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
- Tangible fixed assets +€301,367
up €301,367 (+93.7%), from €321,645 to €623,012
of which Furniture and vehicles: +€294,452
- Cash +€36,198
up €36,198 (+55.7%), from €64,961 to €101,159
mainly Debts after one year (+€225,283) and Depreciation (+€149,990)
- Debts after one year +€225,283
up €225,283 (+360%), from €62,606 to €287,888
- Current portion of long-term debt +€44,430
up €44,430 (+80.6%), from €55,148 to €99,578
- Reserves +€22,462
up €22,462 (+31.4%), from €71,498 to €93,960
of which Distributable reserves: +€22,462
- Accrued charges and deferred income +€18,568
up €18,568 (+29.1%), from €63,770 to €82,338
- Profit (loss) carried forward +€13,694
up €13,694, from -€13,694 to €0
- Gross operating margin +€64,063
up €64,063 (+41.7%), from €153,612 to €217,675
- Depreciation +€62,070
up €62,070 (+70.6%), from €87,920 to €149,990
- Financial charges +€5,382
up €5,382 (+93.7%), from €5,742 to €11,124
- Other operating charges +€3,785
up €3,785 (+26.4%), from €14,338 to €18,123
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 | €401,618 | €742,944 | +€341,326 | +85.0% |
| Fixed assets | 21/28 | €321,845 | €623,212 | +€301,367 | +93.6% |
| Tangible fixed assets | 22/27 | €321,645 | €623,012 | +€301,367 | +93.7% |
| Land and buildings | 22 | €83,588 | €83,588 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €6,916 | +€6,916 | |
| Furniture and vehicles | 24 | €238,057 | €532,508 | +€294,452 | +124% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €79,773 | €119,732 | +€39,959 | +50.1% |
| Amounts receivable within one year | 40/41 | €13,661 | €18,573 | +€4,912 | +36.0% |
| Trade receivables | 40 | €13,661 | €18,573 | +€4,912 | +36.0% |
| Cash at bank and in hand | 54/58 | €64,961 | €101,159 | +€36,198 | +55.7% |
| Deferred charges and accrued income | 490/1 | €1,151 | €0 | -€1,151 | -100% |
| Total equity and liabilities | 10/49 | €401,618 | €742,944 | +€341,326 | +85.0% |
| Equity | 10/15 | €120,303 | €156,460 | +€36,157 | +30.1% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €71,498 | €93,960 | +€22,462 | +31.4% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,778 | €6,778 | = | 0.0% |
| Distributable reserves | 133 | €58,470 | €80,933 | +€22,462 | +38.4% |
| Profit (loss) carried forward | 14 | -€13,694 | €0 | +€13,694 | |
| Amounts payable | 17/49 | €281,314 | €586,484 | +€305,169 | +108% |
| Amounts payable after more than one year | 17 | €62,606 | €287,888 | +€225,283 | +360% |
| Financial debts | 170/4 | €62,606 | €287,888 | +€225,283 | +360% |
| Amounts payable within one year | 42/48 | €154,939 | €216,257 | +€61,319 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €55,148 | €99,578 | +€44,430 | +80.6% |
| Trade debts | 44 | €3,399 | €14,757 | +€11,358 | +334% |
| Suppliers | 440/4 | €3,399 | €14,757 | +€11,358 | +334% |
| Taxes, remuneration and social security | 45 | €9,939 | €11,703 | +€1,763 | +17.7% |
| Taxes | 450/3 | €9,939 | €11,703 | +€1,763 | +17.7% |
| Other amounts payable | 47/48 | €86,452 | €90,219 | +€3,767 | +4.4% |
| Accrued charges and deferred income | 492/3 | €63,770 | €82,338 | +€18,568 | +29.1% |
| Non-recurring operating income | 76A | - | €92,204 | +€92,204 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,920 | €149,990 | +€62,070 | +70.6% |
| Other operating charges | 640/8 | €14,338 | €18,123 | +€3,785 | +26.4% |
| Gross operating margin | 9900 | €153,612 | €217,675 | +€64,063 | +41.7% |
| Operating profit (loss) | 9901 | €51,354 | €49,563 | -€1,792 | -3.5% |
| Financial income | 75/76B | €27 | €374 | +€347 | +1,297% |
| Recurring financial income | 75 | €27 | €374 | +€347 | +1,297% |
| Financial charges | 65/66B | €5,742 | €11,124 | +€5,382 | +93.7% |
| Recurring financial charges | 65 | €5,742 | €11,124 | +€5,382 | +93.7% |
| Profit (loss) for the period before taxes | 9903 | €45,639 | €38,812 | -€6,827 | -15.0% |
| Income taxes | 67/77 | €912 | €2,655 | +€1,743 | +191% |
| Profit (loss) for the period | 9904 | €44,727 | €36,157 | -€8,570 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €44,727 | €36,157 | -€8,570 | -19.2% |
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 29 October 2026 via checked.be.