MADZ: 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.
MADZ
Largest movements
- Receivables within one year +€69,690
up €69,690 (+84.0%), from €82,930 to €152,620
of which Other amounts receivable: +€46,877
- Cash +€17,012
up €17,012 (+1186.1%), from €1,434 to €18,446
mainly Net result for the year (+€106,232) and Depreciation (+€53,571)
- Reserves +€102,537
new in 2025: €102,537
- Debts after one year -€58,047
down €58,047 (-6.5%), from €896,589 to €838,543
- Tax, wage and social debts +€42,770
up €42,770 (+588.8%), from €7,265 to €50,035
of which Taxes: +€42,724
- Other debts -€28,734
down €28,734 (-100.0%), from €28,734 to €0
- Current portion of long-term debt +€13,378
up €13,378 (+21.0%), from €63,777 to €77,156
- Gross operating margin +€82,790
up €82,790 (+51.7%), from €160,165 to €242,955
- Depreciation -€41,490
down €41,490 (-43.6%), from €95,061 to €53,571
- Taxes +€40,175
up €40,175 (+88082.9%), from €46 to €40,220
- Financial charges +€4,459
up €4,459 (+12.8%), from €34,885 to €39,344
- Other operating charges -€4,438
down €4,438 (-41.2%), from €10,763 to €6,324
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 | €1,053,482 | €1,142,187 | +€88,706 | +8.4% |
| Fixed assets | 21/28 | €963,654 | €971,121 | +€7,467 | +0.8% |
| Tangible fixed assets | 22/27 | €963,654 | €971,121 | +€7,467 | +0.8% |
| Land and buildings | 22 | €963,654 | €971,121 | +€7,467 | +0.8% |
| Current assets | 29/58 | €89,827 | €171,066 | +€81,239 | +90.4% |
| Amounts receivable within one year | 40/41 | €82,930 | €152,620 | +€69,690 | +84.0% |
| Trade receivables | 40 | €60,328 | €83,141 | +€22,813 | +37.8% |
| Other amounts receivable | 41 | €22,602 | €69,480 | +€46,877 | +207.4% |
| Cash at bank and in hand | 54/58 | €1,434 | €18,446 | +€17,012 | +1186.1% |
| Deferred charges and accrued income | 490/1 | €5,463 | €0 | -€5,463 | -100.0% |
| Total equity and liabilities | 10/49 | €1,053,482 | €1,142,187 | +€88,706 | +8.4% |
| Equity | 10/15 | €6,304 | €112,537 | +€106,232 | +1685.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €102,537 | +€102,537 | |
| Distributable reserves | 133 | - | €102,537 | +€102,537 | |
| Profit (loss) carried forward | 14 | -€3,696 | €0 | +€3,696 | |
| Amounts payable | 17/49 | €1,047,177 | €1,029,651 | -€17,527 | -1.7% |
| Amounts payable after more than one year | 17 | €896,589 | €838,543 | -€58,047 | -6.5% |
| Financial debts | 170/4 | €896,589 | €838,543 | -€58,047 | -6.5% |
| Amounts payable within one year | 42/48 | €150,588 | €188,760 | +€38,172 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €63,777 | €77,156 | +€13,378 | +21.0% |
| Trade debts | 44 | €50,811 | €61,569 | +€10,758 | +21.2% |
| Suppliers | 440/4 | €50,811 | €61,569 | +€10,758 | +21.2% |
| Taxes, remuneration and social security | 45 | €7,265 | €50,035 | +€42,770 | +588.8% |
| Taxes | 450/3 | €1,265 | €43,988 | +€42,724 | +3378.5% |
| Remuneration and social security | 454/9 | €6,000 | €6,047 | +€47 | +0.8% |
| Other amounts payable | 47/48 | €28,734 | €0 | -€28,734 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €2,348 | +€2,348 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,061 | €53,571 | -€41,490 | -43.6% |
| Other operating charges | 640/8 | €10,763 | €6,324 | -€4,438 | -41.2% |
| Gross operating margin | 9900 | €160,165 | €242,955 | +€82,790 | +51.7% |
| Operating profit (loss) | 9901 | €54,342 | €183,060 | +€128,718 | +236.9% |
| Financial income | 75/76B | €0 | €2,736 | +€2,736 | +27360800.0% |
| Recurring financial income | 75 | €0 | €2,736 | +€2,736 | +27360800.0% |
| Financial charges | 65/66B | €34,885 | €39,344 | +€4,459 | +12.8% |
| Recurring financial charges | 65 | €34,885 | €39,344 | +€4,459 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €19,457 | €146,452 | +€126,995 | +652.7% |
| Income taxes | 67/77 | €46 | €40,220 | +€40,175 | +88082.9% |
| Profit (loss) for the period | 9904 | €19,412 | €106,232 | +€86,821 | +447.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,412 | €106,232 | +€86,821 | +447.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.