MAC QUEEN PROJECTS: 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 QUEEN PROJECTS
Largest movements
- Cash -€68,923
down €68,923 (-73.1%), from €94,235 to €25,312
mainly Net result for the year (-€143,730) and Current portion of long-term debt (-€33,102)
- Tangible fixed assets -€52,602
down €52,602 (-21.0%), from €250,650 to €198,047
of which Land and buildings: -€41,714
- Reserves -€143,730
down €143,730 (-19.7%), from €731,361 to €587,631
of which Distributable reserves: -€143,730
- Trade debts +€58,997
up €58,997 (+62.8%), from €93,922 to €152,919
- Current portion of long-term debt -€33,102
down €33,102 (-56.4%), from €58,696 to €25,594
- Debts after one year -€25,594
no longer reported in 2025 (was €25,594)
- Other debts +€24,643
up €24,643 (+22.3%), from €110,607 to €135,249
- Gross operating margin -€344,007
down €344,007 (-53.6%), from €641,419 to €297,411
- Staff costs -€102,372
down €102,372 (-21.5%), from €476,971 to €374,599
- Financial income +€28,397
up €28,397 (+366.1%), from €7,757 to €36,154
- Taxes -€15,036
no longer reported in 2025 (was €15,036)
- Other operating charges -€14,548
down €14,548 (-38.6%), from €37,732 to €23,184
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 | €1,319,115 | €1,184,238 | -€134,877 | -10.2% |
| Fixed assets | 21/28 | €251,104 | €198,502 | -€52,602 | -20.9% |
| Tangible fixed assets | 22/27 | €250,650 | €198,047 | -€52,602 | -21.0% |
| Land and buildings | 22 | €211,633 | €169,919 | -€41,714 | -19.7% |
| Plant, machinery and equipment | 23 | €27,963 | €20,615 | -€7,348 | -26.3% |
| Furniture and vehicles | 24 | €11,053 | €7,513 | -€3,540 | -32.0% |
| Financial fixed assets | 28 | €455 | €455 | = | 0.0% |
| Current assets | 29/58 | €1,068,011 | €985,736 | -€82,275 | -7.7% |
| Stocks and contracts in progress | 3 | €9,546 | €6,158 | -€3,388 | -35.5% |
| Stocks | 30/36 | €9,546 | €6,158 | -€3,388 | -35.5% |
| Amounts receivable within one year | 40/41 | €955,411 | €944,865 | -€10,546 | -1.1% |
| Trade receivables | 40 | €52,037 | €52,046 | +€9 | 0.0% |
| Other amounts receivable | 41 | €903,374 | €892,819 | -€10,555 | -1.2% |
| Cash at bank and in hand | 54/58 | €94,235 | €25,312 | -€68,923 | -73.1% |
| Deferred charges and accrued income | 490/1 | €8,819 | €9,401 | +€582 | +6.6% |
| Total equity and liabilities | 10/49 | €1,319,115 | €1,184,238 | -€134,877 | -10.2% |
| Equity | 10/15 | €856,361 | €712,631 | -€143,730 | -16.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €731,361 | €587,631 | -€143,730 | -19.7% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €718,861 | €575,131 | -€143,730 | -20.0% |
| Amounts payable | 17/49 | €462,754 | €471,607 | +€8,853 | +1.9% |
| Amounts payable after more than one year | 17 | €25,594 | - | -€25,594 | |
| Financial debts | 170/4 | €25,594 | - | -€25,594 | |
| Amounts payable within one year | 42/48 | €426,616 | €464,937 | +€38,321 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €58,696 | €25,594 | -€33,102 | -56.4% |
| Financial debts | 43 | €124,969 | €116,788 | -€8,181 | -6.5% |
| Credit institutions | 430/8 | €124,969 | €116,788 | -€8,181 | -6.5% |
| Trade debts | 44 | €93,922 | €152,919 | +€58,997 | +62.8% |
| Suppliers | 440/4 | €93,922 | €152,919 | +€58,997 | +62.8% |
| Taxes, remuneration and social security | 45 | €38,422 | €34,386 | -€4,036 | -10.5% |
| Taxes | 450/3 | €13,301 | €20,135 | +€6,834 | +51.4% |
| Remuneration and social security | 454/9 | €25,120 | €14,251 | -€10,869 | -43.3% |
| Other amounts payable | 47/48 | €110,607 | €135,249 | +€24,643 | +22.3% |
| Accrued charges and deferred income | 492/3 | €10,544 | €6,670 | -€3,874 | -36.7% |
| Non-recurring operating income | 76A | - | €331 | +€331 | |
| Remuneration, social security and pensions | 62 | €476,971 | €374,599 | -€102,372 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,444 | €58,960 | -€4,484 | -7.1% |
| Other operating charges | 640/8 | €37,732 | €23,184 | -€14,548 | -38.6% |
| Gross operating margin | 9900 | €641,419 | €297,411 | -€344,007 | -53.6% |
| Operating profit (loss) | 9901 | €63,272 | -€159,332 | -€222,604 | |
| Financial income | 75/76B | €7,757 | €36,154 | +€28,397 | +366.1% |
| Recurring financial income | 75 | €7,757 | €36,154 | +€28,397 | +366.1% |
| Financial charges | 65/66B | €15,466 | €20,552 | +€5,086 | +32.9% |
| Recurring financial charges | 65 | €15,466 | €20,552 | +€5,086 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | €55,563 | -€143,730 | -€199,293 | |
| Income taxes | 67/77 | €15,036 | - | -€15,036 | |
| Profit (loss) for the period | 9904 | €40,527 | -€143,730 | -€184,257 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,527 | -€143,730 | -€184,257 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.