MACHADOS: 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.
MACHADOS
Largest movements
- Receivables within one year -€98,866
down €98,866 (-41.1%), from €240,539 to €141,672
of which Trade receivables: -€97,118
- Cash +€14,407
up €14,407 (+2.7%), from €538,428 to €552,835
mainly Net result for the year (+€167,300) and Receivables within one year (+€98,866)
- Other debts -€144,231
down €144,231 (-46.1%), from €312,633 to €168,401
- Trade debts +€50,013
up €50,013 (+139%), from €35,970 to €85,983
- Reserves +€42,290
up €42,290 (+6.7%), from €632,750 to €675,040
- Short-term financial debts +€41,221
new in 2025: €41,221
- Current portion of long-term debt -€40,833
no longer reported in 2025 (was €40,833)
- Gross operating margin +€216,549
up €216,549 (+70.2%), from €308,620 to €525,169
- Taxes +€56,908
up €56,908 (+341%), from €16,692 to €73,601
- Other operating charges +€22,659
up €22,659 (+124%), from €18,274 to €40,933
- Staff costs +€5,791
up €5,791 (+2.8%), from €205,926 to €211,717
- Depreciation +€5,447
up €5,447 (+22.5%), from €24,203 to €29,650
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 | €1,439,628 | €1,362,507 | -€77,120 | -5.4% |
| Fixed assets | 21/28 | €647,632 | €652,721 | +€5,089 | +0.8% |
| Tangible fixed assets | 22/27 | €647,382 | €652,471 | +€5,089 | +0.8% |
| Land and buildings | 22 | €598,717 | €589,388 | -€9,329 | -1.6% |
| Plant, machinery and equipment | 23 | €6,508 | €8,370 | +€1,862 | +28.6% |
| Furniture and vehicles | 24 | €42,157 | €54,713 | +€12,556 | +29.8% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €791,996 | €709,786 | -€82,209 | -10.4% |
| Amounts receivable within one year | 40/41 | €240,539 | €141,672 | -€98,866 | -41.1% |
| Trade receivables | 40 | €184,520 | €87,402 | -€97,118 | -52.6% |
| Other amounts receivable | 41 | €56,019 | €54,270 | -€1,749 | -3.1% |
| Cash at bank and in hand | 54/58 | €538,428 | €552,835 | +€14,407 | +2.7% |
| Deferred charges and accrued income | 490/1 | €13,029 | €15,279 | +€2,250 | +17.3% |
| Total equity and liabilities | 10/49 | €1,439,628 | €1,362,507 | -€77,120 | -5.4% |
| Equity | 10/15 | €1,007,954 | €1,050,254 | +€42,300 | +4.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €632,750 | €675,040 | +€42,290 | +6.7% |
| Distributable reserves | 133 | €632,750 | €675,040 | +€42,290 | +6.7% |
| Profit (loss) carried forward | 14 | €335,003 | €335,012 | +€10 | 0.0% |
| Investment grants | 15 | €34,001 | €34,001 | = | 0.0% |
| Amounts payable | 17/49 | €431,674 | €312,254 | -€119,420 | -27.7% |
| Amounts payable within one year | 42/48 | €422,522 | €311,603 | -€110,919 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €40,833 | - | -€40,833 | |
| Financial debts | 43 | - | €41,221 | +€41,221 | |
| Credit institutions | 430/8 | - | €41,221 | +€41,221 | |
| Trade debts | 44 | €35,970 | €85,983 | +€50,013 | +139% |
| Suppliers | 440/4 | €35,970 | €85,983 | +€50,013 | +139% |
| Taxes, remuneration and social security | 45 | €33,086 | €15,998 | -€17,089 | -51.6% |
| Taxes | 450/3 | €17,721 | €6,787 | -€10,934 | -61.7% |
| Remuneration and social security | 454/9 | €15,366 | €9,211 | -€6,155 | -40.1% |
| Other amounts payable | 47/48 | €312,633 | €168,401 | -€144,231 | -46.1% |
| Accrued charges and deferred income | 492/3 | €9,151 | €651 | -€8,501 | -92.9% |
| Non-recurring operating income | 76A | €826 | €1,240 | +€413 | +50.0% |
| Remuneration, social security and pensions | 62 | €205,926 | €211,717 | +€5,791 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,203 | €29,650 | +€5,447 | +22.5% |
| Other operating charges | 640/8 | €18,274 | €40,933 | +€22,659 | +124% |
| Gross operating margin | 9900 | €308,620 | €525,169 | +€216,549 | +70.2% |
| Operating profit (loss) | 9901 | €60,217 | €242,869 | +€182,652 | +303% |
| Financial income | 75/76B | €673 | €669 | -€3 | -0.5% |
| Recurring financial income | 75 | €673 | €669 | -€3 | -0.5% |
| Financial charges | 65/66B | €2,451 | €2,638 | +€187 | +7.6% |
| Recurring financial charges | 65 | €2,451 | €2,638 | +€187 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €58,439 | €240,901 | +€182,461 | +312% |
| Income taxes | 67/77 | €16,692 | €73,601 | +€56,908 | +341% |
| Profit (loss) for the period | 9904 | €41,747 | €167,300 | +€125,553 | +301% |
| Profit (loss) for the period to be appropriated | 9905 | €41,747 | €167,300 | +€125,553 | +301% |
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 14 October 2026 via checked.be.