MaCAQ: 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.
MaCAQ
Largest movements
- Cash +€612,384
up €612,384 (+579.2%), from €105,724 to €718,109
mainly Net result for the year (+€913,827) and Receivables within one year (+€66,445)
- Financial fixed assets +€252,271
up €252,271 (+252.3%), from €100,000 to €352,271
- Receivables within one year -€66,445
down €66,445 (-92.2%), from €72,095 to €5,649
of which Trade receivables: -€71,698
- Profit (loss) carried forward +€913,827
up €913,827, from -€22,168 to €891,659
- Trade debts -€66,242
down €66,242 (-89.8%), from €73,758 to €7,516
- Other debts -€60,857
down €60,857 (-34.0%), from €179,220 to €118,362
- Financial income +€928,640
up €928,640 (+31371.5%), from €2,960 to €931,600
of which Non-recurring financial income: +€931,600
- Gross operating margin +€10,513
up €10,513 (+74.6%), from -€14,099 to -€3,585
- Depreciation +€6,086
up €6,086 (+98.7%), from €6,166 to €12,251
- Other operating charges -€3,354
down €3,354 (-76.9%), from €4,361 to €1,007
- Taxes +€406
up €406 (+87.8%), from €462 to €869
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 | €331,354 | €1,118,869 | +€787,515 | +237.7% |
| Fixed assets | 21/28 | €151,696 | €395,111 | +€243,415 | +160.5% |
| Tangible fixed assets | 22/27 | €51,696 | €42,840 | -€8,856 | -17.1% |
| Furniture and vehicles | 24 | €51,696 | €42,840 | -€8,856 | -17.1% |
| Financial fixed assets | 28 | €100,000 | €352,271 | +€252,271 | +252.3% |
| Current assets | 29/58 | €179,658 | €723,758 | +€544,100 | +302.9% |
| Amounts receivable within one year | 40/41 | €72,095 | €5,649 | -€66,445 | -92.2% |
| Trade receivables | 40 | €71,920 | €222 | -€71,698 | -99.7% |
| Other amounts receivable | 41 | €175 | €5,427 | +€5,252 | +3007.4% |
| Cash at bank and in hand | 54/58 | €105,724 | €718,109 | +€612,384 | +579.2% |
| Deferred charges and accrued income | 490/1 | €1,839 | - | -€1,839 | |
| Total equity and liabilities | 10/49 | €331,354 | €1,118,869 | +€787,515 | +237.7% |
| Equity | 10/15 | €77,832 | €991,659 | +€913,827 | +1174.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,168 | €891,659 | +€913,827 | |
| Amounts payable | 17/49 | €253,522 | €127,209 | -€126,312 | -49.8% |
| Amounts payable within one year | 42/48 | €253,522 | €127,209 | -€126,312 | -49.8% |
| Trade debts | 44 | €73,758 | €7,516 | -€66,242 | -89.8% |
| Suppliers | 440/4 | €73,758 | €7,516 | -€66,242 | -89.8% |
| Taxes, remuneration and social security | 45 | €544 | €1,331 | +€787 | +144.5% |
| Taxes | 450/3 | €544 | €1,331 | +€787 | +144.5% |
| Other amounts payable | 47/48 | €179,220 | €118,362 | -€60,857 | -34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,166 | €12,251 | +€6,086 | +98.7% |
| Other operating charges | 640/8 | €4,361 | €1,007 | -€3,354 | -76.9% |
| Gross operating margin | 9900 | -€14,099 | -€3,585 | +€10,513 | +74.6% |
| Operating profit (loss) | 9901 | -€24,625 | -€16,844 | +€7,781 | +31.6% |
| Financial income | 75/76B | €2,960 | €931,600 | +€928,640 | +31371.5% |
| Recurring financial income | 75 | €2,960 | €931,600 | +€928,640 | +31371.5% |
| Non-recurring financial income | 76B | - | €931,600 | +€931,600 | |
| Financial charges | 65/66B | €41 | €60 | +€19 | +47.0% |
| Recurring financial charges | 65 | €41 | €60 | +€19 | +47.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,705 | €914,696 | +€936,401 | |
| Income taxes | 67/77 | €462 | €869 | +€406 | +87.8% |
| Profit (loss) for the period | 9904 | -€22,168 | €913,827 | +€935,995 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,168 | €913,827 | +€935,995 |
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 5 October 2026 via checked.be.