MA'KO: 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.
MA'KO
Largest movements
- Receivables within one year +€156,054
up €156,054 (+1,912%), from €8,162 to €164,216
of which Other amounts receivable: +€121,942
- Cash +€32,597
up €32,597 (+107,546%), from €30 to €32,628
mainly Trade debts (+€88,077) and Net result for the year (+€85,467)
- Trade debts +€88,077
up €88,077 (+267%), from €32,928 to €121,005
- Profit (loss) carried forward +€85,467
up €85,467 (+53.5%), from -€159,713 to -€74,246
- Tax, wage and social debts +€29,076
up €29,076 (+49,661%), from €59 to €29,135
- Other debts -€10,780
down €10,780 (-67.0%), from €16,080 to €5,300
- Debts after one year -€2,060
down €2,060 (-1.7%), from €117,740 to €115,680
- Gross operating margin +€102,250
up €102,250, from -€7,000 to €95,250
- Financial charges +€5,840
up €5,840 (+7,683%), from €76 to €5,916
- Taxes +€1,849
no longer reported in 2025 (was -€1,849)
- Other operating charges +€1,771
up €1,771 (+101%), from €1,753 to €3,523
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 | €8,193 | €197,973 | +€189,781 | +2,316% |
| Fixed assets | 21/28 | - | €788 | +€788 | |
| Tangible fixed assets | 22/27 | - | €689 | +€689 | |
| Plant, machinery and equipment | 23 | - | €689 | +€689 | |
| Financial fixed assets | 28 | - | €99 | +€99 | |
| Current assets | 29/58 | €8,193 | €197,185 | +€188,992 | +2,307% |
| Amounts receivable within one year | 40/41 | €8,162 | €164,216 | +€156,054 | +1,912% |
| Trade receivables | 40 | €7,314 | €41,426 | +€34,112 | +466% |
| Other amounts receivable | 41 | €848 | €122,790 | +€121,942 | +14,379% |
| Cash at bank and in hand | 54/58 | €30 | €32,628 | +€32,597 | +107,546% |
| Deferred charges and accrued income | 490/1 | - | €341 | +€341 | |
| Total equity and liabilities | 10/49 | €8,193 | €197,973 | +€189,781 | +2,316% |
| Equity | 10/15 | -€158,613 | -€73,146 | +€85,467 | +53.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,713 | -€74,246 | +€85,467 | +53.5% |
| Amounts payable | 17/49 | €166,806 | €271,120 | +€104,314 | +62.5% |
| Amounts payable after more than one year | 17 | €117,740 | €115,680 | -€2,060 | -1.7% |
| Financial debts | 170/4 | €117,740 | €115,680 | -€2,060 | -1.7% |
| Amounts payable within one year | 42/48 | €49,066 | €155,440 | +€106,374 | +217% |
| Trade debts | 44 | €32,928 | €121,005 | +€88,077 | +267% |
| Suppliers | 440/4 | €32,928 | €121,005 | +€88,077 | +267% |
| Taxes, remuneration and social security | 45 | €59 | €29,135 | +€29,076 | +49,661% |
| Taxes | 450/3 | €59 | €29,135 | +€29,076 | +49,661% |
| Other amounts payable | 47/48 | €16,080 | €5,300 | -€10,780 | -67.0% |
| Non-recurring operating income | 76A | - | €15,593 | +€15,593 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €345 | +€345 | |
| Other operating charges | 640/8 | €1,753 | €3,523 | +€1,771 | +101% |
| Gross operating margin | 9900 | -€7,000 | €95,250 | +€102,250 | |
| Operating profit (loss) | 9901 | -€8,753 | €91,382 | +€100,135 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €76 | €5,916 | +€5,840 | +7,683% |
| Recurring financial charges | 65 | €76 | €5,916 | +€5,840 | +7,683% |
| Profit (loss) for the period before taxes | 9903 | -€8,829 | €85,467 | +€94,296 | |
| Income taxes | 67/77 | -€1,849 | - | +€1,849 | |
| Profit (loss) for the period | 9904 | -€6,980 | €85,467 | +€92,447 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,980 | €85,467 | +€92,447 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.