BAG-MacBen: 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.
BAG-MacBen
Largest movements
- Receivables within one year +€299,059
up €299,059 (+108.1%), from €276,646 to €575,705
of which Trade receivables: +€296,195
- Tangible fixed assets -€55,680
down €55,680 (-5.3%), from €1.1m to €1.0m
of which Land and buildings: -€46,099
- Stocks and contracts +€47,959
up €47,959 (+9.0%), from €530,001 to €577,960
- Cash +€23,584
up €23,584 (+175.5%), from €13,441 to €37,025
mainly Contributions, distributions and other (+€81,787) and Debts after one year (+€76,235)
- Profit (loss) carried forward +€77,472
up €77,472 (+42.5%), from -€182,481 to -€105,009
- Debts after one year +€76,235
up €76,235 (+18.9%), from €402,441 to €478,676
- Other debts +€73,167
up €73,167 (+8.3%), from €882,433 to €955,600
- Contributions +€44,621
up €44,621 (+240.0%), from €18,592 to €63,213
- Trade debts +€33,023
up €33,023 (+29.3%), from €112,834 to €145,857
- Staff costs -€232,005
down €232,005 (-44.2%), from €524,684 to €292,679
- Gross operating margin +€28,941
up €28,941 (+6.7%), from €434,208 to €463,148
- Financial charges +€5,507
up €5,507 (+7.8%), from €70,211 to €75,718
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,888,956 | €2,217,834 | +€328,878 | +17.4% |
| Fixed assets | 21/28 | €1,066,986 | €1,025,256 | -€41,730 | -3.9% |
| Tangible fixed assets | 22/27 | €1,058,519 | €1,002,839 | -€55,680 | -5.3% |
| Land and buildings | 22 | €1,011,921 | €965,823 | -€46,099 | -4.6% |
| Plant, machinery and equipment | 23 | €39,447 | €33,150 | -€6,297 | -16.0% |
| Furniture and vehicles | 24 | €7,151 | €3,867 | -€3,284 | -45.9% |
| Financial fixed assets | 28 | €8,467 | €22,417 | +€13,950 | +164.8% |
| Current assets | 29/58 | €821,970 | €1,192,578 | +€370,608 | +45.1% |
| Stocks and contracts in progress | 3 | €530,001 | €577,960 | +€47,959 | +9.0% |
| Stocks | 30/36 | €530,001 | €577,960 | +€47,959 | +9.0% |
| Amounts receivable within one year | 40/41 | €276,646 | €575,705 | +€299,059 | +108.1% |
| Trade receivables | 40 | €272,127 | €568,322 | +€296,195 | +108.8% |
| Other amounts receivable | 41 | €4,519 | €7,383 | +€2,864 | +63.4% |
| Cash at bank and in hand | 54/58 | €13,441 | €37,025 | +€23,584 | +175.5% |
| Deferred charges and accrued income | 490/1 | €1,883 | €1,889 | +€6 | +0.3% |
| Total equity and liabilities | 10/49 | €1,888,956 | €2,217,834 | +€328,878 | +17.4% |
| Equity | 10/15 | €51,269 | €167,238 | +€115,969 | +226.2% |
| Contributions | 10/11 | €18,592 | €63,213 | +€44,621 | +240.0% |
| Reserves | 13 | €215,158 | €209,034 | -€6,124 | -2.8% |
| Tax-exempt reserves | 132 | €113,299 | €107,175 | -€6,124 | -5.4% |
| Distributable reserves | 133 | €101,859 | €101,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€182,481 | -€105,009 | +€77,472 | +42.5% |
| Provisions and deferred taxes | 16 | €37,766 | €35,725 | -€2,041 | -5.4% |
| Deferred taxes | 168 | €37,766 | €35,725 | -€2,041 | -5.4% |
| Amounts payable | 17/49 | €1,799,921 | €2,014,871 | +€214,950 | +11.9% |
| Amounts payable after more than one year | 17 | €402,441 | €478,676 | +€76,235 | +18.9% |
| Financial debts | 170/4 | €402,441 | €478,676 | +€76,235 | +18.9% |
| Amounts payable within one year | 42/48 | €1,397,480 | €1,536,195 | +€138,715 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €54,612 | €56,444 | +€1,832 | +3.4% |
| Financial debts | 43 | €251,789 | €258,704 | +€6,916 | +2.7% |
| Credit institutions | 430/8 | €251,789 | €258,704 | +€6,916 | +2.7% |
| Trade debts | 44 | €112,834 | €145,857 | +€33,023 | +29.3% |
| Suppliers | 440/4 | €112,834 | €145,857 | +€33,023 | +29.3% |
| Advances received on contracts in progress | 46 | €40,131 | €62,035 | +€21,904 | +54.6% |
| Taxes, remuneration and social security | 45 | €55,682 | €57,555 | +€1,873 | +3.4% |
| Taxes | 450/3 | €16,824 | €27,408 | +€10,584 | +62.9% |
| Remuneration and social security | 454/9 | €38,858 | €30,146 | -€8,711 | -22.4% |
| Other amounts payable | 47/48 | €882,433 | €955,600 | +€73,167 | +8.3% |
| Non-recurring operating income | 76A | €1,437 | €26,727 | +€25,290 | +1760.2% |
| Remuneration, social security and pensions | 62 | €524,684 | €292,679 | -€232,005 | -44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,266 | €54,257 | -€1,009 | -1.8% |
| Other operating charges | 640/8 | €11,512 | €8,695 | -€2,818 | -24.5% |
| Non-recurring operating charges | 66A | €66 | - | -€66 | |
| Gross operating margin | 9900 | €434,208 | €463,148 | +€28,941 | +6.7% |
| Operating profit (loss) | 9901 | -€157,321 | €107,518 | +€264,839 | |
| Financial income | 75/76B | €2,719 | €281 | -€2,438 | -89.7% |
| Recurring financial income | 75 | €2,719 | €281 | -€2,438 | -89.7% |
| Financial charges | 65/66B | €70,211 | €75,718 | +€5,507 | +7.8% |
| Recurring financial charges | 65 | €70,211 | €75,718 | +€5,507 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | -€224,813 | €32,081 | +€256,894 | |
| Transfer from deferred taxes | 780 | €2,041 | €2,041 | = | 0.0% |
| Income taxes | 67/77 | €4,511 | -€59 | -€4,571 | |
| Profit (loss) for the period | 9904 | -€227,283 | €34,182 | +€261,465 | |
| Transfer from tax-exempt reserves | 789 | €6,124 | €6,124 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€221,159 | €40,306 | +€261,465 |
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.