Macides: 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.
Macides
Largest movements
- Receivables within one year +€1.8m
up €1.8m (+106%), from €1.7m to €3.5m
of which Other amounts receivable: +€1.8m
- Financial fixed assets -€700,000
no longer reported in 2025 (was €700,000)
- Cash +€275,402
up €275,402 (+247%), from €111,486 to €386,887
mainly Net result for the year (+€1.5m) and Investment in fixed assets (net) (+€700,000)
- Tangible fixed assets -€95,082
down €95,082 (-9.8%), from €973,178 to €878,097
of which Furniture and vehicles: -€61,106
- Deferred charges and accrued income +€84,417
up €84,417 (+72.1%), from €117,055 to €201,472
- Reserves +€1.4m
up €1.4m (+42.0%), from €3.3m to €4.7m
of which Distributable reserves: +€972,466
- Tax, wage and social debts +€64,263
up €64,263 (+43.0%), from €149,618 to €213,881
- Debts after one year -€55,632
down €55,632 (-77.9%), from €71,429 to €15,797
- Financial income +€1.1m
up €1.1m (+1,773%), from €61,475 to €1.2m
of which Financial income: +€1.1m
- Gross operating margin -€812,151
down €812,151 (-53.3%), from €1.5m to €712,858
- Taxes -€207,392
down €207,392 (-45.9%), from €452,200 to €244,808
- Depreciation +€31,081
up €31,081 (+48.6%), from €64,001 to €95,082
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 | €3,628,229 | €5,015,508 | +€1.4m | +38.2% |
| Fixed assets | 21/28 | €1,673,178 | €878,097 | -€795,082 | -47.5% |
| Tangible fixed assets | 22/27 | €973,178 | €878,097 | -€95,082 | -9.8% |
| Land and buildings | 22 | €639,938 | €608,507 | -€31,432 | -4.9% |
| Plant, machinery and equipment | 23 | €21,906 | €19,362 | -€2,544 | -11.6% |
| Furniture and vehicles | 24 | €289,038 | €227,932 | -€61,106 | -21.1% |
| Other tangible fixed assets | 26 | €22,296 | €22,296 | = | 0.0% |
| Financial fixed assets | 28 | €700,000 | - | -€700,000 | |
| Current assets | 29/58 | €1,955,051 | €4,137,411 | +€2.2m | +112% |
| Amounts receivable within one year | 40/41 | €1,726,511 | €3,549,052 | +€1.8m | +106% |
| Trade receivables | 40 | €3,424 | €261 | -€3,163 | -92.4% |
| Other amounts receivable | 41 | €1,723,086 | €3,548,791 | +€1.8m | +106% |
| Cash at bank and in hand | 54/58 | €111,486 | €386,887 | +€275,402 | +247% |
| Deferred charges and accrued income | 490/1 | €117,055 | €201,472 | +€84,417 | +72.1% |
| Total equity and liabilities | 10/49 | €3,628,229 | €5,015,508 | +€1.4m | +38.2% |
| Equity | 10/15 | €3,321,018 | €4,707,814 | +€1.4m | +41.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,302,418 | €4,689,214 | +€1.4m | +42.0% |
| Tax-exempt reserves | 132 | €1,036,060 | €1,450,390 | +€414,330 | +40.0% |
| Distributable reserves | 133 | €2,266,358 | €3,238,824 | +€972,466 | +42.9% |
| Provisions and deferred taxes | 16 | €11,540 | €9,317 | -€2,223 | -19.3% |
| Deferred taxes | 168 | €11,540 | €9,317 | -€2,223 | -19.3% |
| Amounts payable | 17/49 | €295,671 | €298,377 | +€2,706 | +0.9% |
| Amounts payable after more than one year | 17 | €71,429 | €15,797 | -€55,632 | -77.9% |
| Financial debts | 170/4 | €71,429 | €15,797 | -€55,632 | -77.9% |
| Amounts payable within one year | 42/48 | €224,242 | €282,580 | +€58,338 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €67,094 | €55,632 | -€11,462 | -17.1% |
| Trade debts | 44 | €1,375 | €6,561 | +€5,187 | +377% |
| Suppliers | 440/4 | €1,375 | €6,561 | +€5,187 | +377% |
| Taxes, remuneration and social security | 45 | €149,618 | €213,881 | +€64,263 | +43.0% |
| Taxes | 450/3 | €149,618 | €213,881 | +€64,263 | +43.0% |
| Other amounts payable | 47/48 | €6,155 | €6,505 | +€350 | +5.7% |
| Non-recurring operating income | 76A | €28,929 | - | -€28,929 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,001 | €95,082 | +€31,081 | +48.6% |
| Other operating charges | 640/8 | €5,183 | €8,181 | +€2,998 | +57.8% |
| Gross operating margin | 9900 | €1,525,009 | €712,858 | -€812,151 | -53.3% |
| Operating profit (loss) | 9901 | €1,455,825 | €609,595 | -€846,229 | -58.1% |
| Financial income | 75/76B | €61,475 | €1,151,377 | +€1.1m | +1,773% |
| Recurring financial income | 75 | €2,867 | €1,151,377 | +€1.1m | +40,059% |
| Non-recurring financial income | 76B | €58,608 | - | -€58,608 | |
| Financial charges | 65/66B | €11,997 | €3,781 | -€8,216 | -68.5% |
| Recurring financial charges | 65 | €11,997 | €3,781 | -€8,216 | -68.5% |
| Profit (loss) for the period before taxes | 9903 | €1,505,303 | €1,757,191 | +€251,888 | +16.7% |
| Transfer from deferred taxes | 780 | €988 | €2,223 | +€1,235 | +125% |
| Transfer to deferred taxes | 680 | €12,529 | - | -€12,529 | |
| Income taxes | 67/77 | €452,200 | €244,808 | -€207,392 | -45.9% |
| Profit (loss) for the period | 9904 | €1,041,563 | €1,514,606 | +€473,043 | +45.4% |
| Transfer from tax-exempt reserves | 789 | €2,965 | €6,670 | +€3,704 | +125% |
| Transfer to tax-exempt reserves | 689 | €1,037,583 | €421,000 | -€616,583 | -59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,945 | €1,100,276 | +€1.1m | +15,742% |
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 15 October 2026 via checked.be.