MACO: what changed
What changed
MACO
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€639,546
2024 · €190,379+€449,167
Equity
€558,357
2024 · €791,623-€233,265
Cash
€295,792
2024 · €274,960+€20,832
Balance sheet total
€933,978
2024 · €2.4m-€1.5m
Largest movements
Assets
- Receivables within one year -€794,131
down €794,131 (-74.4%), from €1.1m to €272,645
of which Trade receivables: -€766,440
- Tangible fixed assets -€671,824
down €671,824 (-81.5%), from €824,262 to €152,438
of which Land and buildings: -€802,867
Equity and liabilities
- Short-term financial debts -€759,819
no longer reported in 2025 (was €759,819)
- Revaluation surpluses -€684,193
no longer reported in 2025 (was €684,193)
- Profit (loss) carried forward +€639,546
up €639,546 (+83.6%), from -€764,922 to -€125,377
- Trade debts -€338,695
down €338,695 (-61.9%), from €547,106 to €208,410
- Contributions -€188,618
down €188,618 (-30.4%), from €619,792 to €431,174
Income statement
- Gross operating margin +€364,836
up €364,836 (+47.6%), from €767,132 to €1.1m
- Staff costs -€59,495
down €59,495 (-13.0%), from €458,641 to €399,146
- Depreciation -€33,203
down €33,203 (-51.9%), from €63,949 to €30,746
- Other operating charges -€13,809
down €13,809 (-63.3%), from €21,826 to €8,017
- Financial charges +€13,452
up €13,452 (+38.3%), from €35,127 to €48,579
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€190,379
Gross operating margin
+€364,836
Staff costs
+€59,495
Depreciation
+€33,203
Write-downs
+€1,226
Other operating charges
+€13,809
Other operating items
-€8,485
Financial income
-€1,723
Financial charges
-€13,452
Taxes
+€258
Result 2025
€639,546
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€960,358
Investment
+€657,879
Financing
-€1.6m
Cash 2024
€274,960
From operations (derived)
+€960,358
Net result for the year
+€639,546
Depreciation
+€30,746
Stocks and contracts
-€15,836
Receivables within one year
+€794,131
Deferred charges and accrued income
+€22,252
Trade debts
-€338,695
Tax, wage and social debts
-€14,565
Advances received
-€154,700
Accrued charges and deferred income
-€2,519
Investment (derived)
+€657,879
Investment in fixed assets (net)
+€657,879
Financing
-€1.6m
Debts after one year
+€65,014
Current portion of long-term debt
-€29,790
Short-term financial debts
-€759,819
Contributions, distributions and other
-€872,811
Cash 2025
€295,792
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,402,316 | €933,978 | -€1.5m | -61.1% |
| Formation expenses | 20 | €28,800 | €14,400 | -€14,400 | -50.0% |
| Fixed assets | 21/28 | €831,462 | €157,238 | -€674,224 | -81.1% |
| Intangible fixed assets | 21 | €7,200 | €4,800 | -€2,400 | -33.3% |
| Tangible fixed assets | 22/27 | €824,262 | €152,438 | -€671,824 | -81.5% |
| Land and buildings | 22 | €802,867 | - | -€802,867 | |
| Plant, machinery and equipment | 23 | €7,960 | €1,286 | -€6,674 | -83.8% |
| Furniture and vehicles | 24 | €13,435 | €29,736 | +€16,301 | +121% |
| Leasing and similar rights | 25 | - | €54,494 | +€54,494 | |
| Other tangible fixed assets | 26 | - | €66,921 | +€66,921 | |
| Current assets | 29/58 | €1,542,054 | €762,340 | -€779,714 | -50.6% |
| Stocks and contracts in progress | 3 | €170,074 | €185,910 | +€15,836 | +9.3% |
| Stocks | 30/36 | €170,074 | €185,910 | +€15,836 | +9.3% |
| Amounts receivable within one year | 40/41 | €1,066,775 | €272,645 | -€794,131 | -74.4% |
| Trade receivables | 40 | €976,323 | €209,882 | -€766,440 | -78.5% |
| Other amounts receivable | 41 | €90,453 | €62,762 | -€27,690 | -30.6% |
| Cash at bank and in hand | 54/58 | €274,960 | €295,792 | +€20,832 | +7.6% |
| Deferred charges and accrued income | 490/1 | €30,245 | €7,993 | -€22,252 | -73.6% |
| Total equity and liabilities | 10/49 | €2,402,316 | €933,978 | -€1.5m | -61.1% |
| Equity | 10/15 | €791,623 | €558,357 | -€233,265 | -29.5% |
| Contributions | 10/11 | €619,792 | €431,174 | -€188,618 | -30.4% |
| Revaluation surpluses | 12 | €684,193 | - | -€684,193 | |
| Reserves | 13 | €252,560 | €252,560 | = | 0.0% |
| Tax-exempt reserves | 132 | €95,357 | €95,357 | = | 0.0% |
| Distributable reserves | 133 | €157,203 | €157,203 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€764,922 | -€125,377 | +€639,546 | +83.6% |
| Amounts payable | 17/49 | €1,610,694 | €375,620 | -€1.2m | -76.7% |
| Amounts payable after more than one year | 17 | €28,437 | €93,451 | +€65,014 | +229% |
| Financial debts | 170/4 | €28,437 | €93,451 | +€65,014 | +229% |
| Amounts payable within one year | 42/48 | €1,579,738 | €282,169 | -€1.3m | -82.1% |
| Current portion of amounts payable after more than one year | 42 | €56,238 | €26,448 | -€29,790 | -53.0% |
| Financial debts | 43 | €759,819 | - | -€759,819 | |
| Credit institutions | 430/8 | €759,819 | - | -€759,819 | |
| Trade debts | 44 | €547,106 | €208,410 | -€338,695 | -61.9% |
| Suppliers | 440/4 | €547,106 | €208,410 | -€338,695 | -61.9% |
| Advances received on contracts in progress | 46 | €154,700 | - | -€154,700 | |
| Taxes, remuneration and social security | 45 | €53,708 | €39,143 | -€14,565 | -27.1% |
| Taxes | 450/3 | €2,861 | €323 | -€2,537 | -88.7% |
| Remuneration and social security | 454/9 | €50,848 | €38,819 | -€12,028 | -23.7% |
| Other amounts payable | 47/48 | €8,168 | €8,168 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,519 | - | -€2,519 | |
| Non-recurring operating income | 76A | - | €946,551 | +€946,551 | |
| Remuneration, social security and pensions | 62 | €458,641 | €399,146 | -€59,495 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,949 | €30,746 | -€33,203 | -51.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,226 | -€1,226 | |
| Other operating charges | 640/8 | €21,826 | €8,017 | -€13,809 | -63.3% |
| Non-recurring operating charges | 66A | €350 | €8,835 | +€8,485 | +2,425% |
| Gross operating margin | 9900 | €767,132 | €1,131,967 | +€364,836 | +47.6% |
| Operating profit (loss) | 9901 | €222,366 | €686,450 | +€464,085 | +209% |
| Financial income | 75/76B | €3,412 | €1,689 | -€1,723 | -50.5% |
| Recurring financial income | 75 | €2,503 | €1,689 | -€814 | -32.5% |
| Non-recurring financial income | 76B | €909 | - | -€909 | |
| Financial charges | 65/66B | €35,127 | €48,579 | +€13,452 | +38.3% |
| Recurring financial charges | 65 | €35,127 | €48,579 | +€13,452 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | €190,651 | €639,560 | +€448,909 | +235% |
| Income taxes | 67/77 | €272 | €14 | -€258 | -94.7% |
| Profit (loss) for the period | 9904 | €190,379 | €639,546 | +€449,167 | +236% |
| Profit (loss) for the period to be appropriated | 9905 | €190,379 | €639,546 | +€449,167 | +236% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.