MADRIX: what changed
Two fiscal 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.
MADRIX
Largest movements
- Receivables within one year +€19,653
up €19,653 (+14.1%), from €139,820 to €159,473
of which Other amounts receivable: +€20,374
- Tangible fixed assets -€12,803
down €12,803 (-11.4%), from €111,894 to €99,090
of which Land and buildings: -€12,287
- Cash -€4,140
down €4,140 (-57.0%), from €7,270 to €3,130
mainly Receivables within one year (-€19,653) and Debts after one year (-€15,079)
- Reserves +€25,381
up €25,381 (+15.7%), from €161,250 to €186,632
- Debts after one year -€15,079
down €15,079 (-30.3%), from €49,789 to €34,710
- Tax, wage and social debts -€8,955
down €8,955 (-31.9%), from €28,059 to €19,105
- Gross operating margin +€9,880
up €9,880 (+28.2%), from €34,998 to €44,878
- Taxes +€2,344
up €2,344 (+31.9%), from €7,357 to €9,701
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 | €267,448 | €270,415 | +€2,968 | +1.1% |
| Fixed assets | 21/28 | €111,894 | €99,090 | -€12,803 | -11.4% |
| Tangible fixed assets | 22/27 | €111,894 | €99,090 | -€12,803 | -11.4% |
| Land and buildings | 22 | €111,137 | €98,850 | -€12,287 | -11.1% |
| Plant, machinery and equipment | 23 | €317 | €59 | -€258 | -81.5% |
| Furniture and vehicles | 24 | €439 | €182 | -€258 | -58.7% |
| Current assets | 29/58 | €155,554 | €171,325 | +€15,771 | +10.1% |
| Amounts receivable within one year | 40/41 | €139,820 | €159,473 | +€19,653 | +14.1% |
| Trade receivables | 40 | €5,188 | €4,467 | -€721 | -13.9% |
| Other amounts receivable | 41 | €134,633 | €155,007 | +€20,374 | +15.1% |
| Cash at bank and in hand | 54/58 | €7,270 | €3,130 | -€4,140 | -57.0% |
| Deferred charges and accrued income | 490/1 | €8,464 | €8,722 | +€258 | +3.0% |
| Total equity and liabilities | 10/49 | €267,448 | €270,415 | +€2,968 | +1.1% |
| Equity | 10/15 | €173,650 | €199,032 | +€25,381 | +14.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €161,250 | €186,632 | +€25,381 | +15.7% |
| Distributable reserves | 133 | €161,250 | €186,632 | +€25,381 | +15.7% |
| Amounts payable | 17/49 | €93,797 | €71,384 | -€22,414 | -23.9% |
| Amounts payable after more than one year | 17 | €49,789 | €34,710 | -€15,079 | -30.3% |
| Financial debts | 170/4 | €49,789 | €34,710 | -€15,079 | -30.3% |
| Amounts payable within one year | 42/48 | €44,008 | €36,673 | -€7,335 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €14,442 | €15,079 | +€637 | +4.4% |
| Trade debts | 44 | €1,507 | €2,490 | +€983 | +65.2% |
| Suppliers | 440/4 | €1,507 | €2,490 | +€983 | +65.2% |
| Taxes, remuneration and social security | 45 | €28,059 | €19,105 | -€8,955 | -31.9% |
| Taxes | 450/3 | €28,059 | €19,105 | -€8,955 | -31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,803 | €12,803 | = | 0.0% |
| Other operating charges | 640/8 | €1,798 | €1,864 | +€65 | +3.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €34,998 | €44,878 | +€9,880 | +28.2% |
| Operating profit (loss) | 9901 | €20,397 | €30,211 | +€9,815 | +48.1% |
| Financial income | 75/76B | €7,853 | €8,066 | +€213 | +2.7% |
| Recurring financial income | 75 | €7,853 | €8,066 | +€213 | +2.7% |
| Financial charges | 65/66B | €2,991 | €3,196 | +€205 | +6.8% |
| Recurring financial charges | 65 | €2,991 | €3,196 | +€205 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €25,259 | €35,082 | +€9,824 | +38.9% |
| Income taxes | 67/77 | €7,357 | €9,701 | +€2,344 | +31.9% |
| Profit (loss) for the period | 9904 | €17,902 | €25,381 | +€7,479 | +41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,902 | €25,381 | +€7,479 | +41.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.