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
- Cash -€1.9m
down €1.9m (-86.5%), from €2.2m to €292,549
mainly Current investments (-€1.3m) and Deferred charges and accrued income (-€509,689)
- Current investments +€1.3m
up €1.3m (+15.7%), from €8.4m to €9.7m
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€365,085
down €365,085, from €339,747 to -€25,338
- Financial charges +€350,252
up €350,252 (+4707.6%), from €7,440 to €357,692
- Financial income +€129,699
up €129,699 (+21.2%), from €613,188 to €742,888
- Taxes -€64,376
down €64,376 (-27.7%), from €232,409 to €168,033
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 | €53,594,633 | €53,427,811 | -€166,822 | -0.3% |
| Fixed assets | 21/28 | €34,080,192 | €34,317,563 | +€237,371 | +0.7% |
| Tangible fixed assets | 22/27 | €501,314 | €486,844 | -€14,471 | -2.9% |
| Land and buildings | 22 | €501,314 | €486,844 | -€14,471 | -2.9% |
| Financial fixed assets | 28 | €33,578,878 | €33,830,719 | +€251,842 | +0.7% |
| Current assets | 29/58 | €19,514,441 | €19,110,248 | -€404,193 | -2.1% |
| Amounts receivable after more than one year | 29 | €6,597,443 | €6,280,890 | -€316,553 | -4.8% |
| Other amounts receivable | 291 | €6,597,443 | €6,280,890 | -€316,553 | -4.8% |
| Amounts receivable within one year | 40/41 | €2,212,231 | €2,169,379 | -€42,852 | -1.9% |
| Other amounts receivable | 41 | €2,212,231 | €2,169,379 | -€42,852 | -1.9% |
| Current investments | 50/53 | €8,388,456 | €9,703,886 | +€1.3m | +15.7% |
| Cash at bank and in hand | 54/58 | €2,162,455 | €292,549 | -€1.9m | -86.5% |
| Deferred charges and accrued income | 490/1 | €153,855 | €663,544 | +€509,689 | +331.3% |
| Total equity and liabilities | 10/49 | €53,594,633 | €53,427,811 | -€166,822 | -0.3% |
| Equity | 10/15 | €52,555,621 | €52,715,376 | +€159,755 | +0.3% |
| Contributions | 10/11 | €10,000,000 | €10,000,000 | = | 0.0% |
| Capital | 10 | €10,000,000 | €10,000,000 | = | 0.0% |
| Issued capital | 100 | €10,000,000 | €10,000,000 | = | 0.0% |
| Reserves | 13 | €1,000,467 | €1,000,467 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000,000 | €1,000,000 | = | 0.0% |
| Legal reserve | 130 | €1,000,000 | €1,000,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €467 | €467 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,555,153 | €41,714,908 | +€159,755 | +0.4% |
| Amounts payable | 17/49 | €1,039,012 | €712,436 | -€326,577 | -31.4% |
| Amounts payable within one year | 42/48 | €1,038,528 | €711,447 | -€327,081 | -31.5% |
| Trade debts | 44 | €7,492 | €17,567 | +€10,075 | +134.5% |
| Suppliers | 440/4 | €7,492 | €17,567 | +€10,075 | +134.5% |
| Taxes, remuneration and social security | 45 | €180,290 | €0 | -€180,290 | -100.0% |
| Taxes | 450/3 | €180,290 | €0 | -€180,290 | -100.0% |
| Other amounts payable | 47/48 | €850,747 | €693,880 | -€156,867 | -18.4% |
| Accrued charges and deferred income | 492/3 | €484 | €989 | +€505 | +104.4% |
| Non-recurring operating income | 76A | €91 | €0 | -€91 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,478 | €14,471 | -€3,007 | -17.2% |
| Other operating charges | 640/8 | €18,968 | €17,599 | -€1,369 | -7.2% |
| Gross operating margin | 9900 | €339,747 | -€25,338 | -€365,085 | |
| Operating profit (loss) | 9901 | €303,301 | -€57,408 | -€360,708 | |
| Financial income | 75/76B | €613,188 | €742,888 | +€129,699 | +21.2% |
| Recurring financial income | 75 | €613,188 | €742,888 | +€129,699 | +21.2% |
| Financial charges | 65/66B | €7,440 | €357,692 | +€350,252 | +4707.6% |
| Recurring financial charges | 65 | €7,440 | €357,692 | +€350,252 | +4707.6% |
| Profit (loss) for the period before taxes | 9903 | €909,049 | €327,788 | -€581,261 | -63.9% |
| Income taxes | 67/77 | €232,409 | €168,033 | -€64,376 | -27.7% |
| Profit (loss) for the period | 9904 | €676,640 | €159,755 | -€516,885 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €676,640 | €159,755 | -€516,885 | -76.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.