MACTO: 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.
MACTO
Largest movements
- Tangible fixed assets +€626,295
up €626,295 (+18.1%), from €3.5m to €4.1m
of which Land and buildings: +€627,410
- Cash +€62,488
up €62,488 (+207%), from €30,171 to €92,659
mainly Debts after one year (+€620,771) and Contributions, distributions and other (+€50,000)
- Debts after one year +€620,771
up €620,771 (+23.4%), from €2.7m to €3.3m
of which Financial debts: +€631,575
- Contributions +€50,000
up €50,000 (+6.4%), from €780,000 to €830,000
- Gross operating margin +€81,142
up €81,142 (+86.9%), from €93,343 to €174,486
- Financial charges +€26,145
up €26,145 (+33.1%), from €78,970 to €105,115
of which Financial charges: +€16,234
- Financial income -€8,149
down €8,149 (-92.1%), from €8,849 to €699
of which Non-recurring financial income: -€7,904
- Depreciation +€5,593
up €5,593 (+25.6%), from €21,843 to €27,436
- Other operating charges +€3,543
up €3,543 (+33.6%), from €10,554 to €14,097
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 | €3,488,416 | €4,180,655 | +€692,239 | +19.8% |
| Fixed assets | 21/28 | €3,452,550 | €4,078,845 | +€626,295 | +18.1% |
| Tangible fixed assets | 22/27 | €3,452,550 | €4,078,845 | +€626,295 | +18.1% |
| Land and buildings | 22 | €3,341,399 | €3,968,808 | +€627,410 | +18.8% |
| Plant, machinery and equipment | 23 | €22,724 | €22,993 | +€269 | +1.2% |
| Furniture and vehicles | 24 | €88,427 | €87,044 | -€1,384 | -1.6% |
| Current assets | 29/58 | €35,866 | €101,809 | +€65,943 | +184% |
| Amounts receivable within one year | 40/41 | €4,927 | €8,279 | +€3,352 | +68.0% |
| Other amounts receivable | 41 | €4,927 | €8,279 | +€3,352 | +68.0% |
| Cash at bank and in hand | 54/58 | €30,171 | €92,659 | +€62,488 | +207% |
| Deferred charges and accrued income | 490/1 | €767 | €871 | +€103 | +13.5% |
| Total equity and liabilities | 10/49 | €3,488,416 | €4,180,655 | +€692,239 | +19.8% |
| Equity | 10/15 | €657,103 | €735,640 | +€78,537 | +12.0% |
| Contributions | 10/11 | €780,000 | €830,000 | +€50,000 | +6.4% |
| Profit (loss) carried forward | 14 | -€122,897 | -€94,360 | +€28,537 | +23.2% |
| Amounts payable | 17/49 | €2,831,313 | €3,445,014 | +€613,701 | +21.7% |
| Amounts payable after more than one year | 17 | €2,653,395 | €3,274,165 | +€620,771 | +23.4% |
| Financial debts | 170/4 | €2,105,767 | €2,737,342 | +€631,575 | +30.0% |
| Other amounts payable | 178/9 | €547,628 | €536,823 | -€10,805 | -2.0% |
| Amounts payable within one year | 42/48 | €175,463 | €169,774 | -€5,689 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €88,217 | €120,807 | +€32,591 | +36.9% |
| Trade debts | 44 | €6,470 | €4,252 | -€2,218 | -34.3% |
| Suppliers | 440/4 | €6,470 | €4,252 | -€2,218 | -34.3% |
| Other amounts payable | 47/48 | €80,777 | €44,715 | -€36,062 | -44.6% |
| Accrued charges and deferred income | 492/3 | €2,455 | €1,075 | -€1,380 | -56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,843 | €27,436 | +€5,593 | +25.6% |
| Other operating charges | 640/8 | €10,554 | €14,097 | +€3,543 | +33.6% |
| Non-recurring operating charges | 66A | €22,434 | - | -€22,434 | |
| Gross operating margin | 9900 | €93,343 | €174,486 | +€81,142 | +86.9% |
| Operating profit (loss) | 9901 | €38,512 | €132,953 | +€94,440 | +245% |
| Financial income | 75/76B | €8,849 | €699 | -€8,149 | -92.1% |
| Recurring financial income | 75 | €945 | €699 | -€245 | -26.0% |
| Non-recurring financial income | 76B | €7,904 | - | -€7,904 | |
| Financial charges | 65/66B | €78,970 | €105,115 | +€26,145 | +33.1% |
| Recurring financial charges | 65 | €78,970 | €95,204 | +€16,234 | +20.6% |
| Non-recurring financial charges | 66B | - | €9,911 | +€9,911 | |
| Profit (loss) for the period before taxes | 9903 | -€31,609 | €28,537 | +€60,146 | |
| Income taxes | 67/77 | -€95 | - | +€95 | |
| Profit (loss) for the period | 9904 | -€31,514 | €28,537 | +€60,052 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,514 | €28,537 | +€60,052 |
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.