MACQS: 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.
MACQS
Largest movements
- Tangible fixed assets -€39,721
down €39,721 (-73.4%), from €54,111 to €14,391
of which Furniture and vehicles: -€42,175
- Cash +€24,665
up €24,665 (+159.6%), from €15,458 to €40,123
mainly Investment in fixed assets (net) (+€35,543) and Net result for the year (+€33,487)
- Intangible fixed assets -€20,000
down €20,000 (-11.5%), from €173,315 to €153,315
- Deferred charges and accrued income +€15,627
up €15,627 (+47.0%), from €33,266 to €48,893
- Current investments +€9,000
new in 2025: €9,000
- Debts after one year -€53,271
down €53,271 (-33.0%), from €161,496 to €108,225
of which Financial debts: -€57,424
- Profit (loss) carried forward +€33,487
up €33,487 (+46.1%), from €72,609 to €106,096
- Other debts +€18,146
up €18,146 (+248.8%), from €7,294 to €25,440
- Current portion of long-term debt -€9,236
down €9,236 (-27.6%), from €33,443 to €24,207
- Depreciation -€8,363
down €8,363 (-25.7%), from €32,540 to €24,177
- Gross operating margin +€7,543
up €7,543 (+8.4%), from €90,245 to €97,788
- Other operating charges +€1,950
up €1,950 (+139.3%), from €1,399 to €3,349
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 | €283,087 | €272,657 | -€10,430 | -3.7% |
| Fixed assets | 21/28 | €227,426 | €167,706 | -€59,721 | -26.3% |
| Intangible fixed assets | 21 | €173,315 | €153,315 | -€20,000 | -11.5% |
| Tangible fixed assets | 22/27 | €54,111 | €14,391 | -€39,721 | -73.4% |
| Furniture and vehicles | 24 | €47,865 | €5,690 | -€42,175 | -88.1% |
| Other tangible fixed assets | 26 | €6,247 | €8,701 | +€2,455 | +39.3% |
| Current assets | 29/58 | €55,661 | €104,952 | +€49,291 | +88.6% |
| Amounts receivable within one year | 40/41 | €6,936 | €6,936 | = | 0.0% |
| Other amounts receivable | 41 | €6,936 | €6,936 | = | 0.0% |
| Current investments | 50/53 | - | €9,000 | +€9,000 | |
| Cash at bank and in hand | 54/58 | €15,458 | €40,123 | +€24,665 | +159.6% |
| Deferred charges and accrued income | 490/1 | €33,266 | €48,893 | +€15,627 | +47.0% |
| Total equity and liabilities | 10/49 | €283,087 | €272,657 | -€10,430 | -3.7% |
| Equity | 10/15 | €76,609 | €110,096 | +€33,487 | +43.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,609 | €106,096 | +€33,487 | +46.1% |
| Amounts payable | 17/49 | €206,478 | €162,562 | -€43,917 | -21.3% |
| Amounts payable after more than one year | 17 | €161,496 | €108,225 | -€53,271 | -33.0% |
| Financial debts | 170/4 | €59,486 | €2,062 | -€57,424 | -96.5% |
| Other amounts payable | 178/9 | €102,010 | €106,163 | +€4,153 | +4.1% |
| Amounts payable within one year | 42/48 | €44,982 | €54,337 | +€9,354 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €33,443 | €24,207 | -€9,236 | -27.6% |
| Trade debts | 44 | €4,246 | €3,440 | -€806 | -19.0% |
| Suppliers | 440/4 | €4,246 | €3,440 | -€806 | -19.0% |
| Taxes, remuneration and social security | 45 | €0 | €1,250 | +€1,250 | |
| Taxes | 450/3 | €0 | €1,250 | +€1,250 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,294 | €25,440 | +€18,146 | +248.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,540 | €24,177 | -€8,363 | -25.7% |
| Other operating charges | 640/8 | €1,399 | €3,349 | +€1,950 | +139.3% |
| Non-recurring operating charges | 66A | - | €20,570 | +€20,570 | |
| Gross operating margin | 9900 | €90,245 | €97,788 | +€7,543 | +8.4% |
| Operating profit (loss) | 9901 | €56,306 | €49,692 | -€6,614 | -11.7% |
| Financial income | 75/76B | €0 | €10 | +€10 | +19900.0% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +19900.0% |
| Financial charges | 65/66B | €4,313 | €4,715 | +€401 | +9.3% |
| Recurring financial charges | 65 | €4,313 | €4,715 | +€401 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €51,993 | €44,987 | -€7,006 | -13.5% |
| Income taxes | 67/77 | €11,064 | €11,500 | +€436 | +3.9% |
| Profit (loss) for the period | 9904 | €40,929 | €33,487 | -€7,442 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,929 | €33,487 | -€7,442 | -18.2% |
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 28 September 2026 via checked.be.