Madou: 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.
Madou
Largest movements
- Receivables within one year -€52,844
down €52,844 (-22.8%), from €232,133 to €179,288
of which Trade receivables: -€50,723
- Tangible fixed assets -€9,673
down €9,673 (-9.6%), from €100,902 to €91,229
of which Furniture and vehicles: -€11,562
- Cash +€9,218
up €9,218 (+142%), from €6,489 to €15,706
mainly Receivables within one year (+€52,844) and Depreciation (+€25,775)
- Profit (loss) carried forward -€32,316
down €32,316 (-67.7%), from €47,729 to €15,413
- Trade debts -€19,895
down €19,895 (-36.5%), from €54,450 to €34,555
- Debts after one year -€10,130
down €10,130 (-92.3%), from €10,978 to €848
- Tax, wage and social debts +€8,923
up €8,923 (+38.0%), from €23,468 to €32,390
of which Taxes: +€7,171
- Gross operating margin -€10,630
down €10,630 (-7.9%), from €134,648 to €124,018
- Other operating charges +€8,796
up €8,796 (+94.3%), from €9,323 to €18,119
- Staff costs +€3,552
up €3,552 (+3.3%), from €106,739 to €110,291
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 | €549,704 | €499,593 | -€50,111 | -9.1% |
| Fixed assets | 21/28 | €100,902 | €91,229 | -€9,673 | -9.6% |
| Tangible fixed assets | 22/27 | €100,902 | €91,229 | -€9,673 | -9.6% |
| Land and buildings | 22 | €16,090 | €19,944 | +€3,855 | +24.0% |
| Plant, machinery and equipment | 23 | €27,992 | €26,027 | -€1,966 | -7.0% |
| Furniture and vehicles | 24 | €56,820 | €45,258 | -€11,562 | -20.3% |
| Current assets | 29/58 | €448,802 | €408,364 | -€40,438 | -9.0% |
| Stocks and contracts in progress | 3 | €196,397 | €201,489 | +€5,091 | +2.6% |
| Stocks | 30/36 | €196,397 | €201,489 | +€5,091 | +2.6% |
| Amounts receivable within one year | 40/41 | €232,133 | €179,288 | -€52,844 | -22.8% |
| Trade receivables | 40 | €210,940 | €160,217 | -€50,723 | -24.0% |
| Other amounts receivable | 41 | €21,193 | €19,071 | -€2,122 | -10.0% |
| Cash at bank and in hand | 54/58 | €6,489 | €15,706 | +€9,218 | +142% |
| Deferred charges and accrued income | 490/1 | €13,783 | €11,880 | -€1,903 | -13.8% |
| Total equity and liabilities | 10/49 | €549,704 | €499,593 | -€50,111 | -9.1% |
| Equity | 10/15 | €450,581 | €418,265 | -€32,316 | -7.2% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €375,352 | €375,352 | = | 0.0% |
| Tax-exempt reserves | 132 | €352 | €352 | = | 0.0% |
| Distributable reserves | 133 | €375,000 | €375,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,729 | €15,413 | -€32,316 | -67.7% |
| Amounts payable | 17/49 | €99,122 | €81,327 | -€17,795 | -18.0% |
| Amounts payable after more than one year | 17 | €10,978 | €848 | -€10,130 | -92.3% |
| Financial debts | 170/4 | €10,978 | €848 | -€10,130 | -92.3% |
| Amounts payable within one year | 42/48 | €88,144 | €80,479 | -€7,665 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €10,038 | €10,130 | +€92 | +0.9% |
| Trade debts | 44 | €54,450 | €34,555 | -€19,895 | -36.5% |
| Suppliers | 440/4 | €54,450 | €34,555 | -€19,895 | -36.5% |
| Taxes, remuneration and social security | 45 | €23,468 | €32,390 | +€8,923 | +38.0% |
| Taxes | 450/3 | €7,046 | €14,217 | +€7,171 | +102% |
| Remuneration and social security | 454/9 | €16,421 | €18,173 | +€1,752 | +10.7% |
| Other amounts payable | 47/48 | €189 | €3,404 | +€3,215 | +1,705% |
| Non-recurring operating income | 76A | €2,222 | €1,483 | -€739 | -33.3% |
| Remuneration, social security and pensions | 62 | €106,739 | €110,291 | +€3,552 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,619 | €25,775 | +€156 | +0.6% |
| Other operating charges | 640/8 | €9,323 | €18,119 | +€8,796 | +94.3% |
| Non-recurring operating charges | 66A | €2,222 | €1,483 | -€739 | -33.3% |
| Gross operating margin | 9900 | €134,648 | €124,018 | -€10,630 | -7.9% |
| Operating profit (loss) | 9901 | -€9,255 | -€31,650 | -€22,395 | -242% |
| Financial income | 75/76B | €1,020 | €1,074 | +€54 | +5.3% |
| Recurring financial income | 75 | €1,020 | €1,074 | +€54 | +5.3% |
| Financial charges | 65/66B | €2,638 | €1,443 | -€1,195 | -45.3% |
| Recurring financial charges | 65 | €2,638 | €1,443 | -€1,195 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | -€10,872 | -€32,019 | -€21,146 | -194% |
| Income taxes | 67/77 | €306 | €298 | -€8 | -2.7% |
| Profit (loss) for the period | 9904 | -€11,178 | -€32,316 | -€21,138 | -189% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,178 | -€32,316 | -€21,138 | -189% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.