MACANO: what changed
Two fiscal 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.
MACANO
Largest movements
- Receivables after one year -€16,150
down €16,150 (-48.4%), from €33,400 to €17,250
- Cash -€4,783
no longer reported in 2025 (was €4,783)
mainly Net result for the year (-€59,364) and Trade debts (-€7,188)
- Receivables within one year -€4,320
down €4,320 (-53.9%), from €8,015 to €3,695
of which Other amounts receivable: -€5,002
- Tangible fixed assets -€3,968
down €3,968 (-45.3%), from €8,766 to €4,797
- Deferred charges and accrued income -€1,450
no longer reported in 2025 (was €1,450)
- Profit (loss) carried forward -€59,364
down €59,364 (-77.1%), from -€76,959 to -€136,322
- Accrued charges and deferred income +€24,300
new in 2025: €24,300
- Tax, wage and social debts +€11,297
up €11,297 (+15.3%), from €73,633 to €84,929
of which Remuneration and social security: +€6,658
- Trade debts -€7,188
down €7,188 (-10.4%), from €69,280 to €62,092
- Debts after one year -€4,291
no longer reported in 2025 (was €4,291)
- Gross operating margin -€59,544
down €59,544 (-14.8%), from €402,278 to €342,734
- Staff costs -€24,511
down €24,511 (-6.1%), from €401,618 to €377,107
- Financial charges +€8,683
up €8,683 (+137.4%), from €6,318 to €15,001
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 | €95,246 | €63,518 | -€31,728 | -33.3% |
| Fixed assets | 21/28 | €10,154 | €6,186 | -€3,968 | -39.1% |
| Tangible fixed assets | 22/27 | €8,766 | €4,797 | -€3,968 | -45.3% |
| Plant, machinery and equipment | 23 | €2,652 | €1,813 | -€839 | -31.6% |
| Furniture and vehicles | 24 | €4,215 | €2,500 | -€1,715 | -40.7% |
| Other tangible fixed assets | 26 | €1,898 | €484 | -€1,414 | -74.5% |
| Financial fixed assets | 28 | €1,388 | €1,388 | = | 0.0% |
| Current assets | 29/58 | €85,092 | €57,332 | -€27,759 | -32.6% |
| Amounts receivable after more than one year | 29 | €33,400 | €17,250 | -€16,150 | -48.4% |
| Trade receivables | 290 | €33,400 | €17,250 | -€16,150 | -48.4% |
| Stocks and contracts in progress | 3 | €5,012 | €3,955 | -€1,057 | -21.1% |
| Stocks | 30/36 | €5,012 | €3,955 | -€1,057 | -21.1% |
| Amounts receivable within one year | 40/41 | €8,015 | €3,695 | -€4,320 | -53.9% |
| Trade receivables | 40 | €2,321 | €3,004 | +€683 | +29.4% |
| Other amounts receivable | 41 | €5,693 | €691 | -€5,002 | -87.9% |
| Current investments | 50/53 | €32,433 | €32,433 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,783 | - | -€4,783 | |
| Deferred charges and accrued income | 490/1 | €1,450 | - | -€1,450 | |
| Total equity and liabilities | 10/49 | €95,246 | €63,518 | -€31,728 | -33.3% |
| Equity | 10/15 | -€56,499 | -€115,862 | -€59,364 | -105.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,959 | -€136,322 | -€59,364 | -77.1% |
| Amounts payable | 17/49 | €151,745 | €179,380 | +€27,636 | +18.2% |
| Amounts payable after more than one year | 17 | €4,291 | - | -€4,291 | |
| Financial debts | 170/4 | €4,291 | - | -€4,291 | |
| Amounts payable within one year | 42/48 | €147,454 | €155,080 | +€7,627 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €4,541 | €4,291 | -€250 | -5.5% |
| Financial debts | 43 | - | €3,768 | +€3,768 | |
| Credit institutions | 430/8 | - | €3,768 | +€3,768 | |
| Trade debts | 44 | €69,280 | €62,092 | -€7,188 | -10.4% |
| Suppliers | 440/4 | €69,280 | €62,092 | -€7,188 | -10.4% |
| Taxes, remuneration and social security | 45 | €73,633 | €84,929 | +€11,297 | +15.3% |
| Taxes | 450/3 | €19,485 | €24,124 | +€4,639 | +23.8% |
| Remuneration and social security | 454/9 | €54,148 | €60,805 | +€6,658 | +12.3% |
| Accrued charges and deferred income | 492/3 | - | €24,300 | +€24,300 | |
| Remuneration, social security and pensions | 62 | €401,618 | €377,107 | -€24,511 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,878 | €3,968 | +€90 | +2.3% |
| Other operating charges | 640/8 | €2,363 | €6,180 | +€3,818 | +161.6% |
| Gross operating margin | 9900 | €402,278 | €342,734 | -€59,544 | -14.8% |
| Operating profit (loss) | 9901 | -€5,581 | -€44,522 | -€38,941 | -697.8% |
| Financial income | 75/76B | €244 | €164 | -€80 | -32.7% |
| Recurring financial income | 75 | €244 | €164 | -€80 | -32.7% |
| Financial charges | 65/66B | €6,318 | €15,001 | +€8,683 | +137.4% |
| Recurring financial charges | 65 | €6,318 | €15,001 | +€8,683 | +137.4% |
| Profit (loss) for the period before taxes | 9903 | -€11,655 | -€59,358 | -€47,704 | -409.3% |
| Income taxes | 67/77 | - | €5 | +€5 | |
| Profit (loss) for the period | 9904 | -€11,655 | -€59,364 | -€47,709 | -409.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,655 | -€59,364 | -€47,709 | -409.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.