MACELI: 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.
MACELI
Largest movements
- Tangible fixed assets -€35,279
down €35,279 (-17.2%), from €205,389 to €170,110
of which Plant, machinery and equipment: -€19,092
- Receivables within one year -€6,194
down €6,194 (-14.5%), from €42,800 to €36,606
of which Other amounts receivable: -€7,915
- Cash -€4,792
down €4,792 (-6.2%), from €76,897 to €72,105
mainly Debts after one year (-€38,001) and Current portion of long-term debt (-€20,951)
- Debts after one year -€38,001
no longer reported in 2025 (was €38,001)
- Reserves +€22,500
up €22,500 (+587%), from €3,830 to €26,330
of which Distributable reserves: +€22,500
- Current portion of long-term debt -€20,951
down €20,951 (-35.5%), from €58,952 to €38,001
- Trade debts -€20,242
down €20,242 (-12.4%), from €163,213 to €142,971
- Profit (loss) carried forward +€5,088
up €5,088 (+3.1%), from €165,780 to €170,868
- Gross operating margin +€63,892
up €63,892 (+15.7%), from €407,154 to €471,046
- Staff costs +€48,456
up €48,456 (+14.8%), from €327,944 to €376,400
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 | €445,279 | €396,116 | -€49,163 | -11.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €226,849 | €193,217 | -€33,632 | -14.8% |
| Tangible fixed assets | 22/27 | €205,389 | €170,110 | -€35,279 | -17.2% |
| Plant, machinery and equipment | 23 | €151,667 | €132,575 | -€19,092 | -12.6% |
| Furniture and vehicles | 24 | €53,722 | €37,535 | -€16,187 | -30.1% |
| Financial fixed assets | 28 | €21,460 | €23,107 | +€1,647 | +7.7% |
| Current assets | 29/58 | €218,430 | €202,899 | -€15,531 | -7.1% |
| Stocks and contracts in progress | 3 | €98,018 | €94,188 | -€3,830 | -3.9% |
| Stocks | 30/36 | €98,018 | €94,188 | -€3,830 | -3.9% |
| Amounts receivable within one year | 40/41 | €42,800 | €36,606 | -€6,194 | -14.5% |
| Trade receivables | 40 | €27,355 | €29,076 | +€1,721 | +6.3% |
| Other amounts receivable | 41 | €15,445 | €7,530 | -€7,915 | -51.2% |
| Cash at bank and in hand | 54/58 | €76,897 | €72,105 | -€4,792 | -6.2% |
| Deferred charges and accrued income | 490/1 | €715 | €0 | -€715 | -100% |
| Total equity and liabilities | 10/49 | €445,279 | €396,116 | -€49,163 | -11.0% |
| Equity | 10/15 | €174,610 | €202,198 | +€27,588 | +15.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €5,000 | +€5,000 | |
| Other | 1109/19 | - | €5,000 | +€5,000 | |
| Reserves | 13 | €3,830 | €26,330 | +€22,500 | +587% |
| Non-distributable reserves | 130/1 | €3,830 | €3,830 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,830 | €3,830 | = | 0.0% |
| Distributable reserves | 133 | - | €22,500 | +€22,500 | |
| Profit (loss) carried forward | 14 | €165,780 | €170,868 | +€5,088 | +3.1% |
| Amounts payable | 17/49 | €270,669 | €193,918 | -€76,751 | -28.4% |
| Amounts payable after more than one year | 17 | €38,001 | - | -€38,001 | |
| Financial debts | 170/4 | €38,001 | - | -€38,001 | |
| Amounts payable within one year | 42/48 | €232,668 | €193,918 | -€38,750 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €58,952 | €38,001 | -€20,951 | -35.5% |
| Trade debts | 44 | €163,213 | €142,971 | -€20,242 | -12.4% |
| Suppliers | 440/4 | €163,213 | €142,971 | -€20,242 | -12.4% |
| Taxes, remuneration and social security | 45 | €5,578 | €10,248 | +€4,670 | +83.7% |
| Taxes | 450/3 | €3,080 | €7,631 | +€4,551 | +148% |
| Remuneration and social security | 454/9 | €2,498 | €2,617 | +€119 | +4.8% |
| Other amounts payable | 47/48 | €4,925 | €2,698 | -€2,227 | -45.2% |
| Remuneration, social security and pensions | 62 | €327,944 | €376,400 | +€48,456 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,936 | €45,444 | -€2,492 | -5.2% |
| Other operating charges | 640/8 | €1,853 | €1,628 | -€225 | -12.1% |
| Gross operating margin | 9900 | €407,154 | €471,046 | +€63,892 | +15.7% |
| Operating profit (loss) | 9901 | €29,421 | €47,574 | +€18,153 | +61.7% |
| Financial income | 75/76B | - | €143 | +€143 | |
| Recurring financial income | 75 | - | €143 | +€143 | |
| Financial charges | 65/66B | €13,640 | €11,266 | -€2,374 | -17.4% |
| Recurring financial charges | 65 | €13,640 | €11,266 | -€2,374 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €15,781 | €36,451 | +€20,670 | +131% |
| Income taxes | 67/77 | €10,555 | €8,863 | -€1,692 | -16.0% |
| Profit (loss) for the period | 9904 | €5,226 | €27,588 | +€22,362 | +428% |
| Profit (loss) for the period to be appropriated | 9905 | €5,226 | €27,588 | +€22,362 | +428% |
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 15 October 2026 via checked.be.