MACOVA: 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.
MACOVA
Largest movements
- Tangible fixed assets +€264,163
up €264,163 (+62.9%), from €420,283 to €684,446
of which Land and buildings: +€279,158
- Cash -€34,486
down €34,486 (-29.7%), from €116,305 to €81,819
mainly Investment in fixed assets (net) (-€319,278) and Contributions, distributions and other (-€34,000)
- Receivables within one year -€19,678
down €19,678 (-11.8%), from €167,059 to €147,381
of which Trade receivables: -€95,853
- Debts after one year +€213,018
up €213,018 (+64.5%), from €330,124 to €543,142
- Reserves -€12,905
down €12,905 (-4.7%), from €273,862 to €260,957
of which Distributable reserves: -€12,905
- Staff costs +€30,004
up €30,004 (+49.0%), from €61,252 to €91,256
- Taxes -€10,404
down €10,404 (-53.3%), from €19,509 to €9,105
- Depreciation +€8,866
up €8,866 (+19.2%), from €46,249 to €55,115
- Gross operating margin +€6,617
up €6,617 (+3.5%), from €187,953 to €194,570
- Financial charges +€3,567
up €3,567 (+27.6%), from €12,942 to €16,509
of which Financial charges: +€2,998
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 | €725,348 | €936,184 | +€210,837 | +29.1% |
| Fixed assets | 21/28 | €420,283 | €684,446 | +€264,163 | +62.9% |
| Tangible fixed assets | 22/27 | €420,283 | €684,446 | +€264,163 | +62.9% |
| Land and buildings | 22 | €372,787 | €651,945 | +€279,158 | +74.9% |
| Plant, machinery and equipment | 23 | €605 | - | -€605 | |
| Furniture and vehicles | 24 | €14,337 | €8,633 | -€5,705 | -39.8% |
| Leasing and similar rights | 25 | €32,553 | €23,868 | -€8,686 | -26.7% |
| Current assets | 29/58 | €305,064 | €251,738 | -€53,326 | -17.5% |
| Amounts receivable within one year | 40/41 | €167,059 | €147,381 | -€19,678 | -11.8% |
| Trade receivables | 40 | €125,976 | €30,123 | -€95,853 | -76.1% |
| Other amounts receivable | 41 | €41,083 | €117,258 | +€76,175 | +185% |
| Current investments | 50/53 | €19,851 | €19,851 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,305 | €81,819 | -€34,486 | -29.7% |
| Deferred charges and accrued income | 490/1 | €1,850 | €2,688 | +€838 | +45.3% |
| Total equity and liabilities | 10/49 | €725,348 | €936,184 | +€210,837 | +29.1% |
| Equity | 10/15 | €337,462 | €324,557 | -€12,905 | -3.8% |
| Contributions | 10/11 | €63,600 | €63,600 | = | 0.0% |
| Reserves | 13 | €273,862 | €260,957 | -€12,905 | -4.7% |
| Tax-exempt reserves | 132 | €14,000 | €14,000 | = | 0.0% |
| Distributable reserves | 133 | €259,862 | €246,957 | -€12,905 | -5.0% |
| Amounts payable | 17/49 | €387,886 | €611,627 | +€223,741 | +57.7% |
| Amounts payable after more than one year | 17 | €330,124 | €543,142 | +€213,018 | +64.5% |
| Financial debts | 170/4 | €330,124 | €543,142 | +€213,018 | +64.5% |
| Amounts payable within one year | 42/48 | €57,762 | €68,486 | +€10,724 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €33,935 | €41,782 | +€7,847 | +23.1% |
| Trade debts | 44 | €10,111 | €7,209 | -€2,902 | -28.7% |
| Suppliers | 440/4 | €10,111 | €7,209 | -€2,902 | -28.7% |
| Taxes, remuneration and social security | 45 | €13,716 | €19,495 | +€5,779 | +42.1% |
| Taxes | 450/3 | €5,605 | €6,581 | +€976 | +17.4% |
| Remuneration and social security | 454/9 | €8,111 | €12,914 | +€4,803 | +59.2% |
| Remuneration, social security and pensions | 62 | €61,252 | €91,256 | +€30,004 | +49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,249 | €55,115 | +€8,866 | +19.2% |
| Other operating charges | 640/8 | €1,678 | €2,512 | +€834 | +49.7% |
| Gross operating margin | 9900 | €187,953 | €194,570 | +€6,617 | +3.5% |
| Operating profit (loss) | 9901 | €78,774 | €45,688 | -€33,086 | -42.0% |
| Financial income | 75/76B | €1,950 | €1,022 | -€929 | -47.6% |
| Recurring financial income | 75 | €1,950 | €1,022 | -€929 | -47.6% |
| Financial charges | 65/66B | €12,942 | €16,509 | +€3,567 | +27.6% |
| Recurring financial charges | 65 | €12,942 | €15,940 | +€2,998 | +23.2% |
| Non-recurring financial charges | 66B | - | €569 | +€569 | |
| Profit (loss) for the period before taxes | 9903 | €67,783 | €30,200 | -€37,582 | -55.4% |
| Income taxes | 67/77 | €19,509 | €9,105 | -€10,404 | -53.3% |
| Profit (loss) for the period | 9904 | €48,274 | €21,095 | -€27,178 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,274 | €21,095 | -€27,178 | -56.3% |
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 28 October 2026 via checked.be.