MACERETHI: 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.
MACERETHI
Largest movements
- Cash +€20,004
up €20,004 (+57.3%), from €34,890 to €54,895
mainly Short-term financial debts (+€38,125) and Depreciation (+€18,338)
- Tangible fixed assets -€17,077
down €17,077 (-22.8%), from €74,812 to €57,736
of which Land and buildings: -€9,464
- Receivables within one year -€7,784
down €7,784 (-14.7%), from €52,844 to €45,059
of which Trade receivables: -€17,784
- Profit (loss) carried forward -€38,925
down €38,925 (-35.0%), from €111,292 to €72,367
- Short-term financial debts +€38,125
up €38,125 (+38.5%), from €98,899 to €137,024
of which Credit institutions: +€37,705
- Debts after one year -€8,333
down €8,333 (-40.0%), from €20,833 to €12,499
- Current portion of long-term debt -€6,398
down €6,398 (-43.4%), from €14,731 to €8,333
- Tax, wage and social debts +€5,262
up €5,262 (+23.1%), from €22,760 to €28,021
of which Remuneration and social security: +€2,951
- Gross operating margin -€42,558
down €42,558 (-29.1%), from €146,121 to €103,563
- Write-downs -€8,845
down €8,845, from €4,041 to -€4,805
- Staff costs +€6,831
up €6,831 (+6.1%), from €112,369 to €119,199
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 | €310,642 | €302,148 | -€8,494 | -2.7% |
| Fixed assets | 21/28 | €74,812 | €57,736 | -€17,077 | -22.8% |
| Tangible fixed assets | 22/27 | €74,812 | €57,736 | -€17,077 | -22.8% |
| Land and buildings | 22 | €58,869 | €49,405 | -€9,464 | -16.1% |
| Plant, machinery and equipment | 23 | €418 | €279 | -€139 | -33.3% |
| Furniture and vehicles | 24 | €15,525 | €8,052 | -€7,473 | -48.1% |
| Current assets | 29/58 | €235,830 | €244,413 | +€8,583 | +3.6% |
| Stocks and contracts in progress | 3 | €144,147 | €143,149 | -€998 | -0.7% |
| Stocks | 30/36 | €144,147 | €143,149 | -€998 | -0.7% |
| Amounts receivable within one year | 40/41 | €52,844 | €45,059 | -€7,784 | -14.7% |
| Trade receivables | 40 | €52,340 | €34,555 | -€17,784 | -34.0% |
| Other amounts receivable | 41 | €504 | €10,504 | +€10,000 | +1984.0% |
| Cash at bank and in hand | 54/58 | €34,890 | €54,895 | +€20,004 | +57.3% |
| Deferred charges and accrued income | 490/1 | €3,949 | €1,309 | -€2,639 | -66.8% |
| Total equity and liabilities | 10/49 | €310,642 | €302,148 | -€8,494 | -2.7% |
| Equity | 10/15 | €130,899 | €91,973 | -€38,925 | -29.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,006 | €1,006 | = | 0.0% |
| Distributable reserves | 133 | €1,006 | €1,006 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,292 | €72,367 | -€38,925 | -35.0% |
| Amounts payable | 17/49 | €179,744 | €210,175 | +€30,431 | +16.9% |
| Amounts payable after more than one year | 17 | €20,833 | €12,499 | -€8,333 | -40.0% |
| Financial debts | 170/4 | €20,833 | €12,499 | -€8,333 | -40.0% |
| Amounts payable within one year | 42/48 | €158,361 | €197,676 | +€39,315 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €14,731 | €8,333 | -€6,398 | -43.4% |
| Financial debts | 43 | €98,899 | €137,024 | +€38,125 | +38.5% |
| Credit institutions | 430/8 | €87,705 | €125,409 | +€37,705 | +43.0% |
| Other loans | 439 | €11,195 | €11,615 | +€421 | +3.8% |
| Trade debts | 44 | €18,764 | €23,858 | +€5,094 | +27.1% |
| Suppliers | 440/4 | €18,764 | €23,858 | +€5,094 | +27.1% |
| Advances received on contracts in progress | 46 | €299 | €390 | +€91 | +30.4% |
| Taxes, remuneration and social security | 45 | €22,760 | €28,021 | +€5,262 | +23.1% |
| Taxes | 450/3 | €8,425 | €10,736 | +€2,311 | +27.4% |
| Remuneration and social security | 454/9 | €14,335 | €17,286 | +€2,951 | +20.6% |
| Other amounts payable | 47/48 | €2,908 | €49 | -€2,859 | -98.3% |
| Accrued charges and deferred income | 492/3 | €550 | €0 | -€550 | -100.0% |
| Remuneration, social security and pensions | 62 | €112,369 | €119,199 | +€6,831 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,112 | €18,338 | +€226 | +1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,041 | -€4,805 | -€8,845 | |
| Other operating charges | 640/8 | €4,039 | €4,151 | +€112 | +2.8% |
| Gross operating margin | 9900 | €146,121 | €103,563 | -€42,558 | -29.1% |
| Operating profit (loss) | 9901 | €7,561 | -€33,320 | -€40,881 | |
| Financial income | 75/76B | €1,716 | €625 | -€1,091 | -63.6% |
| Recurring financial income | 75 | €1,716 | €625 | -€1,091 | -63.6% |
| Financial charges | 65/66B | €6,873 | €5,815 | -€1,058 | -15.4% |
| Recurring financial charges | 65 | €6,873 | €5,815 | -€1,058 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €2,404 | -€38,511 | -€40,915 | |
| Income taxes | 67/77 | €496 | €415 | -€81 | -16.4% |
| Profit (loss) for the period | 9904 | €1,908 | -€38,925 | -€40,833 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,908 | -€38,925 | -€40,833 |
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 9 October 2026 via checked.be.