Madrico: 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.
What changed
Madrico
NACE 46.841, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€405,359
2024 · €236,175+€169,184
Equity
€3.1m
2024 · €2.8m+€320,359
Cash
€665,304
2024 · €422,270+€243,034
Balance sheet total
€3.9m
2024 · €3.6m+€283,072
Largest movements
Assets
- Cash +€243,034
up €243,034 (+57.6%), from €422,270 to €665,304
mainly Net result for the year (+€405,359) and Depreciation (+€163,879)
- Stocks and contracts +€160,265
up €160,265 (+19.7%), from €812,358 to €972,623
- Tangible fixed assets -€98,283
down €98,283 (-5.9%), from €1.7m to €1.6m
of which Land and buildings: -€70,232
- Receivables after one year -€38,749
down €38,749 (-12.9%), from €301,441 to €262,692
Equity and liabilities
- Reserves +€320,359
up €320,359 (+12.2%), from €2.6m to €2.9m
of which Distributable reserves: +€320,359
- Debts after one year -€67,078
down €67,078 (-14.0%), from €480,200 to €413,122
Income statement
- Gross operating margin +€299,207
up €299,207 (+36.6%), from €817,855 to €1.1m
- Taxes +€94,263
up €94,263 (+103%), from €91,549 to €185,812
- Staff costs +€83,643
up €83,643 (+36.7%), from €227,870 to €311,513
- Depreciation -€53,531
down €53,531 (-24.6%), from €217,411 to €163,879
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.
Result 2024
€236,175
Gross operating margin
+€299,207
Staff costs
-€83,643
Depreciation
+€53,531
Write-downs
+€7,795
Other operating charges
-€5,459
Financial income
-€10,919
Financial charges
+€2,934
Taxes
-€94,263
Result 2025
€405,359
raises the resultlowers the result
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.
From operations
+€460,830
Investment
-€65,596
Financing
-€152,201
Cash 2024
€422,270
From operations (derived)
+€460,830
Net result for the year
+€405,359
Depreciation
+€163,879
Receivables after one year
+€38,749
Stocks and contracts
-€160,265
Receivables within one year
-€17,582
Deferred charges and accrued income
+€777
Trade debts
+€23,374
Tax, wage and social debts
+€18,520
Other debts
-€7,880
Accrued charges and deferred income
-€4,101
Investment (derived)
-€65,596
Investment in fixed assets (net)
-€65,596
Financing
-€152,201
Debts after one year
-€67,078
Current portion of long-term debt
-€123
Contributions, distributions and other
-€85,000
Cash 2025
€665,304
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,590,160 | €3,873,231 | +€283,072 | +7.9% |
| Fixed assets | 21/28 | €1,660,390 | €1,562,107 | -€98,283 | -5.9% |
| Tangible fixed assets | 22/27 | €1,660,390 | €1,562,107 | -€98,283 | -5.9% |
| Land and buildings | 22 | €1,447,162 | €1,376,930 | -€70,232 | -4.9% |
| Plant, machinery and equipment | 23 | €52,585 | €34,832 | -€17,753 | -33.8% |
| Furniture and vehicles | 24 | €160,644 | €150,345 | -€10,299 | -6.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €1,929,769 | €2,311,124 | +€381,355 | +19.8% |
| Amounts receivable after more than one year | 29 | €301,441 | €262,692 | -€38,749 | -12.9% |
| Other amounts receivable | 291 | €301,441 | €262,692 | -€38,749 | -12.9% |
| Stocks and contracts in progress | 3 | €812,358 | €972,623 | +€160,265 | +19.7% |
| Stocks | 30/36 | €812,358 | €972,623 | +€160,265 | +19.7% |
| Amounts receivable within one year | 40/41 | €391,581 | €409,162 | +€17,582 | +4.5% |
| Trade receivables | 40 | €345,691 | €370,414 | +€24,722 | +7.2% |
| Other amounts receivable | 41 | €45,889 | €38,749 | -€7,141 | -15.6% |
| Cash at bank and in hand | 54/58 | €422,270 | €665,304 | +€243,034 | +57.6% |
| Deferred charges and accrued income | 490/1 | €2,120 | €1,343 | -€777 | -36.6% |
| Total equity and liabilities | 10/49 | €3,590,160 | €3,873,231 | +€283,072 | +7.9% |
| Equity | 10/15 | €2,784,136 | €3,104,495 | +€320,359 | +11.5% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Capital | 10 | €162,000 | €162,000 | = | 0.0% |
| Issued capital | 100 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €2,622,136 | €2,942,495 | +€320,359 | +12.2% |
| Non-distributable reserves | 130/1 | €18,386 | €18,386 | = | 0.0% |
| Legal reserve | 130 | €16,200 | €16,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,186 | €2,186 | = | 0.0% |
| Tax-exempt reserves | 132 | €66,717 | €66,717 | = | 0.0% |
| Distributable reserves | 133 | €2,537,033 | €2,857,392 | +€320,359 | +12.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €806,024 | €768,736 | -€37,288 | -4.6% |
| Amounts payable after more than one year | 17 | €480,200 | €413,122 | -€67,078 | -14.0% |
| Financial debts | 170/4 | €480,200 | €413,122 | -€67,078 | -14.0% |
| Amounts payable within one year | 42/48 | €319,627 | €353,519 | +€33,892 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €67,201 | €67,078 | -€123 | -0.2% |
| Trade debts | 44 | €98,640 | €122,014 | +€23,374 | +23.7% |
| Suppliers | 440/4 | €98,640 | €122,014 | +€23,374 | +23.7% |
| Taxes, remuneration and social security | 45 | €141,137 | €159,657 | +€18,520 | +13.1% |
| Taxes | 450/3 | €108,983 | €116,193 | +€7,210 | +6.6% |
| Remuneration and social security | 454/9 | €32,154 | €43,464 | +€11,310 | +35.2% |
| Other amounts payable | 47/48 | €12,650 | €4,771 | -€7,880 | -62.3% |
| Accrued charges and deferred income | 492/3 | €6,197 | €2,095 | -€4,101 | -66.2% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €227,870 | €311,513 | +€83,643 | +36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,411 | €163,879 | -€53,531 | -24.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,795 | €0 | -€7,795 | -100% |
| Other operating charges | 640/8 | €39,697 | €45,156 | +€5,459 | +13.8% |
| Gross operating margin | 9900 | €817,855 | €1,117,062 | +€299,207 | +36.6% |
| Operating profit (loss) | 9901 | €325,082 | €596,514 | +€271,431 | +83.5% |
| Financial income | 75/76B | €32,870 | €21,952 | -€10,919 | -33.2% |
| Recurring financial income | 75 | €32,870 | €21,952 | -€10,919 | -33.2% |
| Financial charges | 65/66B | €30,229 | €27,294 | -€2,934 | -9.7% |
| Recurring financial charges | 65 | €30,229 | €27,294 | -€2,934 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €327,724 | €591,171 | +€263,447 | +80.4% |
| Income taxes | 67/77 | €91,549 | €185,812 | +€94,263 | +103% |
| Profit (loss) for the period | 9904 | €236,175 | €405,359 | +€169,184 | +71.6% |
| Profit (loss) for the period to be appropriated | 9905 | €236,175 | €405,359 | +€169,184 | +71.6% |
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 26 October 2026 via checked.be.