MaCfin: 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.
MaCfin
Largest movements
- Cash -€23,757
down €23,757 (-16.8%), from €141,381 to €117,624
mainly Other debts (-€449,271) and Receivables within one year (-€23,170)
- Receivables within one year +€23,170
up €23,170 (+632%), from €3,666 to €26,836
of which Other amounts receivable: +€22,512
- Debts after one year +€461,615
up €461,615 (+149%), from €309,597 to €771,212
- Other debts -€449,271
no longer reported in 2025 (was €449,271)
- Profit (loss) carried forward -€20,736
down €20,736 (-40.7%), from -€50,915 to -€71,650
- Financial charges +€2,534
up €2,534 (+23.6%), from €10,715 to €13,249
of which Non-recurring financial charges: +€3,200
- Gross operating margin -€982
down €982 (-12.6%), from €7,788 to €6,806
- Depreciation -€838
down €838 (-6.2%), from €13,504 to €12,666
- Other operating charges +€252
up €252 (+18.3%), from €1,377 to €1,629
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 | €758,748 | €753,354 | -€5,394 | -0.7% |
| Fixed assets | 21/28 | €613,014 | €608,272 | -€4,742 | -0.8% |
| Tangible fixed assets | 22/27 | €182,064 | €176,322 | -€5,742 | -3.2% |
| Land and buildings | 22 | €164,695 | €163,991 | -€704 | -0.4% |
| Plant, machinery and equipment | 23 | €2,005 | €1,366 | -€639 | -31.9% |
| Furniture and vehicles | 24 | €12,624 | €9,139 | -€3,485 | -27.6% |
| Other tangible fixed assets | 26 | €2,740 | €1,827 | -€913 | -33.3% |
| Financial fixed assets | 28 | €430,950 | €431,950 | +€1,000 | +0.2% |
| Current assets | 29/58 | €145,734 | €145,082 | -€653 | -0.4% |
| Amounts receivable within one year | 40/41 | €3,666 | €26,836 | +€23,170 | +632% |
| Trade receivables | 40 | €3,520 | €4,179 | +€659 | +18.7% |
| Other amounts receivable | 41 | €146 | €22,658 | +€22,512 | +15,408% |
| Cash at bank and in hand | 54/58 | €141,381 | €117,624 | -€23,757 | -16.8% |
| Deferred charges and accrued income | 490/1 | €688 | €622 | -€66 | -9.6% |
| Total equity and liabilities | 10/49 | €758,748 | €753,354 | -€5,394 | -0.7% |
| Equity | 10/15 | -€25,214 | -€45,949 | -€20,736 | -82.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €13,301 | €13,301 | = | 0.0% |
| Distributable reserves | 133 | €13,301 | €13,301 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,915 | -€71,650 | -€20,736 | -40.7% |
| Amounts payable | 17/49 | €783,962 | €799,303 | +€15,341 | +2.0% |
| Amounts payable after more than one year | 17 | €309,597 | €771,212 | +€461,615 | +149% |
| Financial debts | 170/4 | €309,597 | €771,212 | +€461,615 | +149% |
| Amounts payable within one year | 42/48 | €474,365 | €28,091 | -€446,274 | -94.1% |
| Current portion of amounts payable after more than one year | 42 | €24,499 | €25,285 | +€785 | +3.2% |
| Trade debts | 44 | €483 | €2,806 | +€2,323 | +480% |
| Suppliers | 440/4 | €483 | €2,806 | +€2,323 | +480% |
| Taxes, remuneration and social security | 45 | €111 | - | -€111 | |
| Taxes | 450/3 | €111 | - | -€111 | |
| Other amounts payable | 47/48 | €449,271 | - | -€449,271 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,504 | €12,666 | -€838 | -6.2% |
| Other operating charges | 640/8 | €1,377 | €1,629 | +€252 | +18.3% |
| Gross operating margin | 9900 | €7,788 | €6,806 | -€982 | -12.6% |
| Operating profit (loss) | 9901 | -€7,093 | -€7,490 | -€396 | -5.6% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €10,715 | €13,249 | +€2,534 | +23.6% |
| Recurring financial charges | 65 | €10,715 | €10,049 | -€666 | -6.2% |
| Non-recurring financial charges | 66B | - | €3,200 | +€3,200 | |
| Profit (loss) for the period before taxes | 9903 | -€17,808 | -€20,736 | -€2,927 | -16.4% |
| Profit (loss) for the period | 9904 | -€17,808 | -€20,736 | -€2,927 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,808 | -€20,736 | -€2,927 | -16.4% |
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 28 October 2026 via checked.be.