MADWORKS: 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.
MADWORKS
Largest movements
- Tangible fixed assets -€10,377
down €10,377 (-3.5%), from €295,189 to €284,812
of which Land and buildings: -€10,572
- Receivables within one year -€5,927
down €5,927 (-30.5%), from €19,457 to €13,530
of which Trade receivables: -€7,813
- Debts after one year -€11,007
down €11,007 (-5.4%), from €204,979 to €193,972
- Trade debts -€5,789
down €5,789 (-44.4%), from €13,033 to €7,244
- Gross operating margin +€7,382
up €7,382 (+50.4%), from €14,636 to €22,019
- Other operating charges +€832
up €832 (+57.6%), from €1,445 to €2,278
- Depreciation -€709
down €709 (-5.7%), from €12,416 to €11,707
- Taxes +€598
up €598 (+352%), from €170 to €768
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 | €325,556 | €311,224 | -€14,333 | -4.4% |
| Fixed assets | 21/28 | €295,189 | €284,812 | -€10,377 | -3.5% |
| Tangible fixed assets | 22/27 | €295,189 | €284,812 | -€10,377 | -3.5% |
| Land and buildings | 22 | €292,238 | €281,666 | -€10,572 | -3.6% |
| Plant, machinery and equipment | 23 | €1,873 | €1,623 | -€250 | -13.3% |
| Furniture and vehicles | 24 | €1,077 | €1,522 | +€445 | +41.3% |
| Current assets | 29/58 | €30,368 | €26,412 | -€3,955 | -13.0% |
| Amounts receivable within one year | 40/41 | €19,457 | €13,530 | -€5,927 | -30.5% |
| Trade receivables | 40 | €16,761 | €8,948 | -€7,813 | -46.6% |
| Other amounts receivable | 41 | €2,696 | €4,582 | +€1,886 | +69.9% |
| Cash at bank and in hand | 54/58 | €10,004 | €11,968 | +€1,963 | +19.6% |
| Deferred charges and accrued income | 490/1 | €906 | €915 | +€9 | +0.9% |
| Total equity and liabilities | 10/49 | €325,556 | €311,224 | -€14,333 | -4.4% |
| Equity | 10/15 | €31,319 | €32,945 | +€1,626 | +5.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €9,015 | €10,641 | +€1,626 | +18.0% |
| Distributable reserves | 133 | €9,015 | €10,641 | +€1,626 | +18.0% |
| Profit (loss) carried forward | 14 | €12,304 | €12,304 | = | 0.0% |
| Amounts payable | 17/49 | €294,237 | €278,279 | -€15,958 | -5.4% |
| Amounts payable after more than one year | 17 | €204,979 | €193,972 | -€11,007 | -5.4% |
| Financial debts | 170/4 | €204,979 | €193,972 | -€11,007 | -5.4% |
| Amounts payable within one year | 42/48 | €89,258 | €84,307 | -€4,951 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €9,126 | €10,187 | +€1,061 | +11.6% |
| Trade debts | 44 | €13,033 | €7,244 | -€5,789 | -44.4% |
| Suppliers | 440/4 | €13,033 | €7,244 | -€5,789 | -44.4% |
| Taxes, remuneration and social security | 45 | €5,934 | €6,034 | +€100 | +1.7% |
| Taxes | 450/3 | €5,934 | €3,334 | -€2,600 | -43.8% |
| Remuneration and social security | 454/9 | - | €2,700 | +€2,700 | |
| Other amounts payable | 47/48 | €61,166 | €60,842 | -€324 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,416 | €11,707 | -€709 | -5.7% |
| Other operating charges | 640/8 | €1,445 | €2,278 | +€832 | +57.6% |
| Gross operating margin | 9900 | €14,636 | €22,019 | +€7,382 | +50.4% |
| Operating profit (loss) | 9901 | €774 | €8,033 | +€7,259 | +937% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €5,685 | €5,646 | -€39 | -0.7% |
| Recurring financial charges | 65 | €5,685 | €5,646 | -€39 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,910 | €2,394 | +€7,305 | |
| Income taxes | 67/77 | €170 | €768 | +€598 | +352% |
| Profit (loss) for the period | 9904 | -€5,081 | €1,626 | +€6,706 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,081 | €1,626 | +€6,706 |
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 29 October 2026 via checked.be.