MADOE: 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.
MADOE
Largest movements
- Receivables within one year +€23,796
up €23,796 (+101.3%), from €23,483 to €47,279
of which Trade receivables: +€25,903
- Cash +€12,519
up €12,519 (+488.0%), from €2,565 to €15,085
mainly Depreciation (+€30,785) and Debts after one year (+€23,935)
- Tangible fixed assets -€4,185
down €4,185 (-6.6%), from €63,222 to €59,036
- Financial fixed assets +€1,350
up €1,350 (+750.0%), from €180 to €1,530
- Debts after one year +€23,935
up €23,935 (+35.0%), from €68,397 to €92,332
of which Financial debts: +€23,935
- Current portion of long-term debt +€14,289
up €14,289 (+80.8%), from €17,686 to €31,976
- Tax, wage and social debts -€6,256
down €6,256 (-70.5%), from €8,870 to €2,614
of which Taxes: -€4,208
- Profit (loss) carried forward +€3,683
up €3,683 (+34.9%), from -€10,544 to -€6,861
- Trade debts -€2,172
down €2,172 (-71.4%), from €3,041 to €869
- Gross operating margin +€57,319
up €57,319 (+106.1%), from €54,037 to €111,355
- Staff costs +€25,843
up €25,843 (+60.2%), from €42,919 to €68,763
- Depreciation +€19,109
up €19,109 (+163.7%), from €11,676 to €30,785
- Financial charges -€12,251
down €12,251 (-61.8%), from €19,831 to €7,581
of which Non-recurring financial charges: -€16,370
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,450 | €122,930 | +€33,479 | +37.4% |
| Fixed assets | 21/28 | €63,402 | €60,566 | -€2,835 | -4.5% |
| Tangible fixed assets | 22/27 | €63,222 | €59,036 | -€4,185 | -6.6% |
| Furniture and vehicles | 24 | €63,222 | €59,036 | -€4,185 | -6.6% |
| Financial fixed assets | 28 | €180 | €1,530 | +€1,350 | +750.0% |
| Current assets | 29/58 | €26,049 | €62,364 | +€36,315 | +139.4% |
| Amounts receivable within one year | 40/41 | €23,483 | €47,279 | +€23,796 | +101.3% |
| Trade receivables | 40 | €6,707 | €32,609 | +€25,903 | +386.2% |
| Other amounts receivable | 41 | €16,777 | €14,670 | -€2,107 | -12.6% |
| Cash at bank and in hand | 54/58 | €2,565 | €15,085 | +€12,519 | +488.0% |
| Total equity and liabilities | 10/49 | €89,450 | €122,930 | +€33,479 | +37.4% |
| Equity | 10/15 | -€8,544 | -€4,861 | +€3,683 | +43.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,544 | -€6,861 | +€3,683 | +34.9% |
| Amounts payable | 17/49 | €97,995 | €127,791 | +€29,796 | +30.4% |
| Amounts payable after more than one year | 17 | €68,397 | €92,332 | +€23,935 | +35.0% |
| Financial debts | 170/4 | €68,147 | €92,082 | +€23,935 | +35.1% |
| Other amounts payable | 178/9 | €250 | €250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,597 | €35,459 | +€5,861 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €17,686 | €31,976 | +€14,289 | +80.8% |
| Trade debts | 44 | €3,041 | €869 | -€2,172 | -71.4% |
| Suppliers | 440/4 | €3,041 | €869 | -€2,172 | -71.4% |
| Taxes, remuneration and social security | 45 | €8,870 | €2,614 | -€6,256 | -70.5% |
| Taxes | 450/3 | €4,847 | €638 | -€4,208 | -86.8% |
| Remuneration and social security | 454/9 | €4,024 | €1,976 | -€2,048 | -50.9% |
| Remuneration, social security and pensions | 62 | €42,919 | €68,763 | +€25,843 | +60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,676 | €30,785 | +€19,109 | +163.7% |
| Other operating charges | 640/8 | €819 | €543 | -€276 | -33.7% |
| Non-recurring operating charges | 66A | €1,105 | - | -€1,105 | |
| Gross operating margin | 9900 | €54,037 | €111,355 | +€57,319 | +106.1% |
| Operating profit (loss) | 9901 | -€2,483 | €11,264 | +€13,747 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €19,831 | €7,581 | -€12,251 | -61.8% |
| Recurring financial charges | 65 | €3,461 | €7,581 | +€4,119 | +119.0% |
| Non-recurring financial charges | 66B | €16,370 | - | -€16,370 | |
| Profit (loss) for the period before taxes | 9903 | -€22,314 | €3,683 | +€25,997 | |
| Income taxes | 67/77 | €190 | - | -€190 | |
| Profit (loss) for the period | 9904 | -€22,504 | €3,683 | +€26,187 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,504 | €3,683 | +€26,187 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.