MAC: 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.
MAC
Largest movements
- Tangible fixed assets -€79,356
down €79,356 (-3.3%), from €2.4m to €2.4m
- Reserves +€1.0m
up €1.0m (+29.6%), from €3.4m to €4.5m
of which Distributable reserves: +€1.0m
- Other debts -€872,192
down €872,192 (-91.6%), from €951,726 to €79,534
- Current portion of long-term debt -€166,667
down €166,667 (-83.3%), from €200,000 to €33,333
- Accrued charges and deferred income -€69,106
down €69,106 (-16.3%), from €424,583 to €355,477
- Financial income +€936,603
up €936,603 (+10,726%), from €8,732 to €945,336
- Financial charges -€55,710
down €55,710 (-48.5%), from €114,768 to €59,059
- Taxes +€18,419
up €18,419 (+142%), from €12,944 to €31,363
- Gross operating margin +€12,005
up €12,005 (+2.6%), from €461,034 to €473,040
- Other operating charges +€5,641
up €5,641 (+2.5%), from €223,868 to €229,510
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 | €6,408,759 | €6,310,733 | -€98,025 | -1.5% |
| Fixed assets | 21/28 | €3,854,677 | €3,775,321 | -€79,356 | -2.1% |
| Tangible fixed assets | 22/27 | €2,430,912 | €2,351,556 | -€79,356 | -3.3% |
| Land and buildings | 22 | €2,430,912 | €2,351,556 | -€79,356 | -3.3% |
| Financial fixed assets | 28 | €1,423,765 | €1,423,765 | = | 0.0% |
| Current assets | 29/58 | €2,554,082 | €2,535,413 | -€18,669 | -0.7% |
| Amounts receivable within one year | 40/41 | €29,676 | €45,269 | +€15,593 | +52.5% |
| Trade receivables | 40 | - | €378 | +€378 | |
| Other amounts receivable | 41 | €29,676 | €44,891 | +€15,215 | +51.3% |
| Cash at bank and in hand | 54/58 | €2,519,614 | €2,480,729 | -€38,884 | -1.5% |
| Deferred charges and accrued income | 490/1 | €4,792 | €9,415 | +€4,623 | +96.5% |
| Total equity and liabilities | 10/49 | €6,408,759 | €6,310,733 | -€98,025 | -1.5% |
| Equity | 10/15 | €4,064,275 | €5,083,363 | +€1.0m | +25.1% |
| Contributions | 10/11 | €616,420 | €616,420 | = | 0.0% |
| Capital | 10 | €616,420 | €616,420 | = | 0.0% |
| Issued capital | 100 | €616,420 | €616,420 | = | 0.0% |
| Reserves | 13 | €3,447,855 | €4,466,943 | +€1.0m | +29.6% |
| Non-distributable reserves | 130/1 | €61,642 | €61,642 | = | 0.0% |
| Legal reserve | 130 | €61,642 | €61,642 | = | 0.0% |
| Distributable reserves | 133 | €3,386,213 | €4,405,301 | +€1.0m | +30.1% |
| Amounts payable | 17/49 | €2,344,483 | €1,227,370 | -€1.1m | -47.6% |
| Amounts payable after more than one year | 17 | €764,494 | €731,161 | -€33,333 | -4.4% |
| Financial debts | 170/4 | €33,333 | €0 | -€33,333 | -100% |
| Other amounts payable | 178/9 | €731,161 | €731,161 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,155,406 | €140,731 | -€1.0m | -87.8% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €33,333 | -€166,667 | -83.3% |
| Trade debts | 44 | €470 | €0 | -€470 | -100% |
| Suppliers | 440/4 | €470 | €0 | -€470 | -100% |
| Taxes, remuneration and social security | 45 | €3,210 | €27,864 | +€24,654 | +768% |
| Taxes | 450/3 | €3,210 | €27,864 | +€24,654 | +768% |
| Other amounts payable | 47/48 | €951,726 | €79,534 | -€872,192 | -91.6% |
| Accrued charges and deferred income | 492/3 | €424,583 | €355,477 | -€69,106 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,356 | €79,356 | = | 0.0% |
| Other operating charges | 640/8 | €223,868 | €229,510 | +€5,641 | +2.5% |
| Gross operating margin | 9900 | €461,034 | €473,040 | +€12,005 | +2.6% |
| Operating profit (loss) | 9901 | €157,810 | €164,174 | +€6,364 | +4.0% |
| Financial income | 75/76B | €8,732 | €945,336 | +€936,603 | +10,726% |
| Recurring financial income | 75 | €8,732 | €945,336 | +€936,603 | +10,726% |
| Financial charges | 65/66B | €114,768 | €59,059 | -€55,710 | -48.5% |
| Recurring financial charges | 65 | €114,768 | €59,059 | -€55,710 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | €51,774 | €1,050,451 | +€998,677 | +1,929% |
| Income taxes | 67/77 | €12,944 | €31,363 | +€18,419 | +142% |
| Profit (loss) for the period | 9904 | €38,831 | €1,019,088 | +€980,258 | +2,524% |
| Profit (loss) for the period to be appropriated | 9905 | €38,831 | €1,019,088 | +€980,258 | +2,524% |
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 23 October 2026 via checked.be.