MACRI: 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.
MACRI
Largest movements
- Cash -€59,611
down €59,611 (-69.9%), from €85,223 to €25,612
mainly Contributions, distributions and other (-€146,138) and Stocks and contracts (-€35,091)
- Stocks and contracts +€35,091
up €35,091 (+12.7%), from €276,744 to €311,835
- Tangible fixed assets -€19,733
down €19,733 (-13.2%), from €149,311 to €129,578
of which Other tangible fixed assets: -€11,110
- Reserves -€91,902
down €91,902 (-57.9%), from €158,602 to €66,700
- Other debts +€76,121
up €76,121 (+64.2%), from €118,507 to €194,628
- Debts after one year -€33,548
down €33,548 (-44.1%), from €76,089 to €42,541
- Tax, wage and social debts +€7,641
up €7,641 (+37.9%), from €20,148 to €27,789
of which Taxes: +€7,550
- Gross operating margin -€71,173
down €71,173 (-40.9%), from €174,005 to €102,832
- Staff costs -€24,180
down €24,180 (-87.9%), from €27,517 to €3,338
- Taxes -€10,459
down €10,459 (-41.3%), from €25,338 to €14,879
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 | €530,198 | €488,263 | -€41,935 | -7.9% |
| Fixed assets | 21/28 | €159,913 | €138,680 | -€21,233 | -13.3% |
| Intangible fixed assets | 21 | €10,603 | €9,103 | -€1,500 | -14.1% |
| Tangible fixed assets | 22/27 | €149,311 | €129,578 | -€19,733 | -13.2% |
| Furniture and vehicles | 24 | €3,235 | €2,340 | -€895 | -27.7% |
| Leasing and similar rights | 25 | €15,645 | €7,918 | -€7,727 | -49.4% |
| Other tangible fixed assets | 26 | €130,430 | €119,319 | -€11,110 | -8.5% |
| Current assets | 29/58 | €370,284 | €349,583 | -€20,702 | -5.6% |
| Stocks and contracts in progress | 3 | €276,744 | €311,835 | +€35,091 | +12.7% |
| Stocks | 30/36 | €276,744 | €311,835 | +€35,091 | +12.7% |
| Amounts receivable within one year | 40/41 | €8,077 | €11,886 | +€3,810 | +47.2% |
| Trade receivables | 40 | €1,296 | €4,453 | +€3,158 | +243.7% |
| Other amounts receivable | 41 | €6,781 | €7,433 | +€652 | +9.6% |
| Cash at bank and in hand | 54/58 | €85,223 | €25,612 | -€59,611 | -69.9% |
| Deferred charges and accrued income | 490/1 | €241 | €249 | +€8 | +3.4% |
| Total equity and liabilities | 10/49 | €530,198 | €488,263 | -€41,935 | -7.9% |
| Equity | 10/15 | €164,602 | €72,700 | -€91,902 | -55.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €158,602 | €66,700 | -€91,902 | -57.9% |
| Distributable reserves | 133 | €158,602 | €66,700 | -€91,902 | -57.9% |
| Amounts payable | 17/49 | €365,596 | €415,563 | +€49,967 | +13.7% |
| Amounts payable after more than one year | 17 | €76,089 | €42,541 | -€33,548 | -44.1% |
| Financial debts | 170/4 | €76,089 | €42,541 | -€33,548 | -44.1% |
| Amounts payable within one year | 42/48 | €289,507 | €373,022 | +€83,514 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €32,116 | €33,548 | +€1,432 | +4.5% |
| Financial debts | 43 | €20,317 | €20,277 | -€40 | -0.2% |
| Credit institutions | 430/8 | €20,317 | €20,277 | -€40 | -0.2% |
| Trade debts | 44 | €98,420 | €96,781 | -€1,639 | -1.7% |
| Suppliers | 440/4 | €98,420 | €96,781 | -€1,639 | -1.7% |
| Taxes, remuneration and social security | 45 | €20,148 | €27,789 | +€7,641 | +37.9% |
| Taxes | 450/3 | €19,708 | €27,259 | +€7,550 | +38.3% |
| Remuneration and social security | 454/9 | €440 | €530 | +€90 | +20.5% |
| Other amounts payable | 47/48 | €118,507 | €194,628 | +€76,121 | +64.2% |
| Remuneration, social security and pensions | 62 | €27,517 | €3,338 | -€24,180 | -87.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,566 | €22,666 | +€99 | +0.4% |
| Other operating charges | 640/8 | €1,767 | €1,271 | -€496 | -28.1% |
| Gross operating margin | 9900 | €174,005 | €102,832 | -€71,173 | -40.9% |
| Operating profit (loss) | 9901 | €122,154 | €75,558 | -€46,597 | -38.1% |
| Financial income | 75/76B | €1,124 | €72 | -€1,052 | -93.6% |
| Recurring financial income | 75 | €1,124 | €72 | -€1,052 | -93.6% |
| Financial charges | 65/66B | €6,215 | €6,515 | +€300 | +4.8% |
| Recurring financial charges | 65 | €6,215 | €6,515 | +€300 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €117,063 | €69,115 | -€47,948 | -41.0% |
| Income taxes | 67/77 | €25,338 | €14,879 | -€10,459 | -41.3% |
| Profit (loss) for the period | 9904 | €91,725 | €54,237 | -€37,489 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €91,725 | €54,237 | -€37,489 | -40.9% |
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 7 October 2026 via checked.be.