MADS: 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.
MADS
Largest movements
- Financial fixed assets -€256,167
down €256,167 (-29.8%), from €859,443 to €603,276
- Intangible fixed assets +€99,140
new in 2025: €99,140
- Receivables within one year +€87,324
up €87,324 (+148.3%), from €58,895 to €146,219
of which Trade receivables: +€88,824
- Trade debts -€91,408
down €91,408 (-51.0%), from €179,140 to €87,732
- Tax, wage and social debts +€24,634
up €24,634 (+280.2%), from €8,790 to €33,424
of which Remuneration and social security: +€23,235
- Profit (loss) carried forward -€10,192
down €10,192 (-5.4%), from €189,938 to €179,746
- Staff costs +€48,876
up €48,876 (+58.5%), from €83,536 to €132,412
- Gross operating margin +€48,184
up €48,184 (+48.9%), from €98,571 to €146,755
- Depreciation +€6,041
up €6,041 (+109.9%), from €5,498 to €11,539
- Financial charges -€3,410
down €3,410 (-23.8%), from €14,330 to €10,919
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 | €944,987 | €877,888 | -€67,100 | -7.1% |
| Fixed assets | 21/28 | €879,687 | €718,044 | -€161,643 | -18.4% |
| Intangible fixed assets | 21 | - | €99,140 | +€99,140 | |
| Tangible fixed assets | 22/27 | €20,244 | €15,629 | -€4,616 | -22.8% |
| Furniture and vehicles | 24 | €20,244 | €15,522 | -€4,722 | -23.3% |
| Other tangible fixed assets | 26 | - | €107 | +€107 | |
| Financial fixed assets | 28 | €859,443 | €603,276 | -€256,167 | -29.8% |
| Current assets | 29/58 | €65,300 | €159,843 | +€94,543 | +144.8% |
| Amounts receivable within one year | 40/41 | €58,895 | €146,219 | +€87,324 | +148.3% |
| Trade receivables | 40 | €57,395 | €146,219 | +€88,824 | +154.8% |
| Other amounts receivable | 41 | €1,500 | - | -€1,500 | |
| Cash at bank and in hand | 54/58 | €2,358 | €10,825 | +€8,467 | +359.1% |
| Deferred charges and accrued income | 490/1 | €4,047 | €2,799 | -€1,248 | -30.8% |
| Total equity and liabilities | 10/49 | €944,987 | €877,888 | -€67,100 | -7.1% |
| Equity | 10/15 | €211,938 | €201,746 | -€10,192 | -4.8% |
| Contributions | 10/11 | €20,000 | €22,000 | +€2,000 | +10.0% |
| Reserves | 13 | €2,000 | - | -€2,000 | |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Profit (loss) carried forward | 14 | €189,938 | €179,746 | -€10,192 | -5.4% |
| Amounts payable | 17/49 | €733,049 | €676,141 | -€56,908 | -7.8% |
| Amounts payable after more than one year | 17 | €535,201 | €543,411 | +€8,211 | +1.5% |
| Financial debts | 170/4 | €535,201 | €543,411 | +€8,211 | +1.5% |
| Amounts payable within one year | 42/48 | €193,336 | €132,112 | -€61,225 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €4,887 | €5,144 | +€258 | +5.3% |
| Trade debts | 44 | €179,140 | €87,732 | -€91,408 | -51.0% |
| Suppliers | 440/4 | €179,140 | €87,732 | -€91,408 | -51.0% |
| Taxes, remuneration and social security | 45 | €8,790 | €33,424 | +€24,634 | +280.2% |
| Taxes | 450/3 | €6,308 | €7,707 | +€1,399 | +22.2% |
| Remuneration and social security | 454/9 | €2,482 | €25,717 | +€23,235 | +936.2% |
| Other amounts payable | 47/48 | €520 | €5,811 | +€5,292 | +1018.4% |
| Accrued charges and deferred income | 492/3 | €4,512 | €618 | -€3,894 | -86.3% |
| Remuneration, social security and pensions | 62 | €83,536 | €132,412 | +€48,876 | +58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,498 | €11,539 | +€6,041 | +109.9% |
| Other operating charges | 640/8 | €968 | €1,011 | +€43 | +4.5% |
| Gross operating margin | 9900 | €98,571 | €146,755 | +€48,184 | +48.9% |
| Operating profit (loss) | 9901 | €8,569 | €1,793 | -€6,776 | -79.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €14,330 | €10,919 | -€3,410 | -23.8% |
| Recurring financial charges | 65 | €14,330 | €10,919 | -€3,410 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,761 | -€9,126 | -€3,366 | -58.4% |
| Income taxes | 67/77 | €285 | €1,066 | +€781 | +274.5% |
| Profit (loss) for the period | 9904 | -€6,045 | -€10,192 | -€4,147 | -68.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,045 | -€10,192 | -€4,147 | -68.6% |
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.