Dr. E. Macken: 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.
Dr. E. Macken
Largest movements
- Current investments -€772,260
down €772,260 (-91.1%), from €847,463 to €75,203
- Cash +€378,990
up €378,990 (+50.1%), from €756,046 to €1.1m
mainly Current investments (+€772,260) and Net result for the year (+€601,320)
- Reserves -€696,713
down €696,713 (-69.5%), from €1.0m to €305,728
of which Distributable reserves: -€694,853
- Other debts +€288,024
up €288,024 (+36.5%), from €789,038 to €1.1m
- Tax, wage and social debts +€26,158
up €26,158 (+22.9%), from €113,987 to €140,145
- Gross operating margin +€52,910
up €52,910 (+7.2%), from €731,703 to €784,613
- Financial income -€19,400
down €19,400 (-55.5%), from €34,949 to €15,550
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 | €1,924,625 | €1,543,628 | -€380,997 | -19.8% |
| Fixed assets | 21/28 | €4,065 | €5,842 | +€1,777 | +43.7% |
| Tangible fixed assets | 22/27 | €965 | €2,742 | +€1,777 | +184.0% |
| Plant, machinery and equipment | 23 | - | €2,259 | +€2,259 | |
| Furniture and vehicles | 24 | €965 | €483 | -€483 | -50.0% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €1,920,559 | €1,537,786 | -€382,773 | -19.9% |
| Amounts receivable within one year | 40/41 | €6,303 | €6,303 | = | 0.0% |
| Other amounts receivable | 41 | €6,303 | €6,303 | = | 0.0% |
| Current investments | 50/53 | €847,463 | €75,203 | -€772,260 | -91.1% |
| Cash at bank and in hand | 54/58 | €756,046 | €1,135,036 | +€378,990 | +50.1% |
| Deferred charges and accrued income | 490/1 | €310,747 | €321,244 | +€10,497 | +3.4% |
| Total equity and liabilities | 10/49 | €1,924,625 | €1,543,628 | -€380,997 | -19.8% |
| Equity | 10/15 | €1,021,041 | €324,328 | -€696,713 | -68.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,002,441 | €305,728 | -€696,713 | -69.5% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €1,000,581 | €305,728 | -€694,853 | -69.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €903,584 | €1,219,300 | +€315,716 | +34.9% |
| Amounts payable within one year | 42/48 | €903,584 | €1,219,300 | +€315,716 | +34.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €559 | €2,093 | +€1,534 | +274.5% |
| Suppliers | 440/4 | €559 | €2,093 | +€1,534 | +274.5% |
| Taxes, remuneration and social security | 45 | €113,987 | €140,145 | +€26,158 | +22.9% |
| Taxes | 450/3 | €113,987 | €140,145 | +€26,158 | +22.9% |
| Other amounts payable | 47/48 | €789,038 | €1,077,061 | +€288,024 | +36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €483 | €737 | +€255 | +52.8% |
| Other operating charges | 640/8 | €1,891 | €1,304 | -€587 | -31.0% |
| Gross operating margin | 9900 | €731,703 | €784,613 | +€52,910 | +7.2% |
| Operating profit (loss) | 9901 | €729,330 | €782,572 | +€53,242 | +7.3% |
| Financial income | 75/76B | €34,949 | €15,550 | -€19,400 | -55.5% |
| Recurring financial income | 75 | €34,949 | €15,550 | -€19,400 | -55.5% |
| Financial charges | 65/66B | €3,141 | €693 | -€2,448 | -77.9% |
| Recurring financial charges | 65 | €3,141 | €693 | -€2,448 | -77.9% |
| Profit (loss) for the period before taxes | 9903 | €761,138 | €797,429 | +€36,291 | +4.8% |
| Income taxes | 67/77 | €188,431 | €196,109 | +€7,678 | +4.1% |
| Profit (loss) for the period | 9904 | €572,708 | €601,320 | +€28,613 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €572,708 | €601,320 | +€28,613 | +5.0% |
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 1 October 2026 via checked.be.