MACAR: 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.
MACAR
Largest movements
- Receivables within one year +€30,500
up €30,500 (+50.0%), from €61,042 to €91,542
of which Trade receivables: +€18,485
- Tangible fixed assets +€14,895
up €14,895 (+183.4%), from €8,121 to €23,016
- Cash -€7,064
down €7,064 (-17.4%), from €40,628 to €33,564
mainly Receivables within one year (-€30,500) and Trade debts (-€22,127)
- Debts after one year +€46,687
new in 2025: €46,687
- Trade debts -€22,127
down €22,127 (-85.6%), from €25,863 to €3,735
- Advances received -€8,557
down €8,557 (-89.5%), from €9,557 to €1,000
- Reserves +€8,182
up €8,182 (+22.3%), from €36,725 to €44,907
of which Distributable reserves: +€8,182
- Current portion of long-term debt +€7,699
new in 2025: €7,699
- Gross operating margin -€59,034
down €59,034 (-74.6%), from €79,088 to €20,054
- Taxes -€14,043
down €14,043 (-76.3%), from €18,399 to €4,356
- Staff costs -€8,517
down €8,517 (-87.5%), from €9,730 to €1,213
- Other operating charges -€6,267
down €6,267 (-99.8%), from €6,280 to €13
- Depreciation +€2,924
up €2,924 (+180.2%), from €1,623 to €4,548
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 | €111,185 | €148,159 | +€36,975 | +33.3% |
| Fixed assets | 21/28 | €8,158 | €23,053 | +€14,895 | +182.6% |
| Tangible fixed assets | 22/27 | €8,121 | €23,016 | +€14,895 | +183.4% |
| Furniture and vehicles | 24 | €8,121 | €23,016 | +€14,895 | +183.4% |
| Financial fixed assets | 28 | €38 | €38 | = | 0.0% |
| Current assets | 29/58 | €103,027 | €125,106 | +€22,080 | +21.4% |
| Amounts receivable within one year | 40/41 | €61,042 | €91,542 | +€30,500 | +50.0% |
| Trade receivables | 40 | €36,956 | €55,440 | +€18,485 | +50.0% |
| Other amounts receivable | 41 | €24,086 | €36,102 | +€12,015 | +49.9% |
| Cash at bank and in hand | 54/58 | €40,628 | €33,564 | -€7,064 | -17.4% |
| Deferred charges and accrued income | 490/1 | €1,356 | - | -€1,356 | |
| Total equity and liabilities | 10/49 | €111,185 | €148,159 | +€36,975 | +33.3% |
| Equity | 10/15 | €56,898 | €66,284 | +€9,386 | +16.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €36,725 | €44,907 | +€8,182 | +22.3% |
| Non-distributable reserves | 130/1 | €361 | €361 | = | 0.0% |
| Legal reserve | 130 | €361 | €361 | = | 0.0% |
| Distributable reserves | 133 | €36,364 | €44,545 | +€8,182 | +22.5% |
| Profit (loss) carried forward | 14 | €1,581 | €2,785 | +€1,204 | +76.1% |
| Amounts payable | 17/49 | €54,287 | €81,876 | +€27,589 | +50.8% |
| Amounts payable after more than one year | 17 | - | €46,687 | +€46,687 | |
| Financial debts | 170/4 | - | €46,687 | +€46,687 | |
| Amounts payable within one year | 42/48 | €54,287 | €35,189 | -€19,098 | -35.2% |
| Current portion of amounts payable after more than one year | 42 | - | €7,699 | +€7,699 | |
| Trade debts | 44 | €25,863 | €3,735 | -€22,127 | -85.6% |
| Suppliers | 440/4 | €25,863 | €3,735 | -€22,127 | -85.6% |
| Advances received on contracts in progress | 46 | €9,557 | €1,000 | -€8,557 | -89.5% |
| Taxes, remuneration and social security | 45 | €18,867 | €22,755 | +€3,888 | +20.6% |
| Taxes | 450/3 | €18,867 | €22,755 | +€3,888 | +20.6% |
| Remuneration, social security and pensions | 62 | €9,730 | €1,213 | -€8,517 | -87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,623 | €4,548 | +€2,924 | +180.2% |
| Other operating charges | 640/8 | €6,280 | €13 | -€6,267 | -99.8% |
| Gross operating margin | 9900 | €79,088 | €20,054 | -€59,034 | -74.6% |
| Operating profit (loss) | 9901 | €61,455 | €14,280 | -€47,175 | -76.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | +12500.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +12500.0% |
| Financial charges | 65/66B | €317 | €540 | +€223 | +70.2% |
| Recurring financial charges | 65 | €317 | €540 | +€223 | +70.2% |
| Profit (loss) for the period before taxes | 9903 | €61,137 | €13,741 | -€47,396 | -77.5% |
| Income taxes | 67/77 | €18,399 | €4,356 | -€14,043 | -76.3% |
| Profit (loss) for the period | 9904 | €42,738 | €9,386 | -€33,352 | -78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,738 | €9,386 | -€33,352 | -78.0% |
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 3 October 2026 via checked.be.