M.A.C.2: 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.
M.A.C.2
Largest movements
- Tangible fixed assets +€705,535
up €705,535 (+62.1%), from €1.1m to €1.8m
of which Land and buildings: +€667,762
- Receivables after one year +€110,000
new in 2025: €110,000
- Cash -€100,586
down €100,586 (-27.5%), from €365,831 to €265,246
mainly Investment in fixed assets (net) (-€828,301) and Receivables after one year (-€110,000)
- Receivables within one year -€70,479
down €70,479 (-76.2%), from €92,481 to €22,002
of which Trade receivables: -€89,246
- Debts after one year +€533,869
up €533,869 (+70.1%), from €761,213 to €1.3m
- Trade debts -€77,865
down €77,865 (-46.6%), from €166,978 to €89,113
- Reserves +€69,899
up €69,899 (+15.6%), from €447,797 to €517,696
- Current portion of long-term debt +€67,311
up €67,311 (+99.9%), from €67,370 to €134,682
- Tax, wage and social debts +€59,280
up €59,280 (+96.8%), from €61,256 to €120,536
of which Taxes: +€33,106
- Staff costs +€92,223
up €92,223 (+26.0%), from €354,899 to €447,121
- Taxes -€61,268
down €61,268 (-46.9%), from €130,501 to €69,233
- Gross operating margin -€39,345
down €39,345 (-4.4%), from €903,888 to €864,542
- Depreciation +€39,301
up €39,301 (+44.7%), from €87,979 to €127,280
- Financial charges +€22,864
up €22,864 (+62.1%), from €36,811 to €59,674
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 | €1,678,538 | €2,312,623 | +€634,084 | +37.8% |
| Fixed assets | 21/28 | €1,169,335 | €1,870,357 | +€701,022 | +60.0% |
| Intangible fixed assets | 21 | €19,158 | €12,150 | -€7,007 | -36.6% |
| Tangible fixed assets | 22/27 | €1,136,779 | €1,842,314 | +€705,535 | +62.1% |
| Land and buildings | 22 | €624,072 | €1,291,834 | +€667,762 | +107.0% |
| Plant, machinery and equipment | 23 | €355,995 | €349,740 | -€6,255 | -1.8% |
| Furniture and vehicles | 24 | €40,326 | €82,190 | +€41,864 | +103.8% |
| Leasing and similar rights | 25 | €116,386 | €102,273 | -€14,113 | -12.1% |
| Other tangible fixed assets | 26 | - | €16,277 | +€16,277 | |
| Financial fixed assets | 28 | €13,398 | €15,892 | +€2,494 | +18.6% |
| Current assets | 29/58 | €509,203 | €442,266 | -€66,937 | -13.1% |
| Amounts receivable after more than one year | 29 | - | €110,000 | +€110,000 | |
| Other amounts receivable | 291 | - | €110,000 | +€110,000 | |
| Stocks and contracts in progress | 3 | €19,968 | €21,438 | +€1,469 | +7.4% |
| Stocks | 30/36 | €19,968 | €21,438 | +€1,469 | +7.4% |
| Amounts receivable within one year | 40/41 | €92,481 | €22,002 | -€70,479 | -76.2% |
| Trade receivables | 40 | €91,978 | €2,732 | -€89,246 | -97.0% |
| Other amounts receivable | 41 | €503 | €19,270 | +€18,767 | +3733.0% |
| Cash at bank and in hand | 54/58 | €365,831 | €265,246 | -€100,586 | -27.5% |
| Deferred charges and accrued income | 490/1 | €30,922 | €23,580 | -€7,342 | -23.7% |
| Total equity and liabilities | 10/49 | €1,678,538 | €2,312,623 | +€634,084 | +37.8% |
| Equity | 10/15 | €500,685 | €570,584 | +€69,899 | +14.0% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €447,797 | €517,696 | +€69,899 | +15.6% |
| Distributable reserves | 133 | €447,797 | €517,696 | +€69,899 | +15.6% |
| Profit (loss) carried forward | 14 | €36,688 | €36,688 | = | 0.0% |
| Amounts payable | 17/49 | €1,177,853 | €1,742,038 | +€564,185 | +47.9% |
| Amounts payable after more than one year | 17 | €761,213 | €1,295,082 | +€533,869 | +70.1% |
| Financial debts | 170/4 | €761,213 | €1,295,082 | +€533,869 | +70.1% |
| Amounts payable within one year | 42/48 | €408,757 | €433,501 | +€24,745 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €67,370 | €134,682 | +€67,311 | +99.9% |
| Trade debts | 44 | €166,978 | €89,113 | -€77,865 | -46.6% |
| Suppliers | 440/4 | €166,978 | €89,113 | -€77,865 | -46.6% |
| Taxes, remuneration and social security | 45 | €61,256 | €120,536 | +€59,280 | +96.8% |
| Taxes | 450/3 | €25,628 | €58,734 | +€33,106 | +129.2% |
| Remuneration and social security | 454/9 | €35,628 | €61,802 | +€26,174 | +73.5% |
| Other amounts payable | 47/48 | €113,153 | €89,171 | -€23,982 | -21.2% |
| Accrued charges and deferred income | 492/3 | €7,884 | €13,455 | +€5,572 | +70.7% |
| Remuneration, social security and pensions | 62 | €354,899 | €447,121 | +€92,223 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,979 | €127,280 | +€39,301 | +44.7% |
| Other operating charges | 640/8 | €20,414 | €6,527 | -€13,887 | -68.0% |
| Non-recurring operating charges | 66A | €8 | - | -€8 | |
| Gross operating margin | 9900 | €903,888 | €864,542 | -€39,345 | -4.4% |
| Operating profit (loss) | 9901 | €440,588 | €283,614 | -€156,974 | -35.6% |
| Financial income | 75/76B | €898 | €3,591 | +€2,693 | +299.9% |
| Recurring financial income | 75 | €898 | €3,591 | +€2,693 | +299.9% |
| Financial charges | 65/66B | €36,811 | €59,674 | +€22,864 | +62.1% |
| Recurring financial charges | 65 | €36,811 | €59,674 | +€22,864 | +62.1% |
| Profit (loss) for the period before taxes | 9903 | €404,676 | €227,531 | -€177,144 | -43.8% |
| Income taxes | 67/77 | €130,501 | €69,233 | -€61,268 | -46.9% |
| Profit (loss) for the period | 9904 | €274,175 | €158,299 | -€115,876 | -42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €274,175 | €158,299 | -€115,876 | -42.3% |
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 12 October 2026 via checked.be.