MADUELEC: 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.
MADUELEC
Largest movements
- Receivables within one year +€42,639
up €42,639 (+31.4%), from €135,823 to €178,461
of which Trade receivables: +€38,954
- Stocks and contracts -€6,125
down €6,125 (-28.3%), from €21,617 to €15,492
- Trade debts +€36,542
up €36,542 (+38.4%), from €95,110 to €131,652
- Tax, wage and social debts -€14,234
down €14,234 (-67.4%), from €21,126 to €6,892
of which Taxes: -€8,214
- Other debts +€11,000
up €11,000 (+110%), from €10,000 to €21,000
- Debts after one year +€7,000
up €7,000 (+87.5%), from €8,000 to €15,000
- Profit (loss) carried forward -€3,363
down €3,363, from €3,037 to -€326
- Gross operating margin +€20,569
up €20,569 (+49.9%), from €41,198 to €61,767
- Staff costs +€1,109
up €1,109 (+1.8%), from €61,607 to €62,716
- Financial charges +€1,041
up €1,041 (+84.7%), from €1,228 to €2,269
- Other operating charges -€750
down €750 (-71.6%), from €1,048 to €298
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 | €166,591 | €203,636 | +€37,045 | +22.2% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €166,591 | €203,636 | +€37,045 | +22.2% |
| Stocks and contracts in progress | 3 | €21,617 | €15,492 | -€6,125 | -28.3% |
| Stocks | 30/36 | €21,617 | €15,492 | -€6,125 | -28.3% |
| Amounts receivable within one year | 40/41 | €135,823 | €178,461 | +€42,639 | +31.4% |
| Trade receivables | 40 | €85,538 | €124,492 | +€38,954 | +45.5% |
| Other amounts receivable | 41 | €50,284 | €53,969 | +€3,685 | +7.3% |
| Cash at bank and in hand | 54/58 | €9,151 | €9,683 | +€532 | +5.8% |
| Total equity and liabilities | 10/49 | €166,591 | €203,636 | +€37,045 | +22.2% |
| Equity | 10/15 | €31,441 | €28,078 | -€3,363 | -10.7% |
| Contributions | 10/11 | €6,544 | €6,544 | = | 0.0% |
| Contributions outside capital | 11 | €6,544 | - | -€6,544 | |
| Other | 1109/19 | €6,544 | - | -€6,544 | |
| Reserves | 13 | €21,859 | €21,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,037 | -€326 | -€3,363 | |
| Amounts payable | 17/49 | €135,150 | €175,559 | +€40,408 | +29.9% |
| Amounts payable after more than one year | 17 | €8,000 | €15,000 | +€7,000 | +87.5% |
| Financial debts | 170/4 | €8,000 | €15,000 | +€7,000 | +87.5% |
| Amounts payable within one year | 42/48 | €127,150 | €160,559 | +€33,408 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €915 | €1,015 | +€100 | +11.0% |
| Trade debts | 44 | €95,110 | €131,652 | +€36,542 | +38.4% |
| Suppliers | 440/4 | €95,110 | €131,652 | +€36,542 | +38.4% |
| Taxes, remuneration and social security | 45 | €21,126 | €6,892 | -€14,234 | -67.4% |
| Taxes | 450/3 | €8,214 | €0 | -€8,214 | -100% |
| Remuneration and social security | 454/9 | €12,912 | €6,892 | -€6,020 | -46.6% |
| Other amounts payable | 47/48 | €10,000 | €21,000 | +€11,000 | +110% |
| Remuneration, social security and pensions | 62 | €61,607 | €62,716 | +€1,109 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79 | €0 | -€79 | -100% |
| Other operating charges | 640/8 | €1,048 | €298 | -€750 | -71.6% |
| Gross operating margin | 9900 | €41,198 | €61,767 | +€20,569 | +49.9% |
| Operating profit (loss) | 9901 | -€21,536 | -€1,246 | +€20,290 | +94.2% |
| Financial income | 75/76B | €0 | €152 | +€152 | +37,950% |
| Recurring financial income | 75 | €0 | €152 | +€152 | +37,950% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,228 | €2,269 | +€1,041 | +84.7% |
| Recurring financial charges | 65 | €1,228 | €2,269 | +€1,041 | +84.7% |
| Profit (loss) for the period before taxes | 9903 | -€22,764 | -€3,363 | +€19,401 | +85.2% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€22,764 | -€3,363 | +€19,401 | +85.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,764 | -€3,363 | +€19,401 | +85.2% |
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 27 October 2026 via checked.be.