MADO: 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.
MADO
Largest movements
- Current investments -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Cash +€48,770
up €48,770 (+88.9%), from €54,839 to €103,609
mainly Current investments (+€50,000) and Receivables within one year (+€11,746)
- Receivables within one year -€11,746
down €11,746 (-90.9%), from €12,923 to €1,177
- Reserves -€12,819
down €12,819 (-11.4%), from €112,900 to €100,081
- Other operating charges -€3,078
down €3,078 (-58.7%), from €5,240 to €2,162
- Gross operating margin +€1,414
up €1,414 (+41.0%), from €3,447 to €4,861
- Depreciation -€562
down €562 (-43.2%), from €1,302 to €740
- Financial income -€520
down €520 (-15.0%), from €3,461 to €2,941
- Taxes +€288
up €288 (+23.4%), from €1,230 to €1,518
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 | €287,438 | €273,745 | -€13,692 | -4.8% |
| Fixed assets | 21/28 | €69,016 | €68,276 | -€740 | -1.1% |
| Tangible fixed assets | 22/27 | €69,016 | €68,276 | -€740 | -1.1% |
| Land and buildings | 22 | €67,536 | €67,536 | = | 0.0% |
| Other tangible fixed assets | 26 | €1,480 | €740 | -€740 | -50.0% |
| Current assets | 29/58 | €218,421 | €205,469 | -€12,952 | -5.9% |
| Amounts receivable within one year | 40/41 | €12,923 | €1,177 | -€11,746 | -90.9% |
| Other amounts receivable | 41 | €12,923 | €1,177 | -€11,746 | -90.9% |
| Current investments | 50/53 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €54,839 | €103,609 | +€48,770 | +88.9% |
| Deferred charges and accrued income | 490/1 | €660 | €684 | +€23 | +3.5% |
| Total equity and liabilities | 10/49 | €287,438 | €273,745 | -€13,692 | -4.8% |
| Equity | 10/15 | €285,695 | €272,876 | -€12,819 | -4.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €112,900 | €100,081 | -€12,819 | -11.4% |
| Distributable reserves | 133 | €112,900 | €100,081 | -€12,819 | -11.4% |
| Profit (loss) carried forward | 14 | €154,203 | €154,203 | = | 0.0% |
| Amounts payable | 17/49 | €1,743 | €869 | -€873 | -50.1% |
| Amounts payable within one year | 42/48 | €1,691 | €869 | -€822 | -48.6% |
| Trade debts | 44 | €1,268 | €150 | -€1,118 | -88.2% |
| Suppliers | 440/4 | €1,268 | €150 | -€1,118 | -88.2% |
| Taxes, remuneration and social security | 45 | €423 | €719 | +€296 | +70.1% |
| Taxes | 450/3 | €423 | €719 | +€296 | +70.1% |
| Accrued charges and deferred income | 492/3 | €52 | €0 | -€52 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,302 | €740 | -€562 | -43.2% |
| Other operating charges | 640/8 | €5,240 | €2,162 | -€3,078 | -58.7% |
| Gross operating margin | 9900 | €3,447 | €4,861 | +€1,414 | +41.0% |
| Operating profit (loss) | 9901 | -€3,095 | €1,960 | +€5,054 | |
| Financial income | 75/76B | €3,461 | €2,941 | -€520 | -15.0% |
| Recurring financial income | 75 | €3,461 | €2,941 | -€520 | -15.0% |
| Financial charges | 65/66B | €301 | €201 | -€99 | -33.0% |
| Recurring financial charges | 65 | €301 | €201 | -€99 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €65 | €4,699 | +€4,634 | +7076.8% |
| Income taxes | 67/77 | €1,230 | €1,518 | +€288 | +23.4% |
| Profit (loss) for the period | 9904 | -€1,165 | €3,181 | +€4,346 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,165 | €3,181 | +€4,346 |
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.