MACHIAVELLI: 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.
MACHIAVELLI
Largest movements
- Tangible fixed assets -€19,461
down €19,461 (-21.1%), from €92,342 to €72,881
of which Furniture and vehicles: -€19,367
- Deferred charges and accrued income +€4,308
up €4,308 (+49.4%), from €8,713 to €13,021
- Debts after one year -€11,300
down €11,300 (-38.6%), from €29,273 to €17,973
- Profit (loss) carried forward -€6,740
new in 2025: -€6,740
- Trade debts +€6,635
up €6,635 (+126%), from €5,262 to €11,897
- Tax, wage and social debts -€2,121
down €2,121 (-14.4%), from €14,763 to €12,642
of which Taxes: -€2,039
- Gross operating margin -€10,999
down €10,999 (-10.1%), from €108,945 to €97,945
- Staff costs +€4,956
up €4,956 (+9.5%), from €52,375 to €57,331
- Taxes -€4,442
down €4,442 (-73.7%), from €6,024 to €1,582
- Financial charges +€2,678
up €2,678 (+66.5%), from €4,026 to €6,704
- Other operating charges -€2,166
down €2,166 (-19.6%), from €11,076 to €8,910
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 | €144,435 | €129,364 | -€15,071 | -10.4% |
| Fixed assets | 21/28 | €99,730 | €80,269 | -€19,461 | -19.5% |
| Tangible fixed assets | 22/27 | €92,342 | €72,881 | -€19,461 | -21.1% |
| Land and buildings | 22 | €24,617 | €20,753 | -€3,864 | -15.7% |
| Plant, machinery and equipment | 23 | €6,207 | €9,977 | +€3,770 | +60.7% |
| Furniture and vehicles | 24 | €61,518 | €42,151 | -€19,367 | -31.5% |
| Financial fixed assets | 28 | €7,388 | €7,388 | = | 0.0% |
| Current assets | 29/58 | €44,705 | €49,095 | +€4,390 | +9.8% |
| Stocks and contracts in progress | 3 | €5,410 | €6,096 | +€686 | +12.7% |
| Stocks | 30/36 | €5,410 | €6,096 | +€686 | +12.7% |
| Amounts receivable within one year | 40/41 | €385 | - | -€385 | |
| Trade receivables | 40 | €354 | - | -€354 | |
| Other amounts receivable | 41 | €31 | - | -€31 | |
| Cash at bank and in hand | 54/58 | €30,197 | €29,978 | -€219 | -0.7% |
| Deferred charges and accrued income | 490/1 | €8,713 | €13,021 | +€4,308 | +49.4% |
| Total equity and liabilities | 10/49 | €144,435 | €129,364 | -€15,071 | -10.4% |
| Equity | 10/15 | €68,076 | €60,884 | -€7,192 | -10.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €49,484 | €49,032 | -€452 | -0.9% |
| Distributable reserves | 133 | €49,484 | €49,032 | -€452 | -0.9% |
| Profit (loss) carried forward | 14 | - | -€6,740 | -€6,740 | |
| Amounts payable | 17/49 | €76,359 | €68,481 | -€7,879 | -10.3% |
| Amounts payable after more than one year | 17 | €29,273 | €17,973 | -€11,300 | -38.6% |
| Financial debts | 170/4 | €29,273 | €17,973 | -€11,300 | -38.6% |
| Amounts payable within one year | 42/48 | €46,080 | €50,264 | +€4,184 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €12,033 | €11,300 | -€733 | -6.1% |
| Trade debts | 44 | €5,262 | €11,897 | +€6,635 | +126% |
| Suppliers | 440/4 | €5,262 | €11,897 | +€6,635 | +126% |
| Taxes, remuneration and social security | 45 | €14,763 | €12,642 | -€2,121 | -14.4% |
| Taxes | 450/3 | €5,631 | €3,593 | -€2,039 | -36.2% |
| Remuneration and social security | 454/9 | €9,131 | €9,049 | -€82 | -0.9% |
| Other amounts payable | 47/48 | €14,023 | €14,425 | +€402 | +2.9% |
| Accrued charges and deferred income | 492/3 | €1,006 | €244 | -€762 | -75.7% |
| Remuneration, social security and pensions | 62 | €52,375 | €57,331 | +€4,956 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,379 | €30,730 | -€649 | -2.1% |
| Other operating charges | 640/8 | €11,076 | €8,910 | -€2,166 | -19.6% |
| Gross operating margin | 9900 | €108,945 | €97,945 | -€10,999 | -10.1% |
| Operating profit (loss) | 9901 | €14,115 | €974 | -€13,141 | -93.1% |
| Financial income | 75/76B | €87 | €120 | +€32 | +36.8% |
| Recurring financial income | 75 | €87 | €120 | +€32 | +36.8% |
| Financial charges | 65/66B | €4,026 | €6,704 | +€2,678 | +66.5% |
| Recurring financial charges | 65 | €4,026 | €6,704 | +€2,678 | +66.5% |
| Profit (loss) for the period before taxes | 9903 | €10,177 | -€5,610 | -€15,786 | |
| Income taxes | 67/77 | €6,024 | €1,582 | -€4,442 | -73.7% |
| Profit (loss) for the period | 9904 | €4,152 | -€7,192 | -€11,344 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,152 | -€7,192 | -€11,344 |
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.