Macbeth 4: 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.
Macbeth 4
Largest movements
- Cash -€402,840
down €402,840 (-74.9%), from €537,776 to €134,936
mainly Net result for the year (-€944,007) and Investment in fixed assets (net) (-€517,919)
- Profit (loss) carried forward -€944,007
down €944,007 (-70.9%), from -€1.3m to -€2.3m
- Debts after one year +€452,297
up €452,297 (+5.3%), from €8.5m to €9.0m
- Trade debts -€118,057
down €118,057 (-82.2%), from €143,564 to €25,508
- Financial charges -€481,037
down €481,037 (-44.9%), from €1.1m to €591,065
- Gross operating margin -€130,803
down €130,803 (-38.8%), from €337,184 to €206,380
- Other operating charges -€38,303
down €38,303 (-35.9%), from €106,785 to €68,481
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 | €9,859,291 | €9,386,695 | -€472,596 | -4.8% |
| Fixed assets | 21/28 | €9,083,563 | €9,110,639 | +€27,077 | +0.3% |
| Tangible fixed assets | 22/27 | €9,083,563 | €9,110,439 | +€26,877 | +0.3% |
| Land and buildings | 22 | €9,083,563 | €9,110,439 | +€26,877 | +0.3% |
| Financial fixed assets | 28 | - | €200 | +€200 | |
| Current assets | 29/58 | €775,728 | €276,056 | -€499,672 | -64.4% |
| Amounts receivable within one year | 40/41 | €162,455 | €116,916 | -€45,538 | -28.0% |
| Trade receivables | 40 | €158,739 | €113,200 | -€45,538 | -28.7% |
| Other amounts receivable | 41 | €3,716 | €3,716 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €537,776 | €134,936 | -€402,840 | -74.9% |
| Deferred charges and accrued income | 490/1 | €75,498 | €24,204 | -€51,294 | -67.9% |
| Total equity and liabilities | 10/49 | €9,859,291 | €9,386,695 | -€472,596 | -4.8% |
| Equity | 10/15 | €614,976 | -€329,032 | -€944,007 | |
| Contributions | 10/11 | €1,946,877 | €1,946,877 | = | 0.0% |
| Capital | 10 | - | €1,946,877 | +€1.9m | |
| Issued capital | 100 | - | €1,946,877 | +€1.9m | |
| Profit (loss) carried forward | 14 | -€1,331,902 | -€2,275,909 | -€944,007 | -70.9% |
| Amounts payable | 17/49 | €9,244,315 | €9,715,727 | +€471,412 | +5.1% |
| Amounts payable after more than one year | 17 | €8,500,601 | €8,952,898 | +€452,297 | +5.3% |
| Financial debts | 170/4 | €8,500,601 | €8,952,898 | +€452,297 | +5.3% |
| Amounts payable within one year | 42/48 | €167,117 | €107,237 | -€59,879 | -35.8% |
| Financial debts | 43 | - | €72,000 | +€72,000 | |
| Other loans | 439 | - | €72,000 | +€72,000 | |
| Trade debts | 44 | €143,564 | €25,508 | -€118,057 | -82.2% |
| Suppliers | 440/4 | €143,564 | €25,508 | -€118,057 | -82.2% |
| Taxes, remuneration and social security | 45 | €23,552 | €9,730 | -€13,823 | -58.7% |
| Taxes | 450/3 | €23,552 | €9,730 | -€13,823 | -58.7% |
| Accrued charges and deferred income | 492/3 | €576,597 | €655,591 | +€78,994 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €490,199 | €490,842 | +€642 | +0.1% |
| Other operating charges | 640/8 | €106,785 | €68,481 | -€38,303 | -35.9% |
| Gross operating margin | 9900 | €337,184 | €206,380 | -€130,803 | -38.8% |
| Operating profit (loss) | 9901 | -€259,800 | -€352,943 | -€93,142 | -35.9% |
| Financial charges | 65/66B | €1,072,102 | €591,065 | -€481,037 | -44.9% |
| Recurring financial charges | 65 | €1,072,102 | €591,065 | -€481,037 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,331,902 | -€944,007 | +€387,895 | +29.1% |
| Profit (loss) for the period | 9904 | -€1,331,902 | -€944,007 | +€387,895 | +29.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,331,902 | -€944,007 | +€387,895 | +29.1% |
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 11 October 2026 via checked.be.