MACAY: 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.
MACAY
Largest movements
- Receivables after one year +€208,354
up €208,354 (+401.8%), from €51,850 to €260,204
- Cash -€138,890
down €138,890 (-85.5%), from €162,492 to €23,601
mainly Receivables after one year (-€208,354) and Stocks and contracts (-€36,552)
- Stocks and contracts +€36,552
up €36,552 (+25.0%), from €146,248 to €182,800
- Receivables within one year +€27,499
up €27,499 (+173.1%), from €15,889 to €43,388
of which Trade receivables: +€28,263
- Tangible fixed assets -€14,957
down €14,957 (-34.7%), from €43,112 to €28,155
of which Furniture and vehicles: -€14,558
- Debts after one year +€62,236
up €62,236 (+21.9%), from €284,567 to €346,803
- Reserves +€38,858
up €38,858 (+42.5%), from €91,506 to €130,364
- Other debts +€29,513
up €29,513 (+221.1%), from €13,347 to €42,860
- Depreciation +€11,524
up €11,524 (+234.2%), from €4,921 to €16,445
- Financial income +€9,712
up €9,712 (+410.0%), from €2,369 to €12,081
- Financial charges +€3,985
up €3,985 (+17.5%), from €22,746 to €26,730
- Taxes +€3,636
up €3,636 (+27.5%), from €13,236 to €16,872
- Other operating charges -€3,020
down €3,020 (-75.2%), from €4,015 to €995
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 | €420,880 | €547,409 | +€126,529 | +30.1% |
| Fixed assets | 21/28 | €43,312 | €28,355 | -€14,957 | -34.5% |
| Tangible fixed assets | 22/27 | €43,112 | €28,155 | -€14,957 | -34.7% |
| Plant, machinery and equipment | 23 | €399 | - | -€399 | |
| Furniture and vehicles | 24 | €42,713 | €28,155 | -€14,558 | -34.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €377,567 | €519,053 | +€141,486 | +37.5% |
| Amounts receivable after more than one year | 29 | €51,850 | €260,204 | +€208,354 | +401.8% |
| Other amounts receivable | 291 | €51,850 | €260,204 | +€208,354 | +401.8% |
| Stocks and contracts in progress | 3 | €146,248 | €182,800 | +€36,552 | +25.0% |
| Stocks | 30/36 | €146,248 | €182,800 | +€36,552 | +25.0% |
| Amounts receivable within one year | 40/41 | €15,889 | €43,388 | +€27,499 | +173.1% |
| Trade receivables | 40 | €15,125 | €43,388 | +€28,263 | +186.9% |
| Other amounts receivable | 41 | €764 | - | -€764 | |
| Cash at bank and in hand | 54/58 | €162,492 | €23,601 | -€138,890 | -85.5% |
| Deferred charges and accrued income | 490/1 | €1,088 | €9,060 | +€7,972 | +732.7% |
| Total equity and liabilities | 10/49 | €420,880 | €547,409 | +€126,529 | +30.1% |
| Equity | 10/15 | €93,506 | €132,364 | +€38,858 | +41.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €91,506 | €130,364 | +€38,858 | +42.5% |
| Distributable reserves | 133 | €91,506 | €130,364 | +€38,858 | +42.5% |
| Amounts payable | 17/49 | €327,374 | €415,045 | +€87,671 | +26.8% |
| Amounts payable after more than one year | 17 | €284,567 | €346,803 | +€62,236 | +21.9% |
| Financial debts | 170/4 | €284,567 | €346,803 | +€62,236 | +21.9% |
| Amounts payable within one year | 42/48 | €35,447 | €59,710 | +€24,262 | +68.4% |
| Trade debts | 44 | €4,212 | €3,867 | -€345 | -8.2% |
| Suppliers | 440/4 | €4,212 | €3,867 | -€345 | -8.2% |
| Taxes, remuneration and social security | 45 | €17,889 | €12,982 | -€4,906 | -27.4% |
| Taxes | 450/3 | €17,889 | €12,982 | -€4,906 | -27.4% |
| Other amounts payable | 47/48 | €13,347 | €42,860 | +€29,513 | +221.1% |
| Accrued charges and deferred income | 492/3 | €7,360 | €8,532 | +€1,172 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,921 | €16,445 | +€11,524 | +234.2% |
| Other operating charges | 640/8 | €4,015 | €995 | -€3,020 | -75.2% |
| Gross operating margin | 9900 | €87,905 | €88,653 | +€748 | +0.9% |
| Operating profit (loss) | 9901 | €78,968 | €71,213 | -€7,755 | -9.8% |
| Financial income | 75/76B | €2,369 | €12,081 | +€9,712 | +410.0% |
| Recurring financial income | 75 | €2,369 | €12,081 | +€9,712 | +410.0% |
| Financial charges | 65/66B | €22,746 | €26,730 | +€3,985 | +17.5% |
| Recurring financial charges | 65 | €22,746 | €26,730 | +€3,985 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €58,591 | €56,563 | -€2,028 | -3.5% |
| Income taxes | 67/77 | €13,236 | €16,872 | +€3,636 | +27.5% |
| Profit (loss) for the period | 9904 | €45,355 | €39,691 | -€5,664 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,355 | €39,691 | -€5,664 | -12.5% |
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 10 October 2026 via checked.be.