MAECOS: 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.
MAECOS
Largest movements
- Intangible fixed assets +€265,149
up €265,149 (+220%), from €120,647 to €385,796
- Receivables within one year +€60,171
up €60,171 (+34.8%), from €172,829 to €233,000
of which Trade receivables: +€57,814
- Cash -€11,842
down €11,842 (-12.0%), from €98,444 to €86,602
mainly Investment in fixed assets (net) (-€360,000) and Receivables within one year (-€60,171)
- Trade debts +€157,816
up €157,816 (+80.8%), from €195,347 to €353,163
- Debts after one year +€80,100
up €80,100 (+400%), from €20,000 to €100,100
- Current portion of long-term debt +€66,284
new in 2025: €66,284
- Reserves +€9,538
up €9,538 (+6.6%), from €143,800 to €153,338
- Gross operating margin +€125,570
up €125,570, from -€13,196 to €112,374
- Depreciation +€52,000
up €52,000 (+121%), from €42,961 to €94,961
- Financial charges +€5,011
up €5,011 (+262%), from €1,915 to €6,926
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 | €393,708 | €707,123 | +€313,416 | +79.6% |
| Fixed assets | 21/28 | €120,819 | €385,858 | +€265,039 | +219% |
| Intangible fixed assets | 21 | €120,647 | €385,796 | +€265,149 | +220% |
| Tangible fixed assets | 22/27 | €172 | €62 | -€110 | -63.8% |
| Plant, machinery and equipment | 23 | €172 | €62 | -€110 | -63.8% |
| Current assets | 29/58 | €272,889 | €321,266 | +€48,376 | +17.7% |
| Amounts receivable within one year | 40/41 | €172,829 | €233,000 | +€60,171 | +34.8% |
| Trade receivables | 40 | €140,428 | €198,242 | +€57,814 | +41.2% |
| Other amounts receivable | 41 | €32,401 | €34,758 | +€2,357 | +7.3% |
| Cash at bank and in hand | 54/58 | €98,444 | €86,602 | -€11,842 | -12.0% |
| Deferred charges and accrued income | 490/1 | €1,617 | €1,664 | +€47 | +2.9% |
| Total equity and liabilities | 10/49 | €393,708 | €707,123 | +€313,416 | +79.6% |
| Equity | 10/15 | €173,800 | €183,338 | +€9,538 | +5.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €143,800 | €153,338 | +€9,538 | +6.6% |
| Distributable reserves | 133 | €143,800 | €153,338 | +€9,538 | +6.6% |
| Amounts payable | 17/49 | €219,908 | €523,785 | +€303,877 | +138% |
| Amounts payable after more than one year | 17 | €20,000 | €100,100 | +€80,100 | +400% |
| Financial debts | 170/4 | €20,000 | €100,100 | +€80,100 | +400% |
| Amounts payable within one year | 42/48 | €199,908 | €422,186 | +€222,278 | +111% |
| Current portion of amounts payable after more than one year | 42 | - | €66,284 | +€66,284 | |
| Trade debts | 44 | €195,347 | €353,163 | +€157,816 | +80.8% |
| Suppliers | 440/4 | €195,347 | €353,163 | +€157,816 | +80.8% |
| Taxes, remuneration and social security | 45 | €3,264 | - | -€3,264 | |
| Taxes | 450/3 | €3,264 | - | -€3,264 | |
| Other amounts payable | 47/48 | €1,297 | €2,739 | +€1,442 | +111% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,961 | €94,961 | +€52,000 | +121% |
| Other operating charges | 640/8 | €505 | €985 | +€479 | +94.9% |
| Gross operating margin | 9900 | -€13,196 | €112,374 | +€125,570 | |
| Operating profit (loss) | 9901 | -€56,663 | €16,428 | +€73,091 | |
| Financial income | 75/76B | €3 | €36 | +€33 | +1,324% |
| Recurring financial income | 75 | €3 | €36 | +€33 | +1,324% |
| Financial charges | 65/66B | €1,915 | €6,926 | +€5,011 | +262% |
| Recurring financial charges | 65 | €1,915 | €6,926 | +€5,011 | +262% |
| Profit (loss) for the period before taxes | 9903 | -€58,575 | €9,538 | +€68,113 | |
| Profit (loss) for the period | 9904 | -€58,575 | €9,538 | +€68,113 | |
| Profit (loss) for the period to be appropriated | 9905 | -€58,575 | €9,538 | +€68,113 |
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 24 October 2026 via checked.be.