MaCo Advisory: what changed
Two fiscal 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 Advisory
Largest movements
- Cash +€20,008
up €20,008 (+53.2%), from €37,637 to €57,646
mainly Other debts (+€102,787) and Net result for the year (+€21,857)
- Receivables within one year -€13,028
down €13,028 (-19.1%), from €68,312 to €55,284
of which Trade receivables: -€21,038
- Tangible fixed assets +€8,619
up €8,619 (+148.1%), from €5,818 to €14,437
of which Other tangible fixed assets: +€8,004
- Deferred charges and accrued income +€3,124
up €3,124 (+522.7%), from €598 to €3,722
- Other debts +€102,787
new in 2025: €102,787
- Profit (loss) carried forward -€80,929
down €80,929 (-100.0%), from €80,929 to €0
- Tax, wage and social debts -€2,496
down €2,496 (-10.2%), from €24,376 to €21,879
of which Taxes: -€2,496
- Gross operating margin -€28,866
down €28,866 (-47.4%), from €60,939 to €32,073
- Taxes -€5,566
down €5,566 (-44.3%), from €12,556 to €6,990
- Depreciation +€1,049
up €1,049 (+213.3%), from €492 to €1,541
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 | €112,365 | €131,088 | +€18,723 | +16.7% |
| Fixed assets | 21/28 | €5,818 | €14,437 | +€8,619 | +148.1% |
| Tangible fixed assets | 22/27 | €5,818 | €14,437 | +€8,619 | +148.1% |
| Furniture and vehicles | 24 | €518 | €1,133 | +€615 | +118.7% |
| Other tangible fixed assets | 26 | €5,300 | €13,304 | +€8,004 | +151.0% |
| Current assets | 29/58 | €106,547 | €116,651 | +€10,104 | +9.5% |
| Amounts receivable within one year | 40/41 | €68,312 | €55,284 | -€13,028 | -19.1% |
| Trade receivables | 40 | €33,312 | €12,274 | -€21,038 | -63.2% |
| Other amounts receivable | 41 | €35,000 | €43,010 | +€8,010 | +22.9% |
| Cash at bank and in hand | 54/58 | €37,637 | €57,646 | +€20,008 | +53.2% |
| Deferred charges and accrued income | 490/1 | €598 | €3,722 | +€3,124 | +522.7% |
| Total equity and liabilities | 10/49 | €112,365 | €131,088 | +€18,723 | +16.7% |
| Equity | 10/15 | €82,929 | €2,000 | -€80,929 | -97.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,929 | €0 | -€80,929 | -100.0% |
| Amounts payable | 17/49 | €29,435 | €129,088 | +€99,653 | +338.5% |
| Amounts payable within one year | 42/48 | €29,435 | €129,088 | +€99,653 | +338.5% |
| Trade debts | 44 | €5,060 | €4,422 | -€637 | -12.6% |
| Suppliers | 440/4 | €5,060 | €4,422 | -€637 | -12.6% |
| Taxes, remuneration and social security | 45 | €24,376 | €21,879 | -€2,496 | -10.2% |
| Taxes | 450/3 | €24,376 | €21,879 | -€2,496 | -10.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €102,787 | +€102,787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €492 | €1,541 | +€1,049 | +213.3% |
| Other operating charges | 640/8 | €137 | €446 | +€309 | +225.6% |
| Gross operating margin | 9900 | €60,939 | €32,073 | -€28,866 | -47.4% |
| Operating profit (loss) | 9901 | €60,310 | €30,086 | -€30,224 | -50.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €1,231 | €1,239 | +€8 | +0.6% |
| Recurring financial charges | 65 | €1,231 | €1,239 | +€8 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €59,079 | €28,847 | -€30,231 | -51.2% |
| Income taxes | 67/77 | €12,556 | €6,990 | -€5,566 | -44.3% |
| Profit (loss) for the period | 9904 | €46,522 | €21,857 | -€24,665 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,522 | €21,857 | -€24,665 | -53.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.