MACK: what changed
Two fiscal 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.
MACK
Largest movements
- Intangible fixed assets +€1.2m
up €1.2m (+1398.5%), from €84,738 to €1.3m
- Tangible fixed assets +€953,133
up €953,133 (+147.3%), from €647,013 to €1.6m
of which Land and buildings: +€773,975
- Cash +€102,612
up €102,612 (+74.7%), from €137,286 to €239,899
mainly Debts after one year (+€1.9m) and Depreciation (+€345,324)
- Receivables within one year +€84,113
up €84,113 (+362.7%), from €23,193 to €107,305
of which Other amounts receivable: +€48,273
- Debts after one year +€1.9m
up €1.9m (+443.2%), from €426,321 to €2.3m
- Current portion of long-term debt +€223,305
up €223,305 (+253.5%), from €88,103 to €311,408
- Tax, wage and social debts +€167,952
up €167,952 (+245.0%), from €68,548 to €236,500
of which Remuneration and social security: +€108,894
- Advances received +€47,879
new in 2025: €47,879
- Gross operating margin +€1.4m
up €1.4m (+377.9%), from €376,802 to €1.8m
- Staff costs +€918,034
up €918,034 (+614.0%), from €149,523 to €1.1m
- Depreciation +€266,379
up €266,379 (+337.4%), from €78,945 to €345,324
- Other operating charges +€86,172
up €86,172 (+1157.9%), from €7,442 to €93,614
- Financial charges +€75,956
up €75,956 (+385.9%), from €19,685 to €95,641
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 | €892,230 | €3,241,757 | +€2.3m | +263.3% |
| Fixed assets | 21/28 | €731,751 | €2,869,939 | +€2.1m | +292.2% |
| Intangible fixed assets | 21 | €84,738 | €1,269,793 | +€1.2m | +1398.5% |
| Tangible fixed assets | 22/27 | €647,013 | €1,600,147 | +€953,133 | +147.3% |
| Land and buildings | 22 | €420,967 | €1,194,942 | +€773,975 | +183.9% |
| Plant, machinery and equipment | 23 | €10,984 | €152,240 | +€141,257 | +1286.1% |
| Furniture and vehicles | 24 | €215,063 | €252,964 | +€37,901 | +17.6% |
| Current assets | 29/58 | €160,479 | €371,817 | +€211,338 | +131.7% |
| Stocks and contracts in progress | 3 | - | €24,613 | +€24,613 | |
| Stocks | 30/36 | - | €24,613 | +€24,613 | |
| Amounts receivable within one year | 40/41 | €23,193 | €107,305 | +€84,113 | +362.7% |
| Trade receivables | 40 | €17,038 | €52,877 | +€35,839 | +210.4% |
| Other amounts receivable | 41 | €6,155 | €54,428 | +€48,273 | +784.3% |
| Cash at bank and in hand | 54/58 | €137,286 | €239,899 | +€102,612 | +74.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €892,230 | €3,241,757 | +€2.3m | +263.3% |
| Equity | 10/15 | €267,855 | €271,302 | +€3,446 | +1.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €237,855 | €241,302 | +€3,446 | +1.4% |
| Distributable reserves | 133 | €237,855 | €241,302 | +€3,446 | +1.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €624,375 | €2,970,455 | +€2.3m | +375.7% |
| Amounts payable after more than one year | 17 | €426,321 | €2,315,927 | +€1.9m | +443.2% |
| Financial debts | 170/4 | €426,321 | €2,315,927 | +€1.9m | +443.2% |
| Amounts payable within one year | 42/48 | €198,054 | €654,528 | +€456,474 | +230.5% |
| Current portion of amounts payable after more than one year | 42 | €88,103 | €311,408 | +€223,305 | +253.5% |
| Trade debts | 44 | €4,412 | €28,273 | +€23,861 | +540.8% |
| Suppliers | 440/4 | €4,412 | €28,273 | +€23,861 | +540.8% |
| Advances received on contracts in progress | 46 | - | €47,879 | +€47,879 | |
| Taxes, remuneration and social security | 45 | €68,548 | €236,500 | +€167,952 | +245.0% |
| Taxes | 450/3 | €29,205 | €88,264 | +€59,058 | +202.2% |
| Remuneration and social security | 454/9 | €39,342 | €148,236 | +€108,894 | +276.8% |
| Other amounts payable | 47/48 | €36,991 | €30,469 | -€6,523 | -17.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €36,352 | €0 | -€36,352 | -100.0% |
| Remuneration, social security and pensions | 62 | €149,523 | €1,067,557 | +€918,034 | +614.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,945 | €345,324 | +€266,379 | +337.4% |
| Other operating charges | 640/8 | €7,442 | €93,614 | +€86,172 | +1157.9% |
| Gross operating margin | 9900 | €376,802 | €1,800,571 | +€1.4m | +377.9% |
| Operating profit (loss) | 9901 | €140,892 | €294,077 | +€153,185 | +108.7% |
| Financial income | 75/76B | €6 | €1,303 | +€1,297 | +20715.7% |
| Recurring financial income | 75 | €6 | €1,303 | +€1,297 | +20715.7% |
| Financial charges | 65/66B | €19,685 | €95,641 | +€75,956 | +385.9% |
| Recurring financial charges | 65 | €19,685 | €95,641 | +€75,956 | +385.9% |
| Profit (loss) for the period before taxes | 9903 | €121,214 | €199,739 | +€78,525 | +64.8% |
| Income taxes | 67/77 | €23,727 | €69,006 | +€45,279 | +190.8% |
| Profit (loss) for the period | 9904 | €97,486 | €130,733 | +€33,246 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €97,486 | €130,733 | +€33,246 | +34.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.