MACAN DEVELOPMENT: 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.
What changed
MACAN DEVELOPMENT
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · -€4.7m+€5.7m
Equity
€10.3m
2024 · €9.3m+€1.0m
Cash
€378,831
2024 · €466,556-€87,725
Balance sheet total
€31.0m
2024 · €31.3m-€329,682
Largest movements
Assets
- Current investments +€3.9m
new in 2025: €3.9m
- Financial fixed assets -€2.1m
down €2.1m (-7.6%), from €27.6m to €25.5m
of which Affiliated companies: -€2.1m
- Stocks and contracts -€1.8m
down €1.8m (-98.5%), from €1.8m to €28,292
Equity and liabilities
- Short-term financial debts -€2.2m
down €2.2m (-98.7%), from €2.2m to €29,430
- Profit (loss) carried forward +€959,556
up €959,556 (+27.4%), from €3.5m to €4.5m
- Current portion of long-term debt +€450,000
up €450,000 (+39.0%), from €1.2m to €1.6m
Income statement
- Turnover +€4.6m
up €4.6m (+2,140%), from €214,220 to €4.8m
- Financial charges -€2.7m
down €2.7m (-58.7%), from €4.5m to €1.9m
of which Non-recurring financial charges: -€2.7m
- Goods and materials +€2.0m
up €2.0m, from €0 to €2.0m
of which Change in stocks: decrease (increase): +€2.0m
- Write-downs -€350,000
down €350,000, from €175,000 to -€175,000
- Services and other goods -€273,839
down €273,839 (-27.0%), from €1.0m to €739,907
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.
Result 2024
-€4.7m
Turnover
+€4.6m
Other operating income
+€3,693
Goods and materials
-€2.0m
Services and other goods
+€273,839
Staff costs
-€37,211
Depreciation
+€1,252
Write-downs
+€350,000
Other operating charges
-€4,065
Other operating items
-€15,725
Financial income
-€15,862
Financial charges
+€2.7m
Taxes
-€89,332
Result 2025
€1.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.4m
Investment
-€1.8m
Financing
-€1.8m
Cash 2024
€466,556
From operations (derived)
+€3.4m
Net result for the year
+€1.0m
Depreciation
+€35,911
Stocks and contracts
+€1.8m
Receivables within one year
+€147,187
Deferred charges and accrued income
+€7,658
Trade debts
+€36,672
Tax, wage and social debts
+€260,252
Other debts
+€21,703
Accrued charges and deferred income
+€110,597
Investment (derived)
-€1.8m
Investment in fixed assets (net)
+€2.1m
Current investments
-€3.9m
Financing
-€1.8m
Debts after one year
-€32,132
Current portion of long-term debt
+€450,000
Short-term financial debts
-€2.2m
Cash 2025
€378,831
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,310,971 | €30,981,289 | -€329,682 | -1.1% |
| Fixed assets | 21/28 | €27,726,160 | €25,598,669 | -€2.1m | -7.7% |
| Intangible fixed assets | 21 | €26,200 | €5,214 | -€20,986 | -80.1% |
| Tangible fixed assets | 22/27 | €90,623 | €75,698 | -€14,925 | -16.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €21,274 | €10,484 | -€10,790 | -50.7% |
| Other tangible fixed assets | 26 | €69,349 | €65,214 | -€4,135 | -6.0% |
| Financial fixed assets | 28 | €27,609,338 | €25,517,757 | -€2.1m | -7.6% |
| Affiliated companies | 280/1 | €27,608,638 | €25,517,057 | -€2.1m | -7.6% |
| Participating interests | 280 | €9,607,626 | €7,387,626 | -€2.2m | -23.1% |
| Amounts receivable | 281 | €18,001,012 | €18,129,432 | +€128,420 | +0.7% |
| Other financial fixed assets | 284/8 | €700 | €700 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €3,584,810 | €5,382,620 | +€1.8m | +50.2% |
| Amounts receivable after more than one year | 29 | €27,087 | €27,087 | = | 0.0% |
| Other amounts receivable | 291 | €27,087 | €27,087 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,838,901 | €28,292 | -€1.8m | -98.5% |
| Stocks | 30/36 | €1,838,901 | €28,292 | -€1.8m | -98.5% |
| Property held for sale | 35 | €1,838,901 | €28,292 | -€1.8m | -98.5% |
| Amounts receivable within one year | 40/41 | €889,372 | €742,185 | -€147,187 | -16.5% |
| Trade receivables | 40 | €398,738 | €478,843 | +€80,105 | +20.1% |
| Other amounts receivable | 41 | €490,634 | €263,342 | -€227,292 | -46.3% |
| Current investments | 50/53 | - | €3,850,989 | +€3.9m | |
| Other investments | 51/53 | - | €3,850,989 | +€3.9m | |
| Cash at bank and in hand | 54/58 | €466,556 | €378,831 | -€87,725 | -18.8% |
| Deferred charges and accrued income | 490/1 | €362,895 | €355,237 | -€7,658 | -2.1% |
| Total equity and liabilities | 10/49 | €31,310,971 | €30,981,289 | -€329,682 | -1.1% |
| Equity | 10/15 | €9,283,829 | €10,293,888 | +€1.0m | +10.9% |
| Contributions | 10/11 | €5,600,000 | €5,600,000 | = | 0.0% |
| Capital | 10 | €5,600,000 | €5,600,000 | = | 0.0% |
| Issued capital | 100 | €5,600,000 | €5,600,000 | = | 0.0% |
| Reserves | 13 | €177,884 | €228,387 | +€50,503 | +28.4% |
| Non-distributable reserves | 130/1 | €177,884 | €228,387 | +€50,503 | +28.4% |
| Legal reserve | 130 | €177,884 | €228,387 | +€50,503 | +28.4% |
| Profit (loss) carried forward | 14 | €3,505,946 | €4,465,502 | +€959,556 | +27.4% |
| Amounts payable | 17/49 | €22,027,141 | €20,687,401 | -€1.3m | -6.1% |
| Amounts payable after more than one year | 17 | €17,346,029 | €17,313,897 | -€32,132 | -0.2% |
| Financial debts | 170/4 | €11,461,743 | €11,228,247 | -€233,496 | -2.0% |
| Subordinated loans | 170 | €125,927 | €125,927 | = | 0.0% |
| Credit institutions | 173 | €11,335,817 | €11,102,320 | -€233,496 | -2.1% |
| Other amounts payable | 178/9 | €5,884,286 | €6,085,650 | +€201,365 | +3.4% |
| Amounts payable within one year | 42/48 | €4,385,770 | €2,967,565 | -€1.4m | -32.3% |
| Current portion of amounts payable after more than one year | 42 | €1,155,244 | €1,605,244 | +€450,000 | +39.0% |
| Financial debts | 43 | €2,216,263 | €29,430 | -€2.2m | -98.7% |
| Credit institutions | 430/8 | €2,216,263 | €29,430 | -€2.2m | -98.7% |
| Trade debts | 44 | €963,062 | €999,734 | +€36,672 | +3.8% |
| Suppliers | 440/4 | €963,062 | €999,734 | +€36,672 | +3.8% |
| Taxes, remuneration and social security | 45 | €20,664 | €280,916 | +€260,252 | +1,259% |
| Taxes | 450/3 | - | €233,430 | +€233,430 | |
| Remuneration and social security | 454/9 | €20,664 | €47,486 | +€26,822 | +130% |
| Other amounts payable | 47/48 | €30,537 | €52,241 | +€21,703 | +71.1% |
| Accrued charges and deferred income | 492/3 | €295,342 | €405,939 | +€110,597 | +37.4% |
| Operating income | 70/76A | €537,993 | €5,110,894 | +€4.6m | +850% |
| Turnover | 70 | €214,220 | €4,799,386 | +€4.6m | +2,140% |
| Other operating income | 74 | €307,815 | €311,508 | +€3,693 | +1.2% |
| Non-recurring operating income | 76A | €15,958 | - | -€15,958 | |
| Operating charges | 60/66A | €1,408,375 | €2,809,936 | +€1.4m | +99.5% |
| Goods for resale, raw materials and consumables | 60 | €0 | €1,985,609 | +€2.0m | |
| Purchases | 600/8 | €12,163 | - | -€12,163 | |
| Change in stocks: decrease (increase) | 609 | -€12,163 | €1,985,609 | +€2.0m | |
| Services and other goods | 61 | €1,013,745 | €739,907 | -€273,839 | -27.0% |
| Remuneration, social security and pensions | 62 | €152,255 | €189,466 | +€37,211 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,163 | €35,911 | -€1,252 | -3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €175,000 | -€175,000 | -€350,000 | |
| Other operating charges | 640/8 | €28,483 | €32,548 | +€4,065 | +14.3% |
| Non-recurring operating charges | 66A | €1,729 | €1,495 | -€234 | -13.5% |
| Operating profit (loss) | 9901 | -€870,383 | €2,300,958 | +€3.2m | |
| Financial income | 75/76B | €685,400 | €669,538 | -€15,862 | -2.3% |
| Recurring financial income | 75 | €685,300 | €669,538 | -€15,762 | -2.3% |
| Income from financial fixed assets | 750 | €626,523 | €650,917 | +€24,394 | +3.9% |
| Other financial income | 752/9 | €58,777 | €18,621 | -€40,156 | -68.3% |
| Non-recurring financial income | 76B | €100 | - | -€100 | |
| Financial charges | 65/66B | €4,531,126 | €1,870,947 | -€2.7m | -58.7% |
| Recurring financial charges | 65 | €841,599 | €850,947 | +€9,349 | +1.1% |
| Debt charges | 650 | €775,191 | €830,798 | +€55,607 | +7.2% |
| Other financial charges | 652/9 | €66,408 | €20,149 | -€46,259 | -69.7% |
| Non-recurring financial charges | 66B | €3,689,528 | €1,020,000 | -€2.7m | -72.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,716,109 | €1,099,549 | +€5.8m | |
| Income taxes | 67/77 | €158 | €89,490 | +€89,332 | +56,504% |
| Taxes | 670/3 | €158 | €90,242 | +€90,084 | +56,979% |
| Tax adjustments and reversals of tax provisions | 77 | - | €752 | +€752 | |
| Profit (loss) for the period | 9904 | -€4,716,267 | €1,010,059 | +€5.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,716,267 | €1,010,059 | +€5.7m |
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 26 October 2026 via checked.be.