MADSEN: 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.
MADSEN
Largest movements
- Current investments +€104,000
new in 2025: €104,000
- Cash -€30,836
down €30,836 (-22.1%), from €139,406 to €108,570
mainly Current investments (-€104,000) and Investment in fixed assets (net) (-€28,487)
- Receivables within one year +€21,955
up €21,955 (+23.9%), from €92,022 to €113,977
of which Trade receivables: +€21,955
- Tangible fixed assets -€9,960
down €9,960 (-7.7%), from €129,597 to €119,637
of which Plant, machinery and equipment: -€13,194
- Reserves +€91,439
up €91,439 (+221.1%), from €41,365 to €132,804
of which Distributable reserves: +€91,439
- Debts after one year -€16,828
down €16,828 (-28.8%), from €58,519 to €41,691
- Current portion of long-term debt -€13,179
down €13,179 (-43.9%), from €30,007 to €16,828
- Other debts +€8,666
up €8,666 (+74.4%), from €11,650 to €20,316
- Tax, wage and social debts +€7,783
up €7,783 (+14.4%), from €54,134 to €61,916
of which Taxes: +€4,148
- Gross operating margin +€69,217
up €69,217 (+14.1%), from €489,194 to €558,411
- Staff costs +€33,092
up €33,092 (+9.7%), from €341,271 to €374,364
- Taxes +€17,025
up €17,025 (+102.5%), from €16,610 to €33,636
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 | €374,943 | €458,031 | +€83,087 | +22.2% |
| Fixed assets | 21/28 | €129,874 | €119,914 | -€9,960 | -7.7% |
| Tangible fixed assets | 22/27 | €129,597 | €119,637 | -€9,960 | -7.7% |
| Plant, machinery and equipment | 23 | €118,654 | €105,460 | -€13,194 | -11.1% |
| Furniture and vehicles | 24 | €4,620 | €8,757 | +€4,137 | +89.5% |
| Other tangible fixed assets | 26 | €6,323 | €5,420 | -€903 | -14.3% |
| Financial fixed assets | 28 | €277 | €277 | = | 0.0% |
| Current assets | 29/58 | €245,070 | €338,117 | +€93,048 | +38.0% |
| Stocks and contracts in progress | 3 | €5,773 | €4,671 | -€1,102 | -19.1% |
| Stocks | 30/36 | €5,773 | €4,671 | -€1,102 | -19.1% |
| Amounts receivable within one year | 40/41 | €92,022 | €113,977 | +€21,955 | +23.9% |
| Trade receivables | 40 | €80,907 | €102,862 | +€21,955 | +27.1% |
| Other amounts receivable | 41 | €11,115 | €11,115 | = | 0.0% |
| Current investments | 50/53 | - | €104,000 | +€104,000 | |
| Cash at bank and in hand | 54/58 | €139,406 | €108,570 | -€30,836 | -22.1% |
| Deferred charges and accrued income | 490/1 | €7,869 | €6,899 | -€970 | -12.3% |
| Total equity and liabilities | 10/49 | €374,943 | €458,031 | +€83,087 | +22.2% |
| Equity | 10/15 | €194,957 | €286,396 | +€91,439 | +46.9% |
| Contributions | 10/11 | €153,592 | €153,592 | = | 0.0% |
| Capital | 10 | €153,592 | €153,592 | = | 0.0% |
| Issued capital | 100 | €153,592 | €153,592 | = | 0.0% |
| Reserves | 13 | €41,365 | €132,804 | +€91,439 | +221.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,256 | €2,256 | = | 0.0% |
| Distributable reserves | 133 | €37,250 | €128,689 | +€91,439 | +245.5% |
| Amounts payable | 17/49 | €179,987 | €171,635 | -€8,352 | -4.6% |
| Amounts payable after more than one year | 17 | €58,519 | €41,691 | -€16,828 | -28.8% |
| Financial debts | 170/4 | €58,519 | €41,691 | -€16,828 | -28.8% |
| Amounts payable within one year | 42/48 | €121,468 | €129,944 | +€8,476 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €30,007 | €16,828 | -€13,179 | -43.9% |
| Trade debts | 44 | €25,677 | €30,884 | +€5,207 | +20.3% |
| Suppliers | 440/4 | €25,677 | €30,884 | +€5,207 | +20.3% |
| Taxes, remuneration and social security | 45 | €54,134 | €61,916 | +€7,783 | +14.4% |
| Taxes | 450/3 | €12,474 | €16,622 | +€4,148 | +33.3% |
| Remuneration and social security | 454/9 | €41,660 | €45,294 | +€3,634 | +8.7% |
| Other amounts payable | 47/48 | €11,650 | €20,316 | +€8,666 | +74.4% |
| Remuneration, social security and pensions | 62 | €341,271 | €374,364 | +€33,092 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,412 | €38,447 | +€5,035 | +15.1% |
| Other operating charges | 640/8 | €19,985 | €15,148 | -€4,838 | -24.2% |
| Gross operating margin | 9900 | €489,194 | €558,411 | +€69,217 | +14.1% |
| Operating profit (loss) | 9901 | €94,525 | €130,452 | +€35,927 | +38.0% |
| Financial income | 75/76B | €800 | €2,022 | +€1,222 | +152.8% |
| Recurring financial income | 75 | €800 | €2,022 | +€1,222 | +152.8% |
| Financial charges | 65/66B | €10,107 | €7,399 | -€2,708 | -26.8% |
| Recurring financial charges | 65 | €10,107 | €7,399 | -€2,708 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €85,218 | €125,075 | +€39,857 | +46.8% |
| Income taxes | 67/77 | €16,610 | €33,636 | +€17,025 | +102.5% |
| Profit (loss) for the period | 9904 | €68,607 | €91,439 | +€22,832 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,607 | €91,439 | +€22,832 | +33.3% |
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 8 October 2026 via checked.be.