Macofi: 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.
Macofi
Largest movements
- Tangible fixed assets -€38,140
down €38,140 (-11.5%), from €331,533 to €293,393
of which Furniture and vehicles: -€21,973
- Stocks and contracts +€37,154
up €37,154 (+11.3%), from €329,565 to €366,719
- Cash +€17,747
up €17,747 (+51.8%), from €34,279 to €52,027
mainly Other debts (+€106,899) and Net result for the year (+€55,317)
- Other debts +€106,899
up €106,899 (+898.5%), from €11,898 to €118,797
- Profit (loss) carried forward -€64,683
down €64,683 (-28.9%), from €223,627 to €158,944
- Debts after one year -€40,476
down €40,476 (-14.7%), from €275,357 to €234,881
of which Financial debts: -€40,476
- Tax, wage and social debts +€20,717
up €20,717 (+171.0%), from €12,118 to €32,834
- Short-term financial debts -€12,500
down €12,500 (-8.5%), from €146,250 to €133,750
- Gross operating margin +€16,054
up €16,054 (+14.0%), from €114,305 to €130,358
- Taxes +€2,666
up €2,666 (+21.9%), from €12,147 to €14,813
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 | €739,806 | €757,176 | +€17,370 | +2.3% |
| Fixed assets | 21/28 | €331,533 | €293,393 | -€38,140 | -11.5% |
| Tangible fixed assets | 22/27 | €331,533 | €293,393 | -€38,140 | -11.5% |
| Land and buildings | 22 | €245,545 | €231,782 | -€13,763 | -5.6% |
| Plant, machinery and equipment | 23 | €17,463 | €15,058 | -€2,405 | -13.8% |
| Furniture and vehicles | 24 | €68,526 | €46,553 | -€21,973 | -32.1% |
| Current assets | 29/58 | €408,273 | €463,783 | +€55,510 | +13.6% |
| Stocks and contracts in progress | 3 | €329,565 | €366,719 | +€37,154 | +11.3% |
| Stocks | 30/36 | €329,565 | €366,719 | +€37,154 | +11.3% |
| Amounts receivable within one year | 40/41 | €44,429 | €45,038 | +€608 | +1.4% |
| Trade receivables | 40 | €26,271 | €26,693 | +€421 | +1.6% |
| Other amounts receivable | 41 | €18,158 | €18,345 | +€187 | +1.0% |
| Cash at bank and in hand | 54/58 | €34,279 | €52,027 | +€17,747 | +51.8% |
| Total equity and liabilities | 10/49 | €739,806 | €757,176 | +€17,370 | +2.3% |
| Equity | 10/15 | €244,087 | €179,404 | -€64,683 | -26.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €223,627 | €158,944 | -€64,683 | -28.9% |
| Amounts payable | 17/49 | €495,719 | €577,772 | +€82,053 | +16.6% |
| Amounts payable after more than one year | 17 | €275,357 | €234,881 | -€40,476 | -14.7% |
| Financial debts | 170/4 | €210,357 | €169,881 | -€40,476 | -19.2% |
| Other amounts payable | 178/9 | €65,000 | €65,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €216,982 | €333,937 | +€116,955 | +53.9% |
| Current portion of amounts payable after more than one year | 42 | €40,209 | €40,476 | +€268 | +0.7% |
| Financial debts | 43 | €146,250 | €133,750 | -€12,500 | -8.5% |
| Credit institutions | 430/8 | €146,250 | €133,750 | -€12,500 | -8.5% |
| Trade debts | 44 | €6,508 | €8,079 | +€1,572 | +24.2% |
| Suppliers | 440/4 | €6,508 | €8,079 | +€1,572 | +24.2% |
| Taxes, remuneration and social security | 45 | €12,118 | €32,834 | +€20,717 | +171.0% |
| Taxes | 450/3 | €12,118 | €32,834 | +€20,717 | +171.0% |
| Other amounts payable | 47/48 | €11,898 | €118,797 | +€106,899 | +898.5% |
| Accrued charges and deferred income | 492/3 | €3,380 | €8,954 | +€5,574 | +164.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,636 | €38,140 | +€504 | +1.3% |
| Other operating charges | 640/8 | €4,015 | €3,474 | -€541 | -13.5% |
| Gross operating margin | 9900 | €114,305 | €130,358 | +€16,054 | +14.0% |
| Operating profit (loss) | 9901 | €72,653 | €88,744 | +€16,091 | +22.1% |
| Financial income | 75/76B | €800 | - | -€800 | |
| Recurring financial income | 75 | €800 | - | -€800 | |
| Financial charges | 65/66B | €17,706 | €18,614 | +€909 | +5.1% |
| Recurring financial charges | 65 | €17,706 | €18,614 | +€909 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €55,748 | €70,130 | +€14,383 | +25.8% |
| Income taxes | 67/77 | €12,147 | €14,813 | +€2,666 | +21.9% |
| Profit (loss) for the period | 9904 | €43,600 | €55,317 | +€11,717 | +26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,600 | €55,317 | +€11,717 | +26.9% |
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.