MACG: what changed
What changed
MACG
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€149,274
2024 · €163,351-€14,077
Equity
€302,313
2024 · €153,039+€149,274
Cash
€6,416
2024 · €11,971-€5,555
Balance sheet total
€1.4m
2024 · €1.4m+€7,149
Largest movements
Assets
- Receivables within one year +€147,653
up €147,653 (+82.0%), from €180,075 to €327,728
of which Other amounts receivable: +€148,493
- Tangible fixed assets -€135,006
down €135,006 (-11.7%), from €1.2m to €1.0m
of which Furniture and vehicles: -€135,006
Equity and liabilities
- Reserves +€149,274
up €149,274 (+98.2%), from €152,039 to €301,313
- Debts after one year -€116,246
down €116,246 (-11.0%), from €1.1m to €941,711
- Other debts -€19,237
down €19,237 (-100%), from €19,237 to €0
Income statement
- Gross operating margin +€56,080
up €56,080 (+33.9%), from €165,263 to €221,343
- Depreciation +€54,411
up €54,411 (+67.5%), from €80,595 to €135,006
- Financial charges +€17,510
up €17,510 (+52.6%), from €33,283 to €50,793
- Financial income +€4,452
up €4,452 (+2.9%), from €156,160 to €160,612
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€163,351
Gross operating margin
+€56,080
Staff costs
-€901
Depreciation
-€54,411
Other operating charges
-€1,804
Financial income
+€4,452
Financial charges
-€17,510
Taxes
+€17
Result 2025
€149,274
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€105,587
Investment
€0
Financing
-€111,142
Cash 2024
€11,971
From operations (derived)
+€105,587
Net result for the year
+€149,274
Depreciation
+€135,006
Receivables within one year
-€147,653
Smaller working-capital items
-€121
Trade debts
-€3,387
Tax, wage and social debts
-€8,296
Other debts
-€19,237
Financing
-€111,142
Debts after one year
-€116,246
Current portion of long-term debt
+€5,104
Cash 2025
€6,416
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,361,170 | €1,368,319 | +€7,149 | +0.5% |
| Fixed assets | 21/28 | €1,167,874 | €1,032,868 | -€135,006 | -11.6% |
| Tangible fixed assets | 22/27 | €1,157,512 | €1,022,506 | -€135,006 | -11.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,157,512 | €1,022,506 | -€135,006 | -11.7% |
| Financial fixed assets | 28 | €10,362 | €10,362 | = | 0.0% |
| Current assets | 29/58 | €193,296 | €335,452 | +€142,155 | +73.5% |
| Amounts receivable within one year | 40/41 | €180,075 | €327,728 | +€147,653 | +82.0% |
| Trade receivables | 40 | €6,000 | €5,160 | -€840 | -14.0% |
| Other amounts receivable | 41 | €174,075 | €322,568 | +€148,493 | +85.3% |
| Cash at bank and in hand | 54/58 | €11,971 | €6,416 | -€5,555 | -46.4% |
| Deferred charges and accrued income | 490/1 | €1,250 | €1,308 | +€58 | +4.7% |
| Total equity and liabilities | 10/49 | €1,361,170 | €1,368,319 | +€7,149 | +0.5% |
| Equity | 10/15 | €153,039 | €302,313 | +€149,274 | +97.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €152,039 | €301,313 | +€149,274 | +98.2% |
| Distributable reserves | 133 | €152,039 | €301,313 | +€149,274 | +98.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,208,131 | €1,066,006 | -€142,125 | -11.8% |
| Amounts payable after more than one year | 17 | €1,057,957 | €941,711 | -€116,246 | -11.0% |
| Financial debts | 170/4 | €1,057,957 | €941,711 | -€116,246 | -11.0% |
| Amounts payable within one year | 42/48 | €149,963 | €124,146 | -€25,817 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €113,892 | €118,996 | +€5,104 | +4.5% |
| Trade debts | 44 | €4,433 | €1,046 | -€3,387 | -76.4% |
| Suppliers | 440/4 | €4,433 | €1,046 | -€3,387 | -76.4% |
| Taxes, remuneration and social security | 45 | €12,400 | €4,105 | -€8,296 | -66.9% |
| Taxes | 450/3 | €524 | €265 | -€259 | -49.4% |
| Remuneration and social security | 454/9 | €11,876 | €3,840 | -€8,037 | -67.7% |
| Other amounts payable | 47/48 | €19,237 | €0 | -€19,237 | -100% |
| Accrued charges and deferred income | 492/3 | €212 | €149 | -€62 | -29.5% |
| Non-recurring operating income | 76A | €26 | €0 | -€26 | -100% |
| Remuneration, social security and pensions | 62 | €43,532 | €44,433 | +€901 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,595 | €135,006 | +€54,411 | +67.5% |
| Other operating charges | 640/8 | €392 | €2,196 | +€1,804 | +460% |
| Gross operating margin | 9900 | €165,263 | €221,343 | +€56,080 | +33.9% |
| Operating profit (loss) | 9901 | €40,744 | €39,708 | -€1,036 | -2.5% |
| Financial income | 75/76B | €156,160 | €160,612 | +€4,452 | +2.9% |
| Recurring financial income | 75 | €156,160 | €160,612 | +€4,452 | +2.9% |
| Financial charges | 65/66B | €33,283 | €50,793 | +€17,510 | +52.6% |
| Recurring financial charges | 65 | €33,283 | €50,793 | +€17,510 | +52.6% |
| Profit (loss) for the period before taxes | 9903 | €163,621 | €149,527 | -€14,094 | -8.6% |
| Income taxes | 67/77 | €270 | €253 | -€17 | -6.4% |
| Profit (loss) for the period | 9904 | €163,351 | €149,274 | -€14,077 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €163,351 | €149,274 | -€14,077 | -8.6% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.