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
- Cash -€216,923
down €216,923 (-56.2%), from €386,153 to €169,229
mainly Contributions, distributions and other (-€214,618) and Investment in fixed assets (net) (-€45,997)
- Tangible fixed assets -€47,798
down €47,798 (-2.8%), from €1.7m to €1.7m
of which Land and buildings: -€28,834
- Receivables within one year +€30,814
up €30,814 (+12.2%), from €253,021 to €283,835
of which Other amounts receivable: +€44,426
- Reserves -€214,618
down €214,618 (-14.3%), from €1.5m to €1.3m
of which Distributable reserves: -€214,618
- Gross operating margin -€71,614
down €71,614 (-41.3%), from €173,483 to €101,869
- Taxes -€23,979
down €23,979 (-66.3%), from €36,192 to €12,213
- Depreciation +€9,905
up €9,905 (+11.8%), from €83,890 to €93,795
- Financial income -€7,181
down €7,181 (-38.5%), from €18,644 to €11,463
- Financial charges +€5,568
up €5,568, from -€2,338 to €3,230
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 | €2,476,970 | €2,236,613 | -€240,356 | -9.7% |
| Fixed assets | 21/28 | €1,727,935 | €1,680,137 | -€47,798 | -2.8% |
| Tangible fixed assets | 22/27 | €1,727,915 | €1,680,117 | -€47,798 | -2.8% |
| Land and buildings | 22 | €1,673,201 | €1,644,368 | -€28,834 | -1.7% |
| Plant, machinery and equipment | 23 | €5,668 | €4,738 | -€930 | -16.4% |
| Furniture and vehicles | 24 | €36,796 | €18,762 | -€18,035 | -49.0% |
| Other tangible fixed assets | 26 | €12,250 | €12,250 | = | 0.0% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €749,034 | €556,476 | -€192,558 | -25.7% |
| Amounts receivable within one year | 40/41 | €253,021 | €283,835 | +€30,814 | +12.2% |
| Trade receivables | 40 | €33,578 | €19,965 | -€13,613 | -40.5% |
| Other amounts receivable | 41 | €219,444 | €263,870 | +€44,426 | +20.2% |
| Current investments | 50/53 | €99,698 | €96,914 | -€2,785 | -2.8% |
| Cash at bank and in hand | 54/58 | €386,153 | €169,229 | -€216,923 | -56.2% |
| Deferred charges and accrued income | 490/1 | €10,162 | €6,498 | -€3,664 | -36.1% |
| Total equity and liabilities | 10/49 | €2,476,970 | €2,236,613 | -€240,356 | -9.7% |
| Equity | 10/15 | €2,442,030 | €2,226,035 | -€215,995 | -8.8% |
| Contributions | 10/11 | €351,100 | €351,100 | = | 0.0% |
| Reserves | 13 | €1,497,124 | €1,282,506 | -€214,618 | -14.3% |
| Non-distributable reserves | 130/1 | €57,550 | €57,550 | = | 0.0% |
| Reserves not available under the articles | 1311 | €57,550 | €57,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €364 | €364 | = | 0.0% |
| Distributable reserves | 133 | €1,439,210 | €1,224,592 | -€214,618 | -14.9% |
| Profit (loss) carried forward | 14 | €593,806 | €592,429 | -€1,377 | -0.2% |
| Amounts payable | 17/49 | €34,940 | €10,578 | -€24,362 | -69.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €34,459 | €9,953 | -€24,506 | -71.1% |
| Current portion of amounts payable after more than one year | 42 | €1,131 | €0 | -€1,131 | -100% |
| Trade debts | 44 | €19,129 | €9,953 | -€9,176 | -48.0% |
| Suppliers | 440/4 | €19,129 | €9,953 | -€9,176 | -48.0% |
| Taxes, remuneration and social security | 45 | €14,199 | €0 | -€14,199 | -100% |
| Taxes | 450/3 | €14,199 | €0 | -€14,199 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €481 | €626 | +€145 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,890 | €93,795 | +€9,905 | +11.8% |
| Other operating charges | 640/8 | €5,315 | €5,470 | +€155 | +2.9% |
| Gross operating margin | 9900 | €173,483 | €101,869 | -€71,614 | -41.3% |
| Operating profit (loss) | 9901 | €84,277 | €2,603 | -€81,674 | -96.9% |
| Financial income | 75/76B | €18,644 | €11,463 | -€7,181 | -38.5% |
| Recurring financial income | 75 | €18,644 | €11,463 | -€7,181 | -38.5% |
| Financial charges | 65/66B | -€2,338 | €3,230 | +€5,568 | |
| Recurring financial charges | 65 | -€2,338 | €3,230 | +€5,568 | |
| Profit (loss) for the period before taxes | 9903 | €105,259 | €10,837 | -€94,422 | -89.7% |
| Income taxes | 67/77 | €36,192 | €12,213 | -€23,979 | -66.3% |
| Profit (loss) for the period | 9904 | €69,067 | -€1,377 | -€70,443 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,067 | -€1,377 | -€70,443 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.