MACA: 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.
MACA
Largest movements
- Tangible fixed assets +€189,028
up €189,028 (+53.5%), from €353,594 to €542,622
of which Land and buildings: +€184,090
- Cash -€162,544
down €162,544 (-77.4%), from €210,014 to €47,470
mainly Investment in fixed assets (net) (-€201,009) and Receivables within one year (-€137,777)
- Receivables within one year +€137,777
up €137,777 (+311%), from €44,368 to €182,145
of which Other amounts receivable: +€161,977
- Reserves +€104,779
up €104,779 (+44.5%), from €235,625 to €340,404
- Other debts +€41,000
up €41,000 (+208%), from €19,747 to €60,747
- Tax, wage and social debts +€13,772
up €13,772 (+28.9%), from €47,671 to €61,443
- Debts after one year -€13,430
down €13,430 (-4.7%), from €284,038 to €270,608
- Short-term financial debts +€10,087
new in 2025: €10,087
- Gross operating margin +€113,310
up €113,310 (+89.3%), from €126,926 to €240,235
- Taxes +€35,204
up €35,204 (+121%), from €29,088 to €64,293
- Depreciation +€6,511
up €6,511 (+70.6%), from €9,219 to €15,730
- Financial charges -€3,442
down €3,442 (-23.4%), from €14,732 to €11,291
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €614,111 | €774,341 | +€160,230 | +26.1% |
| Fixed assets | 21/28 | €357,344 | €542,622 | +€185,278 | +51.8% |
| Tangible fixed assets | 22/27 | €353,594 | €542,622 | +€189,028 | +53.5% |
| Land and buildings | 22 | €351,891 | €535,981 | +€184,090 | +52.3% |
| Plant, machinery and equipment | 23 | - | €4,107 | +€4,107 | |
| Furniture and vehicles | 24 | €1,703 | €2,534 | +€831 | +48.8% |
| Financial fixed assets | 28 | €3,750 | - | -€3,750 | |
| Current assets | 29/58 | €256,767 | €231,718 | -€25,049 | -9.8% |
| Amounts receivable within one year | 40/41 | €44,368 | €182,145 | +€137,777 | +311% |
| Trade receivables | 40 | €24,200 | - | -€24,200 | |
| Other amounts receivable | 41 | €20,168 | €182,145 | +€161,977 | +803% |
| Cash at bank and in hand | 54/58 | €210,014 | €47,470 | -€162,544 | -77.4% |
| Deferred charges and accrued income | 490/1 | €2,384 | €2,103 | -€282 | -11.8% |
| Total equity and liabilities | 10/49 | €614,111 | €774,341 | +€160,230 | +26.1% |
| Equity | 10/15 | €244,995 | €349,774 | +€104,779 | +42.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Contributions outside capital | 11 | €8,060 | €8,060 | = | 0.0% |
| Other | 1109/19 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €235,625 | €340,404 | +€104,779 | +44.5% |
| Distributable reserves | 133 | €235,625 | €340,404 | +€104,779 | +44.5% |
| Profit (loss) carried forward | 14 | €1,310 | €1,310 | = | 0.0% |
| Amounts payable | 17/49 | €369,116 | €424,567 | +€55,451 | +15.0% |
| Amounts payable after more than one year | 17 | €284,038 | €270,608 | -€13,430 | -4.7% |
| Financial debts | 170/4 | €284,038 | €270,608 | -€13,430 | -4.7% |
| Amounts payable within one year | 42/48 | €85,078 | €153,876 | +€68,798 | +80.9% |
| Current portion of amounts payable after more than one year | 42 | €12,962 | €13,430 | +€468 | +3.6% |
| Financial debts | 43 | - | €10,087 | +€10,087 | |
| Credit institutions | 430/8 | - | €10,087 | +€10,087 | |
| Trade debts | 44 | €4,698 | €8,169 | +€3,471 | +73.9% |
| Suppliers | 440/4 | €4,698 | €8,169 | +€3,471 | +73.9% |
| Taxes, remuneration and social security | 45 | €47,671 | €61,443 | +€13,772 | +28.9% |
| Taxes | 450/3 | €47,671 | €61,443 | +€13,772 | +28.9% |
| Other amounts payable | 47/48 | €19,747 | €60,747 | +€41,000 | +208% |
| Accrued charges and deferred income | 492/3 | - | €83 | +€83 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,219 | €15,730 | +€6,511 | +70.6% |
| Other operating charges | 640/8 | €1,676 | €1,283 | -€393 | -23.4% |
| Gross operating margin | 9900 | €126,926 | €240,235 | +€113,310 | +89.3% |
| Operating profit (loss) | 9901 | €116,030 | €223,222 | +€107,191 | +92.4% |
| Financial income | 75/76B | €1,122 | €647 | -€476 | -42.4% |
| Recurring financial income | 75 | €1,122 | €647 | -€476 | -42.4% |
| Financial charges | 65/66B | €14,732 | €11,291 | -€3,442 | -23.4% |
| Recurring financial charges | 65 | €14,732 | €11,291 | -€3,442 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €102,420 | €212,577 | +€110,157 | +108% |
| Income taxes | 67/77 | €29,088 | €64,293 | +€35,204 | +121% |
| Profit (loss) for the period | 9904 | €73,332 | €148,285 | +€74,953 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €73,332 | €148,285 | +€74,953 | +102% |
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 15 October 2026 via checked.be.