MACOPEX: 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.
MACOPEX
Largest movements
- Cash +€121,546
up €121,546 (+648.9%), from €18,732 to €140,277
- Tangible fixed assets -€96,210
down €96,210 (-18.8%), from €510,611 to €414,401
of which Land and buildings: -€81,023
- Receivables within one year -€9,856
down €9,856 (-10.5%), from €93,720 to €83,864
of which Trade receivables: -€32,282
- Profit (loss) carried forward -€204,583
down €204,583 (-78.4%), from €261,101 to €56,518
- Reserves +€137,396
up €137,396 (+197.4%), from €69,597 to €206,993
of which Tax-exempt reserves: +€137,396
- Debts after one year -€65,000
down €65,000 (-16.0%), from €405,000 to €340,000
- Provisions +€46,144
up €46,144 (+417.6%), from €11,051 to €57,196
- Trade debts +€37,649
up €37,649 (+797.9%), from €4,719 to €42,368
- Gross operating margin +€126,139
up €126,139 (+344.4%), from €36,621 to €162,760
- Other operating charges +€10,496
up €10,496 (+41.2%), from €25,500 to €35,996
- Depreciation -€10,180
down €10,180 (-29.3%), from €34,736 to €24,555
- Financial charges -€1,730
down €1,730 (-10.7%), from €16,163 to €14,433
- Taxes +€1,657
up €1,657 (+880.3%), from €188 to €1,845
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €904,673 | €916,997 | +€12,324 | +1.4% |
| Fixed assets | 21/28 | €781,435 | €684,991 | -€96,444 | -12.3% |
| Tangible fixed assets | 22/27 | €510,611 | €414,401 | -€96,210 | -18.8% |
| Land and buildings | 22 | €470,280 | €389,257 | -€81,023 | -17.2% |
| Plant, machinery and equipment | 23 | €1,145 | €675 | -€470 | -41.0% |
| Furniture and vehicles | 24 | €720 | - | -€720 | |
| Other tangible fixed assets | 26 | €38,466 | €24,468 | -€13,997 | -36.4% |
| Financial fixed assets | 28 | €270,824 | €270,591 | -€234 | -0.1% |
| Current assets | 29/58 | €123,238 | €232,006 | +€108,768 | +88.3% |
| Stocks and contracts in progress | 3 | €2,889 | €2,889 | = | 0.0% |
| Stocks | 30/36 | €2,889 | €2,889 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €93,720 | €83,864 | -€9,856 | -10.5% |
| Trade receivables | 40 | €51,315 | €19,033 | -€32,282 | -62.9% |
| Other amounts receivable | 41 | €42,405 | €64,831 | +€22,426 | +52.9% |
| Cash at bank and in hand | 54/58 | €18,732 | €140,277 | +€121,546 | +648.9% |
| Deferred charges and accrued income | 490/1 | €7,897 | €4,975 | -€2,922 | -37.0% |
| Total equity and liabilities | 10/49 | €904,673 | €916,997 | +€12,324 | +1.4% |
| Equity | 10/15 | €429,855 | €362,668 | -€67,187 | -15.6% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €69,597 | €206,993 | +€137,396 | +197.4% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Tax-exempt reserves | 132 | €59,681 | €197,077 | +€137,396 | +230.2% |
| Profit (loss) carried forward | 14 | €261,101 | €56,518 | -€204,583 | -78.4% |
| Provisions and deferred taxes | 16 | €11,051 | €57,196 | +€46,144 | +417.6% |
| Deferred taxes | 168 | €11,051 | €57,196 | +€46,144 | +417.6% |
| Amounts payable | 17/49 | €463,767 | €497,133 | +€33,366 | +7.2% |
| Amounts payable after more than one year | 17 | €405,000 | €340,000 | -€65,000 | -16.0% |
| Financial debts | 170/4 | €405,000 | €340,000 | -€65,000 | -16.0% |
| Amounts payable within one year | 42/48 | €20,310 | €90,551 | +€70,241 | +345.8% |
| Current portion of amounts payable after more than one year | 42 | €6,500 | €1,621 | -€4,879 | -75.1% |
| Trade debts | 44 | €4,719 | €42,368 | +€37,649 | +797.9% |
| Suppliers | 440/4 | €4,719 | €42,368 | +€37,649 | +797.9% |
| Advances received on contracts in progress | 46 | €5,000 | €3,872 | -€1,128 | -22.6% |
| Taxes, remuneration and social security | 45 | €767 | €10,536 | +€9,769 | +1274.4% |
| Taxes | 450/3 | €767 | €10,536 | +€9,769 | +1274.4% |
| Other amounts payable | 47/48 | €3,324 | €32,155 | +€28,831 | +867.3% |
| Accrued charges and deferred income | 492/3 | €38,457 | €66,582 | +€28,125 | +73.1% |
| Non-recurring operating income | 76A | - | €916 | +€916 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,736 | €24,555 | -€10,180 | -29.3% |
| Other operating charges | 640/8 | €25,500 | €35,996 | +€10,496 | +41.2% |
| Gross operating margin | 9900 | €36,621 | €162,760 | +€126,139 | +344.4% |
| Operating profit (loss) | 9901 | -€23,615 | €102,209 | +€125,824 | |
| Financial income | 75/76B | €6 | €3 | -€3 | -50.2% |
| Recurring financial income | 75 | €6 | €3 | -€3 | -50.2% |
| Financial charges | 65/66B | €16,163 | €14,433 | -€1,730 | -10.7% |
| Recurring financial charges | 65 | €16,163 | €14,433 | -€1,730 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€39,772 | €87,779 | +€127,550 | |
| Transfer from deferred taxes | 780 | €519 | €519 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €47,182 | +€47,182 | |
| Income taxes | 67/77 | €188 | €1,845 | +€1,657 | +880.3% |
| Profit (loss) for the period | 9904 | -€39,441 | €39,270 | +€78,712 | |
| Transfer from tax-exempt reserves | 789 | €2,074 | €2,074 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €141,545 | +€141,545 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,367 | -€100,200 | -€62,833 | -168.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2023 and 31 January 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.