MACULAN REAL ESTATE: what changed
MACULAN REAL ESTATE
Largest movements
- Tangible fixed assets +€773,060
up €773,060 (+166%), from €465,620 to €1.2m
- Cash +€184,830
up €184,830 (+4,099%), from €4,509 to €189,339
mainly Debts after one year (+€812,729) and Other debts (+€130,592)
- Debts after one year +€812,729
up €812,729 (+183%), from €443,515 to €1.3m
of which Financial debts: +€812,729
- Other debts +€130,592
up €130,592 (+218%), from €59,916 to €190,508
- Profit (loss) carried forward -€29,444
down €29,444 (-43.0%), from -€68,549 to -€97,993
- Trade debts +€28,289
new in 2025: €28,289
- Current portion of long-term debt +€27,024
up €27,024 (+107%), from €25,247 to €52,271
- Depreciation +€6,187
up €6,187 (+20.4%), from €30,335 to €36,522
- Gross operating margin -€2,718
down €2,718 (-12.8%), from €21,219 to €18,501
- Financial charges +€1,927
up €1,927 (+27.9%), from €6,915 to €8,842
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €470,129 | €1,439,319 | +€969,190 | +206% |
| Fixed assets | 21/28 | €465,620 | €1,238,680 | +€773,060 | +166% |
| Tangible fixed assets | 22/27 | €465,620 | €1,238,680 | +€773,060 | +166% |
| Land and buildings | 22 | €465,620 | €1,238,680 | +€773,060 | +166% |
| Current assets | 29/58 | €4,509 | €200,639 | +€196,130 | +4,350% |
| Amounts receivable within one year | 40/41 | - | €11,300 | +€11,300 | |
| Other amounts receivable | 41 | - | €11,300 | +€11,300 | |
| Cash at bank and in hand | 54/58 | €4,509 | €189,339 | +€184,830 | +4,099% |
| Total equity and liabilities | 10/49 | €470,129 | €1,439,319 | +€969,190 | +206% |
| Equity | 10/15 | -€58,549 | -€87,993 | -€29,444 | -50.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,549 | -€97,993 | -€29,444 | -43.0% |
| Amounts payable | 17/49 | €528,678 | €1,527,312 | +€998,634 | +189% |
| Amounts payable after more than one year | 17 | €443,515 | €1,256,244 | +€812,729 | +183% |
| Financial debts | 170/4 | €439,185 | €1,251,914 | +€812,729 | +185% |
| Other amounts payable | 178/9 | €4,330 | €4,330 | = | 0.0% |
| Amounts payable within one year | 42/48 | €85,163 | €271,068 | +€185,905 | +218% |
| Current portion of amounts payable after more than one year | 42 | €25,247 | €52,271 | +€27,024 | +107% |
| Trade debts | 44 | - | €28,289 | +€28,289 | |
| Suppliers | 440/4 | - | €28,289 | +€28,289 | |
| Other amounts payable | 47/48 | €59,916 | €190,508 | +€130,592 | +218% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,335 | €36,522 | +€6,187 | +20.4% |
| Other operating charges | 640/8 | €2,502 | €2,581 | +€79 | +3.2% |
| Gross operating margin | 9900 | €21,219 | €18,501 | -€2,718 | -12.8% |
| Operating profit (loss) | 9901 | -€11,618 | -€20,602 | -€8,984 | -77.3% |
| Financial charges | 65/66B | €6,915 | €8,842 | +€1,927 | +27.9% |
| Recurring financial charges | 65 | €6,915 | €8,842 | +€1,927 | +27.9% |
| Profit (loss) for the period before taxes | 9903 | -€18,533 | -€29,444 | -€10,911 | -58.9% |
| Profit (loss) for the period | 9904 | -€18,533 | -€29,444 | -€10,911 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,533 | -€29,444 | -€10,911 | -58.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.