,766 | +€281 | +2.4% |
| Other operating charges | 640/8 | €2,081 | €1,972 | -€109 | -5.2% |
| Gross operating margin | 9900 | €63,737 | €75,694 | +€11,958 | +18.8% |
| Operating profit (loss) | 9901 | €50,171 | €61,956 | +€11,785 | +23.5% |
| Financial income | 75/76B | €5,253 | €6,197 | +€944 | +18.0% |
| Recurring financial income | 75 | €5,253 | €6,197 | +€944 | +18.0% |
| Financial charges | 65/66B | €5,730 | €3,673 | -€2,057 | -35.9% |
| Recurring financial charges | 65 | €5,730 | €3,673 | -€2,057 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €49,694 | €64,480 | +€14,786 | +29.8% |
| Income taxes | 67/77 | €14,766 | €18,937 | +€4,171 | +28.2% |
| Profit (loss) for the period | 9904 | €34,928 | €45,543 | +€10,615 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,928 | €45,543 | +€10,615 | +30.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.