WIM MADOU: 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.
WIM MADOU
Largest movements
- Cash +€34,058
up €34,058 (+295%), from €11,529 to €45,587
mainly Net result for the year (+€124,666) and Depreciation (+€32,355)
- Receivables within one year +€21,819
up €21,819 (+5.4%), from €402,632 to €424,451
of which Other amounts receivable: +€52,834
- Reserves +€124,000
up €124,000 (+26.9%), from €461,246 to €585,246
of which Distributable reserves: +€124,000
- Debts after one year -€28,143
down €28,143 (-23.7%), from €118,504 to €90,361
- Trade debts -€20,355
down €20,355 (-17.9%), from €113,625 to €93,271
- Current portion of long-term debt -€13,131
down €13,131 (-31.0%), from €42,334 to €29,203
- Tax, wage and social debts -€10,199
down €10,199 (-33.9%), from €30,063 to €19,864
- Gross operating margin +€22,218
up €22,218 (+12.3%), from €180,992 to €203,210
- Taxes +€7,894
up €7,894 (+17.6%), from €44,842 to €52,736
- Depreciation -€4,798
down €4,798 (-12.9%), from €37,153 to €32,355
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 | €801,972 | €855,660 | +€53,688 | +6.7% |
| Fixed assets | 21/28 | €386,260 | €384,263 | -€1,997 | -0.5% |
| Tangible fixed assets | 22/27 | €386,260 | €384,263 | -€1,997 | -0.5% |
| Land and buildings | 22 | €380,615 | €378,707 | -€1,908 | -0.5% |
| Plant, machinery and equipment | 23 | €3,237 | €3,718 | +€482 | +14.9% |
| Furniture and vehicles | 24 | €2,409 | €1,838 | -€571 | -23.7% |
| Current assets | 29/58 | €415,712 | €471,397 | +€55,685 | +13.4% |
| Amounts receivable within one year | 40/41 | €402,632 | €424,451 | +€21,819 | +5.4% |
| Trade receivables | 40 | €51,041 | €20,026 | -€31,015 | -60.8% |
| Other amounts receivable | 41 | €351,590 | €404,425 | +€52,834 | +15.0% |
| Cash at bank and in hand | 54/58 | €11,529 | €45,587 | +€34,058 | +295% |
| Deferred charges and accrued income | 490/1 | €1,551 | €1,359 | -€192 | -12.4% |
| Total equity and liabilities | 10/49 | €801,972 | €855,660 | +€53,688 | +6.7% |
| Equity | 10/15 | €482,810 | €607,476 | +€124,666 | +25.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €461,246 | €585,246 | +€124,000 | +26.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €459,386 | €583,386 | +€124,000 | +27.0% |
| Profit (loss) carried forward | 14 | €2,964 | €3,629 | +€666 | +22.5% |
| Amounts payable | 17/49 | €319,162 | €248,184 | -€70,978 | -22.2% |
| Amounts payable after more than one year | 17 | €118,504 | €90,361 | -€28,143 | -23.7% |
| Financial debts | 170/4 | €118,504 | €90,361 | -€28,143 | -23.7% |
| Amounts payable within one year | 42/48 | €200,658 | €157,823 | -€42,835 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €42,334 | €29,203 | -€13,131 | -31.0% |
| Financial debts | 43 | €14,636 | €15,486 | +€850 | +5.8% |
| Credit institutions | 430/8 | €14,636 | €15,486 | +€850 | +5.8% |
| Trade debts | 44 | €113,625 | €93,271 | -€20,355 | -17.9% |
| Suppliers | 440/4 | €113,625 | €93,271 | -€20,355 | -17.9% |
| Taxes, remuneration and social security | 45 | €30,063 | €19,864 | -€10,199 | -33.9% |
| Taxes | 450/3 | €30,063 | €19,864 | -€10,199 | -33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,153 | €32,355 | -€4,798 | -12.9% |
| Other operating charges | 640/8 | €3,360 | €3,682 | +€322 | +9.6% |
| Non-recurring operating charges | 66A | €2,692 | €53 | -€2,639 | -98.0% |
| Gross operating margin | 9900 | €180,992 | €203,210 | +€22,218 | +12.3% |
| Operating profit (loss) | 9901 | €137,788 | €167,120 | +€29,332 | +21.3% |
| Financial income | 75/76B | €22,063 | €20,121 | -€1,942 | -8.8% |
| Recurring financial income | 75 | €22,063 | €20,121 | -€1,942 | -8.8% |
| Financial charges | 65/66B | €11,822 | €9,839 | -€1,983 | -16.8% |
| Recurring financial charges | 65 | €11,822 | €9,839 | -€1,983 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €148,029 | €177,401 | +€29,373 | +19.8% |
| Income taxes | 67/77 | €44,842 | €52,736 | +€7,894 | +17.6% |
| Profit (loss) for the period | 9904 | €103,186 | €124,666 | +€21,479 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €103,186 | €124,666 | +€21,479 | +20.8% |
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 30 October 2026 via checked.be.