MADR MANAGEMENT: 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.
MADR MANAGEMENT
Largest movements
- Cash +€115,638
up €115,638 (+55.6%), from €207,830 to €323,468
mainly Other debts (+€311,000) and Net result for the year (+€97,570)
- Deferred charges and accrued income +€23,119
up €23,119 (+462%), from €5,000 to €28,119
- Tangible fixed assets +€4,987
up €4,987 (+332%), from €1,502 to €6,489
of which Other tangible fixed assets: +€4,868
- Other debts +€311,000
new in 2025: €311,000
- Reserves -€202,430
down €202,430 (-96.2%), from €210,497 to €8,068
- Trade debts +€27,629
up €27,629 (+2,325%), from €1,189 to €28,817
- Tax, wage and social debts +€7,704
up €7,704 (+19.6%), from €39,276 to €46,980
of which Remuneration and social security: +€5,462
- Gross operating margin +€7,694
up €7,694 (+6.2%), from €123,773 to €131,467
- Taxes +€2,422
up €2,422 (+9.1%), from €26,708 to €29,131
- Financial charges +€1,777
up €1,777 (+145%), from €1,223 to €3,000
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 | €253,020 | €397,252 | +€144,232 | +57.0% |
| Formation expenses | 20 | €327 | €163 | -€163 | -50.0% |
| Fixed assets | 21/28 | €1,597 | €6,584 | +€4,987 | +312% |
| Tangible fixed assets | 22/27 | €1,502 | €6,489 | +€4,987 | +332% |
| Furniture and vehicles | 24 | €1,502 | €1,621 | +€119 | +7.9% |
| Other tangible fixed assets | 26 | - | €4,868 | +€4,868 | |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €251,096 | €390,504 | +€139,409 | +55.5% |
| Amounts receivable after more than one year | 29 | €20,609 | €21,025 | +€416 | +2.0% |
| Other amounts receivable | 291 | €20,609 | €21,025 | +€416 | +2.0% |
| Amounts receivable within one year | 40/41 | €17,658 | €17,894 | +€236 | +1.3% |
| Trade receivables | 40 | €16,593 | €16,768 | +€175 | +1.1% |
| Other amounts receivable | 41 | €1,065 | €1,125 | +€61 | +5.7% |
| Cash at bank and in hand | 54/58 | €207,830 | €323,468 | +€115,638 | +55.6% |
| Deferred charges and accrued income | 490/1 | €5,000 | €28,119 | +€23,119 | +462% |
| Total equity and liabilities | 10/49 | €253,020 | €397,252 | +€144,232 | +57.0% |
| Equity | 10/15 | €212,497 | €10,068 | -€202,430 | -95.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €210,497 | €8,068 | -€202,430 | -96.2% |
| Distributable reserves | 133 | €210,497 | €8,068 | -€202,430 | -96.2% |
| Amounts payable | 17/49 | €40,523 | €387,184 | +€346,662 | +855% |
| Amounts payable within one year | 42/48 | €40,464 | €386,798 | +€346,333 | +856% |
| Trade debts | 44 | €1,189 | €28,817 | +€27,629 | +2,325% |
| Suppliers | 440/4 | €1,189 | €28,817 | +€27,629 | +2,325% |
| Taxes, remuneration and social security | 45 | €39,276 | €46,980 | +€7,704 | +19.6% |
| Taxes | 450/3 | €36,579 | €38,821 | +€2,243 | +6.1% |
| Remuneration and social security | 454/9 | €2,697 | €8,159 | +€5,462 | +203% |
| Other amounts payable | 47/48 | - | €311,000 | +€311,000 | |
| Accrued charges and deferred income | 492/3 | €58 | €387 | +€329 | +564% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €722 | €1,082 | +€360 | +49.8% |
| Other operating charges | 640/8 | €947 | €1,161 | +€214 | +22.5% |
| Gross operating margin | 9900 | €123,773 | €131,467 | +€7,694 | +6.2% |
| Operating profit (loss) | 9901 | €122,104 | €129,225 | +€7,120 | +5.8% |
| Financial income | 75/76B | €631 | €477 | -€154 | -24.4% |
| Recurring financial income | 75 | €631 | €477 | -€154 | -24.4% |
| Financial charges | 65/66B | €1,223 | €3,000 | +€1,777 | +145% |
| Recurring financial charges | 65 | €1,223 | €3,000 | +€1,777 | +145% |
| Profit (loss) for the period before taxes | 9903 | €121,512 | €126,701 | +€5,189 | +4.3% |
| Income taxes | 67/77 | €26,708 | €29,131 | +€2,422 | +9.1% |
| Profit (loss) for the period | 9904 | €94,803 | €97,570 | +€2,767 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €94,803 | €97,570 | +€2,767 | +2.9% |
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 24 October 2026 via checked.be.