MACEMA: 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.
MACEMA
Largest movements
- Cash +€14,964
up €14,964 (+105.1%), from €14,242 to €29,205
mainly Depreciation (+€9,775) and Net result for the year (+€3,109)
- Tangible fixed assets -€9,503
down €9,503 (-3.8%), from €248,217 to €238,714
of which Other tangible fixed assets: -€6,673
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€1,548
up €1,548 (+11.2%), from €13,783 to €15,331
- Financial income +€977
up €977 (+267.4%), from €365 to €1,342
- Depreciation +€371
up €371 (+3.9%), from €9,404 to €9,775
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 | €313,504 | €318,949 | +€5,446 | +1.7% |
| Formation expenses | 20 | €680 | €408 | -€272 | -40.0% |
| Fixed assets | 21/28 | €248,217 | €238,714 | -€9,503 | -3.8% |
| Tangible fixed assets | 22/27 | €248,217 | €238,714 | -€9,503 | -3.8% |
| Plant, machinery and equipment | 23 | €1,854 | €1,442 | -€412 | -22.2% |
| Furniture and vehicles | 24 | €21,829 | €19,411 | -€2,418 | -11.1% |
| Other tangible fixed assets | 26 | €224,533 | €217,860 | -€6,673 | -3.0% |
| Current assets | 29/58 | €64,607 | €79,827 | +€15,220 | +23.6% |
| Amounts receivable within one year | 40/41 | €110 | €512 | +€403 | +367.5% |
| Other amounts receivable | 41 | €110 | €512 | +€403 | +367.5% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,242 | €29,205 | +€14,964 | +105.1% |
| Deferred charges and accrued income | 490/1 | €256 | €110 | -€146 | -57.0% |
| Total equity and liabilities | 10/49 | €313,504 | €318,949 | +€5,446 | +1.7% |
| Equity | 10/15 | €311,961 | €315,070 | +€3,109 | +1.0% |
| Contributions | 10/11 | €297,472 | €297,472 | = | 0.0% |
| Capital | 10 | €297,472 | €297,472 | = | 0.0% |
| Issued capital | 100 | €297,472 | €297,472 | = | 0.0% |
| Reserves | 13 | €12,061 | €12,217 | +€155 | +1.3% |
| Non-distributable reserves | 130/1 | €12,061 | €12,217 | +€155 | +1.3% |
| Legal reserve | 130 | €12,061 | €12,217 | +€155 | +1.3% |
| Profit (loss) carried forward | 14 | €2,428 | €5,381 | +€2,953 | +121.7% |
| Amounts payable | 17/49 | €1,543 | €3,880 | +€2,337 | +151.5% |
| Amounts payable within one year | 42/48 | €1,543 | €3,880 | +€2,337 | +151.5% |
| Trade debts | 44 | €1,543 | €3,880 | +€2,337 | +151.5% |
| Suppliers | 440/4 | €1,543 | €3,880 | +€2,337 | +151.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,404 | €9,775 | +€371 | +3.9% |
| Other operating charges | 640/8 | €3,591 | €3,639 | +€48 | +1.3% |
| Gross operating margin | 9900 | €13,783 | €15,331 | +€1,548 | +11.2% |
| Operating profit (loss) | 9901 | €788 | €1,917 | +€1,129 | +143.2% |
| Financial income | 75/76B | €365 | €1,342 | +€977 | +267.4% |
| Recurring financial income | 75 | €365 | €1,342 | +€977 | +267.4% |
| Financial charges | 65/66B | €137 | €150 | +€14 | +10.0% |
| Recurring financial charges | 65 | €137 | €150 | +€14 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €1,017 | €3,109 | +€2,092 | +205.7% |
| Profit (loss) for the period | 9904 | €1,017 | €3,109 | +€2,092 | +205.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,017 | €3,109 | +€2,092 | +205.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.