MADRUGA: 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.
MADRUGA
Largest movements
- Receivables within one year -€413,655
down €413,655 (-72.4%), from €571,132 to €157,478
- Cash +€255,847
up €255,847 (+1873.2%), from €13,658 to €269,505
mainly Receivables within one year (+€413,655) and Net result for the year (+€154,544)
- Tangible fixed assets -€74,374
down €74,374 (-63.9%), from €116,384 to €42,011
- Other debts -€297,128
down €297,128 (-30.0%), from €990,000 to €692,872
- Tax, wage and social debts +€87,676
new in 2025: €87,676
- Reserves -€21,403
no longer reported in 2025 (was €21,403)
- Gross operating margin -€1.5m
down €1.5m (-87.1%), from €1.7m to €223,212
- Taxes -€359,415
down €359,415 (-84.9%), from €423,557 to €64,142
- Other operating charges -€29,454
down €29,454 (-85.7%), from €34,384 to €4,930
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 | €1,109,311 | €873,524 | -€235,787 | -21.3% |
| Fixed assets | 21/28 | €116,384 | €42,011 | -€74,374 | -63.9% |
| Tangible fixed assets | 22/27 | €116,384 | €42,011 | -€74,374 | -63.9% |
| Land and buildings | 22 | €116,384 | €42,011 | -€74,374 | -63.9% |
| Current assets | 29/58 | €992,927 | €831,513 | -€161,414 | -16.3% |
| Amounts receivable after more than one year | 29 | €400,000 | €400,000 | = | 0.0% |
| Other amounts receivable | 291 | €400,000 | €400,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €571,132 | €157,478 | -€413,655 | -72.4% |
| Other amounts receivable | 41 | €571,132 | €157,478 | -€413,655 | -72.4% |
| Cash at bank and in hand | 54/58 | €13,658 | €269,505 | +€255,847 | +1873.2% |
| Deferred charges and accrued income | 490/1 | €8,136 | €4,530 | -€3,606 | -44.3% |
| Total equity and liabilities | 10/49 | €1,109,311 | €873,524 | -€235,787 | -21.3% |
| Equity | 10/15 | €105,049 | €79,592 | -€25,456 | -24.2% |
| Contributions | 10/11 | €76,847 | €76,847 | = | 0.0% |
| Reserves | 13 | €21,403 | - | -€21,403 | |
| Tax-exempt reserves | 132 | €21,403 | - | -€21,403 | |
| Profit (loss) carried forward | 14 | €6,798 | €2,745 | -€4,053 | -59.6% |
| Provisions and deferred taxes | 16 | €4,168 | - | -€4,168 | |
| Deferred taxes | 168 | €4,168 | - | -€4,168 | |
| Amounts payable | 17/49 | €1,000,095 | €793,932 | -€206,163 | -20.6% |
| Amounts payable after more than one year | 17 | €7,063 | €6,121 | -€942 | -13.3% |
| Other amounts payable | 178/9 | €7,063 | €6,121 | -€942 | -13.3% |
| Amounts payable within one year | 42/48 | €991,638 | €782,196 | -€209,442 | -21.1% |
| Trade debts | 44 | €1,638 | €1,647 | +€9 | +0.5% |
| Suppliers | 440/4 | €1,638 | €1,647 | +€9 | +0.5% |
| Taxes, remuneration and social security | 45 | - | €87,676 | +€87,676 | |
| Taxes | 450/3 | - | €87,676 | +€87,676 | |
| Other amounts payable | 47/48 | €990,000 | €692,872 | -€297,128 | -30.0% |
| Accrued charges and deferred income | 492/3 | €1,394 | €5,615 | +€4,221 | +302.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,076 | €3,695 | -€6,381 | -63.3% |
| Other operating charges | 640/8 | €34,384 | €4,930 | -€29,454 | -85.7% |
| Gross operating margin | 9900 | €1,732,051 | €223,212 | -€1.5m | -87.1% |
| Operating profit (loss) | 9901 | €1,687,591 | €214,587 | -€1.5m | -87.3% |
| Financial income | 75/76B | €4,802 | €0 | -€4,802 | -100.0% |
| Recurring financial income | 75 | €4,802 | €0 | -€4,802 | -100.0% |
| Financial charges | 65/66B | €86 | €69 | -€17 | -20.0% |
| Recurring financial charges | 65 | €86 | €69 | -€17 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €1,692,307 | €214,518 | -€1.5m | -87.3% |
| Transfer from deferred taxes | 780 | €770 | €4,168 | +€3,397 | +441.0% |
| Income taxes | 67/77 | €423,557 | €64,142 | -€359,415 | -84.9% |
| Profit (loss) for the period | 9904 | €1,269,520 | €154,544 | -€1.1m | -87.8% |
| Transfer from tax-exempt reserves | 789 | €1,147 | €21,403 | +€20,256 | +1765.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,270,667 | €175,947 | -€1.1m | -86.2% |
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 11 October 2026 via checked.be.