M.A.K.: 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.
M.A.K.
Largest movements
- Tangible fixed assets -€12,231
down €12,231 (-88.9%), from €13,760 to €1,529
of which Plant, machinery and equipment: -€12,078
- Receivables within one year -€2,666
down €2,666 (-1.4%), from €197,027 to €194,361
of which Trade receivables: -€14,487
- Tax, wage and social debts -€6,130
down €6,130 (-57.5%), from €10,659 to €4,529
- Debts after one year -€5,471
no longer reported in 2025 (was €5,471)
- Trade debts -€2,503
down €2,503 (-21.0%), from €11,944 to €9,442
- Gross operating margin -€12,355
down €12,355 (-46.8%), from €26,394 to €14,039
- Depreciation -€10,666
down €10,666 (-46.1%), from €23,134 to €12,468
- Other operating charges +€2,498
up €2,498 (+100%), from €2,490 to €4,988
- Taxes -€2,342
down €2,342 (-62.0%), from €3,778 to €1,436
- Financial charges -€736
down €736 (-24.6%), from €2,985 to €2,250
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 | €211,549 | €197,577 | -€13,972 | -6.6% |
| Fixed assets | 21/28 | €13,760 | €1,529 | -€12,231 | -88.9% |
| Tangible fixed assets | 22/27 | €13,760 | €1,529 | -€12,231 | -88.9% |
| Plant, machinery and equipment | 23 | €13,077 | €999 | -€12,078 | -92.4% |
| Furniture and vehicles | 24 | €682 | €530 | -€152 | -22.3% |
| Current assets | 29/58 | €197,789 | €196,048 | -€1,741 | -0.9% |
| Amounts receivable within one year | 40/41 | €197,027 | €194,361 | -€2,666 | -1.4% |
| Trade receivables | 40 | €34,630 | €20,143 | -€14,487 | -41.8% |
| Other amounts receivable | 41 | €162,397 | €174,218 | +€11,821 | +7.3% |
| Cash at bank and in hand | 54/58 | €327 | €906 | +€579 | +177% |
| Deferred charges and accrued income | 490/1 | €435 | €781 | +€346 | +79.4% |
| Total equity and liabilities | 10/49 | €211,549 | €197,577 | -€13,972 | -6.6% |
| Equity | 10/15 | €167,252 | €168,148 | +€896 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €148,652 | €149,548 | +€896 | +0.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €146,792 | €147,688 | +€896 | +0.6% |
| Amounts payable | 17/49 | €44,297 | €29,430 | -€14,867 | -33.6% |
| Amounts payable after more than one year | 17 | €5,471 | - | -€5,471 | |
| Financial debts | 170/4 | €5,471 | - | -€5,471 | |
| Amounts payable within one year | 42/48 | €38,826 | €29,430 | -€9,396 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €6,212 | €5,471 | -€741 | -11.9% |
| Financial debts | 43 | €10,011 | €9,988 | -€23 | -0.2% |
| Credit institutions | 430/8 | €10,011 | €9,988 | -€23 | -0.2% |
| Trade debts | 44 | €11,944 | €9,442 | -€2,503 | -21.0% |
| Suppliers | 440/4 | €11,944 | €9,442 | -€2,503 | -21.0% |
| Taxes, remuneration and social security | 45 | €10,659 | €4,529 | -€6,130 | -57.5% |
| Taxes | 450/3 | €10,659 | €4,529 | -€6,130 | -57.5% |
| Remuneration, social security and pensions | 62 | €339 | €900 | +€561 | +166% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,134 | €12,468 | -€10,666 | -46.1% |
| Other operating charges | 640/8 | €2,490 | €4,988 | +€2,498 | +100% |
| Gross operating margin | 9900 | €26,394 | €14,039 | -€12,355 | -46.8% |
| Operating profit (loss) | 9901 | €432 | -€4,317 | -€4,749 | |
| Financial income | 75/76B | €9,516 | €8,898 | -€618 | -6.5% |
| Recurring financial income | 75 | €9,516 | €8,898 | -€618 | -6.5% |
| Financial charges | 65/66B | €2,985 | €2,250 | -€736 | -24.6% |
| Recurring financial charges | 65 | €2,985 | €2,250 | -€736 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €6,962 | €2,331 | -€4,631 | -66.5% |
| Income taxes | 67/77 | €3,778 | €1,436 | -€2,342 | -62.0% |
| Profit (loss) for the period | 9904 | €3,184 | €896 | -€2,289 | -71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,184 | €896 | -€2,289 | -71.9% |
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 15 October 2026 via checked.be.