MACAREL: 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.
What changed
MACAREL
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €781,453+€337,409
Equity
€4.3m
2024 · €3.5m+€762,547
Cash
€1.1m
2024 · €1.2m-€39,008
Balance sheet total
€4.4m
2024 · €3.6m+€777,683
Largest movements
Assets
- Current investments +€942,463
new in 2025: €942,463
- Tangible fixed assets -€88,958
down €88,958 (-3.7%), from €2.4m to €2.3m
of which Land and buildings: -€74,666
Equity and liabilities
- Reserves +€762,547
up €762,547 (+22.0%), from €3.5m to €4.2m
of which Distributable reserves: +€754,127
- Tax, wage and social debts +€60,555
up €60,555 (+1990.7%), from €3,042 to €63,597
of which Taxes: +€58,919
- Other debts -€46,593
down €46,593 (-42.4%), from €109,833 to €63,241
Income statement
- Gross operating margin +€424,960
up €424,960 (+31.8%), from €1.3m to €1.8m
- Taxes +€111,649
up €111,649 (+27.9%), from €399,709 to €511,358
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.
Result 2024
€781,453
Gross operating margin
+€424,960
Staff costs
-€8,271
Depreciation
+€14,217
Other operating charges
-€6,865
Other operating items
+€13
Financial income
+€16,377
Financial charges
+€8,626
Taxes
-€111,649
Result 2025
€1.1m
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.
From operations
+€1.3m
Investment
-€965,926
Financing
-€356,315
Cash 2024
€1.2m
From operations (derived)
+€1.3m
Net result for the year
+€1.1m
Depreciation
+€112,387
Stocks and contracts
+€25,505
Receivables within one year
+€5,088
Deferred charges and accrued income
+€6,255
Trade debts
+€1,174
Tax, wage and social debts
+€60,555
Other debts
-€46,593
Investment (derived)
-€965,926
Investment in fixed assets (net)
-€23,463
Current investments
-€942,463
Financing
-€356,315
Contributions, distributions and other
-€356,315
Cash 2025
€1.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,645,236 | €4,422,919 | +€777,683 | +21.3% |
| Fixed assets | 21/28 | €2,381,276 | €2,292,352 | -€88,924 | -3.7% |
| Tangible fixed assets | 22/27 | €2,381,159 | €2,292,202 | -€88,958 | -3.7% |
| Land and buildings | 22 | €2,329,588 | €2,254,922 | -€74,666 | -3.2% |
| Plant, machinery and equipment | 23 | €7,786 | €6,211 | -€1,574 | -20.2% |
| Furniture and vehicles | 24 | €43,785 | €31,068 | -€12,717 | -29.0% |
| Financial fixed assets | 28 | €116 | €150 | +€34 | +29.0% |
| Current assets | 29/58 | €1,263,960 | €2,130,567 | +€866,607 | +68.6% |
| Stocks and contracts in progress | 3 | €85,657 | €60,152 | -€25,505 | -29.8% |
| Stocks | 30/36 | €85,657 | €60,152 | -€25,505 | -29.8% |
| Amounts receivable within one year | 40/41 | €6,407 | €1,319 | -€5,088 | -79.4% |
| Trade receivables | 40 | €1,472 | - | -€1,472 | |
| Other amounts receivable | 41 | €4,935 | €1,319 | -€3,616 | -73.3% |
| Current investments | 50/53 | - | €942,463 | +€942,463 | |
| Cash at bank and in hand | 54/58 | €1,158,811 | €1,119,802 | -€39,008 | -3.4% |
| Deferred charges and accrued income | 490/1 | €13,086 | €6,831 | -€6,255 | -47.8% |
| Total equity and liabilities | 10/49 | €3,645,236 | €4,422,919 | +€777,683 | +21.3% |
| Equity | 10/15 | €3,526,958 | €4,289,505 | +€762,547 | +21.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,466,818 | €4,229,365 | +€762,547 | +22.0% |
| Tax-exempt reserves | 132 | €1,010,400 | €1,018,820 | +€8,420 | +0.8% |
| Distributable reserves | 133 | €2,456,418 | €3,210,545 | +€754,127 | +30.7% |
| Profit (loss) carried forward | 14 | €53,940 | €53,940 | = | 0.0% |
| Amounts payable | 17/49 | €118,278 | €133,414 | +€15,136 | +12.8% |
| Amounts payable within one year | 42/48 | €118,278 | €133,414 | +€15,136 | +12.8% |
| Trade debts | 44 | €5,403 | €6,577 | +€1,174 | +21.7% |
| Suppliers | 440/4 | €5,403 | €6,577 | +€1,174 | +21.7% |
| Taxes, remuneration and social security | 45 | €3,042 | €63,597 | +€60,555 | +1990.7% |
| Taxes | 450/3 | - | €58,919 | +€58,919 | |
| Remuneration and social security | 454/9 | €3,042 | €4,678 | +€1,636 | +53.8% |
| Other amounts payable | 47/48 | €109,833 | €63,241 | -€46,593 | -42.4% |
| Remuneration, social security and pensions | 62 | €1,347 | €9,618 | +€8,271 | +613.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,603 | €112,387 | -€14,217 | -11.2% |
| Other operating charges | 640/8 | €3,112 | €9,977 | +€6,865 | +220.6% |
| Non-recurring operating charges | 66A | €13 | - | -€13 | |
| Gross operating margin | 9900 | €1,334,858 | €1,759,818 | +€424,960 | +31.8% |
| Operating profit (loss) | 9901 | €1,203,781 | €1,627,836 | +€424,055 | +35.2% |
| Financial income | 75/76B | €7,058 | €23,435 | +€16,377 | +232.0% |
| Recurring financial income | 75 | €7,058 | €23,435 | +€16,377 | +232.0% |
| Financial charges | 65/66B | €29,677 | €21,051 | -€8,626 | -29.1% |
| Recurring financial charges | 65 | €29,677 | €21,051 | -€8,626 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €1,181,162 | €1,630,220 | +€449,058 | +38.0% |
| Income taxes | 67/77 | €399,709 | €511,358 | +€111,649 | +27.9% |
| Profit (loss) for the period | 9904 | €781,453 | €1,118,862 | +€337,409 | +43.2% |
| Transfer from tax-exempt reserves | 789 | €185,120 | €286,280 | +€101,160 | +54.6% |
| Transfer to tax-exempt reserves | 689 | €189,450 | €294,700 | +€105,250 | +55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €777,123 | €1,110,442 | +€333,319 | +42.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.