MADY: 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.
What changed
MADY
NACE 43.410, Roofing work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€213,356
2024 · €286,227-€72,871
Equity
€1.3m
2024 · €1.2m+€56,213
Cash
€981,261
2024 · €576,790+€404,471
Balance sheet total
€5.0m
2024 · €4.5m+€526,384
Largest movements
Assets
- Cash +€404,471
up €404,471 (+70.1%), from €576,790 to €981,261
mainly Trade debts (+€460,308) and Depreciation (+€272,777)
- Receivables within one year +€122,940
up €122,940 (+7.4%), from €1.7m to €1.8m
of which Trade receivables: +€111,153
Equity and liabilities
- Trade debts +€460,308
up €460,308 (+65.4%), from €703,315 to €1.2m
- Current portion of long-term debt +€77,742
up €77,742 (+45.7%), from €170,147 to €247,889
- Reserves +€56,213
up €56,213 (+4.6%), from €1.2m to €1.3m
Income statement
- Taxes +€160,462
up €160,462 (+121.9%), from €131,615 to €292,077
- Gross operating margin +€71,073
up €71,073 (+4.9%), from €1.4m to €1.5m
- Depreciation +€56,227
up €56,227 (+26.0%), from €216,550 to €272,777
- Write-downs -€40,501
down €40,501 (-86.5%), from €46,815 to €6,314
- Staff costs -€31,635
down €31,635 (-4.4%), from €716,665 to €685,031
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.
Result 2024
€286,227
Gross operating margin
+€71,073
Staff costs
+€31,635
Depreciation
-€56,227
Write-downs
+€40,501
Other operating charges
-€1,320
Other operating items
+€15,176
Financial income
-€2,924
Financial charges
-€10,322
Taxes
-€160,462
Result 2025
€213,356
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.
From operations
+€745,755
Investment
-€252,208
Financing
-€89,076
Cash 2024
€576,790
From operations (derived)
+€745,755
Net result for the year
+€213,356
Depreciation
+€272,777
Stocks and contracts
-€5,720
Receivables within one year
-€122,940
Deferred charges and accrued income
-€13,821
Trade debts
+€460,308
Tax, wage and social debts
-€43,446
Other debts
-€14,759
Investment (derived)
-€252,208
Investment in fixed assets (net)
-€252,208
Financing
-€89,076
Debts after one year
-€45,389
Current portion of long-term debt
+€77,742
Short-term financial debts
+€35,715
Contributions, distributions and other
-€157,143
Cash 2025
€981,261
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,494,920 | €5,021,304 | +€526,384 | +11.7% |
| Fixed assets | 21/28 | €2,098,248 | €2,077,680 | -€20,569 | -1.0% |
| Tangible fixed assets | 22/27 | €2,088,553 | €2,067,985 | -€20,569 | -1.0% |
| Land and buildings | 22 | €86,180 | €79,985 | -€6,195 | -7.2% |
| Plant, machinery and equipment | 23 | €68,146 | €57,561 | -€10,585 | -15.5% |
| Furniture and vehicles | 24 | €261,128 | €334,345 | +€73,217 | +28.0% |
| Leasing and similar rights | 25 | €1,673,100 | €1,596,094 | -€77,006 | -4.6% |
| Financial fixed assets | 28 | €9,695 | €9,695 | = | 0.0% |
| Current assets | 29/58 | €2,396,672 | €2,943,625 | +€546,952 | +22.8% |
| Stocks and contracts in progress | 3 | €137,950 | €143,671 | +€5,720 | +4.1% |
| Stocks | 30/36 | €25,761 | €26,813 | +€1,052 | +4.1% |
| Contracts in progress | 37 | €112,189 | €116,857 | +€4,668 | +4.2% |
| Amounts receivable within one year | 40/41 | €1,653,475 | €1,776,415 | +€122,940 | +7.4% |
| Trade receivables | 40 | €1,544,686 | €1,655,840 | +€111,153 | +7.2% |
| Other amounts receivable | 41 | €108,788 | €120,576 | +€11,787 | +10.8% |
| Cash at bank and in hand | 54/58 | €576,790 | €981,261 | +€404,471 | +70.1% |
| Deferred charges and accrued income | 490/1 | €28,457 | €42,278 | +€13,821 | +48.6% |
| Total equity and liabilities | 10/49 | €4,494,920 | €5,021,304 | +€526,384 | +11.7% |
| Equity | 10/15 | €1,233,294 | €1,289,506 | +€56,213 | +4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,214,694 | €1,270,906 | +€56,213 | +4.6% |
| Distributable reserves | 133 | €1,214,694 | €1,270,906 | +€56,213 | +4.6% |
| Amounts payable | 17/49 | €3,261,627 | €3,731,798 | +€470,171 | +14.4% |
| Amounts payable after more than one year | 17 | €1,337,571 | €1,292,182 | -€45,389 | -3.4% |
| Financial debts | 170/4 | €1,337,571 | €1,292,182 | -€45,389 | -3.4% |
| Amounts payable within one year | 42/48 | €1,924,055 | €2,439,615 | +€515,560 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €170,147 | €247,889 | +€77,742 | +45.7% |
| Financial debts | 43 | €658,691 | €694,406 | +€35,715 | +5.4% |
| Credit institutions | 430/8 | €658,691 | €694,406 | +€35,715 | +5.4% |
| Trade debts | 44 | €703,315 | €1,163,623 | +€460,308 | +65.4% |
| Suppliers | 440/4 | €703,315 | €1,163,623 | +€460,308 | +65.4% |
| Taxes, remuneration and social security | 45 | €95,925 | €52,480 | -€43,446 | -45.3% |
| Taxes | 450/3 | €38,777 | €17,103 | -€21,673 | -55.9% |
| Remuneration and social security | 454/9 | €57,149 | €35,376 | -€21,772 | -38.1% |
| Other amounts payable | 47/48 | €295,976 | €281,217 | -€14,759 | -5.0% |
| Non-recurring operating income | 76A | €798 | €1,000 | +€202 | +25.3% |
| Remuneration, social security and pensions | 62 | €716,665 | €685,031 | -€31,635 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,550 | €272,777 | +€56,227 | +26.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €46,815 | €6,314 | -€40,501 | -86.5% |
| Other operating charges | 640/8 | €11,120 | €12,441 | +€1,320 | +11.9% |
| Non-recurring operating charges | 66A | €20,737 | €5,560 | -€15,176 | -73.2% |
| Gross operating margin | 9900 | €1,442,743 | €1,513,816 | +€71,073 | +4.9% |
| Operating profit (loss) | 9901 | €430,856 | €531,693 | +€100,837 | +23.4% |
| Financial income | 75/76B | €77,583 | €74,659 | -€2,924 | -3.8% |
| Recurring financial income | 75 | €77,583 | €74,659 | -€2,924 | -3.8% |
| Financial charges | 65/66B | €90,598 | €100,920 | +€10,322 | +11.4% |
| Recurring financial charges | 65 | €90,598 | €100,920 | +€10,322 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €417,841 | €505,433 | +€87,592 | +21.0% |
| Income taxes | 67/77 | €131,615 | €292,077 | +€160,462 | +121.9% |
| Profit (loss) for the period | 9904 | €286,227 | €213,356 | -€72,871 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €286,227 | €213,356 | -€72,871 | -25.5% |
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 2 October 2026 via checked.be.