macobo: 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.
macobo
Largest movements
- Receivables within one year +€858,765
up €858,765 (+26.0%), from €3.3m to €4.2m
of which Other amounts receivable: +€1.3m
- Cash +€110,234
up €110,234 (+2025.0%), from €5,444 to €115,678
mainly Trade debts (+€381,835) and Other debts (+€242,540)
- Stocks and contracts +€62,980
new in 2025: €62,980
- Tangible fixed assets -€52,921
down €52,921 (-9.6%), from €550,805 to €497,884
of which Other tangible fixed assets: -€33,807
- Trade debts +€381,835
up €381,835 (+52.9%), from €721,936 to €1.1m
- Other debts +€242,540
up €242,540 (+77.1%), from €314,419 to €556,959
- Tax, wage and social debts +€228,377
up €228,377 (+170.0%), from €134,334 to €362,711
of which Remuneration and social security: +€142,084
- Short-term financial debts +€216,398
up €216,398 (+12.6%), from €1.7m to €1.9m
- Debts after one year -€92,734
down €92,734 (-19.0%), from €487,993 to €395,259
- Staff costs +€300,574
up €300,574 (+26.4%), from €1.1m to €1.4m
- Write-downs -€126,144
down €126,144, from €55,062 to -€71,082
- Gross operating margin +€95,455
up €95,455 (+6.4%), from €1.5m to €1.6m
- Financial charges -€21,713
down €21,713 (-15.0%), from €145,123 to €123,409
- Taxes -€18,519
down €18,519 (-87.5%), from €21,173 to €2,655
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 | €4,040,555 | €4,972,521 | +€931,966 | +23.1% |
| Fixed assets | 21/28 | €689,425 | €594,926 | -€94,499 | -13.7% |
| Intangible fixed assets | 21 | €119,398 | €77,819 | -€41,578 | -34.8% |
| Tangible fixed assets | 22/27 | €550,805 | €497,884 | -€52,921 | -9.6% |
| Land and buildings | 22 | €25,032 | €23,555 | -€1,476 | -5.9% |
| Plant, machinery and equipment | 23 | €16,674 | €9,914 | -€6,760 | -40.5% |
| Furniture and vehicles | 24 | €55,692 | €44,813 | -€10,878 | -19.5% |
| Other tangible fixed assets | 26 | €453,408 | €419,601 | -€33,807 | -7.5% |
| Financial fixed assets | 28 | €19,223 | €19,223 | = | 0.0% |
| Current assets | 29/58 | €3,351,130 | €4,377,595 | +€1.0m | +30.6% |
| Stocks and contracts in progress | 3 | - | €62,980 | +€62,980 | |
| Contracts in progress | 37 | - | €62,980 | +€62,980 | |
| Amounts receivable within one year | 40/41 | €3,296,686 | €4,155,451 | +€858,765 | +26.0% |
| Trade receivables | 40 | €2,515,077 | €2,044,234 | -€470,843 | -18.7% |
| Other amounts receivable | 41 | €781,610 | €2,111,217 | +€1.3m | +170.1% |
| Cash at bank and in hand | 54/58 | €5,444 | €115,678 | +€110,234 | +2025.0% |
| Deferred charges and accrued income | 490/1 | €49,000 | €43,486 | -€5,515 | -11.3% |
| Total equity and liabilities | 10/49 | €4,040,555 | €4,972,521 | +€931,966 | +23.1% |
| Equity | 10/15 | €570,580 | €512,329 | -€58,252 | -10.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €564,380 | €506,129 | -€58,252 | -10.3% |
| Distributable reserves | 133 | €564,380 | €506,129 | -€58,252 | -10.3% |
| Amounts payable | 17/49 | €3,469,975 | €4,460,192 | +€990,217 | +28.5% |
| Amounts payable after more than one year | 17 | €487,993 | €395,259 | -€92,734 | -19.0% |
| Financial debts | 170/4 | €487,993 | €395,259 | -€92,734 | -19.0% |
| Amounts payable within one year | 42/48 | €2,975,906 | €4,048,495 | +€1.1m | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €90,577 | €94,016 | +€3,440 | +3.8% |
| Financial debts | 43 | €1,714,639 | €1,931,037 | +€216,398 | +12.6% |
| Credit institutions | 430/8 | €1,714,639 | €1,931,037 | +€216,398 | +12.6% |
| Trade debts | 44 | €721,936 | €1,103,771 | +€381,835 | +52.9% |
| Suppliers | 440/4 | €721,936 | €1,103,771 | +€381,835 | +52.9% |
| Taxes, remuneration and social security | 45 | €134,334 | €362,711 | +€228,377 | +170.0% |
| Taxes | 450/3 | €44,205 | €130,498 | +€86,294 | +195.2% |
| Remuneration and social security | 454/9 | €90,130 | €232,213 | +€142,084 | +157.6% |
| Other amounts payable | 47/48 | €314,419 | €556,959 | +€242,540 | +77.1% |
| Accrued charges and deferred income | 492/3 | €6,077 | €16,439 | +€10,362 | +170.5% |
| Remuneration, social security and pensions | 62 | €1,138,047 | €1,438,621 | +€300,574 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,885 | €114,268 | -€1,617 | -1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €55,062 | -€71,082 | -€126,144 | |
| Other operating charges | 640/8 | €1,698 | €18,114 | +€16,417 | +967.0% |
| Non-recurring operating charges | 66A | €1,009 | €20,000 | +€18,991 | +1882.8% |
| Gross operating margin | 9900 | €1,492,268 | €1,587,723 | +€95,455 | +6.4% |
| Operating profit (loss) | 9901 | €180,569 | €67,803 | -€112,766 | -62.5% |
| Financial income | 75/76B | €3 | €10 | +€7 | +239.3% |
| Recurring financial income | 75 | €3 | €10 | +€7 | +239.3% |
| Financial charges | 65/66B | €145,123 | €123,409 | -€21,713 | -15.0% |
| Recurring financial charges | 65 | €145,123 | €123,409 | -€21,713 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €35,449 | -€55,597 | -€91,046 | |
| Income taxes | 67/77 | €21,173 | €2,655 | -€18,519 | -87.5% |
| Profit (loss) for the period | 9904 | €14,275 | -€58,252 | -€72,527 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,275 | -€58,252 | -€72,527 |
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 2 October 2026 via checked.be.