MADDEC: 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.
MADDEC
Largest movements
- Tangible fixed assets -€37,982
down €37,982 (-9.5%), from €400,691 to €362,709
- Stocks and contracts -€25,038
down €25,038 (-15.4%), from €162,861 to €137,824
- Receivables within one year +€19,562
up €19,562 (+151%), from €12,994 to €32,556
of which Other amounts receivable: +€19,931
- Debts after one year -€39,450
down €39,450 (-18.3%), from €215,037 to €175,587
- Trade debts +€7,757
up €7,757 (+17.0%), from €45,755 to €53,512
- Current portion of long-term debt -€7,560
down €7,560 (-15.2%), from €49,754 to €42,193
- Gross operating margin -€30,368
down €30,368 (-28.9%), from €105,019 to €74,651
- Staff costs -€10,805
down €10,805 (-54.2%), from €19,922 to €9,117
- Financial charges -€6,611
down €6,611 (-29.0%), from €22,792 to €16,181
- Taxes +€1,240
up €1,240 (+383%), from €324 to €1,564
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €588,335 | €547,847 | -€40,488 | -6.9% |
| Fixed assets | 21/28 | €400,691 | €362,709 | -€37,982 | -9.5% |
| Tangible fixed assets | 22/27 | €400,691 | €362,709 | -€37,982 | -9.5% |
| Land and buildings | 22 | €271,213 | €255,775 | -€15,438 | -5.7% |
| Plant, machinery and equipment | 23 | €115,510 | €100,397 | -€15,113 | -13.1% |
| Furniture and vehicles | 24 | €13,969 | €6,537 | -€7,432 | -53.2% |
| Current assets | 29/58 | €187,644 | €185,139 | -€2,506 | -1.3% |
| Stocks and contracts in progress | 3 | €162,861 | €137,824 | -€25,038 | -15.4% |
| Stocks | 30/36 | €162,861 | €137,824 | -€25,038 | -15.4% |
| Amounts receivable within one year | 40/41 | €12,994 | €32,556 | +€19,562 | +151% |
| Trade receivables | 40 | €1,864 | €1,495 | -€368 | -19.8% |
| Other amounts receivable | 41 | €11,131 | €31,061 | +€19,931 | +179% |
| Cash at bank and in hand | 54/58 | €11,789 | €12,364 | +€575 | +4.9% |
| Deferred charges and accrued income | 490/1 | €0 | €2,395 | +€2,395 | |
| Total equity and liabilities | 10/49 | €588,335 | €547,847 | -€40,488 | -6.9% |
| Equity | 10/15 | €69,184 | €72,010 | +€2,825 | +4.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €52,000 | €52,000 | = | 0.0% |
| Distributable reserves | 133 | €52,000 | €52,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,816 | €10 | +€2,825 | |
| Amounts payable | 17/49 | €519,151 | €475,838 | -€43,313 | -8.3% |
| Amounts payable after more than one year | 17 | €215,037 | €175,587 | -€39,450 | -18.3% |
| Financial debts | 170/4 | €215,037 | €175,587 | -€39,450 | -18.3% |
| Amounts payable within one year | 42/48 | €302,970 | €299,947 | -€3,023 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €49,754 | €42,193 | -€7,560 | -15.2% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €45,755 | €53,512 | +€7,757 | +17.0% |
| Suppliers | 440/4 | €45,755 | €53,512 | +€7,757 | +17.0% |
| Taxes, remuneration and social security | 45 | €7,461 | €4,242 | -€3,219 | -43.1% |
| Taxes | 450/3 | €6,286 | €4,242 | -€2,044 | -32.5% |
| Remuneration and social security | 454/9 | €1,175 | €0 | -€1,175 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,144 | €304 | -€840 | -73.4% |
| Remuneration, social security and pensions | 62 | €19,922 | €9,117 | -€10,805 | -54.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,982 | €37,982 | = | 0.0% |
| Other operating charges | 640/8 | €6,948 | €7,000 | +€52 | +0.7% |
| Gross operating margin | 9900 | €105,019 | €74,651 | -€30,368 | -28.9% |
| Operating profit (loss) | 9901 | €40,166 | €20,552 | -€19,615 | -48.8% |
| Financial income | 75/76B | €305 | €18 | -€287 | -94.1% |
| Recurring financial income | 75 | €305 | €18 | -€287 | -94.1% |
| Financial charges | 65/66B | €22,792 | €16,181 | -€6,611 | -29.0% |
| Recurring financial charges | 65 | €22,792 | €16,181 | -€6,611 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €17,680 | €4,389 | -€13,291 | -75.2% |
| Income taxes | 67/77 | €324 | €1,564 | +€1,240 | +383% |
| Profit (loss) for the period | 9904 | €17,356 | €2,825 | -€14,530 | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,356 | €2,825 | -€14,530 | -83.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.