MADRON: 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
MADRON
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€411,424
2024 · €271,122+€140,302
Equity
€6.9m
2024 · €6.6m+€336,024
Cash
€1.2m
2024 · €1.7m-€465,778
Balance sheet total
€7.2m
2024 · €6.8m+€335,485
Largest movements
Assets
- Current investments +€662,602
up €662,602 (+53.1%), from €1.2m to €1.9m
- Cash -€465,778
down €465,778 (-27.2%), from €1.7m to €1.2m
mainly Current investments (-€662,602) and Receivables after one year (-€159,946)
- Receivables after one year +€159,946
up €159,946 (+147%), from €108,533 to €268,479
- Deferred charges and accrued income -€98,017
down €98,017 (-89.1%), from €109,970 to €11,954
Equity and liabilities
- Reserves +€336,024
up €336,024 (+6.4%), from €5.3m to €5.6m
of which Distributable reserves: +€293,924
Income statement
- Financial income +€382,906
up €382,906 (+314%), from €122,093 to €504,999
- Financial charges +€88,599
up €88,599 (+840%), from €10,543 to €99,142
- Taxes +€83,200
up €83,200 (+142%), from €58,405 to €141,605
- Gross operating margin -€65,710
down €65,710 (-26.8%), from €245,110 to €179,400
- Depreciation +€4,562
up €4,562 (+22.3%), from €20,450 to €25,012
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
€271,122
Gross operating margin
-€65,710
Depreciation
-€4,562
Other operating charges
-€552
Other operating items
+€19
Financial income
+€382,906
Financial charges
-€88,599
Taxes
-€83,200
Result 2025
€411,424
raises the resultlowers the resultnot broken down further in the accounts
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
+€337,766
Investment
-€728,143
Financing
-€75,400
Cash 2024
€1.7m
From operations (derived)
+€337,766
Net result for the year
+€411,424
Depreciation
+€25,012
Receivables after one year
-€159,946
Receivables within one year
-€36,202
Deferred charges and accrued income
+€98,017
Trade debts
-€55
Tax, wage and social debts
+€16,839
Other debts
-€7,421
Accrued charges and deferred income
-€9,903
Investment (derived)
-€728,143
Investment in fixed assets (net)
-€65,542
Current investments
-€662,602
Financing
-€75,400
Contributions, distributions and other
-€75,400
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,838,633 | €7,174,118 | +€335,485 | +4.9% |
| Fixed assets | 21/28 | €3,546,615 | €3,587,145 | +€40,530 | +1.1% |
| Tangible fixed assets | 22/27 | €313,403 | €353,932 | +€40,530 | +12.9% |
| Land and buildings | 22 | €310,314 | €351,665 | +€41,351 | +13.3% |
| Furniture and vehicles | 24 | €3,089 | €2,268 | -€821 | -26.6% |
| Financial fixed assets | 28 | €3,233,212 | €3,233,212 | = | 0.0% |
| Current assets | 29/58 | €3,292,018 | €3,586,973 | +€294,955 | +9.0% |
| Amounts receivable after more than one year | 29 | €108,533 | €268,479 | +€159,946 | +147% |
| Other amounts receivable | 291 | €108,533 | €268,479 | +€159,946 | +147% |
| Amounts receivable within one year | 40/41 | €113,830 | €150,032 | +€36,202 | +31.8% |
| Trade receivables | 40 | €49,097 | €40,939 | -€8,158 | -16.6% |
| Other amounts receivable | 41 | €64,733 | €109,092 | +€44,360 | +68.5% |
| Current investments | 50/53 | €1,246,805 | €1,909,407 | +€662,602 | +53.1% |
| Cash at bank and in hand | 54/58 | €1,712,880 | €1,247,103 | -€465,778 | -27.2% |
| Deferred charges and accrued income | 490/1 | €109,970 | €11,954 | -€98,017 | -89.1% |
| Total equity and liabilities | 10/49 | €6,838,633 | €7,174,118 | +€335,485 | +4.9% |
| Equity | 10/15 | €6,605,833 | €6,941,857 | +€336,024 | +5.1% |
| Contributions | 10/11 | €1,350,000 | €1,350,000 | = | 0.0% |
| Capital | 10 | €1,350,000 | €1,350,000 | = | 0.0% |
| Issued capital | 100 | €1,350,000 | €1,350,000 | = | 0.0% |
| Reserves | 13 | €5,255,833 | €5,591,857 | +€336,024 | +6.4% |
| Non-distributable reserves | 130/1 | €135,000 | €135,000 | = | 0.0% |
| Legal reserve | 130 | €135,000 | €135,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,807 | €168,907 | +€42,100 | +33.2% |
| Distributable reserves | 133 | €4,994,026 | €5,287,950 | +€293,924 | +5.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €232,800 | €232,261 | -€540 | -0.2% |
| Amounts payable after more than one year | 17 | €175,000 | €175,000 | = | 0.0% |
| Other amounts payable | 178/9 | €175,000 | €175,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €43,116 | €52,479 | +€9,363 | +21.7% |
| Trade debts | 44 | €644 | €589 | -€55 | -8.5% |
| Suppliers | 440/4 | €644 | €589 | -€55 | -8.5% |
| Taxes, remuneration and social security | 45 | €26,251 | €43,090 | +€16,839 | +64.1% |
| Taxes | 450/3 | €22,123 | €40,493 | +€18,370 | +83.0% |
| Remuneration and social security | 454/9 | €4,128 | €2,597 | -€1,531 | -37.1% |
| Other amounts payable | 47/48 | €16,222 | €8,801 | -€7,421 | -45.7% |
| Accrued charges and deferred income | 492/3 | €14,684 | €4,782 | -€9,903 | -67.4% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,450 | €25,012 | +€4,562 | +22.3% |
| Other operating charges | 640/8 | €6,664 | €7,216 | +€552 | +8.3% |
| Non-recurring operating charges | 66A | €19 | €0 | -€19 | -100% |
| Gross operating margin | 9900 | €245,110 | €179,400 | -€65,710 | -26.8% |
| Operating profit (loss) | 9901 | €217,977 | €147,172 | -€70,805 | -32.5% |
| Financial income | 75/76B | €122,093 | €504,999 | +€382,906 | +314% |
| Recurring financial income | 75 | €122,093 | €504,999 | +€382,906 | +314% |
| Financial charges | 65/66B | €10,543 | €99,142 | +€88,599 | +840% |
| Recurring financial charges | 65 | €10,543 | €99,142 | +€88,599 | +840% |
| Profit (loss) for the period before taxes | 9903 | €329,526 | €553,029 | +€223,503 | +67.8% |
| Income taxes | 67/77 | €58,405 | €141,605 | +€83,200 | +142% |
| Profit (loss) for the period | 9904 | €271,122 | €411,424 | +€140,302 | +51.7% |
| Transfer from tax-exempt reserves | 789 | €42,100 | €0 | -€42,100 | -100% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €271,122 | €369,324 | +€98,202 | +36.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.