Macbeth 3: 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.
Macbeth 3
Largest movements
- Tangible fixed assets +€6.8m
up €6.8m (+15.4%), from €44.3m to €51.2m
- Debts after one year +€11.6m
up €11.6m (+27.3%), from €42.4m to €53.9m
of which Financial debts: +€11.1m
- Profit (loss) carried forward -€4.9m
down €4.9m (-31.9%), from -€15.5m to -€20.4m
- Trade debts -€2.3m
down €2.3m (-97.2%), from €2.3m to €64,247
- Accrued charges and deferred income +€1.3m
up €1.3m (+33.6%), from €4.0m to €5.3m
- Contributions +€1.2m
up €1.2m (+8.8%), from €13.4m to €14.6m
- Gross operating margin +€2.3m
up €2.3m, from -€402,501 to €1.9m
- Financial charges -€1.4m
down €1.4m (-30.5%), from €4.7m to €3.3m
- Depreciation +€1.1m
up €1.1m (+49.8%), from €2.1m to €3.2m
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 | €46,573,177 | €53,469,211 | +€6.9m | +14.8% |
| Fixed assets | 21/28 | €44,341,082 | €51,186,842 | +€6.8m | +15.4% |
| Tangible fixed assets | 22/27 | €44,341,082 | €51,186,842 | +€6.8m | +15.4% |
| Land and buildings | 22 | €44,341,082 | €51,186,842 | +€6.8m | +15.4% |
| Current assets | 29/58 | €2,232,096 | €2,282,370 | +€50,274 | +2.3% |
| Amounts receivable within one year | 40/41 | €3,641 | €319,943 | +€316,302 | +8686.5% |
| Trade receivables | 40 | - | €166,956 | +€166,956 | |
| Other amounts receivable | 41 | €3,641 | €152,987 | +€149,346 | +4101.4% |
| Cash at bank and in hand | 54/58 | €1,922,211 | €1,515,250 | -€406,961 | -21.2% |
| Deferred charges and accrued income | 490/1 | €306,243 | €447,176 | +€140,933 | +46.0% |
| Total equity and liabilities | 10/49 | €46,573,177 | €53,469,211 | +€6.9m | +14.8% |
| Equity | 10/15 | -€2,055,740 | -€5,809,564 | -€3.8m | -182.6% |
| Contributions | 10/11 | €13,420,289 | €14,597,906 | +€1.2m | +8.8% |
| Profit (loss) carried forward | 14 | -€15,476,029 | -€20,407,470 | -€4.9m | -31.9% |
| Amounts payable | 17/49 | €48,628,918 | €59,278,775 | +€10.6m | +21.9% |
| Amounts payable after more than one year | 17 | €42,355,118 | €53,936,595 | +€11.6m | +27.3% |
| Financial debts | 170/4 | €42,355,118 | €53,498,908 | +€11.1m | +26.3% |
| Other amounts payable | 178/9 | - | €437,687 | +€437,687 | |
| Amounts payable within one year | 42/48 | €2,322,789 | €64,247 | -€2.3m | -97.2% |
| Financial debts | 43 | - | €0 | = | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €2,322,789 | €64,247 | -€2.3m | -97.2% |
| Suppliers | 440/4 | €2,322,789 | €64,247 | -€2.3m | -97.2% |
| Accrued charges and deferred income | 492/3 | €3,951,010 | €5,277,934 | +€1.3m | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,118,588 | €3,173,752 | +€1.1m | +49.8% |
| Other operating charges | 640/8 | €400,904 | €412,819 | +€11,915 | +3.0% |
| Gross operating margin | 9900 | -€402,501 | €1,912,370 | +€2.3m | |
| Operating profit (loss) | 9901 | -€2,921,993 | -€1,674,201 | +€1.2m | +42.7% |
| Financial charges | 65/66B | €4,685,329 | €3,257,240 | -€1.4m | -30.5% |
| Recurring financial charges | 65 | €4,685,329 | €3,257,240 | -€1.4m | -30.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,607,322 | -€4,931,441 | +€2.7m | +35.2% |
| Profit (loss) for the period | 9904 | -€7,607,322 | -€4,931,441 | +€2.7m | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,607,322 | -€4,931,441 | +€2.7m | +35.2% |
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 30 September 2026 via checked.be.