MAC - INVER: 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 - INVER
Largest movements
- Receivables within one year +€845,554
up €845,554 (+245%), from €345,755 to €1.2m
of which Other amounts receivable: +€833,941
- Stocks and contracts +€75,387
up €75,387 (+7.1%), from €1.1m to €1.1m
- Tangible fixed assets -€35,669
down €35,669 (-11.3%), from €316,699 to €281,031
of which Other tangible fixed assets: -€23,360
- Other debts +€870,169
up €870,169 (+107,904%), from €806 to €870,975
- Debts after one year -€62,058
down €62,058 (-18.7%), from €331,300 to €269,243
- Tax, wage and social debts +€46,311
up €46,311 (+46.1%), from €100,488 to €146,799
of which Taxes: +€44,370
- Accrued charges and deferred income +€41,963
up €41,963 (+34.8%), from €120,530 to €162,493
- Staff costs -€54,339
down €54,339 (-7.9%), from €691,017 to €636,678
- Financial charges +€25,715
up €25,715 (+56.7%), from €45,331 to €71,045
- Gross operating margin -€17,357
down €17,357 (-2.2%), from €796,267 to €778,911
- Financial income +€15,794
up €15,794 (+45.8%), from €34,473 to €50,267
- Taxes +€10,256
up €10,256 (+148%), from €6,915 to €17,171
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 | €1,808,172 | €2,723,878 | +€915,705 | +50.6% |
| Fixed assets | 21/28 | €317,990 | €281,621 | -€36,369 | -11.4% |
| Intangible fixed assets | 21 | €1,290 | €590 | -€700 | -54.2% |
| Tangible fixed assets | 22/27 | €316,699 | €281,031 | -€35,669 | -11.3% |
| Plant, machinery and equipment | 23 | €23,952 | €20,419 | -€3,532 | -14.7% |
| Furniture and vehicles | 24 | €33,806 | €25,030 | -€8,776 | -26.0% |
| Other tangible fixed assets | 26 | €258,942 | €235,582 | -€23,360 | -9.0% |
| Current assets | 29/58 | €1,490,183 | €2,442,256 | +€952,074 | +63.9% |
| Stocks and contracts in progress | 3 | €1,068,110 | €1,143,497 | +€75,387 | +7.1% |
| Stocks | 30/36 | €1,068,110 | €1,143,497 | +€75,387 | +7.1% |
| Amounts receivable within one year | 40/41 | €345,755 | €1,191,309 | +€845,554 | +245% |
| Trade receivables | 40 | €71,891 | €83,504 | +€11,614 | +16.2% |
| Other amounts receivable | 41 | €273,864 | €1,107,805 | +€833,941 | +305% |
| Cash at bank and in hand | 54/58 | €24,485 | €37,367 | +€12,882 | +52.6% |
| Deferred charges and accrued income | 490/1 | €51,833 | €70,084 | +€18,250 | +35.2% |
| Total equity and liabilities | 10/49 | €1,808,172 | €2,723,878 | +€915,705 | +50.6% |
| Equity | 10/15 | €975,375 | €1,002,112 | +€26,736 | +2.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €775,375 | €802,112 | +€26,736 | +3.4% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €755,375 | €782,112 | +€26,736 | +3.5% |
| Amounts payable | 17/49 | €832,797 | €1,721,766 | +€888,969 | +107% |
| Amounts payable after more than one year | 17 | €331,300 | €269,243 | -€62,058 | -18.7% |
| Financial debts | 170/4 | €331,300 | €269,243 | -€62,058 | -18.7% |
| Amounts payable within one year | 42/48 | €380,967 | €1,290,030 | +€909,063 | +239% |
| Current portion of amounts payable after more than one year | 42 | €66,899 | €51,058 | -€15,841 | -23.7% |
| Financial debts | 43 | €94,356 | €92,631 | -€1,725 | -1.8% |
| Credit institutions | 430/8 | €94,356 | €92,631 | -€1,725 | -1.8% |
| Trade debts | 44 | €118,418 | €128,567 | +€10,150 | +8.6% |
| Suppliers | 440/4 | €118,418 | €128,567 | +€10,150 | +8.6% |
| Taxes, remuneration and social security | 45 | €100,488 | €146,799 | +€46,311 | +46.1% |
| Taxes | 450/3 | €28,279 | €72,649 | +€44,370 | +157% |
| Remuneration and social security | 454/9 | €72,209 | €74,151 | +€1,941 | +2.7% |
| Other amounts payable | 47/48 | €806 | €870,975 | +€870,169 | +107,904% |
| Accrued charges and deferred income | 492/3 | €120,530 | €162,493 | +€41,963 | +34.8% |
| Non-recurring operating income | 76A | €372 | - | -€372 | |
| Remuneration, social security and pensions | 62 | €691,017 | €636,678 | -€54,339 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,373 | €73,345 | +€4,972 | +7.3% |
| Other operating charges | 640/8 | €4,540 | €4,202 | -€338 | -7.4% |
| Gross operating margin | 9900 | €796,267 | €778,911 | -€17,357 | -2.2% |
| Operating profit (loss) | 9901 | €32,337 | €64,685 | +€32,349 | +100% |
| Financial income | 75/76B | €34,473 | €50,267 | +€15,794 | +45.8% |
| Recurring financial income | 75 | €34,473 | €50,267 | +€15,794 | +45.8% |
| Financial charges | 65/66B | €45,331 | €71,045 | +€25,715 | +56.7% |
| Recurring financial charges | 65 | €45,331 | €71,045 | +€25,715 | +56.7% |
| Profit (loss) for the period before taxes | 9903 | €21,479 | €43,908 | +€22,429 | +104% |
| Income taxes | 67/77 | €6,915 | €17,171 | +€10,256 | +148% |
| Profit (loss) for the period | 9904 | €14,564 | €26,736 | +€12,173 | +83.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,564 | €26,736 | +€12,173 | +83.6% |
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 16 October 2026 via checked.be.