Macavrac: 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.
Macavrac
Largest movements
- Stocks and contracts -€18,175
down €18,175 (-41.7%), from €43,549 to €25,374
- Cash -€15,807
down €15,807 (-20.8%), from €76,025 to €60,217
mainly Net result for the year (-€15,270) and Debts after one year (-€12,000)
- Receivables within one year +€9,489
up €9,489 (+312.5%), from €3,036 to €12,525
of which Trade receivables: +€12,096
- Tangible fixed assets -€3,910
down €3,910 (-37.9%), from €10,307 to €6,396
of which Furniture and vehicles: -€3,172
- Profit (loss) carried forward -€15,270
down €15,270 (-72.1%), from €21,189 to €5,920
- Debts after one year -€12,000
down €12,000 (-50.0%), from €24,000 to €12,000
- Tax, wage and social debts -€4,447
down €4,447 (-50.6%), from €8,790 to €4,343
of which Remuneration and social security: -€5,700
- Trade debts +€3,202
up €3,202 (+16.3%), from €19,673 to €22,875
- Investment grants -€2,164
down €2,164 (-50.0%), from €4,328 to €2,164
- Gross operating margin -€7,278
down €7,278 (-12.8%), from €56,656 to €49,379
- Staff costs +€6,542
up €6,542 (+12.3%), from €53,016 to €59,558
- Financial income -€3,971
down €3,971 (-59.3%), from €6,692 to €2,721
- Depreciation -€998
down €998 (-20.3%), from €4,908 to €3,910
- Other operating charges +€947
up €947 (+1484.6%), from €64 to €1,011
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 | €133,063 | €104,659 | -€28,404 | -21.3% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €10,454 | €6,544 | -€3,910 | -37.4% |
| Tangible fixed assets | 22/27 | €10,307 | €6,396 | -€3,910 | -37.9% |
| Furniture and vehicles | 24 | €8,145 | €4,973 | -€3,172 | -38.9% |
| Other tangible fixed assets | 26 | €2,162 | €1,424 | -€738 | -34.1% |
| Financial fixed assets | 28 | €147 | €147 | = | 0.0% |
| Current assets | 29/58 | €122,610 | €98,116 | -€24,494 | -20.0% |
| Stocks and contracts in progress | 3 | €43,549 | €25,374 | -€18,175 | -41.7% |
| Stocks | 30/36 | €43,549 | €25,374 | -€18,175 | -41.7% |
| Amounts receivable within one year | 40/41 | €3,036 | €12,525 | +€9,489 | +312.5% |
| Trade receivables | 40 | €263 | €12,360 | +€12,096 | +4592.4% |
| Other amounts receivable | 41 | €2,773 | €165 | -€2,608 | -94.1% |
| Cash at bank and in hand | 54/58 | €76,025 | €60,217 | -€15,807 | -20.8% |
| Total equity and liabilities | 10/49 | €133,063 | €104,659 | -€28,404 | -21.3% |
| Equity | 10/15 | €74,601 | €57,942 | -€16,659 | -22.3% |
| Contributions | 10/11 | €49,050 | €49,825 | +€775 | +1.6% |
| Reserves | 13 | €33 | €33 | = | 0.0% |
| Distributable reserves | 133 | €33 | €33 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,189 | €5,920 | -€15,270 | -72.1% |
| Investment grants | 15 | €4,328 | €2,164 | -€2,164 | -50.0% |
| Amounts payable | 17/49 | €58,463 | €46,717 | -€11,745 | -20.1% |
| Amounts payable after more than one year | 17 | €24,000 | €12,000 | -€12,000 | -50.0% |
| Financial debts | 170/4 | €24,000 | €12,000 | -€12,000 | -50.0% |
| Amounts payable within one year | 42/48 | €34,463 | €34,717 | +€255 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €7,500 | +€1,500 | +25.0% |
| Trade debts | 44 | €19,673 | €22,875 | +€3,202 | +16.3% |
| Suppliers | 440/4 | €19,673 | €22,875 | +€3,202 | +16.3% |
| Taxes, remuneration and social security | 45 | €8,790 | €4,343 | -€4,447 | -50.6% |
| Taxes | 450/3 | - | €1,252 | +€1,252 | |
| Remuneration and social security | 454/9 | €8,790 | €3,091 | -€5,700 | -64.8% |
| Remuneration, social security and pensions | 62 | €53,016 | €59,558 | +€6,542 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,908 | €3,910 | -€998 | -20.3% |
| Other operating charges | 640/8 | €64 | €1,011 | +€947 | +1484.6% |
| Gross operating margin | 9900 | €56,656 | €49,379 | -€7,278 | -12.8% |
| Operating profit (loss) | 9901 | -€1,331 | -€15,100 | -€13,769 | -1034.6% |
| Financial income | 75/76B | €6,692 | €2,721 | -€3,971 | -59.3% |
| Recurring financial income | 75 | €6,692 | €2,721 | -€3,971 | -59.3% |
| Financial charges | 65/66B | €2,046 | €2,890 | +€844 | +41.2% |
| Recurring financial charges | 65 | €2,031 | €2,890 | +€859 | +42.3% |
| Non-recurring financial charges | 66B | €15 | - | -€15 | |
| Profit (loss) for the period before taxes | 9903 | €3,315 | -€15,270 | -€18,584 | |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | €3,315 | -€15,270 | -€18,584 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,315 | -€15,270 | -€18,584 |
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 8 October 2026 via checked.be.