MACOFISC: 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.
MACOFISC
Largest movements
- Current investments +€130,775
up €130,775 (+27.1%), from €482,793 to €613,569
- Cash -€48,088
down €48,088 (-50.9%), from €94,389 to €46,301
mainly Current investments (-€130,775) and Contributions, distributions and other (-€110,022)
- Receivables within one year -€25,746
down €25,746 (-99.7%), from €25,818 to €72
of which Trade receivables: -€25,818
- Tangible fixed assets -€22,908
down €22,908 (-10.3%), from €223,416 to €200,508
of which Furniture and vehicles: -€14,338
- Reserves +€40,156
up €40,156 (+6.2%), from €649,514 to €689,670
- Gross operating margin -€26,875
down €26,875 (-10.5%), from €256,148 to €229,272
- Taxes -€7,881
down €7,881 (-10.9%), from €72,494 to €64,613
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 | €826,561 | €860,635 | +€34,073 | +4.1% |
| Fixed assets | 21/28 | €223,561 | €200,653 | -€22,908 | -10.2% |
| Tangible fixed assets | 22/27 | €223,416 | €200,508 | -€22,908 | -10.3% |
| Land and buildings | 22 | €178,164 | €169,594 | -€8,570 | -4.8% |
| Furniture and vehicles | 24 | €45,252 | €30,914 | -€14,338 | -31.7% |
| Financial fixed assets | 28 | €145 | €145 | = | 0.0% |
| Current assets | 29/58 | €603,001 | €659,982 | +€56,981 | +9.4% |
| Amounts receivable within one year | 40/41 | €25,818 | €72 | -€25,746 | -99.7% |
| Trade receivables | 40 | €25,818 | - | -€25,818 | |
| Other amounts receivable | 41 | - | €72 | +€72 | |
| Current investments | 50/53 | €482,793 | €613,569 | +€130,775 | +27.1% |
| Cash at bank and in hand | 54/58 | €94,389 | €46,301 | -€48,088 | -50.9% |
| Deferred charges and accrued income | 490/1 | - | €40 | +€40 | |
| Total equity and liabilities | 10/49 | €826,561 | €860,635 | +€34,073 | +4.1% |
| Equity | 10/15 | €676,629 | €716,786 | +€40,156 | +5.9% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Reserves | 13 | €649,514 | €689,670 | +€40,156 | +6.2% |
| Distributable reserves | 133 | €649,514 | €689,670 | +€40,156 | +6.2% |
| Profit (loss) carried forward | 14 | €3,116 | €3,116 | = | 0.0% |
| Amounts payable | 17/49 | €149,932 | €143,849 | -€6,083 | -4.1% |
| Amounts payable within one year | 42/48 | €149,932 | €143,849 | -€6,083 | -4.1% |
| Trade debts | 44 | €168 | €294 | +€126 | +74.7% |
| Suppliers | 440/4 | €168 | €294 | +€126 | +74.7% |
| Taxes, remuneration and social security | 45 | €21,095 | €18,185 | -€2,910 | -13.8% |
| Taxes | 450/3 | €21,095 | €18,185 | -€2,910 | -13.8% |
| Other amounts payable | 47/48 | €128,669 | €125,370 | -€3,299 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,908 | €22,908 | = | 0.0% |
| Other operating charges | 640/8 | €1,634 | €1,737 | +€103 | +6.3% |
| Gross operating margin | 9900 | €256,148 | €229,272 | -€26,875 | -10.5% |
| Operating profit (loss) | 9901 | €231,606 | €204,628 | -€26,978 | -11.6% |
| Financial income | 75/76B | €8,724 | €10,519 | +€1,794 | +20.6% |
| Recurring financial income | 75 | €8,724 | €10,519 | +€1,794 | +20.6% |
| Financial charges | 65/66B | €434 | €354 | -€80 | -18.5% |
| Recurring financial charges | 65 | €434 | €354 | -€80 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €239,896 | €214,792 | -€25,104 | -10.5% |
| Income taxes | 67/77 | €72,494 | €64,613 | -€7,881 | -10.9% |
| Profit (loss) for the period | 9904 | €167,402 | €150,179 | -€17,223 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €167,402 | €150,179 | -€17,223 | -10.3% |
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 7 October 2026 via checked.be.