MACHDO: 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.
MACHDO
Largest movements
- Tangible fixed assets -€128,763
down €128,763 (-15.1%), from €851,608 to €722,845
- Cash +€43,975
up €43,975 (+41.0%), from €107,149 to €151,124
mainly Depreciation (+€141,859) and Tax, wage and social debts (+€51,373)
- Debts after one year -€165,680
down €165,680 (-49.8%), from €332,840 to €167,161
- Tax, wage and social debts +€51,373
up €51,373 (+40.1%), from €127,953 to €179,326
of which Remuneration and social security: +€33,974
- Trade debts +€34,680
up €34,680 (+14.1%), from €246,134 to €280,814
- Staff costs +€79,827
up €79,827 (+7.4%), from €1.1m to €1.2m
- Gross operating margin +€51,814
up €51,814 (+3.9%), from €1.3m to €1.4m
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 | €1,550,870 | €1,474,653 | -€76,218 | -4.9% |
| Fixed assets | 21/28 | €852,798 | €724,035 | -€128,763 | -15.1% |
| Tangible fixed assets | 22/27 | €851,608 | €722,845 | -€128,763 | -15.1% |
| Plant, machinery and equipment | 23 | €851,608 | €722,845 | -€128,763 | -15.1% |
| Financial fixed assets | 28 | €1,190 | €1,190 | = | 0.0% |
| Current assets | 29/58 | €698,072 | €750,618 | +€52,546 | +7.5% |
| Stocks and contracts in progress | 3 | €22,742 | €24,733 | +€1,991 | +8.8% |
| Stocks | 30/36 | €22,742 | €24,733 | +€1,991 | +8.8% |
| Amounts receivable within one year | 40/41 | €501,539 | €494,695 | -€6,844 | -1.4% |
| Trade receivables | 40 | €17,825 | €10,746 | -€7,079 | -39.7% |
| Other amounts receivable | 41 | €483,714 | €483,949 | +€235 | 0.0% |
| Current investments | 50/53 | €50,796 | €50,973 | +€176 | +0.3% |
| Cash at bank and in hand | 54/58 | €107,149 | €151,124 | +€43,975 | +41.0% |
| Deferred charges and accrued income | 490/1 | €15,846 | €29,094 | +€13,248 | +83.6% |
| Total equity and liabilities | 10/49 | €1,550,870 | €1,474,653 | -€76,218 | -4.9% |
| Equity | 10/15 | €622,684 | €627,150 | +€4,466 | +0.7% |
| Contributions | 10/11 | €365,000 | €365,000 | = | 0.0% |
| Reserves | 13 | €257,684 | €262,150 | +€4,466 | +1.7% |
| Distributable reserves | 133 | €257,684 | €262,150 | +€4,466 | +1.7% |
| Amounts payable | 17/49 | €928,186 | €847,503 | -€80,684 | -8.7% |
| Amounts payable after more than one year | 17 | €332,840 | €167,161 | -€165,680 | -49.8% |
| Financial debts | 170/4 | €332,840 | €167,161 | -€165,680 | -49.8% |
| Amounts payable within one year | 42/48 | €578,510 | €666,303 | +€87,792 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €164,212 | €165,680 | +€1,467 | +0.9% |
| Trade debts | 44 | €246,134 | €280,814 | +€34,680 | +14.1% |
| Suppliers | 440/4 | €246,134 | €280,814 | +€34,680 | +14.1% |
| Taxes, remuneration and social security | 45 | €127,953 | €179,326 | +€51,373 | +40.1% |
| Taxes | 450/3 | - | €17,399 | +€17,399 | |
| Remuneration and social security | 454/9 | €127,953 | €161,927 | +€33,974 | +26.6% |
| Other amounts payable | 47/48 | €40,211 | €40,482 | +€272 | +0.7% |
| Accrued charges and deferred income | 492/3 | €16,836 | €14,040 | -€2,796 | -16.6% |
| Remuneration, social security and pensions | 62 | €1,082,436 | €1,162,263 | +€79,827 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,906 | €141,859 | +€1,953 | +1.4% |
| Other operating charges | 640/8 | €11,532 | €4,634 | -€6,898 | -59.8% |
| Gross operating margin | 9900 | €1,340,019 | €1,391,833 | +€51,814 | +3.9% |
| Operating profit (loss) | 9901 | €106,146 | €83,077 | -€23,068 | -21.7% |
| Financial income | 75/76B | €7,333 | €2,351 | -€4,981 | -67.9% |
| Recurring financial income | 75 | €7,333 | €2,351 | -€4,981 | -67.9% |
| Financial charges | 65/66B | €19,082 | €19,935 | +€854 | +4.5% |
| Recurring financial charges | 65 | €19,082 | €19,935 | +€854 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €94,397 | €65,493 | -€28,904 | -30.6% |
| Income taxes | 67/77 | €9,027 | €21,027 | +€12,000 | +132.9% |
| Profit (loss) for the period | 9904 | €85,369 | €44,466 | -€40,903 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €85,369 | €44,466 | -€40,903 | -47.9% |
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.