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
- Stocks and contracts +€372,198
up €372,198 (+42.5%), from €875,125 to €1.2m
- Cash -€209,059
down €209,059 (-61.7%), from €338,749 to €129,689
mainly Stocks and contracts (-€372,198) and Receivables within one year (-€172,798)
- Receivables within one year +€172,798
up €172,798 (+15.0%), from €1.1m to €1.3m
of which Trade receivables: +€146,906
- Intangible fixed assets +€69,021
up €69,021 (+173.3%), from €39,824 to €108,845
- Reserves +€260,596
up €260,596 (+12.5%), from €2.1m to €2.3m
- Other debts +€185,643
up €185,643 (+144.4%), from €128,538 to €314,181
- Trade debts -€87,422
down €87,422 (-32.6%), from €268,354 to €180,932
- Debts after one year +€33,965
up €33,965 (+276.4%), from €12,288 to €46,253
- Gross operating margin -€183,928
down €183,928 (-12.0%), from €1.5m to €1.3m
- Taxes -€52,651
down €52,651 (-35.2%), from €149,690 to €97,039
- Financial charges +€30,335
up €30,335 (+117.1%), from €25,898 to €56,233
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 | €2,726,533 | €3,123,618 | +€397,085 | +14.6% |
| Fixed assets | 21/28 | €334,398 | €395,654 | +€61,256 | +18.3% |
| Intangible fixed assets | 21 | €39,824 | €108,845 | +€69,021 | +173.3% |
| Tangible fixed assets | 22/27 | €294,574 | €286,810 | -€7,765 | -2.6% |
| Land and buildings | 22 | €23,975 | €24,961 | +€985 | +4.1% |
| Plant, machinery and equipment | 23 | €67,515 | €60,779 | -€6,736 | -10.0% |
| Furniture and vehicles | 24 | €203,084 | €201,070 | -€2,014 | -1.0% |
| Current assets | 29/58 | €2,392,135 | €2,727,964 | +€335,829 | +14.0% |
| Stocks and contracts in progress | 3 | €875,125 | €1,247,322 | +€372,198 | +42.5% |
| Stocks | 30/36 | €875,125 | €1,247,322 | +€372,198 | +42.5% |
| Amounts receivable within one year | 40/41 | €1,149,796 | €1,322,594 | +€172,798 | +15.0% |
| Trade receivables | 40 | €1,132,830 | €1,279,736 | +€146,906 | +13.0% |
| Other amounts receivable | 41 | €16,966 | €42,858 | +€25,892 | +152.6% |
| Cash at bank and in hand | 54/58 | €338,749 | €129,689 | -€209,059 | -61.7% |
| Deferred charges and accrued income | 490/1 | €28,466 | €28,358 | -€108 | -0.4% |
| Total equity and liabilities | 10/49 | €2,726,533 | €3,123,618 | +€397,085 | +14.6% |
| Equity | 10/15 | €2,105,632 | €2,366,228 | +€260,596 | +12.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,087,040 | €2,347,636 | +€260,596 | +12.5% |
| Distributable reserves | 133 | €2,087,040 | €2,347,636 | +€260,596 | +12.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €620,901 | €757,390 | +€136,489 | +22.0% |
| Amounts payable after more than one year | 17 | €12,288 | €46,253 | +€33,965 | +276.4% |
| Financial debts | 170/4 | €12,288 | €46,253 | +€33,965 | +276.4% |
| Amounts payable within one year | 42/48 | €602,419 | €705,137 | +€102,718 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €29,129 | €42,973 | +€13,844 | +47.5% |
| Trade debts | 44 | €268,354 | €180,932 | -€87,422 | -32.6% |
| Suppliers | 440/4 | €268,354 | €180,932 | -€87,422 | -32.6% |
| Taxes, remuneration and social security | 45 | €176,398 | €167,051 | -€9,347 | -5.3% |
| Taxes | 450/3 | €93,391 | €83,609 | -€9,782 | -10.5% |
| Remuneration and social security | 454/9 | €83,006 | €83,442 | +€435 | +0.5% |
| Other amounts payable | 47/48 | €128,538 | €314,181 | +€185,643 | +144.4% |
| Accrued charges and deferred income | 492/3 | €6,194 | €6,000 | -€194 | -3.1% |
| Remuneration, social security and pensions | 62 | €814,480 | €809,241 | -€5,239 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,661 | €99,261 | +€2,599 | +2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,336 | €3,110 | -€226 | -6.8% |
| Other operating charges | 640/8 | €14,191 | €13,418 | -€773 | -5.4% |
| Non-recurring operating charges | 66A | €9,313 | €18,822 | +€9,509 | +102.1% |
| Gross operating margin | 9900 | €1,526,387 | €1,342,460 | -€183,928 | -12.0% |
| Operating profit (loss) | 9901 | €588,406 | €398,608 | -€189,798 | -32.3% |
| Financial income | 75/76B | €1,500 | €15,260 | +€13,760 | +917.5% |
| Recurring financial income | 75 | €1,500 | €15,260 | +€13,760 | +917.5% |
| Financial charges | 65/66B | €25,898 | €56,233 | +€30,335 | +117.1% |
| Recurring financial charges | 65 | €25,898 | €56,233 | +€30,335 | +117.1% |
| Profit (loss) for the period before taxes | 9903 | €564,008 | €357,635 | -€206,373 | -36.6% |
| Income taxes | 67/77 | €149,690 | €97,039 | -€52,651 | -35.2% |
| Profit (loss) for the period | 9904 | €414,318 | €260,596 | -€153,722 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €414,318 | €260,596 | -€153,722 | -37.1% |
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.