Join Date: Aug 2011
Location: Barcelona, London, on a plane
Programs: IB+ Gold, TK E+, Hyatt Globalist, Marriott LTP, IHG Diamond
Posts: 14,178
If you missed your connection because HAV was late inbound for a reason within IB's control, then you would be due EC261 compensation. (although choosing to make your own way home complicates this, as IB is not obliged to put you on any flight of your choice)
If you spent too much time in the lounge / shops / etc. at MAD then it's entirely your fault.
The fact that you arrived to the gate at a time printed on your boarding pass is basically irrelevant.