MADOLEM: 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.
MADOLEM
Largest movements
- Cash -€7,022
down €7,022 (-75.3%), from €9,325 to €2,303
mainly Investment in fixed assets (net) (-€14,699) and Net result for the year (-€5,535)
- Tangible fixed assets +€3,610
up €3,610 (+1.4%), from €253,706 to €257,316
of which Plant, machinery and equipment: +€11,703
- Profit (loss) carried forward -€5,535
down €5,535 (-14.4%), from -€38,318 to -€43,853
- Depreciation +€1,836
up €1,836 (+18.8%), from €9,781 to €11,617
- Gross operating margin -€687
down €687 (-6.6%), from €10,420 to €9,733
- Other operating charges +€120
up €120 (+3.4%), from €3,486 to €3,606
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 | €266,980 | €261,984 | -€4,996 | -1.9% |
| Formation expenses | 20 | €2,012 | €1,484 | -€528 | -26.2% |
| Fixed assets | 21/28 | €253,706 | €257,316 | +€3,610 | +1.4% |
| Tangible fixed assets | 22/27 | €253,706 | €257,316 | +€3,610 | +1.4% |
| Land and buildings | 22 | €234,816 | €226,723 | -€8,093 | -3.4% |
| Plant, machinery and equipment | 23 | €18,890 | €30,593 | +€11,703 | +62.0% |
| Current assets | 29/58 | €11,262 | €3,184 | -€8,078 | -71.7% |
| Cash at bank and in hand | 54/58 | €9,325 | €2,303 | -€7,022 | -75.3% |
| Deferred charges and accrued income | 490/1 | €1,937 | €881 | -€1,056 | -54.5% |
| Total equity and liabilities | 10/49 | €266,980 | €261,984 | -€4,996 | -1.9% |
| Equity | 10/15 | -€18,318 | -€23,853 | -€5,535 | -30.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,318 | -€43,853 | -€5,535 | -14.4% |
| Amounts payable | 17/49 | €285,298 | €285,837 | +€539 | +0.2% |
| Amounts payable within one year | 42/48 | €285,149 | €285,687 | +€538 | +0.2% |
| Trade debts | 44 | - | €538 | +€538 | |
| Suppliers | 440/4 | - | €538 | +€538 | |
| Other amounts payable | 47/48 | €285,149 | €285,149 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €149 | €150 | +€1 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,781 | €11,617 | +€1,836 | +18.8% |
| Other operating charges | 640/8 | €3,486 | €3,606 | +€120 | +3.4% |
| Gross operating margin | 9900 | €10,420 | €9,733 | -€687 | -6.6% |
| Operating profit (loss) | 9901 | -€2,847 | -€5,490 | -€2,643 | -92.8% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,892 | -€5,535 | -€2,643 | -91.4% |
| Profit (loss) for the period | 9904 | -€2,892 | -€5,535 | -€2,643 | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,892 | -€5,535 | -€2,643 | -91.4% |
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 8 October 2026 via checked.be.