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MACAN DEVELOPMENT: 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

MACAN DEVELOPMENT

BE 0508.869.423
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · -€4.7m+€5.7m
Equity
€10.3m
2024 · €9.3m+€1.0m
Cash
€378,831
2024 · €466,556-€87,725
Balance sheet total
€31.0m
2024 · €31.3m-€329,682

Largest movements

2024 to 2025
Assets
  • Current investments +€3.9m

    new in 2025: €3.9m

  • Financial fixed assets -€2.1m

    down €2.1m (-7.6%), from €27.6m to €25.5m

    of which Affiliated companies: -€2.1m

  • Stocks and contracts -€1.8m

    down €1.8m (-98.5%), from €1.8m to €28,292

Equity and liabilities
  • Short-term financial debts -€2.2m

    down €2.2m (-98.7%), from €2.2m to €29,430

  • Profit (loss) carried forward +€959,556

    up €959,556 (+27.4%), from €3.5m to €4.5m

  • Current portion of long-term debt +€450,000

    up €450,000 (+39.0%), from €1.2m to €1.6m

Income statement
  • Turnover +€4.6m

    up €4.6m (+2,140%), from €214,220 to €4.8m

  • Financial charges -€2.7m

    down €2.7m (-58.7%), from €4.5m to €1.9m

    of which Non-recurring financial charges: -€2.7m

  • Goods and materials +€2.0m

    up €2.0m, from €0 to €2.0m

    of which Change in stocks: decrease (increase): +€2.0m

  • Write-downs -€350,000

    down €350,000, from €175,000 to -€175,000

  • Services and other goods -€273,839

    down €273,839 (-27.0%), from €1.0m to €739,907

From the 2024 result to the 2025 result

effect on the 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 -€4.7m
Turnover +€4.6m
Other operating income +€3,693
Goods and materials -€2.0m
Services and other goods +€273,839
Staff costs -€37,211
Depreciation +€1,252
Write-downs +€350,000
Other operating charges -€4,065
Other operating items -€15,725
Financial income -€15,862
Financial charges +€2.7m
Taxes -€89,332
Result 2025 €1.0m
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2024 to 2025

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 +€3.4m
Investment -€1.8m
Financing -€1.8m
Cash 2024 €466,556
Net result for the year +€1.0m
Depreciation +€35,911
Stocks and contracts +€1.8m
Receivables within one year +€147,187
Deferred charges and accrued income +€7,658
Trade debts +€36,672
Tax, wage and social debts +€260,252
Other debts +€21,703
Accrued charges and deferred income +€110,597
Investment in fixed assets (net) +€2.1m
Current investments -€3.9m
Debts after one year -€32,132
Current portion of long-term debt +€450,000
Short-term financial debts -€2.2m
Cash 2025 €378,831
brings cash intakes cash out
Every line side by side 83 lines
Line Code 2024 2025 Change %
Total assets 20/58 €31,310,971 €30,981,289 -€329,682 -1.1%
Fixed assets 21/28 €27,726,160 €25,598,669 -€2.1m -7.7%
Intangible fixed assets 21 €26,200 €5,214 -€20,986 -80.1%
Tangible fixed assets 22/27 €90,623 €75,698 -€14,925 -16.5%
Plant, machinery and equipment 23 €0 €0 =
Furniture and vehicles 24 €21,274 €10,484 -€10,790 -50.7%
Other tangible fixed assets 26 €69,349 €65,214 -€4,135 -6.0%
Financial fixed assets 28 €27,609,338 €25,517,757 -€2.1m -7.6%
Affiliated companies 280/1 €27,608,638 €25,517,057 -€2.1m -7.6%
Participating interests 280 €9,607,626 €7,387,626 -€2.2m -23.1%
Amounts receivable 281 €18,001,012 €18,129,432 +€128,420 +0.7%
Other financial fixed assets 284/8 €700 €700 = 0.0%
Amounts receivable and cash guarantees 285/8 €700 €700 = 0.0%
Current assets 29/58 €3,584,810 €5,382,620 +€1.8m +50.2%
Amounts receivable after more than one year 29 €27,087 €27,087 = 0.0%
Other amounts receivable 291 €27,087 €27,087 = 0.0%
Stocks and contracts in progress 3 €1,838,901 €28,292 -€1.8m -98.5%
Stocks 30/36 €1,838,901 €28,292 -€1.8m -98.5%
Property held for sale 35 €1,838,901 €28,292 -€1.8m -98.5%
Amounts receivable within one year 40/41 €889,372 €742,185 -€147,187 -16.5%
Trade receivables 40 €398,738 €478,843 +€80,105 +20.1%
Other amounts receivable 41 €490,634 €263,342 -€227,292 -46.3%
Current investments 50/53 - €3,850,989 +€3.9m
Other investments 51/53 - €3,850,989 +€3.9m
Cash at bank and in hand 54/58 €466,556 €378,831 -€87,725 -18.8%
Deferred charges and accrued income 490/1 €362,895 €355,237 -€7,658 -2.1%
Total equity and liabilities 10/49 €31,310,971 €30,981,289 -€329,682 -1.1%
Equity 10/15 €9,283,829 €10,293,888 +€1.0m +10.9%
Contributions 10/11 €5,600,000 €5,600,000 = 0.0%
Capital 10 €5,600,000 €5,600,000 = 0.0%
Issued capital 100 €5,600,000 €5,600,000 = 0.0%
Reserves 13 €177,884 €228,387 +€50,503 +28.4%
Non-distributable reserves 130/1 €177,884 €228,387 +€50,503 +28.4%
Legal reserve 130 €177,884 €228,387 +€50,503 +28.4%
Profit (loss) carried forward 14 €3,505,946 €4,465,502 +€959,556 +27.4%
Amounts payable 17/49 €22,027,141 €20,687,401 -€1.3m -6.1%
Amounts payable after more than one year 17 €17,346,029 €17,313,897 -€32,132 -0.2%
Financial debts 170/4 €11,461,743 €11,228,247 -€233,496 -2.0%
Subordinated loans 170 €125,927 €125,927 = 0.0%
Credit institutions 173 €11,335,817 €11,102,320 -€233,496 -2.1%
Other amounts payable 178/9 €5,884,286 €6,085,650 +€201,365 +3.4%
Amounts payable within one year 42/48 €4,385,770 €2,967,565 -€1.4m -32.3%
Current portion of amounts payable after more than one year 42 €1,155,244 €1,605,244 +€450,000 +39.0%
Financial debts 43 €2,216,263 €29,430 -€2.2m -98.7%
Credit institutions 430/8 €2,216,263 €29,430 -€2.2m -98.7%
Trade debts 44 €963,062 €999,734 +€36,672 +3.8%
Suppliers 440/4 €963,062 €999,734 +€36,672 +3.8%
Taxes, remuneration and social security 45 €20,664 €280,916 +€260,252 +1,259%
Taxes 450/3 - €233,430 +€233,430
Remuneration and social security 454/9 €20,664 €47,486 +€26,822 +130%
Other amounts payable 47/48 €30,537 €52,241 +€21,703 +71.1%
Accrued charges and deferred income 492/3 €295,342 €405,939 +€110,597 +37.4%
Operating income 70/76A €537,993 €5,110,894 +€4.6m +850%
Turnover 70 €214,220 €4,799,386 +€4.6m +2,140%
Other operating income 74 €307,815 €311,508 +€3,693 +1.2%
Non-recurring operating income 76A €15,958 - -€15,958
Operating charges 60/66A €1,408,375 €2,809,936 +€1.4m +99.5%
Goods for resale, raw materials and consumables 60 €0 €1,985,609 +€2.0m
Purchases 600/8 €12,163 - -€12,163
Change in stocks: decrease (increase) 609 -€12,163 €1,985,609 +€2.0m
Services and other goods 61 €1,013,745 €739,907 -€273,839 -27.0%
Remuneration, social security and pensions 62 €152,255 €189,466 +€37,211 +24.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €37,163 €35,911 -€1,252 -3.4%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) 631/4 €175,000 -€175,000 -€350,000
Other operating charges 640/8 €28,483 €32,548 +€4,065 +14.3%
Non-recurring operating charges 66A €1,729 €1,495 -€234 -13.5%
Operating profit (loss) 9901 -€870,383 €2,300,958 +€3.2m
Financial income 75/76B €685,400 €669,538 -€15,862 -2.3%
Recurring financial income 75 €685,300 €669,538 -€15,762 -2.3%
Income from financial fixed assets 750 €626,523 €650,917 +€24,394 +3.9%
Other financial income 752/9 €58,777 €18,621 -€40,156 -68.3%
Non-recurring financial income 76B €100 - -€100
Financial charges 65/66B €4,531,126 €1,870,947 -€2.7m -58.7%
Recurring financial charges 65 €841,599 €850,947 +€9,349 +1.1%
Debt charges 650 €775,191 €830,798 +€55,607 +7.2%
Other financial charges 652/9 €66,408 €20,149 -€46,259 -69.7%
Non-recurring financial charges 66B €3,689,528 €1,020,000 -€2.7m -72.4%
Profit (loss) for the period before taxes 9903 -€4,716,109 €1,099,549 +€5.8m
Income taxes 67/77 €158 €89,490 +€89,332 +56,504%
Taxes 670/3 €158 €90,242 +€90,084 +56,979%
Tax adjustments and reversals of tax provisions 77 - €752 +€752
Profit (loss) for the period 9904 -€4,716,267 €1,010,059 +€5.7m
Profit (loss) for the period to be appropriated 9905 -€4,716,267 €1,010,059 +€5.7m

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 26 October 2026 via checked.be.