Macours-Noels: 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.
Macours-Noels
Largest movements
- Receivables within one year +€42,946
up €42,946 (+398.1%), from €10,787 to €53,733
of which Other amounts receivable: +€39,762
- Cash -€12,530
down €12,530 (-73.9%), from €16,956 to €4,426
mainly Investment in fixed assets (net) (-€72,941) and Receivables within one year (-€42,946)
- Debts after one year +€55,815
up €55,815 (+16.7%), from €333,853 to €389,668
- Trade debts -€35,656
down €35,656 (-78.7%), from €45,293 to €9,637
- Current portion of long-term debt +€20,368
up €20,368 (+35.3%), from €57,772 to €78,140
- Depreciation +€30,159
up €30,159 (+60.5%), from €49,823 to €79,982
- Taxes -€11,183
down €11,183 (-68.6%), from €16,310 to €5,127
- Gross operating margin +€9,201
up €9,201 (+9.2%), from €99,639 to €108,840
- Financial charges +€5,067
up €5,067 (+36.1%), from €14,042 to €19,110
- Other operating charges +€5,014
up €5,014 (+46.7%), from €10,728 to €15,742
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 | €1,001,012 | €1,019,386 | +€18,374 | +1.8% |
| Fixed assets | 21/28 | €789,152 | €782,111 | -€7,041 | -0.9% |
| Tangible fixed assets | 22/27 | €789,152 | €782,111 | -€7,041 | -0.9% |
| Land and buildings | 22 | €781,832 | €775,061 | -€6,771 | -0.9% |
| Plant, machinery and equipment | 23 | - | €2,371 | +€2,371 | |
| Furniture and vehicles | 24 | €7,320 | €4,678 | -€2,642 | -36.1% |
| Current assets | 29/58 | €211,860 | €237,275 | +€25,416 | +12.0% |
| Amounts receivable after more than one year | 29 | €175,000 | €175,000 | = | 0.0% |
| Other amounts receivable | 291 | €175,000 | €175,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,787 | €53,733 | +€42,946 | +398.1% |
| Trade receivables | 40 | €3,534 | €6,718 | +€3,184 | +90.1% |
| Other amounts receivable | 41 | €7,253 | €47,015 | +€39,762 | +548.2% |
| Cash at bank and in hand | 54/58 | €16,956 | €4,426 | -€12,530 | -73.9% |
| Deferred charges and accrued income | 490/1 | €9,117 | €4,116 | -€5,001 | -54.9% |
| Total equity and liabilities | 10/49 | €1,001,012 | €1,019,386 | +€18,374 | +1.8% |
| Equity | 10/15 | €473,550 | €470,339 | -€3,211 | -0.7% |
| Contributions | 10/11 | €55,776 | €55,776 | = | 0.0% |
| Reserves | 13 | €417,774 | €414,563 | -€3,211 | -0.8% |
| Tax-exempt reserves | 132 | €172,188 | €163,806 | -€8,381 | -4.9% |
| Distributable reserves | 133 | €245,586 | €250,757 | +€5,170 | +2.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €57,396 | €54,602 | -€2,794 | -4.9% |
| Deferred taxes | 168 | €57,396 | €54,602 | -€2,794 | -4.9% |
| Amounts payable | 17/49 | €470,066 | €494,445 | +€24,379 | +5.2% |
| Amounts payable after more than one year | 17 | €333,853 | €389,668 | +€55,815 | +16.7% |
| Financial debts | 170/4 | €333,853 | €389,668 | +€55,815 | +16.7% |
| Amounts payable within one year | 42/48 | €136,212 | €104,776 | -€31,436 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €57,772 | €78,140 | +€20,368 | +35.3% |
| Financial debts | 43 | €5,000 | €10 | -€4,990 | -99.8% |
| Credit institutions | 430/8 | €5,000 | €10 | -€4,990 | -99.8% |
| Trade debts | 44 | €45,293 | €9,637 | -€35,656 | -78.7% |
| Suppliers | 440/4 | €45,293 | €9,637 | -€35,656 | -78.7% |
| Taxes, remuneration and social security | 45 | €10,834 | €3,127 | -€7,707 | -71.1% |
| Taxes | 450/3 | €10,834 | €3,127 | -€7,707 | -71.1% |
| Other amounts payable | 47/48 | €17,314 | €13,863 | -€3,451 | -19.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,823 | €79,982 | +€30,159 | +60.5% |
| Other operating charges | 640/8 | €10,728 | €15,742 | +€5,014 | +46.7% |
| Gross operating margin | 9900 | €99,639 | €108,840 | +€9,201 | +9.2% |
| Operating profit (loss) | 9901 | €39,087 | €13,116 | -€25,972 | -66.4% |
| Financial income | 75/76B | €6,245 | €7,560 | +€1,315 | +21.0% |
| Recurring financial income | 75 | €6,245 | €7,560 | +€1,315 | +21.0% |
| Financial charges | 65/66B | €14,042 | €19,110 | +€5,067 | +36.1% |
| Recurring financial charges | 65 | €14,042 | €19,110 | +€5,067 | +36.1% |
| Profit (loss) for the period before taxes | 9903 | €31,290 | €1,566 | -€29,725 | -95.0% |
| Transfer from deferred taxes | 780 | €2,794 | €2,794 | = | 0.0% |
| Income taxes | 67/77 | €16,310 | €5,127 | -€11,183 | -68.6% |
| Profit (loss) for the period | 9904 | €17,774 | -€768 | -€18,542 | |
| Transfer from tax-exempt reserves | 789 | €8,381 | €8,381 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,156 | €7,614 | -€18,542 | -70.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.