MADOG: 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.
MADOG
Largest movements
- Cash +€23,439
up €23,439 (+553.7%), from €4,233 to €27,672
mainly Debts after one year (+€17,078) and Net result for the year (+€8,037)
- Receivables within one year +€4,649
up €4,649 (+37.0%), from €12,579 to €17,228
of which Trade receivables: +€5,666
- Tangible fixed assets -€1,040
down €1,040 (-29.2%), from €3,568 to €2,528
- Debts after one year +€17,078
new in 2025: €17,078
- Reserves +€8,037
up €8,037 (+1648.7%), from €487 to €8,525
- Current portion of long-term debt +€6,615
new in 2025: €6,615
- Trade debts -€6,080
down €6,080 (-70.9%), from €8,580 to €2,500
- Other debts +€1,063
up €1,063 (+15.0%), from €7,099 to €8,162
- Gross operating margin +€19,215
up €19,215 (+250.0%), from €7,687 to €26,903
- Other operating charges +€11,748
up €11,748 (+1285.6%), from €914 to €12,661
- Taxes +€2,345
up €2,345 (+148.7%), from €1,576 to €3,921
- Financial charges +€603
up €603 (+94.3%), from €640 to €1,243
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 | €28,630 | €55,800 | +€27,170 | +94.9% |
| Fixed assets | 21/28 | €3,568 | €2,528 | -€1,040 | -29.2% |
| Tangible fixed assets | 22/27 | €3,568 | €2,528 | -€1,040 | -29.2% |
| Furniture and vehicles | 24 | €3,568 | €2,528 | -€1,040 | -29.2% |
| Current assets | 29/58 | €25,062 | €53,272 | +€28,210 | +112.6% |
| Amounts receivable after more than one year | 29 | €8,250 | €8,250 | = | 0.0% |
| Other amounts receivable | 291 | €8,250 | €8,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,579 | €17,228 | +€4,649 | +37.0% |
| Trade receivables | 40 | €11,400 | €17,066 | +€5,666 | +49.7% |
| Other amounts receivable | 41 | €1,179 | €162 | -€1,017 | -86.2% |
| Cash at bank and in hand | 54/58 | €4,233 | €27,672 | +€23,439 | +553.7% |
| Deferred charges and accrued income | 490/1 | - | €122 | +€122 | |
| Total equity and liabilities | 10/49 | €28,630 | €55,800 | +€27,170 | +94.9% |
| Equity | 10/15 | €1,487 | €9,525 | +€8,037 | +540.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €487 | €8,525 | +€8,037 | +1648.7% |
| Distributable reserves | 133 | €487 | €8,525 | +€8,037 | +1648.7% |
| Amounts payable | 17/49 | €27,143 | €46,275 | +€19,133 | +70.5% |
| Amounts payable after more than one year | 17 | - | €17,078 | +€17,078 | |
| Financial debts | 170/4 | - | €17,078 | +€17,078 | |
| Amounts payable within one year | 42/48 | €26,933 | €29,197 | +€2,264 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,615 | +€6,615 | |
| Trade debts | 44 | €8,580 | €2,500 | -€6,080 | -70.9% |
| Suppliers | 440/4 | €8,580 | €2,500 | -€6,080 | -70.9% |
| Taxes, remuneration and social security | 45 | €11,253 | €11,920 | +€667 | +5.9% |
| Taxes | 450/3 | €8,291 | €11,920 | +€3,629 | +43.8% |
| Remuneration and social security | 454/9 | €2,962 | - | -€2,962 | |
| Other amounts payable | 47/48 | €7,099 | €8,162 | +€1,063 | +15.0% |
| Accrued charges and deferred income | 492/3 | €210 | - | -€210 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,040 | €1,040 | = | 0.0% |
| Other operating charges | 640/8 | €914 | €12,661 | +€11,748 | +1285.6% |
| Gross operating margin | 9900 | €7,687 | €26,903 | +€19,215 | +250.0% |
| Operating profit (loss) | 9901 | €5,733 | €13,201 | +€7,468 | +130.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €640 | €1,243 | +€603 | +94.3% |
| Recurring financial charges | 65 | €640 | €1,243 | +€603 | +94.3% |
| Profit (loss) for the period before taxes | 9903 | €5,094 | €11,958 | +€6,865 | +134.8% |
| Income taxes | 67/77 | €1,576 | €3,921 | +€2,345 | +148.7% |
| Profit (loss) for the period | 9904 | €3,517 | €8,037 | +€4,520 | +128.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,517 | €8,037 | +€4,520 | +128.5% |
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 4 October 2026 via checked.be.