Maak Management: 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.
Maak Management
Largest movements
- Tangible fixed assets -€13,796
down €13,796 (-38.0%), from €36,346 to €22,550
of which Furniture and vehicles: -€13,018
- Cash -€5,314
down €5,314 (-10.6%), from €50,138 to €44,824
mainly Contributions, distributions and other (-€187,296) and Debts after one year (-€45,392)
- Other debts +€158,593
up €158,593 (+22,194%), from €715 to €159,308
- Reserves -€138,860
down €138,860 (-74.1%), from €187,296 to €48,436
- Debts after one year -€45,392
down €45,392 (-29.8%), from €152,547 to €107,155
- Gross operating margin +€11,583
up €11,583 (+15.4%), from €75,258 to €86,841
- Taxes +€2,547
up €2,547 (+16.7%), from €15,296 to €17,843
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 | €396,552 | €375,350 | -€21,202 | -5.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €327,020 | €313,225 | -€13,796 | -4.2% |
| Tangible fixed assets | 22/27 | €36,346 | €22,550 | -€13,796 | -38.0% |
| Plant, machinery and equipment | 23 | €2,965 | €2,479 | -€487 | -16.4% |
| Furniture and vehicles | 24 | €28,459 | €15,441 | -€13,018 | -45.7% |
| Other tangible fixed assets | 26 | €4,922 | €4,631 | -€291 | -5.9% |
| Financial fixed assets | 28 | €290,674 | €290,674 | = | 0.0% |
| Current assets | 29/58 | €69,532 | €62,126 | -€7,406 | -10.7% |
| Amounts receivable within one year | 40/41 | €19,174 | €16,940 | -€2,234 | -11.7% |
| Trade receivables | 40 | €16,940 | €16,940 | = | 0.0% |
| Other amounts receivable | 41 | €2,234 | - | -€2,234 | |
| Cash at bank and in hand | 54/58 | €50,138 | €44,824 | -€5,314 | -10.6% |
| Deferred charges and accrued income | 490/1 | €220 | €361 | +€141 | +64.2% |
| Total equity and liabilities | 10/49 | €396,552 | €375,350 | -€21,202 | -5.3% |
| Equity | 10/15 | €189,796 | €50,936 | -€138,860 | -73.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €187,296 | €48,436 | -€138,860 | -74.1% |
| Distributable reserves | 133 | €187,296 | €48,436 | -€138,860 | -74.1% |
| Amounts payable | 17/49 | €206,756 | €324,414 | +€117,658 | +56.9% |
| Amounts payable after more than one year | 17 | €152,547 | €107,155 | -€45,392 | -29.8% |
| Financial debts | 170/4 | €152,547 | €107,155 | -€45,392 | -29.8% |
| Amounts payable within one year | 42/48 | €54,209 | €217,259 | +€163,050 | +301% |
| Current portion of amounts payable after more than one year | 42 | €44,251 | €45,392 | +€1,141 | +2.6% |
| Trade debts | 44 | €228 | €1,503 | +€1,274 | +558% |
| Suppliers | 440/4 | €228 | €1,503 | +€1,274 | +558% |
| Taxes, remuneration and social security | 45 | €9,015 | €11,056 | +€2,041 | +22.6% |
| Taxes | 450/3 | €9,015 | €11,056 | +€2,041 | +22.6% |
| Other amounts payable | 47/48 | €715 | €159,308 | +€158,593 | +22,194% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,499 | €14,780 | +€282 | +1.9% |
| Other operating charges | 640/8 | €15 | €238 | +€223 | +1,491% |
| Gross operating margin | 9900 | €75,258 | €86,841 | +€11,583 | +15.4% |
| Operating profit (loss) | 9901 | €60,744 | €71,823 | +€11,078 | +18.2% |
| Financial income | 75/76B | - | €50 | +€50 | |
| Recurring financial income | 75 | - | €50 | +€50 | |
| Financial charges | 65/66B | €5,132 | €5,593 | +€461 | +9.0% |
| Recurring financial charges | 65 | €5,041 | €5,593 | +€552 | +10.9% |
| Non-recurring financial charges | 66B | €91 | - | -€91 | |
| Profit (loss) for the period before taxes | 9903 | €55,612 | €66,279 | +€10,667 | +19.2% |
| Income taxes | 67/77 | €15,296 | €17,843 | +€2,547 | +16.7% |
| Profit (loss) for the period | 9904 | €40,317 | €48,436 | +€8,120 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,317 | €48,436 | +€8,120 | +20.1% |
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 14 October 2026 via checked.be.