MAC RAY: 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 RAY
Largest movements
- Cash -€44,929
down €44,929 (-63.8%), from €70,458 to €25,529
mainly Trade debts (-€183,285) and Debts after one year (-€90,925)
- Deferred charges and accrued income -€42,187
down €42,187 (-45.9%), from €91,835 to €49,648
- Formation expenses -€38,013
down €38,013 (-17.8%), from €213,549 to €175,537
- Stocks and contracts +€31,659
up €31,659 (+8.2%), from €385,072 to €416,731
- Tangible fixed assets -€22,849
down €22,849 (-15.9%), from €143,817 to €120,968
of which Plant, machinery and equipment: -€20,079
- Trade debts -€183,285
down €183,285 (-32.5%), from €564,584 to €381,299
- Debts after one year -€90,925
down €90,925 (-44.6%), from €203,760 to €112,836
- Current portion of long-term debt +€86,644
up €86,644 (+8.4%), from €1.0m to €1.1m
- Profit (loss) carried forward +€25,172
up €25,172 (+16.4%), from -€153,295 to -€128,123
- Other operating charges +€46,558
up €46,558 (+207.0%), from €22,489 to €69,047
- Staff costs -€20,956
down €20,956 (-4.5%), from €465,929 to €444,973
- Write-downs -€17,927
down €17,927 (-119.4%), from -€15,016 to -€32,943
- Financial charges -€17,224
down €17,224 (-20.3%), from €84,684 to €67,461
- Gross operating margin +€17,059
up €17,059 (+2.4%), from €706,979 to €724,038
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 | €2,134,887 | €1,979,498 | -€155,390 | -7.3% |
| Formation expenses | 20 | €213,549 | €175,537 | -€38,013 | -17.8% |
| Fixed assets | 21/28 | €923,060 | €878,801 | -€44,259 | -4.8% |
| Intangible fixed assets | 21 | €33,125 | €11,715 | -€21,410 | -64.6% |
| Tangible fixed assets | 22/27 | €143,817 | €120,968 | -€22,849 | -15.9% |
| Plant, machinery and equipment | 23 | €83,744 | €63,665 | -€20,079 | -24.0% |
| Furniture and vehicles | 24 | €59,437 | €57,070 | -€2,368 | -4.0% |
| Leasing and similar rights | 25 | €636 | €234 | -€402 | -63.2% |
| Financial fixed assets | 28 | €746,118 | €746,118 | = | 0.0% |
| Current assets | 29/58 | €998,278 | €925,160 | -€73,118 | -7.3% |
| Stocks and contracts in progress | 3 | €385,072 | €416,731 | +€31,659 | +8.2% |
| Stocks | 30/36 | €385,072 | €416,731 | +€31,659 | +8.2% |
| Amounts receivable within one year | 40/41 | €450,913 | €433,252 | -€17,662 | -3.9% |
| Trade receivables | 40 | €445,875 | €433,252 | -€12,624 | -2.8% |
| Other amounts receivable | 41 | €5,038 | - | -€5,038 | |
| Cash at bank and in hand | 54/58 | €70,458 | €25,529 | -€44,929 | -63.8% |
| Deferred charges and accrued income | 490/1 | €91,835 | €49,648 | -€42,187 | -45.9% |
| Total equity and liabilities | 10/49 | €2,134,887 | €1,979,498 | -€155,390 | -7.3% |
| Equity | 10/15 | €191,314 | €216,486 | +€25,172 | +13.2% |
| Contributions | 10/11 | €302,499 | €302,499 | = | 0.0% |
| Capital | 10 | €302,499 | €302,499 | = | 0.0% |
| Issued capital | 100 | €302,499 | €302,499 | = | 0.0% |
| Reserves | 13 | €42,110 | €42,110 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,225 | €9,225 | = | 0.0% |
| Legal reserve | 130 | €9,225 | €9,225 | = | 0.0% |
| Distributable reserves | 133 | €32,884 | €32,884 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€153,295 | -€128,123 | +€25,172 | +16.4% |
| Amounts payable | 17/49 | €1,943,574 | €1,763,012 | -€180,562 | -9.3% |
| Amounts payable after more than one year | 17 | €203,760 | €112,836 | -€90,925 | -44.6% |
| Financial debts | 170/4 | €203,760 | €112,836 | -€90,925 | -44.6% |
| Amounts payable within one year | 42/48 | €1,739,157 | €1,645,116 | -€94,041 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €1,034,173 | €1,120,817 | +€86,644 | +8.4% |
| Trade debts | 44 | €564,584 | €381,299 | -€183,285 | -32.5% |
| Suppliers | 440/4 | €564,584 | €381,299 | -€183,285 | -32.5% |
| Advances received on contracts in progress | 46 | €43,726 | €43,584 | -€142 | -0.3% |
| Taxes, remuneration and social security | 45 | €42,423 | €60,701 | +€18,278 | +43.1% |
| Taxes | 450/3 | €2,533 | €50,723 | +€48,190 | +1902.5% |
| Remuneration and social security | 454/9 | €39,890 | €9,977 | -€29,913 | -75.0% |
| Other amounts payable | 47/48 | €54,250 | €38,715 | -€15,535 | -28.6% |
| Accrued charges and deferred income | 492/3 | €657 | €5,061 | +€4,404 | +670.7% |
| Remuneration, social security and pensions | 62 | €465,929 | €444,973 | -€20,956 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,465 | €138,293 | +€16,827 | +13.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,016 | -€32,943 | -€17,927 | -119.4% |
| Other operating charges | 640/8 | €22,489 | €69,047 | +€46,558 | +207.0% |
| Non-recurring operating charges | 66A | €11,330 | €11,204 | -€126 | -1.1% |
| Gross operating margin | 9900 | €706,979 | €724,038 | +€17,059 | +2.4% |
| Operating profit (loss) | 9901 | €100,782 | €93,464 | -€7,317 | -7.3% |
| Financial income | 75/76B | €2,525 | €943 | -€1,582 | -62.7% |
| Recurring financial income | 75 | €2,525 | €943 | -€1,582 | -62.7% |
| Financial charges | 65/66B | €84,684 | €67,461 | -€17,224 | -20.3% |
| Recurring financial charges | 65 | €84,684 | €67,461 | -€17,224 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €18,622 | €26,946 | +€8,324 | +44.7% |
| Income taxes | 67/77 | €2,330 | €1,775 | -€555 | -23.8% |
| Profit (loss) for the period | 9904 | €16,292 | €25,172 | +€8,879 | +54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,292 | €25,172 | +€8,879 | +54.5% |
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 11 October 2026 via checked.be.