MACMAHON HUMAN CAPITAL: 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.
MACMAHON HUMAN CAPITAL
Largest movements
- Receivables within one year -€283,524
down €283,524 (-35.6%), from €796,487 to €512,963
of which Other amounts receivable: -€172,480
- Cash +€78,141
up €78,141 (+298%), from €26,240 to €104,381
mainly Receivables within one year (+€283,524) and Net result for the year (+€187,042)
- Tangible fixed assets -€52,690
down €52,690 (-12.3%), from €426,995 to €374,305
of which Land and buildings: -€52,188
- Advances received -€71,088
no longer reported in 2025 (was €71,088)
- Trade debts -€65,671
down €65,671 (-94.6%), from €69,388 to €3,717
- Reserves -€54,691
down €54,691 (-8.1%), from €679,395 to €624,704
- Tax, wage and social debts -€46,805
down €46,805 (-49.2%), from €95,094 to €48,289
of which Taxes: -€46,857
- Debts after one year -€39,125
down €39,125 (-74.8%), from €52,315 to €13,190
- Gross operating margin -€21,291
down €21,291 (-6.2%), from €343,594 to €322,303
- Taxes -€7,783
down €7,783 (-8.2%), from €94,745 to €86,962
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 | €1,290,660 | €1,024,921 | -€265,739 | -20.6% |
| Fixed assets | 21/28 | €426,995 | €374,305 | -€52,690 | -12.3% |
| Tangible fixed assets | 22/27 | €426,995 | €374,305 | -€52,690 | -12.3% |
| Land and buildings | 22 | €426,493 | €374,305 | -€52,188 | -12.2% |
| Furniture and vehicles | 24 | €502 | - | -€502 | |
| Current assets | 29/58 | €863,665 | €650,617 | -€213,049 | -24.7% |
| Amounts receivable within one year | 40/41 | €796,487 | €512,963 | -€283,524 | -35.6% |
| Trade receivables | 40 | €435,136 | €324,092 | -€111,044 | -25.5% |
| Other amounts receivable | 41 | €361,351 | €188,871 | -€172,480 | -47.7% |
| Cash at bank and in hand | 54/58 | €26,240 | €104,381 | +€78,141 | +298% |
| Deferred charges and accrued income | 490/1 | €40,939 | €33,273 | -€7,666 | -18.7% |
| Total equity and liabilities | 10/49 | €1,290,660 | €1,024,921 | -€265,739 | -20.6% |
| Equity | 10/15 | €687,646 | €632,955 | -€54,691 | -8.0% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €679,395 | €624,704 | -€54,691 | -8.1% |
| Distributable reserves | 133 | €679,395 | €624,704 | -€54,691 | -8.1% |
| Profit (loss) carried forward | 14 | €191 | €191 | = | 0.0% |
| Amounts payable | 17/49 | €603,014 | €391,966 | -€211,048 | -35.0% |
| Amounts payable after more than one year | 17 | €52,315 | €13,190 | -€39,125 | -74.8% |
| Financial debts | 170/4 | €52,315 | €13,190 | -€39,125 | -74.8% |
| Amounts payable within one year | 42/48 | €550,699 | €378,776 | -€171,923 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €38,467 | €39,125 | +€658 | +1.7% |
| Financial debts | 43 | €31,752 | €56,799 | +€25,046 | +78.9% |
| Credit institutions | 430/8 | €31,752 | €56,799 | +€25,046 | +78.9% |
| Trade debts | 44 | €69,388 | €3,717 | -€65,671 | -94.6% |
| Suppliers | 440/4 | €69,388 | €3,717 | -€65,671 | -94.6% |
| Advances received on contracts in progress | 46 | €71,088 | - | -€71,088 | |
| Taxes, remuneration and social security | 45 | €95,094 | €48,289 | -€46,805 | -49.2% |
| Taxes | 450/3 | €89,974 | €43,117 | -€46,857 | -52.1% |
| Remuneration and social security | 454/9 | €5,120 | €5,172 | +€52 | +1.0% |
| Other amounts payable | 47/48 | €244,910 | €230,847 | -€14,063 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,296 | €52,690 | +€394 | +0.8% |
| Other operating charges | 640/8 | €4,549 | €4,937 | +€387 | +8.5% |
| Gross operating margin | 9900 | €343,594 | €322,303 | -€21,291 | -6.2% |
| Operating profit (loss) | 9901 | €286,749 | €264,676 | -€22,072 | -7.7% |
| Financial income | 75/76B | €15,380 | €12,704 | -€2,677 | -17.4% |
| Recurring financial income | 75 | €15,380 | €12,704 | -€2,677 | -17.4% |
| Financial charges | 65/66B | €3,324 | €3,375 | +€52 | +1.6% |
| Recurring financial charges | 65 | €3,324 | €3,375 | +€52 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €298,805 | €274,005 | -€24,801 | -8.3% |
| Income taxes | 67/77 | €94,745 | €86,962 | -€7,783 | -8.2% |
| Profit (loss) for the period | 9904 | €204,060 | €187,042 | -€17,018 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €204,060 | €187,042 | -€17,018 | -8.3% |
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 25 October 2026 via checked.be.