MADSEA: 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.
MADSEA
Largest movements
- Cash +€9,714
up €9,714 (+572%), from €1,699 to €11,414
mainly Net result for the year (+€34,987) and Tax, wage and social debts (+€9,229)
- Deferred charges and accrued income -€2,605
down €2,605 (-26.0%), from €10,028 to €7,423
- Tangible fixed assets -€1,552
down €1,552 (-9.6%), from €16,123 to €14,571
- Receivables within one year -€880
down €880 (-3.4%), from €26,213 to €25,333
of which Trade receivables: -€6,217
- Tax, wage and social debts +€9,229
up €9,229 (+80.4%), from €11,486 to €20,716
of which Taxes: +€11,559
- Profit (loss) carried forward -€7,613
down €7,613 (-91.0%), from €8,362 to €749
- Other debts +€3,600
new in 2024: €3,600
- Debts after one year -€3,163
down €3,163 (-74.4%), from €4,254 to €1,091
- Trade debts +€2,467
up €2,467 (+30.6%), from €8,070 to €10,537
- Gross operating margin +€33,241
up €33,241 (+130%), from €25,572 to €58,813
- Taxes +€5,945
up €5,945 (+113%), from €5,280 to €11,225
- Financial charges +€1,550
up €1,550 (+192%), from €808 to €2,358
- Financial income +€1,023
up €1,023 (+10,228,900%), from €0 to €1,023
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €54,063 | €58,740 | +€4,678 | +8.7% |
| Fixed assets | 21/28 | €16,123 | €14,571 | -€1,552 | -9.6% |
| Tangible fixed assets | 22/27 | €16,123 | €14,571 | -€1,552 | -9.6% |
| Plant, machinery and equipment | 23 | €2,323 | €1,699 | -€623 | -26.8% |
| Furniture and vehicles | 24 | €10,218 | €9,697 | -€521 | -5.1% |
| Other tangible fixed assets | 26 | €3,582 | €3,174 | -€408 | -11.4% |
| Current assets | 29/58 | €37,940 | €44,170 | +€6,229 | +16.4% |
| Amounts receivable within one year | 40/41 | €26,213 | €25,333 | -€880 | -3.4% |
| Trade receivables | 40 | €21,624 | €15,406 | -€6,217 | -28.8% |
| Other amounts receivable | 41 | €4,589 | €9,927 | +€5,337 | +116% |
| Cash at bank and in hand | 54/58 | €1,699 | €11,414 | +€9,714 | +572% |
| Deferred charges and accrued income | 490/1 | €10,028 | €7,423 | -€2,605 | -26.0% |
| Total equity and liabilities | 10/49 | €54,063 | €58,740 | +€4,678 | +8.7% |
| Equity | 10/15 | €26,962 | €19,349 | -€7,613 | -28.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,362 | €749 | -€7,613 | -91.0% |
| Amounts payable | 17/49 | €27,100 | €39,391 | +€12,291 | +45.4% |
| Amounts payable after more than one year | 17 | €4,254 | €1,091 | -€3,163 | -74.4% |
| Financial debts | 170/4 | €4,254 | €1,091 | -€3,163 | -74.4% |
| Amounts payable within one year | 42/48 | €22,563 | €38,016 | +€15,452 | +68.5% |
| Current portion of amounts payable after more than one year | 42 | €3,007 | €3,163 | +€156 | +5.2% |
| Trade debts | 44 | €8,070 | €10,537 | +€2,467 | +30.6% |
| Suppliers | 440/4 | €8,070 | €10,537 | +€2,467 | +30.6% |
| Taxes, remuneration and social security | 45 | €11,486 | €20,716 | +€9,229 | +80.4% |
| Taxes | 450/3 | €9,156 | €20,716 | +€11,559 | +126% |
| Remuneration and social security | 454/9 | €2,330 | €0 | -€2,330 | -100% |
| Other amounts payable | 47/48 | - | €3,600 | +€3,600 | |
| Accrued charges and deferred income | 492/3 | €283 | €285 | +€2 | +0.7% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,227 | €4,941 | -€286 | -5.5% |
| Other operating charges | 640/8 | €752 | €563 | -€189 | -25.1% |
| Non-recurring operating charges | 66A | - | €5,763 | +€5,763 | |
| Gross operating margin | 9900 | €25,572 | €58,813 | +€33,241 | +130% |
| Operating profit (loss) | 9901 | €19,592 | €47,547 | +€27,954 | +143% |
| Financial income | 75/76B | €0 | €1,023 | +€1,023 | +10,228,900% |
| Recurring financial income | 75 | €0 | €1,023 | +€1,023 | +10,228,900% |
| Financial charges | 65/66B | €808 | €2,358 | +€1,550 | +192% |
| Recurring financial charges | 65 | €808 | €2,358 | +€1,550 | +192% |
| Profit (loss) for the period before taxes | 9903 | €18,785 | €46,212 | +€27,427 | +146% |
| Income taxes | 67/77 | €5,280 | €11,225 | +€5,945 | +113% |
| Profit (loss) for the period | 9904 | €13,505 | €34,987 | +€21,482 | +159% |
| Profit (loss) for the period to be appropriated | 9905 | €13,505 | €34,987 | +€21,482 | +159% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.