MAC: 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.
MAC
Largest movements
- Tangible fixed assets -€36,431
down €36,431 (-26.0%), from €140,364 to €103,933
of which Plant, machinery and equipment: -€33,681
- Cash +€21,571
up €21,571 (+1296.9%), from €1,663 to €23,234
mainly Depreciation (+€36,431) and Contributions, distributions and other (+€9,022)
- Receivables within one year +€4,317
up €4,317 (+5.7%), from €76,148 to €80,465
of which Trade receivables: +€23,682
- Debts after one year -€26,780
down €26,780 (-33.7%), from €79,462 to €52,682
of which Financial debts: -€26,780
- Investment grants +€9,022
up €9,022 (+48.9%), from €18,439 to €27,461
- Profit (loss) carried forward +€6,568
up €6,568 (+9.8%), from €67,061 to €73,628
- Trade debts -€2,705
down €2,705 (-40.2%), from €6,722 to €4,017
- Other debts +€2,503
new in 2025: €2,503
- Gross operating margin -€20,837
down €20,837 (-43.1%), from €48,336 to €27,499
- Financial income +€12,303
up €12,303 (+191.4%), from €6,429 to €18,731
of which Non-recurring financial income: +€7,500
- Depreciation -€10,562
down €10,562 (-22.5%), from €46,994 to €36,431
- Financial charges +€1,358
up €1,358 (+74.9%), from €1,812 to €3,169
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 | €218,751 | €208,189 | -€10,561 | -4.8% |
| Fixed assets | 21/28 | €140,364 | €103,933 | -€36,431 | -26.0% |
| Tangible fixed assets | 22/27 | €140,364 | €103,933 | -€36,431 | -26.0% |
| Plant, machinery and equipment | 23 | €131,412 | €97,731 | -€33,681 | -25.6% |
| Furniture and vehicles | 24 | €8,952 | €6,202 | -€2,750 | -30.7% |
| Current assets | 29/58 | €78,387 | €104,257 | +€25,870 | +33.0% |
| Amounts receivable within one year | 40/41 | €76,148 | €80,465 | +€4,317 | +5.7% |
| Trade receivables | 40 | €56,435 | €80,117 | +€23,682 | +42.0% |
| Other amounts receivable | 41 | €19,713 | €348 | -€19,365 | -98.2% |
| Cash at bank and in hand | 54/58 | €1,663 | €23,234 | +€21,571 | +1296.9% |
| Deferred charges and accrued income | 490/1 | €576 | €558 | -€18 | -3.1% |
| Total equity and liabilities | 10/49 | €218,751 | €208,189 | -€10,561 | -4.8% |
| Equity | 10/15 | €105,959 | €121,549 | +€15,590 | +14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,061 | €73,628 | +€6,568 | +9.8% |
| Investment grants | 15 | €18,439 | €27,461 | +€9,022 | +48.9% |
| Amounts payable | 17/49 | €112,791 | €86,640 | -€26,151 | -23.2% |
| Amounts payable after more than one year | 17 | €79,462 | €52,682 | -€26,780 | -33.7% |
| Financial debts | 170/4 | €73,269 | €46,489 | -€26,780 | -36.6% |
| Other amounts payable | 178/9 | €6,193 | €6,193 | = | 0.0% |
| Amounts payable within one year | 42/48 | €33,329 | €33,958 | +€629 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €26,598 | €26,780 | +€183 | +0.7% |
| Trade debts | 44 | €6,722 | €4,017 | -€2,705 | -40.2% |
| Suppliers | 440/4 | €6,722 | €4,017 | -€2,705 | -40.2% |
| Taxes, remuneration and social security | 45 | €10 | €658 | +€648 | +6825.6% |
| Taxes | 450/3 | €10 | €658 | +€648 | +6825.6% |
| Other amounts payable | 47/48 | - | €2,503 | +€2,503 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,994 | €36,431 | -€10,562 | -22.5% |
| Other operating charges | 640/8 | €62 | €62 | = | 0.0% |
| Gross operating margin | 9900 | €48,336 | €27,499 | -€20,837 | -43.1% |
| Operating profit (loss) | 9901 | €1,280 | -€8,995 | -€10,275 | |
| Financial income | 75/76B | €6,429 | €18,731 | +€12,303 | +191.4% |
| Recurring financial income | 75 | €6,429 | €11,231 | +€4,803 | +74.7% |
| Non-recurring financial income | 76B | - | €7,500 | +€7,500 | |
| Financial charges | 65/66B | €1,812 | €3,169 | +€1,358 | +74.9% |
| Recurring financial charges | 65 | €1,812 | €3,169 | +€1,358 | +74.9% |
| Profit (loss) for the period before taxes | 9903 | €5,897 | €6,568 | +€671 | +11.4% |
| Profit (loss) for the period | 9904 | €5,897 | €6,568 | +€671 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,897 | €6,568 | +€671 | +11.4% |
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 4 October 2026 via checked.be.