MAC² SHIPPING: 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.
What changed
MAC² SHIPPING
NACE 38.330, Waste collection, recovery and disposal activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€211,851
2024 · €429,917-€641,768
Equity
€2.0m
2024 · €2.2m-€211,851
Cash
€16,318
2024 · €1,537+€14,781
Balance sheet total
€10.0m
2024 · €8.9m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€825,458
up €825,458 (+9.7%), from €8.5m to €9.4m
of which Other tangible fixed assets: +€2.3m
- Intangible fixed assets +€197,607
up €197,607 (+233%), from €84,710 to €282,317
Equity and liabilities
- Other debts +€1.9m
up €1.9m (+195%), from €962,198 to €2.8m
- Debts after one year -€392,471
down €392,471 (-7.7%), from €5.1m to €4.7m
- Reserves -€211,851
down €211,851 (-13.4%), from €1.6m to €1.4m
of which Distributable reserves: -€211,851
Income statement
- Depreciation +€193,636
up €193,636 (+34.0%), from €569,349 to €762,984
- Goods and materials +€154,512
new in 2025: €154,512
- Turnover -€140,930
down €140,930 (-10.3%), from €1.4m to €1.2m
- Financial charges +€124,385
up €124,385 (+114%), from €109,347 to €233,732
of which Financial charges: +€124,385
- Services and other goods +€37,016
up €37,016 (+15.2%), from €244,293 to €281,309
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.
Result 2024
€429,917
Turnover
-€140,930
Other operating income
+€3,663
Goods and materials
-€154,512
Services and other goods
-€37,016
Depreciation
-€193,636
Other operating charges
+€5,249
Financial income
-€201
Financial charges
-€124,385
Result 2025
-€211,851
raises the resultlowers the result
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.
From operations
+€2.2m
Investment
-€1.8m
Financing
-€440,546
Cash 2024
€1,537
From operations (derived)
+€2.2m
Net result for the year
-€211,851
Depreciation
+€762,984
Receivables within one year
-€60,707
Deferred charges and accrued income
+€5,006
Trade debts
-€67,671
Tax, wage and social debts
-€46,750
Other debts
+€1.9m
Accrued charges and deferred income
-€11,667
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.8m
Financing
-€440,546
Debts after one year
-€392,471
Current portion of long-term debt
-€48,075
Cash 2025
€16,318
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,861,761 | €9,955,308 | +€1.1m | +12.3% |
| Fixed assets | 21/28 | €8,621,440 | €9,644,504 | +€1.0m | +11.9% |
| Intangible fixed assets | 21 | €84,710 | €282,317 | +€197,607 | +233% |
| Tangible fixed assets | 22/27 | €8,536,570 | €9,362,028 | +€825,458 | +9.7% |
| Land and buildings | 22 | €2,331,027 | €0 | -€2.3m | -100% |
| Plant, machinery and equipment | 23 | €163,228 | €126,247 | -€36,981 | -22.7% |
| Furniture and vehicles | 24 | €4,842,631 | €5,800,828 | +€958,197 | +19.8% |
| Leasing and similar rights | 25 | €1,062,899 | €992,940 | -€69,959 | -6.6% |
| Other tangible fixed assets | 26 | - | €2,331,027 | +€2.3m | |
| Assets under construction and advance payments | 27 | €136,785 | €110,986 | -€25,799 | -18.9% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Other financial fixed assets | 284/8 | €160 | €160 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €240,321 | €310,804 | +€70,482 | +29.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €213,964 | €274,671 | +€60,707 | +28.4% |
| Trade receivables | 40 | €213,943 | €267,588 | +€53,646 | +25.1% |
| Other amounts receivable | 41 | €21 | €7,083 | +€7,062 | +33,627% |
| Cash at bank and in hand | 54/58 | €1,537 | €16,318 | +€14,781 | +961% |
| Deferred charges and accrued income | 490/1 | €24,820 | €19,815 | -€5,006 | -20.2% |
| Total equity and liabilities | 10/49 | €8,861,761 | €9,955,308 | +€1.1m | +12.3% |
| Equity | 10/15 | €2,172,221 | €1,960,370 | -€211,851 | -9.8% |
| Contributions | 10/11 | €585,688 | €585,688 | = | 0.0% |
| Capital | 10 | €585,688 | €585,688 | = | 0.0% |
| Issued capital | 100 | €585,688 | €585,688 | = | 0.0% |
| Reserves | 13 | €1,586,533 | €1,374,682 | -€211,851 | -13.4% |
| Non-distributable reserves | 130/1 | €58,569 | €58,569 | = | 0.0% |
| Legal reserve | 130 | €58,569 | €58,569 | = | 0.0% |
| Tax-exempt reserves | 132 | €749 | €749 | = | 0.0% |
| Distributable reserves | 133 | €1,527,216 | €1,315,364 | -€211,851 | -13.9% |
| Amounts payable | 17/49 | €6,689,540 | €7,994,938 | +€1.3m | +19.5% |
| Amounts payable after more than one year | 17 | €5,077,838 | €4,685,366 | -€392,471 | -7.7% |
| Financial debts | 170/4 | €5,077,838 | €4,685,366 | -€392,471 | -7.7% |
| Leasing and similar obligations | 172 | €0 | - | = | |
| Credit institutions | 173 | €5,077,838 | €4,685,366 | -€392,471 | -7.7% |
| Amounts payable within one year | 42/48 | €1,597,535 | €3,307,071 | +€1.7m | +107% |
| Current portion of amounts payable after more than one year | 42 | €440,914 | €392,839 | -€48,075 | -10.9% |
| Trade debts | 44 | €147,674 | €80,002 | -€67,671 | -45.8% |
| Suppliers | 440/4 | €147,674 | €80,002 | -€67,671 | -45.8% |
| Taxes, remuneration and social security | 45 | €46,750 | €0 | -€46,750 | -100% |
| Taxes | 450/3 | €46,750 | €0 | -€46,750 | -100% |
| Other amounts payable | 47/48 | €962,198 | €2,834,230 | +€1.9m | +195% |
| Accrued charges and deferred income | 492/3 | €14,167 | €2,500 | -€11,667 | -82.4% |
| Operating income | 70/76A | €1,365,456 | €1,228,190 | -€137,267 | -10.1% |
| Turnover | 70 | €1,365,456 | €1,224,527 | -€140,930 | -10.3% |
| Other operating income | 74 | - | €3,663 | +€3,663 | |
| Operating charges | 60/66A | €826,394 | €1,206,309 | +€379,915 | +46.0% |
| Goods for resale, raw materials and consumables | 60 | - | €154,512 | +€154,512 | |
| Purchases | 600/8 | - | €154,512 | +€154,512 | |
| Services and other goods | 61 | €244,293 | €281,309 | +€37,016 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €569,349 | €762,984 | +€193,636 | +34.0% |
| Other operating charges | 640/8 | €12,752 | €7,503 | -€5,249 | -41.2% |
| Operating profit (loss) | 9901 | €539,063 | €21,881 | -€517,181 | -95.9% |
| Financial income | 75/76B | €201 | €0 | -€201 | -100% |
| Recurring financial income | 75 | €201 | €0 | -€201 | -100% |
| Income from current assets | 751 | €201 | €0 | -€201 | -100% |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €109,347 | €233,732 | +€124,385 | +114% |
| Recurring financial charges | 65 | €109,347 | €233,732 | +€124,385 | +114% |
| Debt charges | 650 | €100,587 | €232,554 | +€131,966 | +131% |
| Other financial charges | 652/9 | €8,760 | €1,179 | -€7,581 | -86.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €429,917 | -€211,851 | -€641,768 | |
| Profit (loss) for the period | 9904 | €429,917 | -€211,851 | -€641,768 | |
| Profit (loss) for the period to be appropriated | 9905 | €429,917 | -€211,851 | -€641,768 |
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.