MACOB: 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.
MACOB
Largest movements
- Tangible fixed assets +€602,027
up €602,027 (+388.3%), from €155,040 to €757,067
of which Land and buildings: +€603,889
- Stocks and contracts -€486,193
down €486,193 (-57.5%), from €844,842 to €358,649
- Cash +€46,770
up €46,770 (+154.5%), from €30,270 to €77,040
mainly Stocks and contracts (+€486,193) and Short-term financial debts (+€95,076)
- Deferred charges and accrued income -€20,786
down €20,786 (-89.5%), from €23,237 to €2,451
- Short-term financial debts +€95,076
up €95,076 (+28.3%), from €336,277 to €431,353
- Debts after one year +€78,683
up €78,683 (+54.5%), from €144,403 to €223,086
- Tax, wage and social debts -€17,005
down €17,005 (-81.1%), from €20,959 to €3,953
of which Taxes: -€15,105
- Gross operating margin +€37,650
up €37,650 (+190.0%), from €19,817 to €57,467
- Depreciation +€35,826
up €35,826 (+408.7%), from €8,767 to €44,592
- Financial income -€16,651
down €16,651 (-99.6%), from €16,726 to €75
- Financial charges +€5,753
up €5,753 (+60.3%), from €9,541 to €15,293
- Taxes -€3,039
down €3,039 (-56.5%), from €5,380 to €2,341
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 | €1,167,108 | €1,312,059 | +€144,951 | +12.4% |
| Fixed assets | 21/28 | €245,040 | €847,867 | +€602,827 | +246.0% |
| Tangible fixed assets | 22/27 | €155,040 | €757,067 | +€602,027 | +388.3% |
| Land and buildings | 22 | €150,040 | €753,929 | +€603,889 | +402.5% |
| Plant, machinery and equipment | 23 | €2,215 | €1,819 | -€396 | -17.9% |
| Furniture and vehicles | 24 | €2,784 | €1,319 | -€1,466 | -52.6% |
| Financial fixed assets | 28 | €90,000 | €90,800 | +€800 | +0.9% |
| Current assets | 29/58 | €922,068 | €464,192 | -€457,876 | -49.7% |
| Amounts receivable after more than one year | 29 | €2,450 | €1,050 | -€1,400 | -57.1% |
| Other amounts receivable | 291 | €2,450 | €1,050 | -€1,400 | -57.1% |
| Stocks and contracts in progress | 3 | €844,842 | €358,649 | -€486,193 | -57.5% |
| Stocks | 30/36 | €844,842 | €358,649 | -€486,193 | -57.5% |
| Amounts receivable within one year | 40/41 | €21,270 | €25,002 | +€3,732 | +17.5% |
| Trade receivables | 40 | €6,616 | €25,000 | +€18,384 | +277.9% |
| Other amounts receivable | 41 | €14,654 | €2 | -€14,652 | -100.0% |
| Cash at bank and in hand | 54/58 | €30,270 | €77,040 | +€46,770 | +154.5% |
| Deferred charges and accrued income | 490/1 | €23,237 | €2,451 | -€20,786 | -89.5% |
| Total equity and liabilities | 10/49 | €1,167,108 | €1,312,059 | +€144,951 | +12.4% |
| Equity | 10/15 | €599,317 | €591,632 | -€7,684 | -1.3% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €580,567 | €572,882 | -€7,684 | -1.3% |
| Tax-exempt reserves | 132 | €158,274 | €153,478 | -€4,796 | -3.0% |
| Distributable reserves | 133 | €422,293 | €419,405 | -€2,888 | -0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €39,569 | €38,369 | -€1,199 | -3.0% |
| Deferred taxes | 168 | €39,569 | €38,369 | -€1,199 | -3.0% |
| Amounts payable | 17/49 | €528,223 | €682,057 | +€153,834 | +29.1% |
| Amounts payable after more than one year | 17 | €144,403 | €223,086 | +€78,683 | +54.5% |
| Other amounts payable | 178/9 | €144,403 | €223,086 | +€78,683 | +54.5% |
| Amounts payable within one year | 42/48 | €382,207 | €457,957 | +€75,750 | +19.8% |
| Financial debts | 43 | €336,277 | €431,353 | +€95,076 | +28.3% |
| Credit institutions | 430/8 | €336,277 | €431,353 | +€95,076 | +28.3% |
| Trade debts | 44 | €12,337 | €21,817 | +€9,480 | +76.8% |
| Suppliers | 440/4 | €12,337 | €21,817 | +€9,480 | +76.8% |
| Advances received on contracts in progress | 46 | €12,634 | €0 | -€12,634 | -100.0% |
| Taxes, remuneration and social security | 45 | €20,959 | €3,953 | -€17,005 | -81.1% |
| Taxes | 450/3 | €19,059 | €3,953 | -€15,105 | -79.3% |
| Remuneration and social security | 454/9 | €1,900 | €0 | -€1,900 | -100.0% |
| Other amounts payable | 47/48 | €0 | €833 | +€833 | |
| Accrued charges and deferred income | 492/3 | €1,613 | €1,015 | -€599 | -37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,767 | €44,592 | +€35,826 | +408.7% |
| Other operating charges | 640/8 | €834 | €3,366 | +€2,532 | +303.4% |
| Gross operating margin | 9900 | €19,817 | €57,467 | +€37,650 | +190.0% |
| Operating profit (loss) | 9901 | €10,216 | €9,509 | -€707 | -6.9% |
| Financial income | 75/76B | €16,726 | €75 | -€16,651 | -99.6% |
| Recurring financial income | 75 | €16,726 | €75 | -€16,651 | -99.6% |
| Financial charges | 65/66B | €9,541 | €15,293 | +€5,753 | +60.3% |
| Recurring financial charges | 65 | €9,541 | €15,293 | +€5,753 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | €17,402 | -€5,710 | -€23,111 | |
| Transfer from deferred taxes | 780 | - | €1,199 | +€1,199 | |
| Income taxes | 67/77 | €5,380 | €2,341 | -€3,039 | -56.5% |
| Profit (loss) for the period | 9904 | €12,022 | -€6,851 | -€18,874 | |
| Transfer from tax-exempt reserves | 789 | - | €4,796 | +€4,796 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,022 | -€2,055 | -€14,077 |
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 11 October 2026 via checked.be.