MACOVAN: 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.
MACOVAN
Largest movements
- Tangible fixed assets +€181,370
new in 2025: €181,370
- Receivables within one year -€72,192
down €72,192 (-80.9%), from €89,282 to €17,090
of which Trade receivables: -€88,928
- Cash -€2,032
down €2,032 (-39.2%), from €5,187 to €3,156
mainly Investment in fixed assets (net) (-€187,372) and Net result for the year (-€18,281)
- Other debts +€82,205
up €82,205 (+91.9%), from €89,444 to €171,649
- Trade debts +€45,331
up €45,331 (+2437.5%), from €1,860 to €47,191
- Profit (loss) carried forward -€18,281
down €18,281 (-49.9%), from -€36,650 to -€54,932
- Tax, wage and social debts -€2,910
down €2,910 (-90.4%), from €3,219 to €309
- Gross operating margin +€42,434
up €42,434 (+83.5%), from -€50,837 to -€8,402
- Depreciation +€6,002
new in 2025: €6,002
- Financial charges +€3,316
new in 2025: €3,316
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 | €95,271 | €201,615 | +€106,344 | +111.6% |
| Fixed assets | 21/28 | - | €181,370 | +€181,370 | |
| Tangible fixed assets | 22/27 | - | €181,370 | +€181,370 | |
| Land and buildings | 22 | - | €181,370 | +€181,370 | |
| Current assets | 29/58 | €95,271 | €20,246 | -€75,026 | -78.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €89,282 | €17,090 | -€72,192 | -80.9% |
| Trade receivables | 40 | €88,928 | - | -€88,928 | |
| Other amounts receivable | 41 | €355 | €17,090 | +€16,735 | +4720.3% |
| Cash at bank and in hand | 54/58 | €5,187 | €3,156 | -€2,032 | -39.2% |
| Deferred charges and accrued income | 490/1 | €802 | - | -€802 | |
| Total equity and liabilities | 10/49 | €95,271 | €201,615 | +€106,344 | +111.6% |
| Equity | 10/15 | €749 | -€17,533 | -€18,281 | |
| Contributions | 10/11 | €12,700 | €12,700 | = | 0.0% |
| Reserves | 13 | €24,699 | €24,699 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,839 | €12,839 | = | 0.0% |
| Distributable reserves | 133 | €11,860 | €11,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,650 | -€54,932 | -€18,281 | -49.9% |
| Amounts payable | 17/49 | €94,523 | €219,148 | +€124,626 | +131.8% |
| Amounts payable within one year | 42/48 | €94,523 | €219,148 | +€124,626 | +131.8% |
| Trade debts | 44 | €1,860 | €47,191 | +€45,331 | +2437.5% |
| Suppliers | 440/4 | €1,860 | €47,191 | +€45,331 | +2437.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,219 | €309 | -€2,910 | -90.4% |
| Taxes | 450/3 | €3,219 | €309 | -€2,910 | -90.4% |
| Other amounts payable | 47/48 | €89,444 | €171,649 | +€82,205 | +91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,002 | +€6,002 | |
| Other operating charges | 640/8 | €551 | €563 | +€13 | +2.3% |
| Gross operating margin | 9900 | -€50,837 | -€8,402 | +€42,434 | +83.5% |
| Operating profit (loss) | 9901 | -€51,387 | -€14,967 | +€36,420 | +70.9% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | - | €3,316 | +€3,316 | |
| Recurring financial charges | 65 | - | €3,316 | +€3,316 | |
| Profit (loss) for the period before taxes | 9903 | -€51,387 | -€18,281 | +€33,106 | +64.4% |
| Profit (loss) for the period | 9904 | -€51,387 | -€18,281 | +€33,106 | +64.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,387 | -€18,281 | +€33,106 | +64.4% |
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 10 October 2026 via checked.be.