MADEKI: 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.
MADEKI
Largest movements
- Receivables within one year +€18,608
up €18,608 (+196.1%), from €9,486 to €28,094
of which Other amounts receivable: +€18,435
- Tangible fixed assets -€10,670
down €10,670 (-39.7%), from €26,875 to €16,205
of which Furniture and vehicles: -€9,152
- Current investments +€6,670
up €6,670 (+15.9%), from €41,840 to €48,510
- Reserves +€18,096
up €18,096 (+17.2%), from €105,370 to €123,465
- Other debts -€3,127
down €3,127 (-100.0%), from €3,127 to €0
- Gross operating margin +€8,446
up €8,446 (+19.4%), from €43,483 to €51,929
- Taxes +€2,277
up €2,277 (+22.0%), from €10,373 to €12,650
- Financial income +€802
up €802 (+121.0%), from €663 to €1,465
- Depreciation -€777
down €777 (-6.8%), from €11,447 to €10,670
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 | €129,173 | €142,131 | +€12,958 | +10.0% |
| Fixed assets | 21/28 | €27,535 | €16,865 | -€10,670 | -38.7% |
| Tangible fixed assets | 22/27 | €26,875 | €16,205 | -€10,670 | -39.7% |
| Furniture and vehicles | 24 | €14,238 | €5,086 | -€9,152 | -64.3% |
| Other tangible fixed assets | 26 | €12,638 | €11,120 | -€1,518 | -12.0% |
| Financial fixed assets | 28 | €660 | €660 | = | 0.0% |
| Current assets | 29/58 | €101,637 | €125,266 | +€23,628 | +23.2% |
| Amounts receivable within one year | 40/41 | €9,486 | €28,094 | +€18,608 | +196.1% |
| Trade receivables | 40 | €9,486 | €9,659 | +€172 | +1.8% |
| Other amounts receivable | 41 | - | €18,435 | +€18,435 | |
| Current investments | 50/53 | €41,840 | €48,510 | +€6,670 | +15.9% |
| Cash at bank and in hand | 54/58 | €49,618 | €48,662 | -€956 | -1.9% |
| Deferred charges and accrued income | 490/1 | €693 | €0 | -€693 | -100.0% |
| Total equity and liabilities | 10/49 | €129,173 | €142,131 | +€12,958 | +10.0% |
| Equity | 10/15 | €111,570 | €129,665 | +€18,096 | +16.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €105,370 | €123,465 | +€18,096 | +17.2% |
| Distributable reserves | 133 | €105,370 | €123,465 | +€18,096 | +17.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,603 | €12,466 | -€5,137 | -29.2% |
| Amounts payable within one year | 42/48 | €17,603 | €12,466 | -€5,137 | -29.2% |
| Trade debts | 44 | €2,633 | €1,739 | -€894 | -33.9% |
| Suppliers | 440/4 | €2,633 | €1,739 | -€894 | -33.9% |
| Taxes, remuneration and social security | 45 | €11,843 | €10,726 | -€1,117 | -9.4% |
| Taxes | 450/3 | €8,874 | €10,726 | +€1,853 | +20.9% |
| Remuneration and social security | 454/9 | €2,969 | €0 | -€2,969 | -100.0% |
| Other amounts payable | 47/48 | €3,127 | €0 | -€3,127 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,447 | €10,670 | -€777 | -6.8% |
| Other operating charges | 640/8 | €1,793 | €1,645 | -€148 | -8.3% |
| Gross operating margin | 9900 | €43,483 | €51,929 | +€8,446 | +19.4% |
| Operating profit (loss) | 9901 | €30,242 | €39,614 | +€9,371 | +31.0% |
| Financial income | 75/76B | €663 | €1,465 | +€802 | +121.0% |
| Recurring financial income | 75 | €663 | €1,465 | +€802 | +121.0% |
| Financial charges | 65/66B | €576 | €395 | -€180 | -31.3% |
| Recurring financial charges | 65 | €576 | €395 | -€180 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €30,330 | €40,683 | +€10,354 | +34.1% |
| Income taxes | 67/77 | €10,373 | €12,650 | +€2,277 | +22.0% |
| Profit (loss) for the period | 9904 | €19,957 | €28,033 | +€8,076 | +40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,957 | €28,033 | +€8,076 | +40.5% |
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 6 October 2026 via checked.be.