MACED: 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.
MACED
Largest movements
- Receivables within one year +€34,919
up €34,919 (+164.1%), from €21,283 to €56,202
of which Trade receivables: +€29,175
- Tangible fixed assets -€7,300
down €7,300 (-24.0%), from €30,400 to €23,100
- Cash +€1,003
up €1,003 (+79.5%), from €1,262 to €2,266
mainly Net result for the year (+€27,524) and Tax, wage and social debts (+€8,888)
- Reserves +€27,524
up €27,524 (+84.5%), from €32,583 to €60,107
- Other debts -€9,993
no longer reported in 2025 (was €9,993)
- Tax, wage and social debts +€8,888
up €8,888 (+104.2%), from €8,531 to €17,419
- Short-term financial debts +€2,250
new in 2025: €2,250
- Gross operating margin -€6,168
down €6,168 (-12.3%), from €49,996 to €43,828
- Taxes -€842
down €842 (-9.9%), from €8,531 to €7,689
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 | €53,565 | €82,828 | +€29,263 | +54.6% |
| Fixed assets | 21/28 | €30,400 | €23,100 | -€7,300 | -24.0% |
| Tangible fixed assets | 22/27 | €30,400 | €23,100 | -€7,300 | -24.0% |
| Furniture and vehicles | 24 | €30,400 | €23,100 | -€7,300 | -24.0% |
| Current assets | 29/58 | €23,165 | €59,728 | +€36,563 | +157.8% |
| Stocks and contracts in progress | 3 | €120 | €170 | +€50 | +41.7% |
| Stocks | 30/36 | €120 | €170 | +€50 | +41.7% |
| Amounts receivable within one year | 40/41 | €21,283 | €56,202 | +€34,919 | +164.1% |
| Trade receivables | 40 | €21,000 | €50,175 | +€29,175 | +138.9% |
| Other amounts receivable | 41 | €283 | €6,027 | +€5,744 | +2029.6% |
| Cash at bank and in hand | 54/58 | €1,262 | €2,266 | +€1,003 | +79.5% |
| Deferred charges and accrued income | 490/1 | €500 | €1,090 | +€590 | +118.0% |
| Total equity and liabilities | 10/49 | €53,565 | €82,828 | +€29,263 | +54.6% |
| Equity | 10/15 | €34,583 | €62,107 | +€27,524 | +79.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €32,583 | €60,107 | +€27,524 | +84.5% |
| Distributable reserves | 133 | €32,583 | €60,107 | +€27,524 | +84.5% |
| Amounts payable | 17/49 | €18,982 | €20,721 | +€1,739 | +9.2% |
| Amounts payable within one year | 42/48 | €18,982 | €20,721 | +€1,739 | +9.2% |
| Financial debts | 43 | - | €2,250 | +€2,250 | |
| Credit institutions | 430/8 | - | €2,250 | +€2,250 | |
| Trade debts | 44 | €458 | €1,052 | +€594 | +129.6% |
| Suppliers | 440/4 | €458 | €1,052 | +€594 | +129.6% |
| Taxes, remuneration and social security | 45 | €8,531 | €17,419 | +€8,888 | +104.2% |
| Taxes | 450/3 | €8,531 | €17,419 | +€8,888 | +104.2% |
| Other amounts payable | 47/48 | €9,993 | - | -€9,993 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,516 | €7,300 | -€216 | -2.9% |
| Other operating charges | 640/8 | €1,238 | €1,258 | +€21 | +1.7% |
| Gross operating margin | 9900 | €49,996 | €43,828 | -€6,168 | -12.3% |
| Operating profit (loss) | 9901 | €41,242 | €35,270 | -€5,973 | -14.5% |
| Financial income | 75/76B | €359 | €217 | -€143 | -39.7% |
| Recurring financial income | 75 | €359 | €217 | -€143 | -39.7% |
| Financial charges | 65/66B | €487 | €274 | -€214 | -43.9% |
| Recurring financial charges | 65 | €241 | €27 | -€215 | -89.0% |
| Non-recurring financial charges | 66B | €246 | €247 | +€1 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €41,114 | €35,213 | -€5,901 | -14.4% |
| Income taxes | 67/77 | €8,531 | €7,689 | -€842 | -9.9% |
| Profit (loss) for the period | 9904 | €32,583 | €27,524 | -€5,060 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,583 | €27,524 | -€5,060 | -15.5% |
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 2 October 2026 via checked.be.