MADS: 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.
MADS
Largest movements
- Receivables within one year +€31,598
up €31,598 (+70.4%), from €44,895 to €76,492
of which Other amounts receivable: +€33,975
- Cash +€907
up €907 (+175%), from €519 to €1,426
mainly Net result for the year (+€71,136) and Other debts (+€4,428)
- Profit (loss) carried forward +€71,136
up €71,136 (+24.6%), from -€288,884 to -€217,748
- Debts after one year -€37,775
down €37,775 (-23.4%), from €161,694 to €123,919
- Tax, wage and social debts -€5,652
down €5,652 (-48.1%), from €11,762 to €6,109
of which Taxes: -€3,391
- Other debts +€4,428
up €4,428 (+6.3%), from €69,994 to €74,423
- Current portion of long-term debt +€1,387
up €1,387 (+3.7%), from €37,470 to €38,858
- Other operating charges -€107,454
down €107,454 (-99.6%), from €107,854 to €400
- Gross operating margin +€26,091
up €26,091 (+46.8%), from €55,743 to €81,834
- Staff costs -€18,415
down €18,415 (-91.5%), from €20,135 to €1,720
- Financial charges -€7,004
down €7,004 (-42.6%), from €16,443 to €9,440
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,414 | €77,919 | +€32,505 | +71.6% |
| Current assets | 29/58 | €45,414 | €77,919 | +€32,505 | +71.6% |
| Amounts receivable within one year | 40/41 | €44,895 | €76,492 | +€31,598 | +70.4% |
| Trade receivables | 40 | €12,341 | €9,964 | -€2,378 | -19.3% |
| Other amounts receivable | 41 | €32,553 | €66,529 | +€33,975 | +104% |
| Cash at bank and in hand | 54/58 | €519 | €1,426 | +€907 | +175% |
| Total equity and liabilities | 10/49 | €45,414 | €77,919 | +€32,505 | +71.6% |
| Equity | 10/15 | -€238,424 | -€167,288 | +€71,136 | +29.8% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Capital | 10 | €48,600 | €48,600 | = | 0.0% |
| Issued capital | 100 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€288,884 | -€217,748 | +€71,136 | +24.6% |
| Amounts payable | 17/49 | €283,837 | €245,206 | -€38,631 | -13.6% |
| Amounts payable after more than one year | 17 | €161,694 | €123,919 | -€37,775 | -23.4% |
| Financial debts | 170/4 | €161,694 | €123,919 | -€37,775 | -23.4% |
| Amounts payable within one year | 42/48 | €119,226 | €119,390 | +€163 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €37,470 | €38,858 | +€1,387 | +3.7% |
| Taxes, remuneration and social security | 45 | €11,762 | €6,109 | -€5,652 | -48.1% |
| Taxes | 450/3 | €9,501 | €6,109 | -€3,391 | -35.7% |
| Remuneration and social security | 454/9 | €2,261 | - | -€2,261 | |
| Other amounts payable | 47/48 | €69,994 | €74,423 | +€4,428 | +6.3% |
| Accrued charges and deferred income | 492/3 | €2,917 | €1,898 | -€1,019 | -34.9% |
| Remuneration, social security and pensions | 62 | €20,135 | €1,720 | -€18,415 | -91.5% |
| Other operating charges | 640/8 | €107,854 | €400 | -€107,454 | -99.6% |
| Gross operating margin | 9900 | €55,743 | €81,834 | +€26,091 | +46.8% |
| Operating profit (loss) | 9901 | -€72,246 | €79,714 | +€151,961 | |
| Financial income | 75/76B | €919 | €935 | +€16 | +1.8% |
| Recurring financial income | 75 | €919 | €935 | +€16 | +1.8% |
| Financial charges | 65/66B | €16,443 | €9,440 | -€7,004 | -42.6% |
| Recurring financial charges | 65 | €16,443 | €9,440 | -€7,004 | -42.6% |
| Profit (loss) for the period before taxes | 9903 | -€87,771 | €71,210 | +€158,981 | |
| Income taxes | 67/77 | €262 | €74 | -€189 | -72.0% |
| Profit (loss) for the period | 9904 | -€88,033 | €71,136 | +€159,169 | |
| Profit (loss) for the period to be appropriated | 9905 | -€88,033 | €71,136 | +€159,169 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.