MADSIS: 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.
MADSIS
Largest movements
- Receivables within one year +€65,407
up €65,407 (+539.8%), from €12,118 to €77,524
of which Trade receivables: +€65,340
- Cash -€4,712
down €4,712 (-43.5%), from €10,832 to €6,120
mainly Receivables within one year (-€65,407) and Contributions, distributions and other (-€11,326)
- Profit (loss) carried forward +€31,740
no longer reported in 2025 (was -€31,740)
- Tax, wage and social debts +€18,304
up €18,304 (+438.2%), from €4,177 to €22,481
- Other debts +€9,358
up €9,358 (+3206.0%), from €292 to €9,650
- Trade debts +€1,821
up €1,821 (+505.7%), from €360 to €2,181
- Gross operating margin +€53,994
up €53,994, from -€4,252 to €49,743
- Taxes +€3,573
up €3,573 (+961.3%), from €372 to €3,945
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 | €30,316 | €91,540 | +€61,223 | +201.9% |
| Fixed assets | 21/28 | €5,578 | €6,191 | +€613 | +11.0% |
| Tangible fixed assets | 22/27 | €5,578 | €6,191 | +€613 | +11.0% |
| Furniture and vehicles | 24 | €1,675 | €1,534 | -€141 | -8.4% |
| Other tangible fixed assets | 26 | €3,903 | €4,656 | +€754 | +19.3% |
| Current assets | 29/58 | €24,739 | €85,349 | +€60,610 | +245.0% |
| Amounts receivable within one year | 40/41 | €12,118 | €77,524 | +€65,407 | +539.8% |
| Trade receivables | 40 | €12,100 | €77,440 | +€65,340 | +540.0% |
| Other amounts receivable | 41 | €18 | €84 | +€67 | +372.5% |
| Cash at bank and in hand | 54/58 | €10,832 | €6,120 | -€4,712 | -43.5% |
| Deferred charges and accrued income | 490/1 | €1,788 | €1,704 | -€84 | -4.7% |
| Total equity and liabilities | 10/49 | €30,316 | €91,540 | +€61,223 | +201.9% |
| Equity | 10/15 | €25,487 | €57,227 | +€31,740 | +124.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €37,227 | €37,227 | = | 0.0% |
| Distributable reserves | 133 | €37,227 | €37,227 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,740 | - | +€31,740 | |
| Amounts payable | 17/49 | €4,829 | €34,312 | +€29,483 | +610.5% |
| Amounts payable within one year | 42/48 | €4,829 | €34,312 | +€29,483 | +610.5% |
| Trade debts | 44 | €360 | €2,181 | +€1,821 | +505.7% |
| Suppliers | 440/4 | €360 | €2,181 | +€1,821 | +505.7% |
| Taxes, remuneration and social security | 45 | €4,177 | €22,481 | +€18,304 | +438.2% |
| Taxes | 450/3 | €4,177 | €22,481 | +€18,304 | +438.2% |
| Other amounts payable | 47/48 | €292 | €9,650 | +€9,358 | +3206.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,967 | €1,981 | +€14 | +0.7% |
| Other operating charges | 640/8 | €831 | €644 | -€187 | -22.5% |
| Gross operating margin | 9900 | -€4,252 | €49,743 | +€53,994 | |
| Operating profit (loss) | 9901 | -€7,049 | €47,118 | +€54,167 | |
| Financial income | 75/76B | €12 | €25 | +€13 | +110.9% |
| Recurring financial income | 75 | €12 | €25 | +€13 | +110.9% |
| Financial charges | 65/66B | €141 | €131 | -€10 | -7.1% |
| Recurring financial charges | 65 | €141 | €131 | -€10 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,179 | €47,011 | +€54,190 | |
| Income taxes | 67/77 | €372 | €3,945 | +€3,573 | +961.3% |
| Profit (loss) for the period | 9904 | -€7,551 | €43,066 | +€50,617 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,551 | €43,066 | +€50,617 |
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 10 October 2026 via checked.be.