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
- Receivables within one year +€31,148
up €31,148 (+594%), from €5,244 to €36,392
of which Trade receivables: +€26,241
- Cash -€17,092
down €17,092 (-48.5%), from €35,231 to €18,139
mainly Receivables within one year (-€31,148) and Debts after one year (-€20,124)
- Tangible fixed assets -€4,216
down €4,216 (-9.8%), from €43,106 to €38,890
of which Furniture and vehicles: -€4,152
- Intangible fixed assets -€3,903
down €3,903 (-33.3%), from €11,707 to €7,804
- Debts after one year -€20,124
no longer reported in 2025 (was €20,124)
- Tax, wage and social debts +€11,710
up €11,710 (+195%), from €6,001 to €17,711
- Accrued charges and deferred income +€7,716
new in 2025: €7,716
- Other debts +€6,112
up €6,112 (+111%), from €5,500 to €11,612
- Trade debts +€2,581
up €2,581 (+64.6%), from €3,993 to €6,574
- Turnover +€25,274
up €25,274 (+12.8%), from €197,069 to €222,343
- Purchases and services +€18,470
up €18,470 (+11.2%), from €164,262 to €182,732
- Staff costs +€11,637
up €11,637 (+92.6%), from €12,563 to €24,200
- Gross operating margin +€6,804
up €6,804 (+20.7%), from €32,807 to €39,611
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 | €104,004 | €109,940 | +€5,936 | +5.7% |
| Fixed assets | 21/28 | €57,516 | €49,397 | -€8,119 | -14.1% |
| Intangible fixed assets | 21 | €11,707 | €7,804 | -€3,903 | -33.3% |
| Tangible fixed assets | 22/27 | €43,106 | €38,890 | -€4,216 | -9.8% |
| Plant, machinery and equipment | 23 | €5,630 | €5,566 | -€64 | -1.1% |
| Furniture and vehicles | 24 | €37,476 | €33,324 | -€4,152 | -11.1% |
| Financial fixed assets | 28 | €2,703 | €2,703 | = | 0.0% |
| Current assets | 29/58 | €46,488 | €60,543 | +€14,055 | +30.2% |
| Stocks and contracts in progress | 3 | €6,013 | €6,012 | -€1 | 0.0% |
| Stocks | 30/36 | €6,013 | €6,012 | -€1 | 0.0% |
| Amounts receivable within one year | 40/41 | €5,244 | €36,392 | +€31,148 | +594% |
| Trade receivables | 40 | €5,244 | €31,485 | +€26,241 | +500% |
| Other amounts receivable | 41 | - | €4,907 | +€4,907 | |
| Cash at bank and in hand | 54/58 | €35,231 | €18,139 | -€17,092 | -48.5% |
| Total equity and liabilities | 10/49 | €104,004 | €109,940 | +€5,936 | +5.7% |
| Equity | 10/15 | €57,882 | €58,360 | +€478 | +0.8% |
| Contributions | 10/11 | €9,924 | €9,924 | = | 0.0% |
| Reserves | 13 | €39,016 | €39,016 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €37,156 | €37,156 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,942 | €9,420 | +€478 | +5.3% |
| Amounts payable | 17/49 | €46,122 | €51,580 | +€5,458 | +11.8% |
| Amounts payable after more than one year | 17 | €20,124 | - | -€20,124 | |
| Financial debts | 170/4 | €20,124 | - | -€20,124 | |
| Amounts payable within one year | 42/48 | €25,998 | €43,864 | +€17,866 | +68.7% |
| Current portion of amounts payable after more than one year | 42 | €10,504 | €7,967 | -€2,537 | -24.2% |
| Trade debts | 44 | €3,993 | €6,574 | +€2,581 | +64.6% |
| Suppliers | 440/4 | €3,993 | €6,574 | +€2,581 | +64.6% |
| Taxes, remuneration and social security | 45 | €6,001 | €17,711 | +€11,710 | +195% |
| Taxes | 450/3 | €6,001 | €17,711 | +€11,710 | +195% |
| Other amounts payable | 47/48 | €5,500 | €11,612 | +€6,112 | +111% |
| Accrued charges and deferred income | 492/3 | - | €7,716 | +€7,716 | |
| Turnover | 70 | €197,069 | €222,343 | +€25,274 | +12.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €164,262 | €182,732 | +€18,470 | +11.2% |
| Remuneration, social security and pensions | 62 | €12,563 | €24,200 | +€11,637 | +92.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,870 | €10,079 | -€791 | -7.3% |
| Other operating charges | 640/8 | €1,729 | €2,544 | +€815 | +47.1% |
| Gross operating margin | 9900 | €32,807 | €39,611 | +€6,804 | +20.7% |
| Operating profit (loss) | 9901 | €7,645 | €2,788 | -€4,857 | -63.5% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €1,015 | €64 | -€951 | -93.7% |
| Recurring financial charges | 65 | €1,015 | €64 | -€951 | -93.7% |
| Profit (loss) for the period before taxes | 9903 | €6,638 | €2,724 | -€3,914 | -59.0% |
| Income taxes | 67/77 | €2,862 | €2,245 | -€617 | -21.6% |
| Profit (loss) for the period | 9904 | €3,776 | €479 | -€3,297 | -87.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,776 | €479 | -€3,297 | -87.3% |
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 16 October 2026 via checked.be.