DR MAKAY: 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.
DR MAKAY
Largest movements
- Cash +€27,773
up €27,773 (+22.6%), from €122,864 to €150,637
mainly Net result for the year (+€24,570) and Depreciation (+€20,394)
- Tangible fixed assets -€15,207
down €15,207 (-17.3%), from €88,078 to €72,871
- Receivables within one year +€13,691
up €13,691 (+9.1%), from €149,858 to €163,548
- Reserves +€24,570
up €24,570 (+7.1%), from €345,765 to €370,335
of which Distributable reserves: +€24,570
- Gross operating margin -€9,584
down €9,584 (-14.0%), from €68,285 to €58,702
- Depreciation +€8,421
up €8,421 (+70.3%), from €11,973 to €20,394
- Taxes -€5,882
down €5,882 (-29.2%), from €20,147 to €14,265
- Financial income -€4,465
down €4,465 (-50.8%), from €8,795 to €4,330
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 | €360,799 | €387,056 | +€26,257 | +7.3% |
| Fixed assets | 21/28 | €88,078 | €72,871 | -€15,207 | -17.3% |
| Tangible fixed assets | 22/27 | €88,078 | €72,871 | -€15,207 | -17.3% |
| Furniture and vehicles | 24 | €88,078 | €72,871 | -€15,207 | -17.3% |
| Current assets | 29/58 | €272,721 | €314,185 | +€41,464 | +15.2% |
| Amounts receivable within one year | 40/41 | €149,858 | €163,548 | +€13,691 | +9.1% |
| Other amounts receivable | 41 | €149,858 | €163,548 | +€13,691 | +9.1% |
| Cash at bank and in hand | 54/58 | €122,864 | €150,637 | +€27,773 | +22.6% |
| Total equity and liabilities | 10/49 | €360,799 | €387,056 | +€26,257 | +7.3% |
| Equity | 10/15 | €358,265 | €382,835 | +€24,570 | +6.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €345,765 | €370,335 | +€24,570 | +7.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €345,765 | €370,335 | +€24,570 | +7.1% |
| Amounts payable | 17/49 | €2,535 | €4,221 | +€1,687 | +66.5% |
| Amounts payable within one year | 42/48 | €2,535 | €4,221 | +€1,687 | +66.5% |
| Trade debts | 44 | €387 | €2,074 | +€1,687 | +435% |
| Suppliers | 440/4 | €387 | €2,074 | +€1,687 | +435% |
| Taxes, remuneration and social security | 45 | €2,147 | €2,147 | = | 0.0% |
| Taxes | 450/3 | €2,147 | €2,147 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,973 | €20,394 | +€8,421 | +70.3% |
| Other operating charges | 640/8 | €4,310 | €3,630 | -€680 | -15.8% |
| Gross operating margin | 9900 | €68,285 | €58,702 | -€9,584 | -14.0% |
| Operating profit (loss) | 9901 | €52,002 | €34,677 | -€17,325 | -33.3% |
| Financial income | 75/76B | €8,795 | €4,330 | -€4,465 | -50.8% |
| Recurring financial income | 75 | €8,795 | €4,330 | -€4,465 | -50.8% |
| Financial charges | 65/66B | €69 | €173 | +€104 | +151% |
| Recurring financial charges | 65 | €69 | €173 | +€104 | +151% |
| Profit (loss) for the period before taxes | 9903 | €60,729 | €38,835 | -€21,894 | -36.1% |
| Income taxes | 67/77 | €20,147 | €14,265 | -€5,882 | -29.2% |
| Profit (loss) for the period | 9904 | €40,581 | €24,570 | -€16,011 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,581 | €24,570 | -€16,011 | -39.5% |
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 17 October 2026 via checked.be.