MACAPO: 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.
MACAPO
Largest movements
- Cash +€9,903
up €9,903 (+152%), from €6,515 to €16,418
mainly Trade debts (+€24,995) and Other debts (+€8,852)
- Deferred charges and accrued income +€2,759
up €2,759 (+120%), from €2,300 to €5,059
- Receivables within one year -€2,455
down €2,455 (-21.4%), from €11,447 to €8,992
of which Trade receivables: -€4,032
- Tangible fixed assets -€1,970
down €1,970 (-7.1%), from €27,683 to €25,713
of which Other tangible fixed assets: -€4,160
- Trade debts +€24,995
up €24,995 (+65.0%), from €38,444 to €63,439
- Profit (loss) carried forward -€20,794
down €20,794 (-102%), from -€20,334 to -€41,128
- Other debts +€8,852
up €8,852 (+700%), from €1,264 to €10,116
- Accrued charges and deferred income -€3,500
no longer reported in 2025 (was €3,500)
- Tax, wage and social debts -€1,315
down €1,315 (-11.0%), from €11,980 to €10,665
of which Remuneration and social security: -€1,119
- Gross operating margin -€28,160
down €28,160 (-25.2%), from €111,896 to €83,737
- Staff costs -€8,570
down €8,570 (-8.8%), from €97,717 to €89,147
- Depreciation +€1,303
up €1,303 (+18.0%), from €7,232 to €8,536
- Financial income -€1,150
down €1,150 (-100.0%), from €1,150 to €0
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 | €54,854 | €63,091 | +€8,237 | +15.0% |
| Fixed assets | 21/28 | €27,683 | €25,713 | -€1,970 | -7.1% |
| Tangible fixed assets | 22/27 | €27,683 | €25,713 | -€1,970 | -7.1% |
| Plant, machinery and equipment | 23 | €1,399 | €1,752 | +€353 | +25.2% |
| Furniture and vehicles | 24 | €8,145 | €9,983 | +€1,837 | +22.6% |
| Other tangible fixed assets | 26 | €18,138 | €13,978 | -€4,160 | -22.9% |
| Current assets | 29/58 | €27,171 | €37,378 | +€10,207 | +37.6% |
| Stocks and contracts in progress | 3 | €6,909 | €6,909 | = | 0.0% |
| Stocks | 30/36 | €6,909 | €6,909 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,447 | €8,992 | -€2,455 | -21.4% |
| Trade receivables | 40 | €10,688 | €6,656 | -€4,032 | -37.7% |
| Other amounts receivable | 41 | €759 | €2,335 | +€1,577 | +208% |
| Cash at bank and in hand | 54/58 | €6,515 | €16,418 | +€9,903 | +152% |
| Deferred charges and accrued income | 490/1 | €2,300 | €5,059 | +€2,759 | +120% |
| Total equity and liabilities | 10/49 | €54,854 | €63,091 | +€8,237 | +15.0% |
| Equity | 10/15 | -€334 | -€21,128 | -€20,794 | -6,224% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,334 | -€41,128 | -€20,794 | -102% |
| Amounts payable | 17/49 | €55,188 | €84,219 | +€29,031 | +52.6% |
| Amounts payable within one year | 42/48 | €51,688 | €84,219 | +€32,531 | +62.9% |
| Trade debts | 44 | €38,444 | €63,439 | +€24,995 | +65.0% |
| Suppliers | 440/4 | €38,444 | €63,439 | +€24,995 | +65.0% |
| Taxes, remuneration and social security | 45 | €11,980 | €10,665 | -€1,315 | -11.0% |
| Taxes | 450/3 | €410 | €213 | -€197 | -48.0% |
| Remuneration and social security | 454/9 | €11,571 | €10,452 | -€1,119 | -9.7% |
| Other amounts payable | 47/48 | €1,264 | €10,116 | +€8,852 | +700% |
| Accrued charges and deferred income | 492/3 | €3,500 | - | -€3,500 | |
| Remuneration, social security and pensions | 62 | €97,717 | €89,147 | -€8,570 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,232 | €8,536 | +€1,303 | +18.0% |
| Other operating charges | 640/8 | €3,420 | €3,175 | -€245 | -7.2% |
| Non-recurring operating charges | 66A | €3,500 | - | -€3,500 | |
| Gross operating margin | 9900 | €111,896 | €83,737 | -€28,160 | -25.2% |
| Operating profit (loss) | 9901 | €28 | -€17,121 | -€17,148 | |
| Financial income | 75/76B | €1,150 | €0 | -€1,150 | -100.0% |
| Recurring financial income | 75 | €1,150 | €0 | -€1,150 | -100.0% |
| Financial charges | 65/66B | €4,411 | €3,673 | -€737 | -16.7% |
| Recurring financial charges | 65 | €4,411 | €3,673 | -€737 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,233 | -€20,794 | -€17,561 | -543% |
| Profit (loss) for the period | 9904 | -€3,233 | -€20,794 | -€17,561 | -543% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,233 | -€20,794 | -€17,561 | -543% |
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 20 October 2026 via checked.be.