MADRA: 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.
MADRA
Largest movements
- Cash +€41,051
up €41,051 (+106.2%), from €38,644 to €79,695
mainly Net result for the year (+€28,447) and Stocks and contracts (+€11,650)
- Stocks and contracts -€11,650
down €11,650 (-87.0%), from €13,390 to €1,740
- Receivables within one year -€10,893
down €10,893 (-40.5%), from €26,878 to €15,985
of which Other amounts receivable: -€6,626
- Tangible fixed assets +€1,600
new in 2025: €1,600
- Profit (loss) carried forward +€28,447
up €28,447 (+66.3%), from €42,904 to €71,352
- Trade debts -€8,825
down €8,825 (-48.5%), from €18,195 to €9,371
- Gross operating margin +€73,401
up €73,401 (+362.4%), from €20,255 to €93,656
- Staff costs +€38,992
up €38,992 (+194.5%), from €20,053 to €59,045
- Other operating charges -€3,805
down €3,805 (-77.9%), from €4,882 to €1,077
- Depreciation -€1,656
down €1,656 (-80.5%), from €2,056 to €400
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 | €79,840 | €99,948 | +€20,108 | +25.2% |
| Fixed assets | 21/28 | €928 | €2,528 | +€1,600 | +172.5% |
| Tangible fixed assets | 22/27 | - | €1,600 | +€1,600 | |
| Plant, machinery and equipment | 23 | - | €1,600 | +€1,600 | |
| Financial fixed assets | 28 | €928 | €928 | = | 0.0% |
| Current assets | 29/58 | €78,912 | €97,420 | +€18,508 | +23.5% |
| Stocks and contracts in progress | 3 | €13,390 | €1,740 | -€11,650 | -87.0% |
| Stocks | 30/36 | €13,390 | €1,740 | -€11,650 | -87.0% |
| Amounts receivable within one year | 40/41 | €26,878 | €15,985 | -€10,893 | -40.5% |
| Trade receivables | 40 | €4,267 | - | -€4,267 | |
| Other amounts receivable | 41 | €22,611 | €15,985 | -€6,626 | -29.3% |
| Cash at bank and in hand | 54/58 | €38,644 | €79,695 | +€41,051 | +106.2% |
| Total equity and liabilities | 10/49 | €79,840 | €99,948 | +€20,108 | +25.2% |
| Equity | 10/15 | €61,645 | €90,092 | +€28,447 | +46.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €141 | €141 | = | 0.0% |
| Distributable reserves | 133 | €141 | €141 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,904 | €71,352 | +€28,447 | +66.3% |
| Amounts payable | 17/49 | €18,195 | €9,855 | -€8,340 | -45.8% |
| Amounts payable within one year | 42/48 | €18,195 | €9,855 | -€8,340 | -45.8% |
| Trade debts | 44 | €18,195 | €9,371 | -€8,825 | -48.5% |
| Suppliers | 440/4 | €18,195 | €9,371 | -€8,825 | -48.5% |
| Taxes, remuneration and social security | 45 | - | €485 | +€485 | |
| Taxes | 450/3 | €0 | €394 | +€394 | |
| Remuneration and social security | 454/9 | - | €91 | +€91 | |
| Remuneration, social security and pensions | 62 | €20,053 | €59,045 | +€38,992 | +194.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,056 | €400 | -€1,656 | -80.5% |
| Other operating charges | 640/8 | €4,882 | €1,077 | -€3,805 | -77.9% |
| Gross operating margin | 9900 | €20,255 | €93,656 | +€73,401 | +362.4% |
| Operating profit (loss) | 9901 | -€6,735 | €33,134 | +€39,869 | |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €138 | €151 | +€13 | +9.2% |
| Recurring financial charges | 65 | €138 | €151 | +€13 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,865 | €32,983 | +€39,847 | |
| Income taxes | 67/77 | €4,297 | €4,535 | +€238 | +5.5% |
| Profit (loss) for the period | 9904 | -€11,162 | €28,447 | +€39,609 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,162 | €28,447 | +€39,609 |
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 12 October 2026 via checked.be.