MACON: what changed
Two financial 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.
MACON
Largest movements
- Tangible fixed assets +€316,779
up €316,779 (+598%), from €52,931 to €369,710
of which Land and buildings: +€329,420
- Cash -€79,222
down €79,222 (-35.8%), from €221,055 to €141,833
mainly Investment in fixed assets (net) (-€337,442) and Receivables within one year (-€31,030)
- Receivables within one year +€31,030
up €31,030 (+147%), from €21,103 to €52,133
of which Other amounts receivable: +€31,643
- Debts after one year +€214,025
new in 2025: €214,025
- Reserves +€55,652
up €55,652 (+56.6%), from €98,337 to €153,989
of which Distributable reserves: +€55,652
- Current portion of long-term debt +€21,830
new in 2025: €21,830
- Other debts -€15,736
down €15,736 (-9.1%), from €173,564 to €157,828
- Tax, wage and social debts -€11,550
down €11,550 (-76.1%), from €15,182 to €3,633
of which Taxes: -€11,646
- Gross operating margin -€43,248
down €43,248 (-28.7%), from €150,677 to €107,429
- Taxes +€15,073
up €15,073 (+193%), from €7,794 to €22,867
- Depreciation +€7,120
up €7,120 (+52.6%), from €13,543 to €20,664
- Financial charges +€6,612
up €6,612 (+4,690%), from €141 to €6,753
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.
Derived cash bridge
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 | €306,657 | €575,978 | +€269,321 | +87.8% |
| Fixed assets | 21/28 | €52,931 | €369,710 | +€316,779 | +598% |
| Tangible fixed assets | 22/27 | €52,931 | €369,710 | +€316,779 | +598% |
| Land and buildings | 22 | - | €329,420 | +€329,420 | |
| Furniture and vehicles | 24 | €52,931 | €40,290 | -€12,642 | -23.9% |
| Current assets | 29/58 | €253,726 | €206,268 | -€47,458 | -18.7% |
| Amounts receivable within one year | 40/41 | €21,103 | €52,133 | +€31,030 | +147% |
| Trade receivables | 40 | €19,442 | €18,830 | -€613 | -3.2% |
| Other amounts receivable | 41 | €1,660 | €33,303 | +€31,643 | +1,906% |
| Cash at bank and in hand | 54/58 | €221,055 | €141,833 | -€79,222 | -35.8% |
| Deferred charges and accrued income | 490/1 | €11,569 | €12,303 | +€734 | +6.3% |
| Total equity and liabilities | 10/49 | €306,657 | €575,978 | +€269,321 | +87.8% |
| Equity | 10/15 | €116,937 | €172,589 | +€55,652 | +47.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €98,337 | €153,989 | +€55,652 | +56.6% |
| Tax-exempt reserves | 132 | €2,638 | €2,638 | = | 0.0% |
| Distributable reserves | 133 | €95,698 | €151,351 | +€55,652 | +58.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €189,720 | €403,390 | +€213,669 | +113% |
| Amounts payable after more than one year | 17 | - | €214,025 | +€214,025 | |
| Financial debts | 170/4 | - | €214,025 | +€214,025 | |
| Amounts payable within one year | 42/48 | €189,679 | €189,365 | -€314 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | - | €21,830 | +€21,830 | |
| Trade debts | 44 | €932 | €6,074 | +€5,141 | +551% |
| Suppliers | 440/4 | €932 | €6,074 | +€5,141 | +551% |
| Taxes, remuneration and social security | 45 | €15,182 | €3,633 | -€11,550 | -76.1% |
| Taxes | 450/3 | €11,646 | €0 | -€11,646 | -100% |
| Remuneration and social security | 454/9 | €3,537 | €3,633 | +€96 | +2.7% |
| Other amounts payable | 47/48 | €173,564 | €157,828 | -€15,736 | -9.1% |
| Accrued charges and deferred income | 492/3 | €42 | €0 | -€42 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,543 | €20,664 | +€7,120 | +52.6% |
| Other operating charges | 640/8 | €866 | €1,496 | +€630 | +72.8% |
| Gross operating margin | 9900 | €150,677 | €107,429 | -€43,248 | -28.7% |
| Operating profit (loss) | 9901 | €136,268 | €85,270 | -€50,998 | -37.4% |
| Financial income | 75/76B | €488 | €2 | -€485 | -99.6% |
| Recurring financial income | 75 | €488 | €2 | -€485 | -99.6% |
| Financial charges | 65/66B | €141 | €6,753 | +€6,612 | +4,690% |
| Recurring financial charges | 65 | €141 | €6,753 | +€6,612 | +4,690% |
| Profit (loss) for the period before taxes | 9903 | €136,615 | €78,519 | -€58,096 | -42.5% |
| Income taxes | 67/77 | €7,794 | €22,867 | +€15,073 | +193% |
| Profit (loss) for the period | 9904 | €128,820 | €55,652 | -€73,168 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €128,820 | €55,652 | -€73,168 | -56.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.