MACOFIN: 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.
MACOFIN
Largest movements
- Tangible fixed assets -€39,583
down €39,583 (-4.8%), from €817,291 to €777,708
- Receivables within one year -€18,144
down €18,144 (-70.7%), from €25,680 to €7,537
of which Trade receivables: -€13,762
- Debts after one year -€76,743
down €76,743 (-79.3%), from €96,743 to €20,000
- Short-term financial debts +€24,259
up €24,259, from €0 to €24,259
- Advances received -€21,346
down €21,346 (-100.0%), from €21,346 to €0
- Accrued charges and deferred income +€13,563
up €13,563 (+24.2%), from €56,037 to €69,600
- Other debts +€11,916
up €11,916 (+3.0%), from €394,652 to €406,568
- Gross operating margin -€34,732
down €34,732 (-28.3%), from €122,580 to €87,848
- Financial charges +€3,710
up €3,710 (+20.5%), from €18,114 to €21,825
- Other operating charges -€3,521
down €3,521 (-42.0%), from €8,380 to €4,859
- Depreciation -€1,751
down €1,751 (-4.2%), from €41,334 to €39,583
- Staff costs +€1,309
up €1,309, from -€1,309 to €0
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 | €864,291 | €807,483 | -€56,808 | -6.6% |
| Fixed assets | 21/28 | €817,291 | €777,708 | -€39,583 | -4.8% |
| Tangible fixed assets | 22/27 | €817,291 | €777,708 | -€39,583 | -4.8% |
| Land and buildings | 22 | €777,273 | €763,636 | -€13,636 | -1.8% |
| Plant, machinery and equipment | 23 | €17,567 | €5,336 | -€12,231 | -69.6% |
| Furniture and vehicles | 24 | €800 | €0 | -€800 | -100.0% |
| Leasing and similar rights | 25 | €21,651 | €8,736 | -€12,915 | -59.7% |
| Current assets | 29/58 | €47,001 | €29,776 | -€17,225 | -36.6% |
| Stocks and contracts in progress | 3 | €3,325 | €3,325 | = | 0.0% |
| Stocks | 30/36 | €3,325 | €3,325 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,680 | €7,537 | -€18,144 | -70.7% |
| Trade receivables | 40 | €20,673 | €6,911 | -€13,762 | -66.6% |
| Other amounts receivable | 41 | €5,007 | €625 | -€4,382 | -87.5% |
| Cash at bank and in hand | 54/58 | €354 | €14 | -€340 | -96.0% |
| Deferred charges and accrued income | 490/1 | €17,641 | €18,900 | +€1,259 | +7.1% |
| Total equity and liabilities | 10/49 | €864,291 | €807,483 | -€56,808 | -6.6% |
| Equity | 10/15 | €141,870 | €141,157 | -€712 | -0.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €2,105 | €2,105 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,105 | €2,105 | = | 0.0% |
| Other | 1319 | €2,105 | €2,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,235 | -€60,948 | -€712 | -1.2% |
| Amounts payable | 17/49 | €722,422 | €666,326 | -€56,096 | -7.8% |
| Amounts payable after more than one year | 17 | €96,743 | €20,000 | -€76,743 | -79.3% |
| Financial debts | 170/4 | €96,743 | €20,000 | -€76,743 | -79.3% |
| Amounts payable within one year | 42/48 | €569,642 | €576,726 | +€7,085 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €98,543 | €100,723 | +€2,180 | +2.2% |
| Financial debts | 43 | €0 | €24,259 | +€24,259 | |
| Credit institutions | 430/8 | €0 | €24,259 | +€24,259 | |
| Trade debts | 44 | €37,115 | €26,715 | -€10,400 | -28.0% |
| Suppliers | 440/4 | €37,115 | €26,715 | -€10,400 | -28.0% |
| Advances received on contracts in progress | 46 | €21,346 | €0 | -€21,346 | -100.0% |
| Taxes, remuneration and social security | 45 | €17,986 | €18,462 | +€476 | +2.6% |
| Taxes | 450/3 | €17,986 | €18,462 | +€476 | +2.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €394,652 | €406,568 | +€11,916 | +3.0% |
| Accrued charges and deferred income | 492/3 | €56,037 | €69,600 | +€13,563 | +24.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | -€1,309 | €0 | +€1,309 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,334 | €39,583 | -€1,751 | -4.2% |
| Other operating charges | 640/8 | €8,380 | €4,859 | -€3,521 | -42.0% |
| Gross operating margin | 9900 | €122,580 | €87,848 | -€34,732 | -28.3% |
| Operating profit (loss) | 9901 | €74,176 | €43,406 | -€30,770 | -41.5% |
| Financial income | 75/76B | €44 | €188 | +€144 | +329.2% |
| Recurring financial income | 75 | €44 | €188 | +€144 | +329.2% |
| Financial charges | 65/66B | €18,114 | €21,825 | +€3,710 | +20.5% |
| Recurring financial charges | 65 | €18,114 | €21,825 | +€3,710 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €56,105 | €21,769 | -€34,336 | -61.2% |
| Income taxes | 67/77 | €674 | €1,481 | +€807 | +119.8% |
| Profit (loss) for the period | 9904 | €55,431 | €20,288 | -€35,144 | -63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,431 | €20,288 | -€35,144 | -63.4% |
Source: filed annual accounts (NBB), fiscal years ended 1 July 2024 and 1 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.