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
- Tangible fixed assets -€187,890
down €187,890 (-8.6%), from €2.2m to €2.0m
of which Land and buildings: -€151,014
- Receivables within one year +€165,126
up €165,126 (+49.1%), from €336,073 to €501,199
of which Trade receivables: +€165,763
- Cash -€89,247
down €89,247 (-81.9%), from €108,927 to €19,681
mainly Receivables within one year (-€165,126) and Current investments (-€74,991)
- Current investments +€74,991
up €74,991 (+20.8%), from €360,292 to €435,283
- Debts after one year -€52,253
down €52,253 (-39.6%), from €132,115 to €79,862
- Financial income -€42,590
down €42,590 (-77.0%), from €55,284 to €12,694
- Gross operating margin +€12,097
up €12,097 (+4.0%), from €303,398 to €315,495
- Taxes -€9,790
down €9,790 (-12.7%), from €77,108 to €67,318
- Depreciation -€4,553
down €4,553 (-2.4%), from €192,443 to €187,890
- Staff costs +€3,692
up €3,692 (+12.4%), from €29,689 to €33,381
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 | €2,982,616 | €2,951,990 | -€30,626 | -1.0% |
| Fixed assets | 21/28 | €2,174,188 | €1,986,298 | -€187,890 | -8.6% |
| Tangible fixed assets | 22/27 | €2,174,188 | €1,986,298 | -€187,890 | -8.6% |
| Land and buildings | 22 | €2,053,879 | €1,902,865 | -€151,014 | -7.4% |
| Plant, machinery and equipment | 23 | €2,851 | €1,928 | -€924 | -32.4% |
| Furniture and vehicles | 24 | €112,613 | €76,661 | -€35,952 | -31.9% |
| Other tangible fixed assets | 26 | €4,845 | €4,845 | = | 0.0% |
| Current assets | 29/58 | €808,428 | €965,692 | +€157,264 | +19.5% |
| Amounts receivable within one year | 40/41 | €336,073 | €501,199 | +€165,126 | +49.1% |
| Trade receivables | 40 | €317,237 | €483,000 | +€165,763 | +52.3% |
| Other amounts receivable | 41 | €18,836 | €18,198 | -€637 | -3.4% |
| Current investments | 50/53 | €360,292 | €435,283 | +€74,991 | +20.8% |
| Cash at bank and in hand | 54/58 | €108,927 | €19,681 | -€89,247 | -81.9% |
| Deferred charges and accrued income | 490/1 | €3,136 | €9,530 | +€6,394 | +204% |
| Total equity and liabilities | 10/49 | €2,982,616 | €2,951,990 | -€30,626 | -1.0% |
| Equity | 10/15 | €2,546,115 | €2,572,693 | +€26,577 | +1.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €64,576 | €64,576 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €58,426 | €58,426 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,420,039 | €2,446,616 | +€26,577 | +1.1% |
| Provisions and deferred taxes | 16 | €196,502 | €196,502 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €196,502 | €196,502 | = | 0.0% |
| Pensions and similar obligations | 160 | €196,502 | €196,502 | = | 0.0% |
| Amounts payable | 17/49 | €239,998 | €182,795 | -€57,203 | -23.8% |
| Amounts payable after more than one year | 17 | €132,115 | €79,862 | -€52,253 | -39.6% |
| Financial debts | 170/4 | €132,115 | €79,862 | -€52,253 | -39.6% |
| Amounts payable within one year | 42/48 | €94,843 | €95,575 | +€732 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €51,477 | €52,253 | +€777 | +1.5% |
| Financial debts | 43 | €3,201 | €2,704 | -€497 | -15.5% |
| Credit institutions | 430/8 | €3,201 | €2,704 | -€497 | -15.5% |
| Trade debts | 44 | €26,452 | €26,349 | -€103 | -0.4% |
| Suppliers | 440/4 | €26,452 | €26,349 | -€103 | -0.4% |
| Taxes, remuneration and social security | 45 | €9,409 | €13,500 | +€4,091 | +43.5% |
| Taxes | 450/3 | €7,000 | €7,883 | +€883 | +12.6% |
| Remuneration and social security | 454/9 | €2,409 | €5,617 | +€3,208 | +133% |
| Other amounts payable | 47/48 | €4,304 | €770 | -€3,534 | -82.1% |
| Accrued charges and deferred income | 492/3 | €13,040 | €7,358 | -€5,682 | -43.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €29,689 | €33,381 | +€3,692 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,443 | €187,890 | -€4,553 | -2.4% |
| Other operating charges | 640/8 | €10,341 | €7,437 | -€2,904 | -28.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €303,398 | €315,495 | +€12,097 | +4.0% |
| Operating profit (loss) | 9901 | €70,925 | €86,787 | +€15,862 | +22.4% |
| Financial income | 75/76B | €55,284 | €12,694 | -€42,590 | -77.0% |
| Recurring financial income | 75 | €55,284 | €12,694 | -€42,590 | -77.0% |
| Financial charges | 65/66B | €8,007 | €5,586 | -€2,421 | -30.2% |
| Recurring financial charges | 65 | €8,007 | €5,586 | -€2,421 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €118,202 | €93,895 | -€24,306 | -20.6% |
| Income taxes | 67/77 | €77,108 | €67,318 | -€9,790 | -12.7% |
| Profit (loss) for the period | 9904 | €41,093 | €26,577 | -€14,516 | -35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €41,093 | €26,577 | -€14,516 | -35.3% |
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 27 October 2026 via checked.be.