MACO: 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.
MACO
Largest movements
- Receivables within one year +€45,597
up €45,597 (+150.0%), from €30,398 to €75,995
of which Trade receivables: +€45,595
- Tangible fixed assets -€15,186
down €15,186 (-9.0%), from €168,914 to €153,728
of which Plant, machinery and equipment: -€15,082
- Cash -€13,341
down €13,341 (-78.3%), from €17,044 to €3,703
mainly Net result for the year (-€97,804) and Receivables within one year (-€45,597)
- Other debts +€100,000
up €100,000 (+3279.8%), from €3,049 to €103,049
- Profit (loss) carried forward -€97,804
down €97,804 (-220.8%), from -€44,288 to -€142,092
- Trade debts +€9,527
up €9,527 (+46.6%), from €20,431 to €29,958
- Tax, wage and social debts +€5,347
up €5,347 (+16.2%), from €32,946 to €38,293
of which Taxes: +€5,370
- Provisions +€30,000
no longer reported in 2025 (was -€30,000)
- Gross operating margin +€19,330
up €19,330 (+20.9%), from €92,488 to €111,818
- Other operating charges +€15,053
up €15,053 (+3920.1%), from €384 to €15,437
- Depreciation +€7,366
up €7,366 (+94.2%), from €7,820 to €15,186
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 | €216,406 | €233,476 | +€17,070 | +7.9% |
| Fixed assets | 21/28 | €168,964 | €153,778 | -€15,186 | -9.0% |
| Tangible fixed assets | 22/27 | €168,914 | €153,728 | -€15,186 | -9.0% |
| Land and buildings | 22 | €101,283 | €101,179 | -€104 | -0.1% |
| Plant, machinery and equipment | 23 | €67,631 | €52,549 | -€15,082 | -22.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €47,442 | €79,698 | +€32,256 | +68.0% |
| Amounts receivable within one year | 40/41 | €30,398 | €75,995 | +€45,597 | +150.0% |
| Trade receivables | 40 | €17,898 | €63,493 | +€45,595 | +254.7% |
| Other amounts receivable | 41 | €12,500 | €12,502 | +€2 | 0.0% |
| Cash at bank and in hand | 54/58 | €17,044 | €3,703 | -€13,341 | -78.3% |
| Total equity and liabilities | 10/49 | €216,406 | €233,476 | +€17,070 | +7.9% |
| Equity | 10/15 | -€36,228 | -€134,032 | -€97,804 | -270.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,288 | -€142,092 | -€97,804 | -220.8% |
| Amounts payable | 17/49 | €252,634 | €367,508 | +€114,874 | +45.5% |
| Amounts payable after more than one year | 17 | €191,000 | €191,000 | = | 0.0% |
| Financial debts | 170/4 | €191,000 | €191,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €61,634 | €176,508 | +€114,874 | +186.4% |
| Financial debts | 43 | €5,208 | €5,208 | = | 0.0% |
| Credit institutions | 430/8 | €5,208 | €5,208 | = | 0.0% |
| Trade debts | 44 | €20,431 | €29,958 | +€9,527 | +46.6% |
| Suppliers | 440/4 | €20,431 | €29,958 | +€9,527 | +46.6% |
| Taxes, remuneration and social security | 45 | €32,946 | €38,293 | +€5,347 | +16.2% |
| Taxes | 450/3 | €6,560 | €11,930 | +€5,370 | +81.9% |
| Remuneration and social security | 454/9 | €26,386 | €26,363 | -€23 | -0.1% |
| Other amounts payable | 47/48 | €3,049 | €103,049 | +€100,000 | +3279.8% |
| Remuneration, social security and pensions | 62 | €179,149 | €178,437 | -€712 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,820 | €15,186 | +€7,366 | +94.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€30,000 | - | +€30,000 | |
| Other operating charges | 640/8 | €384 | €15,437 | +€15,053 | +3920.1% |
| Gross operating margin | 9900 | €92,488 | €111,818 | +€19,330 | +20.9% |
| Operating profit (loss) | 9901 | -€64,865 | -€97,242 | -€32,377 | -49.9% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €418 | €524 | +€106 | +25.4% |
| Recurring financial charges | 65 | €418 | €524 | +€106 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | -€65,283 | -€97,758 | -€32,475 | -49.7% |
| Income taxes | 67/77 | - | €46 | +€46 | |
| Profit (loss) for the period | 9904 | -€65,283 | -€97,804 | -€32,521 | -49.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,283 | -€97,804 | -€32,521 | -49.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.