MADOCK: 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.
MADOCK
Largest movements
- Tangible fixed assets -€16,140
down €16,140 (-13.7%), from €118,070 to €101,930
of which Furniture and vehicles: -€11,102
- Receivables within one year +€6,773
up €6,773 (+102.7%), from €6,593 to €13,367
of which Other amounts receivable: +€9,543
- Cash -€5,357
down €5,357 (-37.1%), from €14,420 to €9,063
mainly Contributions, distributions and other (-€55,071) and Investment in fixed assets (net) (-€10,417)
- Profit (loss) carried forward -€25,168
down €25,168 (-100.0%), from €25,168 to €0
- Other debts +€13,907
up €13,907, from €0 to €13,907
- Debts after one year +€6,764
up €6,764 (+10.8%), from €62,471 to €69,235
- Current portion of long-term debt -€3,205
down €3,205 (-23.0%), from €13,941 to €10,736
- Trade debts -€3,204
down €3,204 (-26.7%), from €12,015 to €8,811
- Gross operating margin +€19,854
up €19,854 (+12.4%), from €160,470 to €180,324
- Staff costs +€8,346
up €8,346 (+8.5%), from €98,198 to €106,543
- Financial charges +€3,994
up €3,994 (+141.4%), from €2,826 to €6,820
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 | €150,221 | €136,261 | -€13,960 | -9.3% |
| Fixed assets | 21/28 | €124,220 | €108,080 | -€16,140 | -13.0% |
| Tangible fixed assets | 22/27 | €118,070 | €101,930 | -€16,140 | -13.7% |
| Plant, machinery and equipment | 23 | €42,059 | €39,363 | -€2,696 | -6.4% |
| Furniture and vehicles | 24 | €41,909 | €30,808 | -€11,102 | -26.5% |
| Other tangible fixed assets | 26 | €34,102 | €31,759 | -€2,342 | -6.9% |
| Financial fixed assets | 28 | €6,150 | €6,150 | = | 0.0% |
| Current assets | 29/58 | €26,001 | €28,181 | +€2,180 | +8.4% |
| Stocks and contracts in progress | 3 | €2,709 | €3,450 | +€741 | +27.3% |
| Stocks | 30/36 | €2,709 | €3,450 | +€741 | +27.3% |
| Amounts receivable within one year | 40/41 | €6,593 | €13,367 | +€6,773 | +102.7% |
| Trade receivables | 40 | €2,825 | €55 | -€2,769 | -98.0% |
| Other amounts receivable | 41 | €3,768 | €13,311 | +€9,543 | +253.2% |
| Cash at bank and in hand | 54/58 | €14,420 | €9,063 | -€5,357 | -37.1% |
| Deferred charges and accrued income | 490/1 | €2,279 | €2,301 | +€22 | +1.0% |
| Total equity and liabilities | 10/49 | €150,221 | €136,261 | -€13,960 | -9.3% |
| Equity | 10/15 | €42,668 | €17,500 | -€25,168 | -59.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,168 | €0 | -€25,168 | -100.0% |
| Amounts payable | 17/49 | €107,553 | €118,761 | +€11,207 | +10.4% |
| Amounts payable after more than one year | 17 | €62,471 | €69,235 | +€6,764 | +10.8% |
| Financial debts | 170/4 | €62,471 | €69,235 | +€6,764 | +10.8% |
| Amounts payable within one year | 42/48 | €45,082 | €49,525 | +€4,443 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €13,941 | €10,736 | -€3,205 | -23.0% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €12,015 | €8,811 | -€3,204 | -26.7% |
| Suppliers | 440/4 | €12,015 | €8,811 | -€3,204 | -26.7% |
| Taxes, remuneration and social security | 45 | €19,127 | €16,072 | -€3,055 | -16.0% |
| Taxes | 450/3 | €11,803 | €6,393 | -€5,410 | -45.8% |
| Remuneration and social security | 454/9 | €7,324 | €9,680 | +€2,355 | +32.2% |
| Other amounts payable | 47/48 | €0 | €13,907 | +€13,907 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €98,198 | €106,543 | +€8,346 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,875 | €26,557 | +€683 | +2.6% |
| Other operating charges | 640/8 | €1,638 | €2,027 | +€389 | +23.8% |
| Gross operating margin | 9900 | €160,470 | €180,324 | +€19,854 | +12.4% |
| Operating profit (loss) | 9901 | €34,760 | €45,196 | +€10,437 | +30.0% |
| Financial income | 75/76B | €207 | €3 | -€205 | -98.7% |
| Recurring financial income | 75 | €207 | €3 | -€205 | -98.7% |
| Financial charges | 65/66B | €2,826 | €6,820 | +€3,994 | +141.4% |
| Recurring financial charges | 65 | €2,826 | €6,820 | +€3,994 | +141.4% |
| Profit (loss) for the period before taxes | 9903 | €32,141 | €38,379 | +€6,238 | +19.4% |
| Income taxes | 67/77 | €7,182 | €8,476 | +€1,293 | +18.0% |
| Profit (loss) for the period | 9904 | €24,959 | €29,903 | +€4,945 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,959 | €29,903 | +€4,945 | +19.8% |
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.