mact: 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.
mact
Largest movements
- Tangible fixed assets +€349,513
up €349,513 (+756%), from €46,261 to €395,774
of which Land and buildings: +€329,344
- Cash -€33,930
down €33,930 (-63.0%), from €53,889 to €19,959
mainly Investment in fixed assets (net) (-€372,413) and Contributions, distributions and other (-€26,740)
- Receivables within one year -€10,565
down €10,565 (-11.9%), from €88,959 to €78,395
of which Trade receivables: -€9,776
- Intangible fixed assets -€9,028
down €9,028 (-22.2%), from €40,737 to €31,709
- Debts after one year +€291,779
up €291,779 (+57,938%), from €504 to €292,283
- Current portion of long-term debt +€17,250
up €17,250 (+1,152%), from €1,497 to €18,747
- Reserves -€12,188
down €12,188 (-5.8%), from €210,405 to €198,217
- Tax, wage and social debts -€8,091
down €8,091 (-56.0%), from €14,455 to €6,364
of which Taxes: -€8,243
- Other operating charges +€40,256
up €40,256 (+5,187%), from €776 to €41,033
- Gross operating margin +€32,432
up €32,432 (+45.1%), from €71,942 to €104,374
- Taxes -€4,863
down €4,863 (-43.9%), from €11,080 to €6,217
- Financial charges +€3,079
up €3,079 (+548%), from €562 to €3,641
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 | €238,297 | €529,674 | +€291,377 | +122% |
| Fixed assets | 21/28 | €91,327 | €428,823 | +€337,496 | +370% |
| Intangible fixed assets | 21 | €40,737 | €31,709 | -€9,028 | -22.2% |
| Tangible fixed assets | 22/27 | €46,261 | €395,774 | +€349,513 | +756% |
| Land and buildings | 22 | - | €329,344 | +€329,344 | |
| Plant, machinery and equipment | 23 | €18,519 | €45,246 | +€26,727 | +144% |
| Furniture and vehicles | 24 | €27,742 | €21,184 | -€6,557 | -23.6% |
| Financial fixed assets | 28 | €4,330 | €1,340 | -€2,990 | -69.1% |
| Current assets | 29/58 | €146,970 | €100,852 | -€46,119 | -31.4% |
| Amounts receivable within one year | 40/41 | €88,959 | €78,395 | -€10,565 | -11.9% |
| Trade receivables | 40 | €84,176 | €74,400 | -€9,776 | -11.6% |
| Other amounts receivable | 41 | €4,784 | €3,995 | -€789 | -16.5% |
| Cash at bank and in hand | 54/58 | €53,889 | €19,959 | -€33,930 | -63.0% |
| Deferred charges and accrued income | 490/1 | €4,122 | €2,497 | -€1,624 | -39.4% |
| Total equity and liabilities | 10/49 | €238,297 | €529,674 | +€291,377 | +122% |
| Equity | 10/15 | €215,405 | €203,217 | -€12,188 | -5.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €210,405 | €198,217 | -€12,188 | -5.8% |
| Distributable reserves | 133 | €210,405 | €198,217 | -€12,188 | -5.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €22,892 | €326,457 | +€303,565 | +1,326% |
| Amounts payable after more than one year | 17 | €504 | €292,283 | +€291,779 | +57,938% |
| Financial debts | 170/4 | €504 | €292,283 | +€291,779 | +57,938% |
| Amounts payable within one year | 42/48 | €22,388 | €34,174 | +€11,786 | +52.6% |
| Current portion of amounts payable after more than one year | 42 | €1,497 | €18,747 | +€17,250 | +1,152% |
| Financial debts | 43 | €143 | €60 | -€83 | -57.8% |
| Credit institutions | 430/8 | €143 | €60 | -€83 | -57.8% |
| Trade debts | 44 | €6,293 | €9,003 | +€2,710 | +43.1% |
| Suppliers | 440/4 | €6,293 | €9,003 | +€2,710 | +43.1% |
| Taxes, remuneration and social security | 45 | €14,455 | €6,364 | -€8,091 | -56.0% |
| Taxes | 450/3 | €14,455 | €6,211 | -€8,243 | -57.0% |
| Remuneration and social security | 454/9 | - | €152 | +€152 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €3,831 | €0 | -€3,831 | -100% |
| Remuneration, social security and pensions | 62 | €57 | €459 | +€402 | +712% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,732 | €34,917 | +€185 | +0.5% |
| Other operating charges | 640/8 | €776 | €41,033 | +€40,256 | +5,187% |
| Non-recurring operating charges | 66A | - | €3,558 | +€3,558 | |
| Gross operating margin | 9900 | €71,942 | €104,374 | +€32,432 | +45.1% |
| Operating profit (loss) | 9901 | €36,378 | €24,407 | -€11,970 | -32.9% |
| Financial income | 75/76B | €54 | €2 | -€52 | -96.3% |
| Recurring financial income | 75 | €54 | €2 | -€52 | -96.3% |
| Financial charges | 65/66B | €562 | €3,641 | +€3,079 | +548% |
| Recurring financial charges | 65 | €562 | €3,641 | +€3,079 | +548% |
| Profit (loss) for the period before taxes | 9903 | €35,870 | €20,769 | -€15,102 | -42.1% |
| Income taxes | 67/77 | €11,080 | €6,217 | -€4,863 | -43.9% |
| Profit (loss) for the period | 9904 | €24,790 | €14,552 | -€10,238 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,790 | €14,552 | -€10,238 | -41.3% |
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 15 October 2026 via checked.be.