MADZ: 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.
MADZ
Largest movements
- Cash +€32,065
up €32,065 (+1664.0%), from €1,927 to €33,992
mainly Debts after one year (+€29,215) and Net result for the year (+€16,028)
- Tangible fixed assets +€23,075
new in 2025: €23,075
- Deferred charges and accrued income +€3,611
up €3,611 (+235.6%), from €1,533 to €5,144
- Debts after one year +€29,215
new in 2025: €29,215
- Profit (loss) carried forward +€16,028
up €16,028 (+158.6%), from €10,109 to €26,137
- Current portion of long-term debt +€6,911
new in 2025: €6,911
- Tax, wage and social debts +€6,140
up €6,140 (+112.6%), from €5,453 to €11,593
of which Taxes: +€6,620
- Gross operating margin +€17,095
up €17,095 (+125.2%), from €13,655 to €30,750
- Depreciation +€4,925
new in 2025: €4,925
- Staff costs +€2,830
up €2,830 (+1704.8%), from €166 to €2,996
- Taxes +€2,048
up €2,048 (+60.8%), from €3,370 to €5,418
- Financial charges +€1,135
up €1,135 (+11350.0%), from €10 to €1,145
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 | €17,562 | €75,856 | +€58,294 | +331.9% |
| Fixed assets | 21/28 | - | €23,075 | +€23,075 | |
| Tangible fixed assets | 22/27 | - | €23,075 | +€23,075 | |
| Plant, machinery and equipment | 23 | - | €23,075 | +€23,075 | |
| Current assets | 29/58 | €17,562 | €52,781 | +€35,219 | +200.5% |
| Amounts receivable within one year | 40/41 | €14,102 | €13,645 | -€457 | -3.2% |
| Other amounts receivable | 41 | €14,102 | €13,645 | -€457 | -3.2% |
| Cash at bank and in hand | 54/58 | €1,927 | €33,992 | +€32,065 | +1664.0% |
| Deferred charges and accrued income | 490/1 | €1,533 | €5,144 | +€3,611 | +235.6% |
| Total equity and liabilities | 10/49 | €17,562 | €75,856 | +€58,294 | +331.9% |
| Equity | 10/15 | €12,109 | €28,137 | +€16,028 | +132.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,109 | €26,137 | +€16,028 | +158.6% |
| Amounts payable | 17/49 | €5,453 | €47,719 | +€42,266 | +775.1% |
| Amounts payable after more than one year | 17 | - | €29,215 | +€29,215 | |
| Financial debts | 170/4 | - | €29,215 | +€29,215 | |
| Amounts payable within one year | 42/48 | €5,453 | €18,504 | +€13,051 | +239.3% |
| Current portion of amounts payable after more than one year | 42 | - | €6,911 | +€6,911 | |
| Taxes, remuneration and social security | 45 | €5,453 | €11,593 | +€6,140 | +112.6% |
| Taxes | 450/3 | €4,973 | €11,593 | +€6,620 | +133.1% |
| Remuneration and social security | 454/9 | €480 | - | -€480 | |
| Remuneration, social security and pensions | 62 | €166 | €2,996 | +€2,830 | +1704.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,925 | +€4,925 | |
| Other operating charges | 640/8 | - | €330 | +€330 | |
| Gross operating margin | 9900 | €13,655 | €30,750 | +€17,095 | +125.2% |
| Operating profit (loss) | 9901 | €13,489 | €22,499 | +€9,010 | +66.8% |
| Financial income | 75/76B | - | €92 | +€92 | |
| Recurring financial income | 75 | - | €92 | +€92 | |
| Financial charges | 65/66B | €10 | €1,145 | +€1,135 | +11350.0% |
| Recurring financial charges | 65 | €10 | €1,145 | +€1,135 | +11350.0% |
| Profit (loss) for the period before taxes | 9903 | €13,479 | €21,446 | +€7,967 | +59.1% |
| Income taxes | 67/77 | €3,370 | €5,418 | +€2,048 | +60.8% |
| Profit (loss) for the period | 9904 | €10,109 | €16,028 | +€5,919 | +58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,109 | €16,028 | +€5,919 | +58.6% |
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 8 October 2026 via checked.be.