TC MACO: what changed
Two fiscal 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.
TC MACO
Largest movements
- Cash -€164,290
down €164,290 (-71.3%), from €230,476 to €66,186
mainly Other debts (-€97,994) and Receivables after one year (-€70,871)
- Receivables after one year +€70,871
up €70,871 (+35.4%), from €200,000 to €270,871
- Receivables within one year +€23,149
up €23,149 (+88.5%), from €26,150 to €49,299
of which Trade receivables: +€23,121
- Deferred charges and accrued income +€12,770
up €12,770 (+109.9%), from €11,625 to €24,395
- Other debts -€97,994
down €97,994 (-95.5%), from €102,605 to €4,611
- Trade debts +€20,019
up €20,019 (+304.0%), from €6,586 to €26,604
- Reserves +€19,280
up €19,280 (+4.8%), from €404,313 to €423,593
of which Distributable reserves: +€19,280
- Gross operating margin -€22,441
down €22,441 (-18.5%), from €121,499 to €99,058
- Financial income +€7,521
up €7,521 (+60.8%), from €12,362 to €19,883
- Financial charges -€5,289
down €5,289 (-68.9%), from €7,681 to €2,392
- Taxes -€4,034
down €4,034 (-10.9%), from €36,859 to €32,825
- Depreciation +€2,068
up €2,068 (+56.2%), from €3,680 to €5,749
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.
Cash bridge derived
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 | €552,500 | €493,617 | -€58,882 | -10.7% |
| Fixed assets | 21/28 | €20,769 | €19,387 | -€1,383 | -6.7% |
| Tangible fixed assets | 22/27 | €20,769 | €19,387 | -€1,383 | -6.7% |
| Plant, machinery and equipment | 23 | €13,003 | €14,153 | +€1,150 | +8.8% |
| Furniture and vehicles | 24 | €7,767 | €5,234 | -€2,532 | -32.6% |
| Current assets | 29/58 | €531,730 | €474,230 | -€57,500 | -10.8% |
| Amounts receivable after more than one year | 29 | €200,000 | €270,871 | +€70,871 | +35.4% |
| Other amounts receivable | 291 | €200,000 | €270,871 | +€70,871 | +35.4% |
| Amounts receivable within one year | 40/41 | €26,150 | €49,299 | +€23,149 | +88.5% |
| Trade receivables | 40 | €26,150 | €49,271 | +€23,121 | +88.4% |
| Other amounts receivable | 41 | - | €28 | +€28 | |
| Current investments | 50/53 | €63,479 | €63,479 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €230,476 | €66,186 | -€164,290 | -71.3% |
| Deferred charges and accrued income | 490/1 | €11,625 | €24,395 | +€12,770 | +109.9% |
| Total equity and liabilities | 10/49 | €552,500 | €493,617 | -€58,882 | -10.7% |
| Equity | 10/15 | €416,909 | €436,188 | +€19,280 | +4.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €404,313 | €423,593 | +€19,280 | +4.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €251 | €251 | = | 0.0% |
| Distributable reserves | 133 | €404,063 | €423,342 | +€19,280 | +4.8% |
| Profit (loss) carried forward | 14 | €195 | €195 | = | 0.0% |
| Amounts payable | 17/49 | €135,591 | €57,429 | -€78,162 | -57.6% |
| Amounts payable within one year | 42/48 | €133,856 | €56,533 | -€77,323 | -57.8% |
| Trade debts | 44 | €6,586 | €26,604 | +€20,019 | +304.0% |
| Suppliers | 440/4 | €6,586 | €26,604 | +€20,019 | +304.0% |
| Taxes, remuneration and social security | 45 | €24,666 | €25,317 | +€652 | +2.6% |
| Taxes | 450/3 | €24,666 | €25,317 | +€652 | +2.6% |
| Other amounts payable | 47/48 | €102,605 | €4,611 | -€97,994 | -95.5% |
| Accrued charges and deferred income | 492/3 | €1,735 | €896 | -€839 | -48.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,680 | €5,749 | +€2,068 | +56.2% |
| Other operating charges | 640/8 | €1,816 | €1,713 | -€103 | -5.7% |
| Non-recurring operating charges | 66A | €1,439 | €5 | -€1,434 | -99.7% |
| Gross operating margin | 9900 | €121,499 | €99,058 | -€22,441 | -18.5% |
| Operating profit (loss) | 9901 | €114,564 | €91,592 | -€22,972 | -20.1% |
| Financial income | 75/76B | €12,362 | €19,883 | +€7,521 | +60.8% |
| Recurring financial income | 75 | €12,362 | €19,883 | +€7,521 | +60.8% |
| Financial charges | 65/66B | €7,681 | €2,392 | -€5,289 | -68.9% |
| Recurring financial charges | 65 | €7,681 | €2,392 | -€5,289 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | €119,245 | €109,083 | -€10,163 | -8.5% |
| Income taxes | 67/77 | €36,859 | €32,825 | -€4,034 | -10.9% |
| Profit (loss) for the period | 9904 | €82,386 | €76,257 | -€6,129 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,386 | €76,257 | -€6,129 | -7.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.