MAC & JB: 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 & JB
Largest movements
- Receivables within one year -€75,240
down €75,240 (-24.9%), from €301,766 to €226,526
of which Other amounts receivable: -€113,626
- Receivables after one year +€55,649
up €55,649 (+11.0%), from €503,641 to €559,290
- Financial fixed assets -€48,189
down €48,189 (-9.2%), from €525,289 to €477,100
- Tangible fixed assets -€15,929
down €15,929 (-25.0%), from €63,601 to €47,672
of which Furniture and vehicles: -€15,929
- Reserves +€110,597
up €110,597 (+11.7%), from €948,881 to €1.1m
of which Distributable reserves: +€110,597
- Trade debts -€89,816
down €89,816 (-69.0%), from €130,076 to €40,259
- Debts after one year -€73,513
down €73,513 (-39.4%), from €186,633 to €113,120
- Other debts -€68,626
down €68,626 (-99.9%), from €68,692 to €66
- Tax, wage and social debts +€33,312
up €33,312 (+183.9%), from €18,117 to €51,429
of which Taxes: +€34,488
- Gross operating margin +€175,101
up €175,101 (+40.0%), from €437,724 to €612,825
- Staff costs -€127,655
down €127,655 (-37.8%), from €337,482 to €209,828
- Write-downs +€116,433
new in 2025: €116,433
- Taxes +€45,724
up €45,724 (+137.1%), from €33,349 to €79,072
- Financial charges +€37,713
up €37,713 (+245.3%), from €15,374 to €53,087
of which Non-recurring financial charges: +€42,189
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 | €1,469,014 | €1,394,214 | -€74,800 | -5.1% |
| Fixed assets | 21/28 | €588,890 | €524,772 | -€64,118 | -10.9% |
| Tangible fixed assets | 22/27 | €63,601 | €47,672 | -€15,929 | -25.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €63,601 | €47,672 | -€15,929 | -25.0% |
| Financial fixed assets | 28 | €525,289 | €477,100 | -€48,189 | -9.2% |
| Current assets | 29/58 | €880,124 | €869,442 | -€10,682 | -1.2% |
| Amounts receivable after more than one year | 29 | €503,641 | €559,290 | +€55,649 | +11.0% |
| Other amounts receivable | 291 | €503,641 | €559,290 | +€55,649 | +11.0% |
| Amounts receivable within one year | 40/41 | €301,766 | €226,526 | -€75,240 | -24.9% |
| Trade receivables | 40 | €161,000 | €199,386 | +€38,386 | +23.8% |
| Other amounts receivable | 41 | €140,766 | €27,140 | -€113,626 | -80.7% |
| Cash at bank and in hand | 54/58 | €3,653 | €2,591 | -€1,062 | -29.1% |
| Deferred charges and accrued income | 490/1 | €71,063 | €81,036 | +€9,973 | +14.0% |
| Total equity and liabilities | 10/49 | €1,469,014 | €1,394,214 | -€74,800 | -5.1% |
| Equity | 10/15 | €955,296 | €1,065,893 | +€110,597 | +11.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €948,881 | €1,059,478 | +€110,597 | +11.7% |
| Tax-exempt reserves | 132 | €28,000 | €28,000 | = | 0.0% |
| Distributable reserves | 133 | €920,881 | €1,031,478 | +€110,597 | +12.0% |
| Profit (loss) carried forward | 14 | €215 | €215 | = | 0.0% |
| Investment grants | 15 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | €0 | = | |
| Deferred taxes | 168 | €0 | €0 | = | |
| Amounts payable | 17/49 | €513,718 | €328,321 | -€185,397 | -36.1% |
| Amounts payable after more than one year | 17 | €186,633 | €113,120 | -€73,513 | -39.4% |
| Financial debts | 170/4 | €186,633 | €113,120 | -€73,513 | -39.4% |
| Amounts payable within one year | 42/48 | €326,786 | €214,870 | -€111,916 | -34.2% |
| Current portion of amounts payable after more than one year | 42 | €79,382 | €74,733 | -€4,649 | -5.9% |
| Financial debts | 43 | €30,518 | €48,382 | +€17,863 | +58.5% |
| Credit institutions | 430/8 | €30,518 | €48,382 | +€17,863 | +58.5% |
| Trade debts | 44 | €130,076 | €40,259 | -€89,816 | -69.0% |
| Suppliers | 440/4 | €130,076 | €40,259 | -€89,816 | -69.0% |
| Taxes, remuneration and social security | 45 | €18,117 | €51,429 | +€33,312 | +183.9% |
| Taxes | 450/3 | €5,542 | €40,030 | +€34,488 | +622.3% |
| Remuneration and social security | 454/9 | €12,576 | €11,400 | -€1,176 | -9.4% |
| Other amounts payable | 47/48 | €68,692 | €66 | -€68,626 | -99.9% |
| Accrued charges and deferred income | 492/3 | €300 | €332 | +€32 | +10.7% |
| Remuneration, social security and pensions | 62 | €337,482 | €209,828 | -€127,655 | -37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,677 | €19,323 | +€2,646 | +15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €116,433 | +€116,433 | |
| Other operating charges | 640/8 | €2,629 | €2,515 | -€114 | -4.3% |
| Gross operating margin | 9900 | €437,724 | €612,825 | +€175,101 | +40.0% |
| Operating profit (loss) | 9901 | €80,935 | €264,725 | +€183,790 | +227.1% |
| Financial income | 75/76B | €22,466 | €11,091 | -€11,375 | -50.6% |
| Recurring financial income | 75 | €22,466 | €11,091 | -€11,375 | -50.6% |
| Financial charges | 65/66B | €15,374 | €53,087 | +€37,713 | +245.3% |
| Recurring financial charges | 65 | €15,374 | €10,898 | -€4,476 | -29.1% |
| Non-recurring financial charges | 66B | - | €42,189 | +€42,189 | |
| Profit (loss) for the period before taxes | 9903 | €88,027 | €222,729 | +€134,702 | +153.0% |
| Income taxes | 67/77 | €33,349 | €79,072 | +€45,724 | +137.1% |
| Profit (loss) for the period | 9904 | €54,678 | €143,657 | +€88,978 | +162.7% |
| Transfer from tax-exempt reserves | 789 | €46,310 | - | -€46,310 | |
| Profit (loss) for the period to be appropriated | 9905 | €100,988 | €143,657 | +€42,668 | +42.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.