MACOSE: 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.
MACOSE
Largest movements
- Receivables after one year -€169,000
down €169,000 (-61.7%), from €274,000 to €105,000
- Cash +€128,324
up €128,324 (+2,076%), from €6,180 to €134,504
mainly Receivables after one year (+€169,000) and Other debts (+€101,806)
- Tangible fixed assets -€17,454
down €17,454 (-20.4%), from €85,767 to €68,313
of which Furniture and vehicles: -€14,437
- Receivables within one year -€7,316
down €7,316 (-21.3%), from €34,380 to €27,063
of which Trade receivables: -€12,056
- Reserves -€116,650
down €116,650 (-40.9%), from €285,386 to €168,737
- Other debts +€101,806
up €101,806 (+13,186%), from €772 to €102,578
- Debts after one year -€23,573
down €23,573 (-34.4%), from €68,565 to €44,993
- Tax, wage and social debts -€14,469
down €14,469 (-97.4%), from €14,848 to €380
- Current portion of long-term debt -€10,892
down €10,892 (-31.6%), from €34,465 to €23,573
- Gross operating margin -€18,297
down €18,297 (-18.5%), from €98,730 to €80,432
- Financial income -€17,552
down €17,552 (-67.4%), from €26,034 to €8,482
of which Non-recurring financial income: -€17,888
- Taxes -€8,909
down €8,909 (-32.8%), from €27,181 to €18,272
- Financial charges +€2,229
up €2,229 (+20.2%), from €11,013 to €13,242
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 | €422,034 | €355,806 | -€66,227 | -15.7% |
| Fixed assets | 21/28 | €85,767 | €68,313 | -€17,454 | -20.4% |
| Tangible fixed assets | 22/27 | €85,767 | €68,313 | -€17,454 | -20.4% |
| Furniture and vehicles | 24 | €81,344 | €66,906 | -€14,437 | -17.7% |
| Other tangible fixed assets | 26 | €4,423 | €1,407 | -€3,016 | -68.2% |
| Current assets | 29/58 | €336,267 | €287,493 | -€48,774 | -14.5% |
| Amounts receivable after more than one year | 29 | €274,000 | €105,000 | -€169,000 | -61.7% |
| Other amounts receivable | 291 | €274,000 | €105,000 | -€169,000 | -61.7% |
| Amounts receivable within one year | 40/41 | €34,380 | €27,063 | -€7,316 | -21.3% |
| Trade receivables | 40 | €34,068 | €22,012 | -€12,056 | -35.4% |
| Other amounts receivable | 41 | €311 | €5,051 | +€4,739 | +1,522% |
| Current investments | 50/53 | €13,694 | €12,551 | -€1,143 | -8.3% |
| Cash at bank and in hand | 54/58 | €6,180 | €134,504 | +€128,324 | +2,076% |
| Deferred charges and accrued income | 490/1 | €8,013 | €8,376 | +€362 | +4.5% |
| Total equity and liabilities | 10/49 | €422,034 | €355,806 | -€66,227 | -15.7% |
| Equity | 10/15 | €285,386 | €168,737 | -€116,650 | -40.9% |
| Reserves | 13 | €285,386 | €168,737 | -€116,650 | -40.9% |
| Distributable reserves | 133 | €285,386 | €168,737 | -€116,650 | -40.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €136,647 | €187,069 | +€50,422 | +36.9% |
| Amounts payable after more than one year | 17 | €68,565 | €44,993 | -€23,573 | -34.4% |
| Financial debts | 170/4 | €68,565 | €44,993 | -€23,573 | -34.4% |
| Amounts payable within one year | 42/48 | €68,082 | €142,077 | +€73,995 | +109% |
| Current portion of amounts payable after more than one year | 42 | €34,465 | €23,573 | -€10,892 | -31.6% |
| Financial debts | 43 | €15,172 | €12,967 | -€2,204 | -14.5% |
| Credit institutions | 430/8 | €15,172 | €12,967 | -€2,204 | -14.5% |
| Trade debts | 44 | €2,825 | €2,579 | -€246 | -8.7% |
| Suppliers | 440/4 | €2,825 | €2,579 | -€246 | -8.7% |
| Taxes, remuneration and social security | 45 | €14,848 | €380 | -€14,469 | -97.4% |
| Taxes | 450/3 | €14,848 | €380 | -€14,469 | -97.4% |
| Other amounts payable | 47/48 | €772 | €102,578 | +€101,806 | +13,186% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,882 | €20,720 | -€162 | -0.8% |
| Other operating charges | 640/8 | €1,207 | €1,630 | +€423 | +35.1% |
| Non-recurring operating charges | 66A | - | €2,823 | +€2,823 | |
| Gross operating margin | 9900 | €98,730 | €80,432 | -€18,297 | -18.5% |
| Operating profit (loss) | 9901 | €76,641 | €55,259 | -€21,381 | -27.9% |
| Financial income | 75/76B | €26,034 | €8,482 | -€17,552 | -67.4% |
| Recurring financial income | 75 | €8,146 | €8,482 | +€336 | +4.1% |
| Non-recurring financial income | 76B | €17,888 | €0 | -€17,888 | -100% |
| Financial charges | 65/66B | €11,013 | €13,242 | +€2,229 | +20.2% |
| Recurring financial charges | 65 | €11,013 | €13,242 | +€2,229 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €91,662 | €50,500 | -€41,162 | -44.9% |
| Income taxes | 67/77 | €27,181 | €18,272 | -€8,909 | -32.8% |
| Profit (loss) for the period | 9904 | €64,481 | €32,228 | -€32,253 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,481 | €32,228 | -€32,253 | -50.0% |
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 18 October 2026 via checked.be.