MADOC: 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.
MADOC
Largest movements
- Receivables after one year -€390,000
down €390,000 (-100.0%), from €390,000 to €0
- Deferred charges and accrued income +€23,732
up €23,732 (+4388.2%), from €541 to €24,273
- Cash -€17,046
down €17,046 (-98.4%), from €17,332 to €286
mainly Trade debts (-€207,813) and Short-term financial debts (-€138,131)
- Receivables within one year -€10,876
down €10,876 (-7.9%), from €136,933 to €126,058
of which Trade receivables: -€11,222
- Trade debts -€207,813
down €207,813 (-76.9%), from €270,241 to €62,427
- Short-term financial debts -€138,131
down €138,131 (-92.1%), from €150,000 to €11,869
of which Credit institutions: -€138,131
- Debts after one year -€31,299
down €31,299 (-53.3%), from €58,701 to €27,402
- Tax, wage and social debts -€30,480
down €30,480 (-58.2%), from €52,370 to €21,890
of which Taxes: -€34,658
- Reserves +€21,878
up €21,878 (+17.8%), from €123,219 to €145,097
of which Distributable reserves: +€21,878
- Gross operating margin +€199,173
up €199,173, from -€93,170 to €106,004
- Staff costs -€45,337
down €45,337 (-36.1%), from €125,623 to €80,286
- Financial charges -€30,476
down €30,476 (-88.7%), from €34,363 to €3,887
- Depreciation -€12,811
down €12,811 (-79.1%), from €16,195 to €3,384
- Other operating charges -€3,060
down €3,060 (-91.2%), from €3,356 to €296
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 | €554,357 | €160,135 | -€394,222 | -71.1% |
| Fixed assets | 21/28 | €9,550 | €9,518 | -€33 | -0.3% |
| Tangible fixed assets | 22/27 | €4,532 | €4,500 | -€33 | -0.7% |
| Furniture and vehicles | 24 | €4,532 | €4,500 | -€33 | -0.7% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €5,018 | €5,018 | = | 0.0% |
| Current assets | 29/58 | €544,806 | €150,617 | -€394,189 | -72.4% |
| Amounts receivable after more than one year | 29 | €390,000 | €0 | -€390,000 | -100.0% |
| Other amounts receivable | 291 | €390,000 | €0 | -€390,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €136,933 | €126,058 | -€10,876 | -7.9% |
| Trade receivables | 40 | €136,730 | €125,509 | -€11,222 | -8.2% |
| Other amounts receivable | 41 | €203 | €549 | +€346 | +170.4% |
| Cash at bank and in hand | 54/58 | €17,332 | €286 | -€17,046 | -98.4% |
| Deferred charges and accrued income | 490/1 | €541 | €24,273 | +€23,732 | +4388.2% |
| Total equity and liabilities | 10/49 | €554,357 | €160,135 | -€394,222 | -71.1% |
| Equity | 10/15 | -€37,623 | €2,123 | +€39,746 | |
| Contributions | 10/11 | €213,200 | €213,200 | = | 0.0% |
| Reserves | 13 | €123,219 | €145,097 | +€21,878 | +17.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €23,785 | €23,785 | = | 0.0% |
| Distributable reserves | 133 | €99,434 | €121,312 | +€21,878 | +22.0% |
| Profit (loss) carried forward | 14 | -€374,042 | -€356,175 | +€17,867 | +4.8% |
| Amounts payable | 17/49 | €591,979 | €158,012 | -€433,968 | -73.3% |
| Amounts payable after more than one year | 17 | €58,701 | €27,402 | -€31,299 | -53.3% |
| Financial debts | 170/4 | €58,701 | €27,402 | -€31,299 | -53.3% |
| Amounts payable within one year | 42/48 | €528,955 | €127,485 | -€401,470 | -75.9% |
| Current portion of amounts payable after more than one year | 42 | €49,467 | €31,299 | -€18,168 | -36.7% |
| Financial debts | 43 | €150,000 | €11,869 | -€138,131 | -92.1% |
| Credit institutions | 430/8 | €150,000 | €11,869 | -€138,131 | -92.1% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €270,241 | €62,427 | -€207,813 | -76.9% |
| Suppliers | 440/4 | €270,241 | €62,427 | -€207,813 | -76.9% |
| Taxes, remuneration and social security | 45 | €52,370 | €21,890 | -€30,480 | -58.2% |
| Taxes | 450/3 | €40,173 | €5,515 | -€34,658 | -86.3% |
| Remuneration and social security | 454/9 | €12,197 | €16,375 | +€4,178 | +34.3% |
| Other amounts payable | 47/48 | €6,877 | €0 | -€6,877 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,324 | €3,125 | -€1,199 | -27.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €125,623 | €80,286 | -€45,337 | -36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,195 | €3,384 | -€12,811 | -79.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,356 | €296 | -€3,060 | -91.2% |
| Gross operating margin | 9900 | -€93,170 | €106,004 | +€199,173 | |
| Operating profit (loss) | 9901 | -€238,344 | €22,038 | +€260,382 | |
| Financial income | 75/76B | €38 | €0 | -€38 | -100.0% |
| Recurring financial income | 75 | €38 | €0 | -€38 | -100.0% |
| Financial charges | 65/66B | €34,363 | €3,887 | -€30,476 | -88.7% |
| Recurring financial charges | 65 | €34,363 | €3,887 | -€30,476 | -88.7% |
| Profit (loss) for the period before taxes | 9903 | -€272,669 | €18,151 | +€290,820 | |
| Income taxes | 67/77 | €97 | €283 | +€186 | +191.4% |
| Profit (loss) for the period | 9904 | -€272,766 | €17,867 | +€290,634 | |
| Profit (loss) for the period to be appropriated | 9905 | -€272,766 | €17,867 | +€290,634 |
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 5 October 2026 via checked.be.