MACDAV: 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.
MACDAV
Largest movements
- Intangible fixed assets +€57,518
new in 2025: €57,518
- Tangible fixed assets +€49,734
up €49,734 (+98.7%), from €50,384 to €100,118
of which Plant, machinery and equipment: +€47,467
- Cash -€39,615
down €39,615 (-75.1%), from €52,715 to €13,100
mainly Investment in fixed assets (net) (-€122,177) and Stocks and contracts (-€33,903)
- Stocks and contracts +€33,903
up €33,903 (+82.3%), from €41,202 to €75,105
- Receivables within one year +€20,123
up €20,123 (+178%), from €11,334 to €31,457
of which Trade receivables: +€10,298
- Trade debts +€70,170
up €70,170 (+173%), from €40,471 to €110,640
- Reserves +€40,703
up €40,703 (+53.5%), from €76,133 to €116,836
- Debts after one year +€25,000
new in 2025: €25,000
- Tax, wage and social debts -€9,593
down €9,593 (-25.4%), from €37,709 to €28,116
of which Taxes: -€6,192
- Other debts -€4,022
no longer reported in 2025 (was €4,022)
- Gross operating margin -€36,571
down €36,571 (-34.0%), from €107,658 to €71,086
- Staff costs -€10,138
down €10,138 (-100%), from €10,138 to €0
- Taxes -€7,091
down €7,091 (-42.1%), from €16,853 to €9,762
- Depreciation +€5,813
up €5,813 (+63.8%), from €9,112 to €14,925
- Financial charges +€2,699
up €2,699 (+111%), from €2,422 to €5,121
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.
Derived cash bridge
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 | €163,336 | €285,593 | +€122,258 | +74.9% |
| Fixed assets | 21/28 | €51,898 | €159,150 | +€107,252 | +207% |
| Intangible fixed assets | 21 | - | €57,518 | +€57,518 | |
| Tangible fixed assets | 22/27 | €50,384 | €100,118 | +€49,734 | +98.7% |
| Land and buildings | 22 | €36,708 | €38,983 | +€2,275 | +6.2% |
| Plant, machinery and equipment | 23 | €11,855 | €59,322 | +€47,467 | +400% |
| Furniture and vehicles | 24 | €1,820 | €1,813 | -€8 | -0.4% |
| Financial fixed assets | 28 | €1,514 | €1,514 | = | 0.0% |
| Current assets | 29/58 | €111,438 | €126,444 | +€15,006 | +13.5% |
| Amounts receivable after more than one year | 29 | €6,000 | €6,000 | = | 0.0% |
| Trade receivables | 290 | €6,000 | €6,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €41,202 | €75,105 | +€33,903 | +82.3% |
| Stocks | 30/36 | €41,202 | €75,105 | +€33,903 | +82.3% |
| Amounts receivable within one year | 40/41 | €11,334 | €31,457 | +€20,123 | +178% |
| Trade receivables | 40 | €8,053 | €18,350 | +€10,298 | +128% |
| Other amounts receivable | 41 | €3,281 | €13,107 | +€9,826 | +299% |
| Cash at bank and in hand | 54/58 | €52,715 | €13,100 | -€39,615 | -75.1% |
| Deferred charges and accrued income | 490/1 | €187 | €781 | +€595 | +318% |
| Total equity and liabilities | 10/49 | €163,336 | €285,593 | +€122,258 | +74.9% |
| Equity | 10/15 | €81,133 | €121,836 | +€40,703 | +50.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €76,133 | €116,836 | +€40,703 | +53.5% |
| Distributable reserves | 133 | €76,133 | €116,836 | +€40,703 | +53.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €82,202 | €163,757 | +€81,555 | +99.2% |
| Amounts payable after more than one year | 17 | - | €25,000 | +€25,000 | |
| Financial debts | 170/4 | - | €25,000 | +€25,000 | |
| Amounts payable within one year | 42/48 | €82,202 | €138,757 | +€56,555 | +68.8% |
| Trade debts | 44 | €40,471 | €110,640 | +€70,170 | +173% |
| Suppliers | 440/4 | €40,471 | €110,640 | +€70,170 | +173% |
| Taxes, remuneration and social security | 45 | €37,709 | €28,116 | -€9,593 | -25.4% |
| Taxes | 450/3 | €34,308 | €28,116 | -€6,192 | -18.0% |
| Remuneration and social security | 454/9 | €3,401 | €0 | -€3,401 | -100% |
| Other amounts payable | 47/48 | €4,022 | - | -€4,022 | |
| Remuneration, social security and pensions | 62 | €10,138 | €0 | -€10,138 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,112 | €14,925 | +€5,813 | +63.8% |
| Other operating charges | 640/8 | - | €1,277 | +€1,277 | |
| Gross operating margin | 9900 | €107,658 | €71,086 | -€36,571 | -34.0% |
| Operating profit (loss) | 9901 | €88,408 | €54,885 | -€33,523 | -37.9% |
| Financial income | 75/76B | €121 | €701 | +€580 | +479% |
| Recurring financial income | 75 | €121 | €701 | +€580 | +479% |
| Financial charges | 65/66B | €2,422 | €5,121 | +€2,699 | +111% |
| Recurring financial charges | 65 | €2,422 | €5,121 | +€2,699 | +111% |
| Profit (loss) for the period before taxes | 9903 | €86,106 | €50,465 | -€35,642 | -41.4% |
| Income taxes | 67/77 | €16,853 | €9,762 | -€7,091 | -42.1% |
| Profit (loss) for the period | 9904 | €69,254 | €40,703 | -€28,551 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €69,254 | €40,703 | -€28,551 | -41.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.