MADO IMMO: what changed
Two financial 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 IMMO
Largest movements
- Receivables within one year +€62,000
new in 2025: €62,000
- Tangible fixed assets -€33,873
down €33,873 (-5.3%), from €642,484 to €608,611
- Cash +€18,282
up €18,282 (+14.3%), from €128,196 to €146,479
mainly Net result for the year (+€127,112) and Depreciation (+€33,873)
- Profit (loss) carried forward +€67,112
up €67,112 (+20.8%), from €323,407 to €390,519
- Debts after one year -€45,776
no longer reported in 2025 (was €45,776)
of which Financial debts: -€27,276
- Other debts +€28,356
up €28,356 (+9.1%), from €310,000 to €338,356
- Trade debts +€17,415
up €17,415 (+1,456%), from €1,196 to €18,611
- Current portion of long-term debt -€13,728
down €13,728 (-33.5%), from €41,004 to €27,276
- Gross operating margin -€7,600
down €7,600 (-3.4%), from €223,096 to €215,496
- Taxes -€3,389
down €3,389 (-12.7%), from €26,695 to €23,306
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.
Derived cash bridge
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 | €775,938 | €817,518 | +€41,579 | +5.4% |
| Fixed assets | 21/28 | €642,847 | €608,974 | -€33,873 | -5.3% |
| Tangible fixed assets | 22/27 | €642,484 | €608,611 | -€33,873 | -5.3% |
| Land and buildings | 22 | €642,484 | €608,611 | -€33,873 | -5.3% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €133,091 | €208,543 | +€75,452 | +56.7% |
| Amounts receivable within one year | 40/41 | - | €62,000 | +€62,000 | |
| Other amounts receivable | 41 | - | €62,000 | +€62,000 | |
| Cash at bank and in hand | 54/58 | €128,196 | €146,479 | +€18,282 | +14.3% |
| Deferred charges and accrued income | 490/1 | €4,895 | €65 | -€4,830 | -98.7% |
| Total equity and liabilities | 10/49 | €775,938 | €817,518 | +€41,579 | +5.4% |
| Equity | 10/15 | €343,867 | €410,979 | +€67,112 | +19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €323,407 | €390,519 | +€67,112 | +20.8% |
| Amounts payable | 17/49 | €432,071 | €406,539 | -€25,532 | -5.9% |
| Amounts payable after more than one year | 17 | €45,776 | - | -€45,776 | |
| Financial debts | 170/4 | €27,276 | - | -€27,276 | |
| Other amounts payable | 178/9 | €18,500 | - | -€18,500 | |
| Amounts payable within one year | 42/48 | €363,465 | €388,147 | +€24,681 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €41,004 | €27,276 | -€13,728 | -33.5% |
| Trade debts | 44 | €1,196 | €18,611 | +€17,415 | +1,456% |
| Suppliers | 440/4 | €1,196 | €18,611 | +€17,415 | +1,456% |
| Taxes, remuneration and social security | 45 | €11,266 | €3,904 | -€7,362 | -65.3% |
| Taxes | 450/3 | €10,738 | €3,257 | -€7,481 | -69.7% |
| Remuneration and social security | 454/9 | €528 | €647 | +€119 | +22.5% |
| Other amounts payable | 47/48 | €310,000 | €338,356 | +€28,356 | +9.1% |
| Accrued charges and deferred income | 492/3 | €22,830 | €18,393 | -€4,437 | -19.4% |
| Non-recurring operating income | 76A | €54 | - | -€54 | |
| Remuneration, social security and pensions | 62 | €4,479 | €4,152 | -€327 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,873 | €33,873 | = | 0.0% |
| Other operating charges | 640/8 | €23,343 | €24,076 | +€734 | +3.1% |
| Gross operating margin | 9900 | €223,096 | €215,496 | -€7,600 | -3.4% |
| Operating profit (loss) | 9901 | €161,402 | €153,395 | -€8,007 | -5.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,730 | €2,977 | -€1,753 | -37.1% |
| Recurring financial charges | 65 | €4,730 | €2,977 | -€1,753 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | €156,672 | €150,418 | -€6,254 | -4.0% |
| Income taxes | 67/77 | €26,695 | €23,306 | -€3,389 | -12.7% |
| Profit (loss) for the period | 9904 | €129,976 | €127,112 | -€2,865 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €129,976 | €127,112 | -€2,865 | -2.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.