THEMACO: 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.
THEMACO
Largest movements
- Cash -€39,961
down €39,961 (-67.8%), from €58,960 to €18,999
mainly Trade debts (-€79,764)
- Tangible fixed assets -€9,593
down €9,593 (-43.8%), from €21,919 to €12,325
- Trade debts -€79,764
down €79,764 (-28.8%), from €277,045 to €197,282
- Tax, wage and social debts +€17,283
up €17,283 (+574.9%), from €3,007 to €20,290
of which Taxes: +€8,805
- Reserves +€8,969
up €8,969 (+74.9%), from €11,967 to €20,936
of which Distributable reserves: +€8,969
- Gross operating margin +€50,570
up €50,570 (+234.1%), from €21,603 to €72,173
- Staff costs +€47,408
up €47,408 (+55036.3%), from €86 to €47,494
- Other operating charges -€3,045
down €3,045 (-61.3%), from €4,964 to €1,919
- Financial charges -€1,526
down €1,526 (-76.2%), from €2,003 to €477
- Taxes +€908
up €908 (+32.1%), from €2,830 to €3,738
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €360,110 | €307,350 | -€52,760 | -14.7% |
| Fixed assets | 21/28 | €21,919 | €12,325 | -€9,593 | -43.8% |
| Tangible fixed assets | 22/27 | €21,919 | €12,325 | -€9,593 | -43.8% |
| Furniture and vehicles | 24 | €21,919 | €12,325 | -€9,593 | -43.8% |
| Current assets | 29/58 | €338,191 | €295,025 | -€43,166 | -12.8% |
| Stocks and contracts in progress | 3 | €6,580 | €5,920 | -€660 | -10.0% |
| Contracts in progress | 37 | €6,580 | €5,920 | -€660 | -10.0% |
| Amounts receivable within one year | 40/41 | €272,651 | €270,106 | -€2,545 | -0.9% |
| Trade receivables | 40 | €250,947 | €261,727 | +€10,780 | +4.3% |
| Other amounts receivable | 41 | €21,705 | €8,379 | -€13,326 | -61.4% |
| Cash at bank and in hand | 54/58 | €58,960 | €18,999 | -€39,961 | -67.8% |
| Total equity and liabilities | 10/49 | €360,110 | €307,350 | -€52,760 | -14.7% |
| Equity | 10/15 | €30,559 | €39,528 | +€8,969 | +29.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €11,967 | €20,936 | +€8,969 | +74.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €10,108 | €19,077 | +€8,969 | +88.7% |
| Amounts payable | 17/49 | €329,550 | €267,822 | -€61,728 | -18.7% |
| Amounts payable after more than one year | 17 | €1,517 | €1,517 | = | 0.0% |
| Financial debts | 170/4 | €1,517 | €1,517 | = | 0.0% |
| Amounts payable within one year | 42/48 | €328,034 | €266,305 | -€61,728 | -18.8% |
| Current portion of amounts payable after more than one year | 42 | €6,015 | €6,015 | = | 0.0% |
| Trade debts | 44 | €277,045 | €197,282 | -€79,764 | -28.8% |
| Suppliers | 440/4 | €277,045 | €197,282 | -€79,764 | -28.8% |
| Taxes, remuneration and social security | 45 | €3,007 | €20,290 | +€17,283 | +574.9% |
| Taxes | 450/3 | €3,007 | €11,812 | +€8,805 | +292.9% |
| Remuneration and social security | 454/9 | - | €8,478 | +€8,478 | |
| Other amounts payable | 47/48 | €41,967 | €42,718 | +€752 | +1.8% |
| Remuneration, social security and pensions | 62 | €86 | €47,494 | +€47,408 | +55036.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,593 | €9,593 | +€0 | 0.0% |
| Other operating charges | 640/8 | €4,964 | €1,919 | -€3,045 | -61.3% |
| Gross operating margin | 9900 | €21,603 | €72,173 | +€50,570 | +234.1% |
| Operating profit (loss) | 9901 | €6,960 | €13,166 | +€6,206 | +89.2% |
| Financial income | 75/76B | €155 | €17 | -€138 | -88.8% |
| Recurring financial income | 75 | €155 | €17 | -€138 | -88.8% |
| Financial charges | 65/66B | €2,003 | €477 | -€1,526 | -76.2% |
| Recurring financial charges | 65 | €2,003 | €477 | -€1,526 | -76.2% |
| Profit (loss) for the period before taxes | 9903 | €5,112 | €12,707 | +€7,595 | +148.6% |
| Income taxes | 67/77 | €2,830 | €3,738 | +€908 | +32.1% |
| Profit (loss) for the period | 9904 | €2,282 | €8,969 | +€6,687 | +293.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,282 | €8,969 | +€6,687 | +293.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.