MAC-SQUARE: 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-SQUARE
Largest movements
- Financial fixed assets -€3.0m
down €3.0m (-36.6%), from €8.3m to €5.2m
- Receivables after one year -€315,000
no longer reported in 2025 (was €315,000)
- Cash -€173,257
down €173,257 (-61.2%), from €283,057 to €109,800
mainly Debts after one year (-€3.6m) and Current portion of long-term debt (-€129,427)
- Receivables within one year -€141,743
down €141,743 (-49.8%), from €284,821 to €143,078
of which Other amounts receivable: -€136,537
- Debts after one year -€3.6m
down €3.6m (-88.2%), from €4.1m to €484,928
of which Other amounts payable: -€2.9m
- Profit (loss) carried forward +€164,103
up €164,103 (+5.5%), from €3.0m to €3.1m
- Current portion of long-term debt -€129,427
down €129,427 (-12.1%), from €1.1m to €943,871
- Financial income -€490,079
down €490,079 (-45.0%), from €1.1m to €600,000
of which Financial income: -€740,079
- Other operating charges +€256,789
up €256,789 (+301749.2%), from €85 to €256,874
- Financial charges +€208,461
up €208,461 (+276.0%), from €75,516 to €283,977
of which Non-recurring financial charges: +€272,500
- Gross operating margin -€87,141
down €87,141 (-12.4%), from €701,517 to €614,376
- Taxes -€20,516
down €20,516 (-73.2%), from €28,013 to €7,497
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 | €9,182,683 | €5,523,842 | -€3.7m | -39.8% |
| Fixed assets | 21/28 | €8,278,228 | €5,251,545 | -€3.0m | -36.6% |
| Tangible fixed assets | 22/27 | €15,678 | €11,495 | -€4,183 | -26.7% |
| Plant, machinery and equipment | 23 | €1,738 | €1,146 | -€592 | -34.0% |
| Furniture and vehicles | 24 | €13,941 | €10,349 | -€3,592 | -25.8% |
| Financial fixed assets | 28 | €8,262,550 | €5,240,050 | -€3.0m | -36.6% |
| Current assets | 29/58 | €904,454 | €272,297 | -€632,157 | -69.9% |
| Amounts receivable after more than one year | 29 | €315,000 | - | -€315,000 | |
| Other amounts receivable | 291 | €315,000 | - | -€315,000 | |
| Amounts receivable within one year | 40/41 | €284,821 | €143,078 | -€141,743 | -49.8% |
| Trade receivables | 40 | €17,794 | €12,588 | -€5,206 | -29.3% |
| Other amounts receivable | 41 | €267,027 | €130,490 | -€136,537 | -51.1% |
| Cash at bank and in hand | 54/58 | €283,057 | €109,800 | -€173,257 | -61.2% |
| Deferred charges and accrued income | 490/1 | €21,577 | €19,419 | -€2,157 | -10.0% |
| Total equity and liabilities | 10/49 | €9,182,683 | €5,523,842 | -€3.7m | -39.8% |
| Equity | 10/15 | €2,974,332 | €3,138,434 | +€164,103 | +5.5% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,962,332 | €3,126,434 | +€164,103 | +5.5% |
| Amounts payable | 17/49 | €6,208,351 | €2,385,408 | -€3.8m | -61.6% |
| Amounts payable after more than one year | 17 | €4,103,500 | €484,928 | -€3.6m | -88.2% |
| Financial debts | 170/4 | €679,645 | - | -€679,645 | |
| Other amounts payable | 178/9 | €3,423,855 | €484,928 | -€2.9m | -85.8% |
| Amounts payable within one year | 42/48 | €2,104,851 | €1,899,187 | -€205,664 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €1,073,298 | €943,871 | -€129,427 | -12.1% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €71,316 | €54,373 | -€16,943 | -23.8% |
| Suppliers | 440/4 | €71,316 | €54,373 | -€16,943 | -23.8% |
| Taxes, remuneration and social security | 45 | €96,436 | €60,943 | -€35,494 | -36.8% |
| Taxes | 450/3 | €40,050 | €26,632 | -€13,419 | -33.5% |
| Remuneration and social security | 454/9 | €56,386 | €34,311 | -€22,075 | -39.1% |
| Other amounts payable | 47/48 | €863,801 | €790,001 | -€73,800 | -8.5% |
| Accrued charges and deferred income | 492/3 | - | €1,293 | +€1,293 | |
| Remuneration, social security and pensions | 62 | €511,439 | €494,460 | -€16,979 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,917 | €7,466 | -€451 | -5.7% |
| Other operating charges | 640/8 | €85 | €256,874 | +€256,789 | +301749.2% |
| Gross operating margin | 9900 | €701,517 | €614,376 | -€87,141 | -12.4% |
| Operating profit (loss) | 9901 | €182,076 | -€144,424 | -€326,500 | |
| Financial income | 75/76B | €1,090,079 | €600,000 | -€490,079 | -45.0% |
| Recurring financial income | 75 | €1,090,079 | €350,000 | -€740,079 | -67.9% |
| Non-recurring financial income | 76B | - | €250,000 | +€250,000 | |
| Financial charges | 65/66B | €75,516 | €283,977 | +€208,461 | +276.0% |
| Recurring financial charges | 65 | €75,516 | €11,477 | -€64,039 | -84.8% |
| Non-recurring financial charges | 66B | - | €272,500 | +€272,500 | |
| Profit (loss) for the period before taxes | 9903 | €1,196,639 | €171,599 | -€1.0m | -85.7% |
| Income taxes | 67/77 | €28,013 | €7,497 | -€20,516 | -73.2% |
| Profit (loss) for the period | 9904 | €1,168,626 | €164,103 | -€1.0m | -86.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,168,626 | €164,103 | -€1.0m | -86.0% |
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.