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
- Stocks and contracts +€617,714
up €617,714 (+64.3%), from €960,409 to €1.6m
- Cash +€34,527
up €34,527 (+53.3%), from €64,765 to €99,292
mainly Advances received (+€734,171) and Other debts (+€88,273)
- Advances received +€734,171
up €734,171 (+166%), from €443,031 to €1.2m
- Other debts +€88,273
up €88,273 (+31.5%), from €279,900 to €368,173
- Short-term financial debts -€62,500
down €62,500 (-33.3%), from €187,500 to €125,000
- Debts after one year -€45,000
down €45,000 (-50.0%), from €90,000 to €45,000
- Trade debts -€23,657
down €23,657 (-71.1%), from €33,287 to €9,630
- Gross operating margin +€26,679
up €26,679 (+74.6%), from -€35,762 to -€9,083
- Financial charges -€20,434
down €20,434 (-49.3%), from €41,474 to €21,040
- Financial income -€8,741
down €8,741 (-45.2%), from €19,348 to €10,607
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 | €1,106,864 | €1,763,021 | +€656,158 | +59.3% |
| Fixed assets | 21/28 | €1,587 | €1,236 | -€351 | -22.1% |
| Tangible fixed assets | 22/27 | €1,587 | €1,236 | -€351 | -22.1% |
| Furniture and vehicles | 24 | €1,587 | €1,236 | -€351 | -22.1% |
| Current assets | 29/58 | €1,105,277 | €1,761,785 | +€656,508 | +59.4% |
| Stocks and contracts in progress | 3 | €960,409 | €1,578,122 | +€617,714 | +64.3% |
| Stocks | 30/36 | €960,409 | €1,578,122 | +€617,714 | +64.3% |
| Amounts receivable within one year | 40/41 | €79,920 | €83,944 | +€4,024 | +5.0% |
| Trade receivables | 40 | €9,183 | €421 | -€8,761 | -95.4% |
| Other amounts receivable | 41 | €70,737 | €83,522 | +€12,785 | +18.1% |
| Cash at bank and in hand | 54/58 | €64,765 | €99,292 | +€34,527 | +53.3% |
| Deferred charges and accrued income | 490/1 | €183 | €427 | +€244 | +133% |
| Total equity and liabilities | 10/49 | €1,106,864 | €1,763,021 | +€656,158 | +59.3% |
| Equity | 10/15 | €52,703 | €32,099 | -€20,603 | -39.1% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,297 | -€87,901 | -€20,603 | -30.6% |
| Amounts payable | 17/49 | €1,054,161 | €1,730,922 | +€676,761 | +64.2% |
| Amounts payable after more than one year | 17 | €90,000 | €45,000 | -€45,000 | -50.0% |
| Financial debts | 170/4 | €90,000 | €45,000 | -€45,000 | -50.0% |
| Amounts payable within one year | 42/48 | €954,212 | €1,680,005 | +€725,793 | +76.1% |
| Financial debts | 43 | €187,500 | €125,000 | -€62,500 | -33.3% |
| Credit institutions | 430/8 | €187,500 | €125,000 | -€62,500 | -33.3% |
| Trade debts | 44 | €33,287 | €9,630 | -€23,657 | -71.1% |
| Suppliers | 440/4 | €33,287 | €9,630 | -€23,657 | -71.1% |
| Advances received on contracts in progress | 46 | €443,031 | €1,177,202 | +€734,171 | +166% |
| Taxes, remuneration and social security | 45 | €10,494 | €0 | -€10,494 | -100% |
| Taxes | 450/3 | €10,494 | €0 | -€10,494 | -100% |
| Other amounts payable | 47/48 | €279,900 | €368,173 | +€88,273 | +31.5% |
| Accrued charges and deferred income | 492/3 | €9,949 | €5,917 | -€4,032 | -40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166 | €351 | +€184 | +111% |
| Other operating charges | 640/8 | €584 | €737 | +€153 | +26.2% |
| Gross operating margin | 9900 | -€35,762 | -€9,083 | +€26,679 | +74.6% |
| Operating profit (loss) | 9901 | -€36,512 | -€10,171 | +€26,341 | +72.1% |
| Financial income | 75/76B | €19,348 | €10,607 | -€8,741 | -45.2% |
| Recurring financial income | 75 | €19,348 | €10,607 | -€8,741 | -45.2% |
| Financial charges | 65/66B | €41,474 | €21,040 | -€20,434 | -49.3% |
| Recurring financial charges | 65 | €41,474 | €21,040 | -€20,434 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | -€58,638 | -€20,603 | +€38,035 | +64.9% |
| Profit (loss) for the period | 9904 | -€58,638 | -€20,603 | +€38,035 | +64.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,638 | -€20,603 | +€38,035 | +64.9% |
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 13 October 2026 via checked.be.