MADUF: 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.
MADUF
Largest movements
- Tangible fixed assets -€506,278
down €506,278 (-7.1%), from €7.1m to €6.6m
- Receivables within one year +€272,097
up €272,097 (+49.3%), from €551,457 to €823,554
of which Trade receivables: +€270,682
- Cash +€251,789
up €251,789 (+82.1%), from €306,708 to €558,496
mainly Depreciation (+€692,002) and Net result for the year (+€645,130)
- Intangible fixed assets -€172,800
down €172,800 (-50.9%), from €339,209 to €166,409
- Debts after one year -€618,571
down €618,571 (-8.6%), from €7.2m to €6.6m
- Other debts +€350,000
up €350,000 (+233.3%), from €150,000 to €500,000
- Profit (loss) carried forward +€145,130
up €145,130 (+38.0%), from €382,009 to €527,139
- Gross operating margin +€104,712
up €104,712 (+7.5%), from €1.4m to €1.5m
- Financial charges +€28,444
up €28,444 (+32.1%), from €88,721 to €117,165
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 | €8,679,309 | €8,519,150 | -€160,159 | -1.8% |
| Fixed assets | 21/28 | €7,488,791 | €6,809,713 | -€679,078 | -9.1% |
| Intangible fixed assets | 21 | €339,209 | €166,409 | -€172,800 | -50.9% |
| Tangible fixed assets | 22/27 | €7,149,583 | €6,643,304 | -€506,278 | -7.1% |
| Plant, machinery and equipment | 23 | €7,149,583 | €6,643,304 | -€506,278 | -7.1% |
| Current assets | 29/58 | €1,190,518 | €1,709,437 | +€518,919 | +43.6% |
| Amounts receivable within one year | 40/41 | €551,457 | €823,554 | +€272,097 | +49.3% |
| Trade receivables | 40 | €548,169 | €818,851 | +€270,682 | +49.4% |
| Other amounts receivable | 41 | €3,287 | €4,703 | +€1,416 | +43.1% |
| Current investments | 50/53 | €322,504 | €326,584 | +€4,080 | +1.3% |
| Cash at bank and in hand | 54/58 | €306,708 | €558,496 | +€251,789 | +82.1% |
| Deferred charges and accrued income | 490/1 | €9,850 | €803 | -€9,048 | -91.9% |
| Total equity and liabilities | 10/49 | €8,679,309 | €8,519,150 | -€160,159 | -1.8% |
| Equity | 10/15 | €432,009 | €577,139 | +€145,130 | +33.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €382,009 | €527,139 | +€145,130 | +38.0% |
| Provisions and deferred taxes | 16 | €16,667 | €30,000 | +€13,333 | +80.0% |
| Provisions for liabilities and charges | 160/5 | €16,667 | €30,000 | +€13,333 | +80.0% |
| Major repairs and maintenance | 162 | €16,667 | €30,000 | +€13,333 | +80.0% |
| Amounts payable | 17/49 | €8,230,634 | €7,912,011 | -€318,623 | -3.9% |
| Amounts payable after more than one year | 17 | €7,190,929 | €6,572,357 | -€618,571 | -8.6% |
| Financial debts | 170/4 | €7,190,929 | €6,572,357 | -€618,571 | -8.6% |
| Amounts payable within one year | 42/48 | €937,518 | €1,323,068 | +€385,551 | +41.1% |
| Current portion of amounts payable after more than one year | 42 | €680,000 | €618,571 | -€61,429 | -9.0% |
| Trade debts | 44 | €91,613 | €149,157 | +€57,544 | +62.8% |
| Suppliers | 440/4 | €91,613 | €149,157 | +€57,544 | +62.8% |
| Taxes, remuneration and social security | 45 | €15,904 | €55,340 | +€39,435 | +248.0% |
| Taxes | 450/3 | €15,904 | €55,340 | +€39,435 | +248.0% |
| Other amounts payable | 47/48 | €150,000 | €500,000 | +€350,000 | +233.3% |
| Accrued charges and deferred income | 492/3 | €102,188 | €16,586 | -€85,602 | -83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €691,969 | €692,002 | +€33 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €13,333 | €13,333 | = | 0.0% |
| Other operating charges | 640/8 | €30,032 | €30,451 | +€419 | +1.4% |
| Gross operating margin | 9900 | €1,387,874 | €1,492,586 | +€104,712 | +7.5% |
| Operating profit (loss) | 9901 | €652,539 | €756,799 | +€104,260 | +16.0% |
| Financial income | 75/76B | €10,958 | €5,497 | -€5,461 | -49.8% |
| Recurring financial income | 75 | €10,958 | €5,497 | -€5,461 | -49.8% |
| Financial charges | 65/66B | €88,721 | €117,165 | +€28,444 | +32.1% |
| Recurring financial charges | 65 | €88,721 | €117,165 | +€28,444 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €574,775 | €645,130 | +€70,355 | +12.2% |
| Profit (loss) for the period | 9904 | €574,775 | €645,130 | +€70,355 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €574,775 | €645,130 | +€70,355 | +12.2% |
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 4 October 2026 via checked.be.