MACOL: 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.
MACOL
Largest movements
- Stocks and contracts -€279,549
down €279,549 (-22.8%), from €1.2m to €946,881
- Receivables within one year +€105,475
up €105,475 (+29.4%), from €358,468 to €463,943
of which Other amounts receivable: +€76,657
- Cash -€26,845
down €26,845 (-16.8%), from €159,450 to €132,605
mainly Trade debts (-€124,584) and Debts after one year (-€120,000)
- Current portion of long-term debt +€135,839
up €135,839 (+30.5%), from €445,000 to €580,839
- Trade debts -€124,584
down €124,584 (-40.1%), from €310,574 to €185,991
- Debts after one year -€120,000
down €120,000 (-11.5%), from €1.0m to €920,000
- Tax, wage and social debts -€58,481
down €58,481 (-50.0%), from €116,913 to €58,432
of which Taxes: -€58,896
- Other debts -€49,635
down €49,635 (-31.5%), from €157,690 to €108,055
- Gross operating margin -€55,229
down €55,229 (-9.6%), from €574,416 to €519,186
- Taxes -€11,019
down €11,019 (-23.3%), from €47,342 to €36,322
- Staff costs -€6,473
down €6,473 (-2.3%), from €281,956 to €275,483
- Financial income +€6,129
up €6,129 (+45.8%), from €13,369 to €19,497
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 | €2,588,027 | €2,372,293 | -€215,734 | -8.3% |
| Fixed assets | 21/28 | €743,950 | €723,653 | -€20,297 | -2.7% |
| Intangible fixed assets | 21 | €32 | €0 | -€32 | -100.0% |
| Tangible fixed assets | 22/27 | €743,918 | €723,653 | -€20,265 | -2.7% |
| Land and buildings | 22 | €722,374 | €703,756 | -€18,617 | -2.6% |
| Plant, machinery and equipment | 23 | €17,659 | €11,254 | -€6,405 | -36.3% |
| Furniture and vehicles | 24 | €3,885 | €8,642 | +€4,757 | +122.4% |
| Current assets | 29/58 | €1,844,077 | €1,648,641 | -€195,437 | -10.6% |
| Stocks and contracts in progress | 3 | €1,226,430 | €946,881 | -€279,549 | -22.8% |
| Stocks | 30/36 | €1,226,430 | €946,881 | -€279,549 | -22.8% |
| Amounts receivable within one year | 40/41 | €358,468 | €463,943 | +€105,475 | +29.4% |
| Trade receivables | 40 | €130,082 | €158,899 | +€28,817 | +22.2% |
| Other amounts receivable | 41 | €228,386 | €305,044 | +€76,657 | +33.6% |
| Current investments | 50/53 | €89,712 | €75,169 | -€14,543 | -16.2% |
| Cash at bank and in hand | 54/58 | €159,450 | €132,605 | -€26,845 | -16.8% |
| Deferred charges and accrued income | 490/1 | €10,017 | €30,043 | +€20,025 | +199.9% |
| Total equity and liabilities | 10/49 | €2,588,027 | €2,372,293 | -€215,734 | -8.3% |
| Equity | 10/15 | €512,045 | €512,045 | = | 0.0% |
| Contributions | 10/11 | €192,500 | €192,500 | = | 0.0% |
| Capital | 10 | €192,500 | €192,500 | = | 0.0% |
| Issued capital | 100 | €192,500 | €192,500 | = | 0.0% |
| Reserves | 13 | €319,545 | €319,545 | = | 0.0% |
| Non-distributable reserves | 130/1 | €41,750 | €41,750 | = | 0.0% |
| Legal reserve | 130 | €41,750 | €41,750 | = | 0.0% |
| Distributable reserves | 133 | €277,795 | €277,795 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,075,982 | €1,860,248 | -€215,734 | -10.4% |
| Amounts payable after more than one year | 17 | €1,040,000 | €920,000 | -€120,000 | -11.5% |
| Trade debts | 175 | €1,040,000 | €920,000 | -€120,000 | -11.5% |
| Amounts payable within one year | 42/48 | €1,035,679 | €933,317 | -€102,362 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €445,000 | €580,839 | +€135,839 | +30.5% |
| Trade debts | 44 | €310,574 | €185,991 | -€124,584 | -40.1% |
| Suppliers | 440/4 | €310,574 | €185,991 | -€124,584 | -40.1% |
| Advances received on contracts in progress | 46 | €5,502 | €0 | -€5,502 | -100.0% |
| Taxes, remuneration and social security | 45 | €116,913 | €58,432 | -€58,481 | -50.0% |
| Taxes | 450/3 | €91,047 | €32,151 | -€58,896 | -64.7% |
| Remuneration and social security | 454/9 | €25,866 | €26,281 | +€416 | +1.6% |
| Other amounts payable | 47/48 | €157,690 | €108,055 | -€49,635 | -31.5% |
| Accrued charges and deferred income | 492/3 | €303 | €6,932 | +€6,629 | +2187.0% |
| Remuneration, social security and pensions | 62 | €281,956 | €275,483 | -€6,473 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,858 | €38,290 | -€568 | -1.5% |
| Other operating charges | 640/8 | €10,755 | €10,560 | -€195 | -1.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €574,416 | €519,186 | -€55,229 | -9.6% |
| Operating profit (loss) | 9901 | €242,847 | €194,854 | -€47,993 | -19.8% |
| Financial income | 75/76B | €13,369 | €19,497 | +€6,129 | +45.8% |
| Recurring financial income | 75 | €13,369 | €19,497 | +€6,129 | +45.8% |
| Financial charges | 65/66B | €67,373 | €68,118 | +€746 | +1.1% |
| Recurring financial charges | 65 | €67,373 | €68,118 | +€746 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €188,843 | €146,233 | -€42,611 | -22.6% |
| Income taxes | 67/77 | €47,342 | €36,322 | -€11,019 | -23.3% |
| Profit (loss) for the period | 9904 | €141,502 | €109,910 | -€31,591 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €141,502 | €109,910 | -€31,591 | -22.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.