MACOVAK: 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.
MACOVAK
Largest movements
- Receivables within one year +€486,305
up €486,305 (+96.3%), from €505,043 to €991,348
of which Other amounts receivable: +€399,340
- Current investments -€142,489
down €142,489 (-100%), from €142,489 to €0
- Cash -€32,390
down €32,390 (-33.1%), from €97,940 to €65,550
mainly Receivables within one year (-€486,305) and Contributions, distributions and other (-€150,000)
- Tangible fixed assets -€30,365
down €30,365 (-3.2%), from €948,952 to €918,587
of which Plant, machinery and equipment: -€18,814
- Stocks and contracts +€29,740
up €29,740 (+28.7%), from €103,766 to €133,507
- Profit (loss) carried forward +€157,937
up €157,937 (+87.8%), from €179,904 to €337,841
- Other debts +€150,000
up €150,000 (+79,445%), from €189 to €150,189
- Trade debts +€82,680
up €82,680 (+55.5%), from €149,033 to €231,713
- Tax, wage and social debts -€32,535
down €32,535 (-66.3%), from €49,048 to €16,513
of which Taxes: -€19,294
- Current portion of long-term debt -€23,565
down €23,565 (-34.8%), from €67,731 to €44,166
- Gross operating margin -€103,082
down €103,082 (-11.3%), from €916,108 to €813,026
- Financial income +€75,514
up €75,514 (+9,942%), from €760 to €76,274
- Other operating charges -€71,386
down €71,386 (-90.2%), from €79,133 to €7,747
- Staff costs -€41,675
down €41,675 (-9.1%), from €456,962 to €415,287
- Taxes -€37,810
down €37,810 (-60.1%), from €62,896 to €25,086
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 | €1,814,260 | €2,128,257 | +€313,997 | +17.3% |
| Fixed assets | 21/28 | €951,142 | €919,255 | -€31,887 | -3.4% |
| Intangible fixed assets | 21 | €2,191 | €668 | -€1,523 | -69.5% |
| Tangible fixed assets | 22/27 | €948,952 | €918,587 | -€30,365 | -3.2% |
| Land and buildings | 22 | €804,643 | €799,104 | -€5,538 | -0.7% |
| Plant, machinery and equipment | 23 | €98,713 | €79,899 | -€18,814 | -19.1% |
| Furniture and vehicles | 24 | €45,596 | €39,583 | -€6,012 | -13.2% |
| Current assets | 29/58 | €863,117 | €1,209,002 | +€345,885 | +40.1% |
| Stocks and contracts in progress | 3 | €103,766 | €133,507 | +€29,740 | +28.7% |
| Stocks | 30/36 | €103,766 | €133,507 | +€29,740 | +28.7% |
| Amounts receivable within one year | 40/41 | €505,043 | €991,348 | +€486,305 | +96.3% |
| Trade receivables | 40 | €492,592 | €579,557 | +€86,965 | +17.7% |
| Other amounts receivable | 41 | €12,450 | €411,791 | +€399,340 | +3,207% |
| Current investments | 50/53 | €142,489 | €0 | -€142,489 | -100% |
| Cash at bank and in hand | 54/58 | €97,940 | €65,550 | -€32,390 | -33.1% |
| Deferred charges and accrued income | 490/1 | €13,880 | €18,597 | +€4,718 | +34.0% |
| Total equity and liabilities | 10/49 | €1,814,260 | €2,128,257 | +€313,997 | +17.3% |
| Equity | 10/15 | €1,166,277 | €1,324,214 | +€157,937 | +13.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €967,773 | €967,773 | = | 0.0% |
| Distributable reserves | 133 | €967,773 | €967,773 | = | 0.0% |
| Profit (loss) carried forward | 14 | €179,904 | €337,841 | +€157,937 | +87.8% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €647,983 | €804,043 | +€156,060 | +24.1% |
| Amounts payable after more than one year | 17 | €381,981 | €360,397 | -€21,584 | -5.7% |
| Financial debts | 170/4 | €381,981 | €360,397 | -€21,584 | -5.7% |
| Amounts payable within one year | 42/48 | €266,001 | €442,581 | +€176,580 | +66.4% |
| Current portion of amounts payable after more than one year | 42 | €67,731 | €44,166 | -€23,565 | -34.8% |
| Trade debts | 44 | €149,033 | €231,713 | +€82,680 | +55.5% |
| Suppliers | 440/4 | €149,033 | €231,713 | +€82,680 | +55.5% |
| Taxes, remuneration and social security | 45 | €49,048 | €16,513 | -€32,535 | -66.3% |
| Taxes | 450/3 | €26,544 | €7,250 | -€19,294 | -72.7% |
| Remuneration and social security | 454/9 | €22,504 | €9,263 | -€13,240 | -58.8% |
| Other amounts payable | 47/48 | €189 | €150,189 | +€150,000 | +79,445% |
| Accrued charges and deferred income | 492/3 | - | €1,065 | +€1,065 | |
| Non-recurring operating income | 76A | €2,539 | €0 | -€2,539 | -100% |
| Remuneration, social security and pensions | 62 | €456,962 | €415,287 | -€41,675 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,282 | €118,002 | -€2,281 | -1.9% |
| Other operating charges | 640/8 | €79,133 | €7,747 | -€71,386 | -90.2% |
| Gross operating margin | 9900 | €916,108 | €813,026 | -€103,082 | -11.3% |
| Operating profit (loss) | 9901 | €259,731 | €271,991 | +€12,260 | +4.7% |
| Financial income | 75/76B | €760 | €76,274 | +€75,514 | +9,942% |
| Recurring financial income | 75 | €760 | €76,274 | +€75,514 | +9,942% |
| Financial charges | 65/66B | €20,780 | €15,241 | -€5,539 | -26.7% |
| Recurring financial charges | 65 | €20,780 | €15,241 | -€5,539 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €239,710 | €333,023 | +€93,313 | +38.9% |
| Income taxes | 67/77 | €62,896 | €25,086 | -€37,810 | -60.1% |
| Profit (loss) for the period | 9904 | €176,814 | €307,937 | +€131,123 | +74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €176,814 | €307,937 | +€131,123 | +74.2% |
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 23 October 2026 via checked.be.