MACK & MAE: 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.
What changed
MACK & MAE
NACE 69.201, Certified accountants and tax accountants
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€166,457
2024 · €135,050+€31,407
Equity
€965,316
2024 · €798,859+€166,457
Cash
€30,481
2024 · €18,412+€12,069
Balance sheet total
€1.7m
2024 · €1.6m+€83,163
Largest movements
Assets
- Current investments +€137,265
up €137,265 (+48.7%), from €282,101 to €419,365
- Tangible fixed assets -€70,816
down €70,816 (-6.0%), from €1.2m to €1.1m
of which Land and buildings: -€45,761
Equity and liabilities
- Reserves +€166,457
up €166,457 (+21.6%), from €769,300 to €935,757
of which Distributable reserves: +€174,877
- Debts after one year -€85,981
down €85,981 (-13.1%), from €656,856 to €570,875
- Other debts -€28,639
down €28,639 (-90.0%), from €31,825 to €3,187
Income statement
- Gross operating margin +€46,544
up €46,544 (+13.8%), from €336,370 to €382,914
- Taxes +€18,873
up €18,873 (+34.4%), from €54,879 to €73,752
- Depreciation -€11,104
down €11,104 (-10.6%), from €104,583 to €93,479
- Other operating charges +€5,183
up €5,183 (+403.9%), from €1,283 to €6,466
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.
Result 2024
€135,050
Gross operating margin
+€46,544
Staff costs
-€2,462
Depreciation
+€11,104
Other operating charges
-€5,183
Other operating items
+€500
Financial income
+€725
Financial charges
-€948
Taxes
-€18,873
Result 2025
€166,457
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.
From operations
+€257,498
Investment
-€159,927
Financing
-€85,502
Cash 2024
€18,412
From operations (derived)
+€257,498
Net result for the year
+€166,457
Depreciation
+€93,479
Receivables within one year
-€7,889
Deferred charges and accrued income
+€3,244
Trade debts
+€14,752
Tax, wage and social debts
+€13,163
Other debts
-€28,639
Accrued charges and deferred income
+€2,932
Investment (derived)
-€159,927
Investment in fixed assets (net)
-€22,663
Current investments
-€137,265
Financing
-€85,502
Debts after one year
-€85,981
Current portion of long-term debt
+€479
Cash 2025
€30,481
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,607,124 | €1,690,287 | +€83,163 | +5.2% |
| Fixed assets | 21/28 | €1,182,188 | €1,111,372 | -€70,816 | -6.0% |
| Tangible fixed assets | 22/27 | €1,182,188 | €1,111,372 | -€70,816 | -6.0% |
| Land and buildings | 22 | €1,063,970 | €1,018,208 | -€45,761 | -4.3% |
| Plant, machinery and equipment | 23 | €45,794 | €38,662 | -€7,131 | -15.6% |
| Furniture and vehicles | 24 | €72,425 | €54,502 | -€17,924 | -24.7% |
| Current assets | 29/58 | €424,936 | €578,915 | +€153,979 | +36.2% |
| Amounts receivable within one year | 40/41 | €119,274 | €127,164 | +€7,889 | +6.6% |
| Trade receivables | 40 | €114,329 | €126,089 | +€11,760 | +10.3% |
| Other amounts receivable | 41 | €4,945 | €1,075 | -€3,871 | -78.3% |
| Current investments | 50/53 | €282,101 | €419,365 | +€137,265 | +48.7% |
| Cash at bank and in hand | 54/58 | €18,412 | €30,481 | +€12,069 | +65.6% |
| Deferred charges and accrued income | 490/1 | €5,149 | €1,905 | -€3,244 | -63.0% |
| Total equity and liabilities | 10/49 | €1,607,124 | €1,690,287 | +€83,163 | +5.2% |
| Equity | 10/15 | €798,859 | €965,316 | +€166,457 | +20.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €769,300 | €935,757 | +€166,457 | +21.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €138,930 | €130,510 | -€8,420 | -6.1% |
| Distributable reserves | 133 | €628,370 | €803,247 | +€174,877 | +27.8% |
| Profit (loss) carried forward | 14 | €9,559 | €9,559 | = | 0.0% |
| Amounts payable | 17/49 | €808,265 | €724,972 | -€83,294 | -10.3% |
| Amounts payable after more than one year | 17 | €656,856 | €570,875 | -€85,981 | -13.1% |
| Financial debts | 170/4 | €656,856 | €570,875 | -€85,981 | -13.1% |
| Amounts payable within one year | 42/48 | €151,065 | €150,821 | -€245 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €79,502 | €79,981 | +€479 | +0.6% |
| Trade debts | 44 | €5,152 | €19,904 | +€14,752 | +286.3% |
| Suppliers | 440/4 | €5,152 | €19,904 | +€14,752 | +286.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €34,586 | €47,749 | +€13,163 | +38.1% |
| Taxes | 450/3 | €32,839 | €45,322 | +€12,483 | +38.0% |
| Remuneration and social security | 454/9 | €1,748 | €2,427 | +€679 | +38.9% |
| Other amounts payable | 47/48 | €31,825 | €3,187 | -€28,639 | -90.0% |
| Accrued charges and deferred income | 492/3 | €344 | €3,276 | +€2,932 | +852.2% |
| Non-recurring operating income | 76A | €6,105 | €0 | -€6,105 | -100.0% |
| Remuneration, social security and pensions | 62 | €28,157 | €30,619 | +€2,462 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,583 | €93,479 | -€11,104 | -10.6% |
| Other operating charges | 640/8 | €1,283 | €6,466 | +€5,183 | +403.9% |
| Non-recurring operating charges | 66A | €500 | €0 | -€500 | -100.0% |
| Gross operating margin | 9900 | €336,370 | €382,914 | +€46,544 | +13.8% |
| Operating profit (loss) | 9901 | €201,846 | €252,350 | +€50,503 | +25.0% |
| Financial income | 75/76B | €7,827 | €8,552 | +€725 | +9.3% |
| Recurring financial income | 75 | €7,827 | €8,552 | +€725 | +9.3% |
| Financial charges | 65/66B | €19,744 | €20,693 | +€948 | +4.8% |
| Recurring financial charges | 65 | €19,744 | €20,693 | +€948 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €189,929 | €240,209 | +€50,280 | +26.5% |
| Income taxes | 67/77 | €54,879 | €73,752 | +€18,873 | +34.4% |
| Profit (loss) for the period | 9904 | €135,050 | €166,457 | +€31,407 | +23.3% |
| Transfer from tax-exempt reserves | 789 | €0 | €50,520 | +€50,520 | |
| Transfer to tax-exempt reserves | 689 | €31,575 | €42,100 | +€10,525 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €103,475 | €174,877 | +€71,402 | +69.0% |
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 12 October 2026 via checked.be.