Col & MacArthur: 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.
Col & MacArthur
Largest movements
- Receivables within one year +€201,037
up €201,037 (+113%), from €177,152 to €378,189
of which Trade receivables: +€224,385
- Stocks and contracts +€103,892
up €103,892 (+13.9%), from €749,044 to €852,936
- Cash -€57,428
down €57,428 (-68.7%), from €83,545 to €26,117
mainly Net result for the year (-€294,715) and Receivables within one year (-€201,037)
- Intangible fixed assets +€54,616
up €54,616 (+11.8%), from €463,965 to €518,581
- Tangible fixed assets -€34,418
down €34,418 (-65.1%), from €52,848 to €18,430
of which Assets under construction and advance payments: -€28,661
- Profit (loss) carried forward -€294,715
down €294,715, from €273,482 to -€21,233
- Short-term financial debts +€273,234
up €273,234 (+109%), from €251,766 to €525,000
of which Credit institutions: +€275,000
- Trade debts +€162,690
up €162,690 (+60.6%), from €268,463 to €431,154
- Other debts +€53,209
up €53,209 (+58.4%), from €91,046 to €144,255
- Current portion of long-term debt +€53,206
up €53,206 (+62.2%), from €85,482 to €138,688
- Gross operating margin -€173,295
down €173,295 (-54.7%), from €316,855 to €143,559
- Staff costs +€111,485
up €111,485 (+106%), from €105,286 to €216,771
- Depreciation +€41,898
up €41,898 (+47.8%), from €87,608 to €129,506
- Other operating charges +€16,195
up €16,195 (+104%), from €15,624 to €31,819
- Financial charges +€13,877
up €13,877 (+28.5%), from €48,764 to €62,640
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 | €1,543,492 | €1,804,981 | +€261,489 | +16.9% |
| Formation expenses | 20 | €3,686 | €2,926 | -€760 | -20.6% |
| Fixed assets | 21/28 | €521,813 | €543,011 | +€21,198 | +4.1% |
| Intangible fixed assets | 21 | €463,965 | €518,581 | +€54,616 | +11.8% |
| Tangible fixed assets | 22/27 | €52,848 | €18,430 | -€34,418 | -65.1% |
| Plant, machinery and equipment | 23 | €357 | €0 | -€357 | -100% |
| Furniture and vehicles | 24 | €23,830 | €18,430 | -€5,400 | -22.7% |
| Assets under construction and advance payments | 27 | €28,661 | €0 | -€28,661 | -100% |
| Financial fixed assets | 28 | €5,000 | €6,000 | +€1,000 | +20.0% |
| Current assets | 29/58 | €1,017,994 | €1,259,044 | +€241,050 | +23.7% |
| Stocks and contracts in progress | 3 | €749,044 | €852,936 | +€103,892 | +13.9% |
| Stocks | 30/36 | €749,044 | €852,936 | +€103,892 | +13.9% |
| Amounts receivable within one year | 40/41 | €177,152 | €378,189 | +€201,037 | +113% |
| Trade receivables | 40 | €113,794 | €338,179 | +€224,385 | +197% |
| Other amounts receivable | 41 | €63,358 | €40,010 | -€23,348 | -36.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €83,545 | €26,117 | -€57,428 | -68.7% |
| Deferred charges and accrued income | 490/1 | €8,253 | €1,803 | -€6,451 | -78.2% |
| Total equity and liabilities | 10/49 | €1,543,492 | €1,804,981 | +€261,489 | +16.9% |
| Equity | 10/15 | €368,742 | €74,028 | -€294,715 | -79.9% |
| Contributions | 10/11 | €62,650 | €62,650 | = | 0.0% |
| Reserves | 13 | €32,611 | €32,611 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Distributable reserves | 133 | €32,611 | €32,611 | = | 0.0% |
| Profit (loss) carried forward | 14 | €273,482 | -€21,233 | -€294,715 | |
| Amounts payable | 17/49 | €1,174,750 | €1,730,953 | +€556,203 | +47.3% |
| Amounts payable after more than one year | 17 | €401,171 | €433,114 | +€31,943 | +8.0% |
| Financial debts | 170/4 | €401,171 | €433,114 | +€31,943 | +8.0% |
| Amounts payable within one year | 42/48 | €761,958 | €1,297,839 | +€535,881 | +70.3% |
| Current portion of amounts payable after more than one year | 42 | €85,482 | €138,688 | +€53,206 | +62.2% |
| Financial debts | 43 | €251,766 | €525,000 | +€273,234 | +109% |
| Credit institutions | 430/8 | €250,000 | €525,000 | +€275,000 | +110% |
| Other loans | 439 | €1,766 | €0 | -€1,766 | -100% |
| Trade debts | 44 | €268,463 | €431,154 | +€162,690 | +60.6% |
| Suppliers | 440/4 | €268,463 | €431,154 | +€162,690 | +60.6% |
| Taxes, remuneration and social security | 45 | €65,201 | €58,742 | -€6,458 | -9.9% |
| Taxes | 450/3 | €48,706 | €24,693 | -€24,013 | -49.3% |
| Remuneration and social security | 454/9 | €16,495 | €34,050 | +€17,555 | +106% |
| Other amounts payable | 47/48 | €91,046 | €144,255 | +€53,209 | +58.4% |
| Accrued charges and deferred income | 492/3 | €11,620 | €0 | -€11,620 | -100% |
| Remuneration, social security and pensions | 62 | €105,286 | €216,771 | +€111,485 | +106% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,608 | €129,506 | +€41,898 | +47.8% |
| Other operating charges | 640/8 | €15,624 | €31,819 | +€16,195 | +104% |
| Gross operating margin | 9900 | €316,855 | €143,559 | -€173,295 | -54.7% |
| Operating profit (loss) | 9901 | €108,337 | -€234,536 | -€342,873 | |
| Financial income | 75/76B | €647 | €2,674 | +€2,027 | +313% |
| Recurring financial income | 75 | €647 | €2,674 | +€2,027 | +313% |
| Financial charges | 65/66B | €48,764 | €62,640 | +€13,877 | +28.5% |
| Recurring financial charges | 65 | €48,764 | €62,640 | +€13,877 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €60,220 | -€294,502 | -€354,722 | |
| Income taxes | 67/77 | €9,311 | €213 | -€9,098 | -97.7% |
| Profit (loss) for the period | 9904 | €50,910 | -€294,715 | -€345,624 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,910 | -€294,715 | -€345,624 |
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 15 October 2026 via checked.be.