MACRIFI: 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.
MACRIFI
Largest movements
- Cash +€854,845
up €854,845 (+231%), from €369,563 to €1.2m
mainly Net result for the year (+€1.5m) and Receivables within one year (+€283,375)
- Financial fixed assets +€800,000
up €800,000 (+17.8%), from €4.5m to €5.3m
- Tangible fixed assets +€351,515
up €351,515 (+20.5%), from €1.7m to €2.1m
of which Land and buildings: +€380,857
- Receivables within one year -€283,375
down €283,375 (-17.0%), from €1.7m to €1.4m
of which Other amounts receivable: -€256,981
- Stocks and contracts -€108,381
down €108,381 (-77.7%), from €139,416 to €31,034
- Reserves +€1.5m
up €1.5m (+93.7%), from €1.6m to €3.2m
of which Distributable reserves: +€1.5m
- Accrued charges and deferred income +€237,500
new in 2025: €237,500
- Other debts -€162,833
down €162,833 (-7.6%), from €2.1m to €2.0m
- Gross operating margin +€2.2m
up €2.2m (+342%), from €645,518 to €2.9m
- Taxes +€508,616
up €508,616 (+839%), from €60,606 to €569,222
- Depreciation +€101,091
up €101,091 (+66.4%), from €152,150 to €253,241
- Other operating charges +€61,383
up €61,383 (+68.4%), from €89,730 to €151,114
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 | €8,919,922 | €10,591,251 | +€1.7m | +18.7% |
| Fixed assets | 21/28 | €6,214,108 | €7,365,623 | +€1.2m | +18.5% |
| Tangible fixed assets | 22/27 | €1,711,269 | €2,062,784 | +€351,515 | +20.5% |
| Land and buildings | 22 | €1,616,732 | €1,997,589 | +€380,857 | +23.6% |
| Furniture and vehicles | 24 | €94,537 | €65,195 | -€29,342 | -31.0% |
| Financial fixed assets | 28 | €4,502,839 | €5,302,839 | +€800,000 | +17.8% |
| Current assets | 29/58 | €2,705,814 | €3,225,628 | +€519,814 | +19.2% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €139,416 | €31,034 | -€108,381 | -77.7% |
| Stocks | 30/36 | €139,416 | €31,034 | -€108,381 | -77.7% |
| Amounts receivable within one year | 40/41 | €1,666,410 | €1,383,035 | -€283,375 | -17.0% |
| Trade receivables | 40 | €99,810 | €73,416 | -€26,394 | -26.4% |
| Other amounts receivable | 41 | €1,566,600 | €1,309,619 | -€256,981 | -16.4% |
| Cash at bank and in hand | 54/58 | €369,563 | €1,224,407 | +€854,845 | +231% |
| Deferred charges and accrued income | 490/1 | €30,427 | €87,152 | +€56,725 | +186% |
| Total equity and liabilities | 10/49 | €8,919,922 | €10,591,251 | +€1.7m | +18.7% |
| Equity | 10/15 | €4,145,533 | €5,687,598 | +€1.5m | +37.2% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €1,645,533 | €3,187,598 | +€1.5m | +93.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €262,821 | €257,858 | -€4,963 | -1.9% |
| Distributable reserves | 133 | €1,382,712 | €2,929,740 | +€1.5m | +112% |
| Provisions and deferred taxes | 16 | €87,607 | €85,953 | -€1,654 | -1.9% |
| Deferred taxes | 168 | €87,607 | €85,953 | -€1,654 | -1.9% |
| Amounts payable | 17/49 | €4,686,782 | €4,817,700 | +€130,918 | +2.8% |
| Amounts payable after more than one year | 17 | €2,500,000 | €2,500,000 | = | 0.0% |
| Financial debts | 170/4 | €2,500,000 | €2,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,186,782 | €2,080,200 | -€106,582 | -4.9% |
| Trade debts | 44 | €24,517 | €77,130 | +€52,612 | +215% |
| Suppliers | 440/4 | €24,517 | €77,130 | +€52,612 | +215% |
| Taxes, remuneration and social security | 45 | €26,571 | €30,210 | +€3,639 | +13.7% |
| Taxes | 450/3 | €13,767 | €18,274 | +€4,507 | +32.7% |
| Remuneration and social security | 454/9 | €12,804 | €11,935 | -€869 | -6.8% |
| Other amounts payable | 47/48 | €2,135,694 | €1,972,861 | -€162,833 | -7.6% |
| Accrued charges and deferred income | 492/3 | - | €237,500 | +€237,500 | |
| Non-recurring operating income | 76A | - | €2,218,426 | +€2.2m | |
| Remuneration, social security and pensions | 62 | €117,169 | €117,841 | +€672 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,150 | €253,241 | +€101,091 | +66.4% |
| Other operating charges | 640/8 | €89,730 | €151,114 | +€61,383 | +68.4% |
| Gross operating margin | 9900 | €645,518 | €2,853,153 | +€2.2m | +342% |
| Operating profit (loss) | 9901 | €286,468 | €2,330,957 | +€2.0m | +714% |
| Financial income | 75/76B | €21,597 | €17,831 | -€3,766 | -17.4% |
| Recurring financial income | 75 | €21,597 | €17,831 | -€3,766 | -17.4% |
| Financial charges | 65/66B | €238,366 | €239,155 | +€789 | +0.3% |
| Recurring financial charges | 65 | €238,366 | €239,155 | +€789 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €69,699 | €2,109,633 | +€2.0m | +2,927% |
| Transfer from deferred taxes | 780 | €1,355 | €1,654 | +€300 | +22.1% |
| Income taxes | 67/77 | €60,606 | €569,222 | +€508,616 | +839% |
| Profit (loss) for the period | 9904 | €10,448 | €1,542,065 | +€1.5m | +14,660% |
| Transfer from tax-exempt reserves | 789 | €4,064 | €4,963 | +€900 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,511 | €1,547,028 | +€1.5m | +10,561% |
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.