madonna: 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.
madonna
Largest movements
- Receivables within one year -€10,963
down €10,963 (-53.1%), from €20,628 to €9,665
of which Trade receivables: -€17,266
- Deferred charges and accrued income -€3,081
down €3,081 (-76.2%), from €4,045 to €964
- Stocks and contracts -€1,472
down €1,472 (-25.7%), from €5,721 to €4,249
- Cash +€1,262
up €1,262 (+2.4%), from €51,975 to €53,237
mainly Receivables within one year (+€10,963) and Deferred charges and accrued income (+€3,081)
- Tangible fixed assets -€1,228
down €1,228 (-24.3%), from €5,050 to €3,822
of which Furniture and vehicles: -€722
- Profit (loss) carried forward -€10,100
down €10,100, from €7,655 to -€2,445
- Tax, wage and social debts -€4,908
down €4,908 (-18.6%), from €26,429 to €21,521
of which Taxes: -€6,031
- Trade debts -€2,176
down €2,176 (-33.9%), from €6,427 to €4,250
- Accrued charges and deferred income +€958
up €958, from €0 to €958
- Gross operating margin -€61,977
down €61,977 (-93.5%), from €66,297 to €4,320
- Taxes -€7,086
down €7,086 (-100.0%), from €7,086 to €0
- Staff costs -€5,312
down €5,312 (-33.5%), from €15,853 to €10,542
- Other operating charges -€4,208
down €4,208 (-76.3%), from €5,514 to €1,306
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 | €94,420 | €78,262 | -€16,157 | -17.1% |
| Fixed assets | 21/28 | €12,051 | €10,147 | -€1,904 | -15.8% |
| Intangible fixed assets | 21 | €1,959 | €1,283 | -€676 | -34.5% |
| Tangible fixed assets | 22/27 | €5,050 | €3,822 | -€1,228 | -24.3% |
| Plant, machinery and equipment | 23 | €1,635 | €1,255 | -€379 | -23.2% |
| Furniture and vehicles | 24 | €3,024 | €2,302 | -€722 | -23.9% |
| Other tangible fixed assets | 26 | €391 | €265 | -€126 | -32.3% |
| Financial fixed assets | 28 | €5,042 | €5,042 | = | 0.0% |
| Current assets | 29/58 | €82,369 | €68,115 | -€14,254 | -17.3% |
| Stocks and contracts in progress | 3 | €5,721 | €4,249 | -€1,472 | -25.7% |
| Stocks | 30/36 | €5,721 | €4,249 | -€1,472 | -25.7% |
| Amounts receivable within one year | 40/41 | €20,628 | €9,665 | -€10,963 | -53.1% |
| Trade receivables | 40 | €19,226 | €1,961 | -€17,266 | -89.8% |
| Other amounts receivable | 41 | €1,402 | €7,704 | +€6,303 | +449.7% |
| Cash at bank and in hand | 54/58 | €51,975 | €53,237 | +€1,262 | +2.4% |
| Deferred charges and accrued income | 490/1 | €4,045 | €964 | -€3,081 | -76.2% |
| Total equity and liabilities | 10/49 | €94,420 | €78,262 | -€16,157 | -17.1% |
| Equity | 10/15 | €61,564 | €51,464 | -€10,100 | -16.4% |
| Contributions | 10/11 | €19,759 | €19,759 | = | 0.0% |
| Reserves | 13 | €34,150 | €34,150 | = | 0.0% |
| Distributable reserves | 133 | €34,150 | €34,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,655 | -€2,445 | -€10,100 | |
| Amounts payable | 17/49 | €32,856 | €26,798 | -€6,057 | -18.4% |
| Amounts payable within one year | 42/48 | €32,856 | €25,840 | -€7,016 | -21.4% |
| Trade debts | 44 | €6,427 | €4,250 | -€2,176 | -33.9% |
| Suppliers | 440/4 | €6,427 | €4,250 | -€2,176 | -33.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €26,429 | €21,521 | -€4,908 | -18.6% |
| Taxes | 450/3 | €22,246 | €16,215 | -€6,031 | -27.1% |
| Remuneration and social security | 454/9 | €4,183 | €5,306 | +€1,123 | +26.8% |
| Other amounts payable | 47/48 | €0 | €69 | +€69 | |
| Accrued charges and deferred income | 492/3 | €0 | €958 | +€958 | |
| Remuneration, social security and pensions | 62 | €15,853 | €10,542 | -€5,312 | -33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,667 | €2,233 | -€434 | -16.3% |
| Other operating charges | 640/8 | €5,514 | €1,306 | -€4,208 | -76.3% |
| Non-recurring operating charges | 66A | €89 | €0 | -€89 | -100.0% |
| Gross operating margin | 9900 | €66,297 | €4,320 | -€61,977 | -93.5% |
| Operating profit (loss) | 9901 | €42,173 | -€9,761 | -€51,934 | |
| Financial income | 75/76B | €62 | €1 | -€61 | -99.1% |
| Recurring financial income | 75 | €62 | €1 | -€61 | -99.1% |
| Financial charges | 65/66B | €999 | €339 | -€660 | -66.0% |
| Recurring financial charges | 65 | €999 | €339 | -€660 | -66.0% |
| Profit (loss) for the period before taxes | 9903 | €41,236 | -€10,100 | -€51,336 | |
| Income taxes | 67/77 | €7,086 | €0 | -€7,086 | -100.0% |
| Profit (loss) for the period | 9904 | €34,150 | -€10,100 | -€44,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,150 | -€10,100 | -€44,250 |
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 30 September 2026 via checked.be.