MACADAM PROJECT: 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.
MACADAM PROJECT
Largest movements
- Receivables within one year -€41,068
down €41,068 (-77.1%), from €53,262 to €12,194
of which Trade receivables: -€38,306
- Tangible fixed assets -€18,644
down €18,644 (-27.8%), from €66,977 to €48,333
of which Furniture and vehicles: -€16,370
- Cash -€16,504
down €16,504 (-9.6%), from €172,447 to €155,943
mainly Contributions, distributions and other (-€100,000) and Trade debts (-€79,940)
- Financial fixed assets -€6,400
down €6,400 (-97.6%), from €6,557 to €157
- Other debts +€95,021
up €95,021 (+842.1%), from €11,283 to €106,305
- Trade debts -€79,940
down €79,940 (-81.6%), from €97,959 to €18,019
- Profit (loss) carried forward -€71,031
down €71,031 (-62.2%), from €114,275 to €43,244
- Debts after one year -€13,342
down €13,342 (-45.3%), from €29,466 to €16,123
- Tax, wage and social debts -€10,950
down €10,950 (-52.7%), from €20,768 to €9,818
of which Taxes: -€11,703
- Gross operating margin -€156,248
down €156,248 (-72.3%), from €216,119 to €59,871
- Staff costs -€46,394
down €46,394, from €46,367 to -€27
- Other operating charges -€12,168
down €12,168 (-83.7%), from €14,533 to €2,364
- Taxes -€11,703
down €11,703 (-58.4%), from €20,045 to €8,342
- Financial charges -€4,005
down €4,005 (-69.1%), from €5,794 to €1,789
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 | €301,774 | €216,851 | -€84,923 | -28.1% |
| Fixed assets | 21/28 | €73,534 | €48,490 | -€25,044 | -34.1% |
| Tangible fixed assets | 22/27 | €66,977 | €48,333 | -€18,644 | -27.8% |
| Furniture and vehicles | 24 | €48,817 | €32,447 | -€16,370 | -33.5% |
| Other tangible fixed assets | 26 | €18,160 | €15,886 | -€2,274 | -12.5% |
| Financial fixed assets | 28 | €6,557 | €157 | -€6,400 | -97.6% |
| Current assets | 29/58 | €228,240 | €168,361 | -€59,879 | -26.2% |
| Amounts receivable within one year | 40/41 | €53,262 | €12,194 | -€41,068 | -77.1% |
| Trade receivables | 40 | €50,040 | €11,734 | -€38,306 | -76.6% |
| Other amounts receivable | 41 | €3,223 | €460 | -€2,762 | -85.7% |
| Cash at bank and in hand | 54/58 | €172,447 | €155,943 | -€16,504 | -9.6% |
| Deferred charges and accrued income | 490/1 | €2,530 | €223 | -€2,307 | -91.2% |
| Total equity and liabilities | 10/49 | €301,774 | €216,851 | -€84,923 | -28.1% |
| Equity | 10/15 | €124,275 | €53,244 | -€71,031 | -57.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,275 | €43,244 | -€71,031 | -62.2% |
| Amounts payable | 17/49 | €177,499 | €163,607 | -€13,892 | -7.8% |
| Amounts payable after more than one year | 17 | €29,466 | €16,123 | -€13,342 | -45.3% |
| Financial debts | 170/4 | €29,466 | €16,123 | -€13,342 | -45.3% |
| Amounts payable within one year | 42/48 | €148,033 | €147,484 | -€550 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €12,916 | €13,342 | +€426 | +3.3% |
| Trade debts | 44 | €97,959 | €18,019 | -€79,940 | -81.6% |
| Suppliers | 440/4 | €97,959 | €18,019 | -€79,940 | -81.6% |
| Advances received on contracts in progress | 46 | €5,107 | - | -€5,107 | |
| Taxes, remuneration and social security | 45 | €20,768 | €9,818 | -€10,950 | -52.7% |
| Taxes | 450/3 | €20,045 | €8,342 | -€11,703 | -58.4% |
| Remuneration and social security | 454/9 | €723 | €1,476 | +€753 | +104.0% |
| Other amounts payable | 47/48 | €11,283 | €106,305 | +€95,021 | +842.1% |
| Remuneration, social security and pensions | 62 | €46,367 | -€27 | -€46,394 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,587 | €18,644 | +€57 | +0.3% |
| Other operating charges | 640/8 | €14,533 | €2,364 | -€12,168 | -83.7% |
| Gross operating margin | 9900 | €216,119 | €59,871 | -€156,248 | -72.3% |
| Operating profit (loss) | 9901 | €136,632 | €38,890 | -€97,742 | -71.5% |
| Financial income | 75/76B | €1,199 | €210 | -€989 | -82.5% |
| Recurring financial income | 75 | €1,199 | €210 | -€989 | -82.5% |
| Financial charges | 65/66B | €5,794 | €1,789 | -€4,005 | -69.1% |
| Recurring financial charges | 65 | €5,794 | €1,789 | -€4,005 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | €132,038 | €37,311 | -€94,727 | -71.7% |
| Income taxes | 67/77 | €20,045 | €8,342 | -€11,703 | -58.4% |
| Profit (loss) for the period | 9904 | €111,993 | €28,969 | -€83,024 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €111,993 | €28,969 | -€83,024 | -74.1% |
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 10 October 2026 via checked.be.