Madsam: 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.
Madsam
Largest movements
- Receivables within one year +€5,161
up €5,161 (+50.1%), from €10,308 to €15,469
of which Trade receivables: +€7,112
- Cash +€2,768
up €2,768 (+298%), from €927 to €3,696
mainly Net result for the year (+€7,044) and Depreciation (+€1,229)
- Tangible fixed assets -€982
down €982 (-34.0%), from €2,893 to €1,911
- Profit (loss) carried forward +€7,044
up €7,044 (+98.4%), from -€7,162 to -€118
- Tax, wage and social debts -€1,472
down €1,472 (-10.9%), from €13,515 to €12,043
- Trade debts +€1,021
up €1,021 (+28.6%), from €3,566 to €4,587
- Accrued charges and deferred income +€550
new in 2025: €550
- Gross operating margin +€18,572
up €18,572, from -€5,548 to €13,024
- Taxes +€4,188
up €4,188 (+2,772%), from €151 to €4,339
- Financial income +€196
new in 2025: €196
- Depreciation -€185
down €185 (-13.1%), from €1,414 to €1,229
- Financial charges -€166
down €166 (-66.0%), from €252 to €85
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,129 | €21,272 | +€7,143 | +50.6% |
| Fixed assets | 21/28 | €2,893 | €1,911 | -€982 | -34.0% |
| Tangible fixed assets | 22/27 | €2,893 | €1,911 | -€982 | -34.0% |
| Furniture and vehicles | 24 | €2,893 | €1,911 | -€982 | -34.0% |
| Current assets | 29/58 | €11,235 | €19,361 | +€8,126 | +72.3% |
| Amounts receivable within one year | 40/41 | €10,308 | €15,469 | +€5,161 | +50.1% |
| Trade receivables | 40 | €5,808 | €12,920 | +€7,112 | +122% |
| Other amounts receivable | 41 | €4,500 | €2,549 | -€1,951 | -43.4% |
| Cash at bank and in hand | 54/58 | €927 | €3,696 | +€2,768 | +298% |
| Deferred charges and accrued income | 490/1 | - | €196 | +€196 | |
| Total equity and liabilities | 10/49 | €14,129 | €21,272 | +€7,143 | +50.6% |
| Equity | 10/15 | -€4,302 | €2,742 | +€7,044 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Capital | 10 | €1,000 | €1,000 | = | 0.0% |
| Issued capital | 100 | €13,400 | €13,400 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 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 | -€7,162 | -€118 | +€7,044 | +98.4% |
| Amounts payable | 17/49 | €18,430 | €18,530 | +€100 | +0.5% |
| Amounts payable within one year | 42/48 | €18,430 | €17,980 | -€450 | -2.4% |
| Trade debts | 44 | €3,566 | €4,587 | +€1,021 | +28.6% |
| Suppliers | 440/4 | €3,566 | €4,587 | +€1,021 | +28.6% |
| Taxes, remuneration and social security | 45 | €13,515 | €12,043 | -€1,472 | -10.9% |
| Taxes | 450/3 | €13,515 | €12,043 | -€1,472 | -10.9% |
| Other amounts payable | 47/48 | €1,350 | €1,350 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €550 | +€550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,414 | €1,229 | -€185 | -13.1% |
| Other operating charges | 640/8 | €384 | €523 | +€139 | +36.1% |
| Gross operating margin | 9900 | -€5,548 | €13,024 | +€18,572 | |
| Operating profit (loss) | 9901 | -€7,347 | €11,272 | +€18,618 | |
| Financial income | 75/76B | - | €196 | +€196 | |
| Recurring financial income | 75 | - | €196 | +€196 | |
| Financial charges | 65/66B | €252 | €85 | -€166 | -66.0% |
| Recurring financial charges | 65 | €252 | €85 | -€166 | -66.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,598 | €11,383 | +€18,981 | |
| Income taxes | 67/77 | €151 | €4,339 | +€4,188 | +2,772% |
| Profit (loss) for the period | 9904 | -€7,749 | €7,044 | +€14,793 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,749 | €7,044 | +€14,793 |
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 31 October 2026 via checked.be.