MADOSA: 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.
MADOSA
Largest movements
- Cash -€52,661
down €52,661 (-14.4%), from €364,874 to €312,213
mainly Contributions, distributions and other (-€200,000) and Net result for the year (-€86,162)
- Receivables within one year +€12,887
up €12,887 (+4.9%), from €265,229 to €278,116
of which Other amounts receivable: +€11,150
- Tangible fixed assets -€11,627
down €11,627 (-28.6%), from €40,648 to €29,021
- Profit (loss) carried forward -€286,162
down €286,162 (-94.7%), from €302,305 to €16,143
- Other debts +€200,000
new in 2025: €200,000
- Trade debts +€15,347
up €15,347 (+19.1%), from €80,265 to €95,612
- Tax, wage and social debts +€13,282
up €13,282 (+66.0%), from €20,123 to €33,405
- Staff costs +€79,307
up €79,307 (+116%), from €68,562 to €147,869
- Gross operating margin +€53,721
up €53,721 (+49.1%), from €109,495 to €163,216
- Other operating charges +€35,890
up €35,890 (+115%), from €31,275 to €67,165
- Financial charges +€15,314
up €15,314 (+218%), from €7,013 to €22,327
- Depreciation +€4,293
up €4,293 (+58.5%), from €7,335 to €11,627
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.
Derived cash bridge
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 | €677,693 | €620,160 | -€57,532 | -8.5% |
| Fixed assets | 21/28 | €40,648 | €29,021 | -€11,627 | -28.6% |
| Tangible fixed assets | 22/27 | €40,648 | €29,021 | -€11,627 | -28.6% |
| Furniture and vehicles | 24 | €40,648 | €29,021 | -€11,627 | -28.6% |
| Current assets | 29/58 | €637,044 | €591,139 | -€45,905 | -7.2% |
| Stocks and contracts in progress | 3 | €6,941 | €516 | -€6,425 | -92.6% |
| Stocks | 30/36 | €6,941 | €516 | -€6,425 | -92.6% |
| Amounts receivable within one year | 40/41 | €265,229 | €278,116 | +€12,887 | +4.9% |
| Trade receivables | 40 | €201,229 | €202,966 | +€1,737 | +0.9% |
| Other amounts receivable | 41 | €64,000 | €75,150 | +€11,150 | +17.4% |
| Cash at bank and in hand | 54/58 | €364,874 | €312,213 | -€52,661 | -14.4% |
| Deferred charges and accrued income | 490/1 | - | €293 | +€293 | |
| Total equity and liabilities | 10/49 | €677,693 | €620,160 | -€57,532 | -8.5% |
| Equity | 10/15 | €577,305 | €291,143 | -€286,162 | -49.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | - | €0 | = | |
| Profit (loss) carried forward | 14 | €302,305 | €16,143 | -€286,162 | -94.7% |
| Amounts payable | 17/49 | €100,388 | €329,017 | +€228,630 | +228% |
| Amounts payable within one year | 42/48 | €100,388 | €329,017 | +€228,630 | +228% |
| Trade debts | 44 | €80,265 | €95,612 | +€15,347 | +19.1% |
| Suppliers | 440/4 | €80,265 | €95,612 | +€15,347 | +19.1% |
| Taxes, remuneration and social security | 45 | €20,123 | €33,405 | +€13,282 | +66.0% |
| Taxes | 450/3 | €20,123 | €33,405 | +€13,282 | +66.0% |
| Other amounts payable | 47/48 | - | €200,000 | +€200,000 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €68,562 | €147,869 | +€79,307 | +116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,335 | €11,627 | +€4,293 | +58.5% |
| Other operating charges | 640/8 | €31,275 | €67,165 | +€35,890 | +115% |
| Gross operating margin | 9900 | €109,495 | €163,216 | +€53,721 | +49.1% |
| Operating profit (loss) | 9901 | €2,324 | -€63,445 | -€65,769 | |
| Financial income | 75/76B | €4,349 | €91 | -€4,258 | -97.9% |
| Recurring financial income | 75 | €4,349 | €91 | -€4,258 | -97.9% |
| Financial charges | 65/66B | €7,013 | €22,327 | +€15,314 | +218% |
| Recurring financial charges | 65 | €7,013 | €22,327 | +€15,314 | +218% |
| Profit (loss) for the period before taxes | 9903 | -€340 | -€85,681 | -€85,341 | -25,073% |
| Income taxes | 67/77 | €606 | €481 | -€126 | -20.7% |
| Profit (loss) for the period | 9904 | -€947 | -€86,162 | -€85,216 | -9,001% |
| Profit (loss) for the period to be appropriated | 9905 | -€947 | -€86,162 | -€85,216 | -9,001% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.