MACKOWIAK: what changed
MACKOWIAK
Largest movements
- Receivables within one year -€24,792
down €24,792 (-66.8%), from €37,138 to €12,345
of which Trade receivables: -€26,081
- Cash +€18,724
up €18,724 (+87.4%), from €21,426 to €40,150
mainly Receivables within one year (+€24,792) and Depreciation (+€6,468)
- Tangible fixed assets -€2,483
down €2,483 (-32.0%), from €7,763 to €5,280
of which Furniture and vehicles: -€5,509
- Stocks and contracts -€1,296
down €1,296 (-34.3%), from €3,775 to €2,479
- Tax, wage and social debts -€6,002
down €6,002 (-94.9%), from €6,326 to €324
- Current portion of long-term debt -€5,224
down €5,224 (-100%), from €5,224 to €0
- Trade debts +€4,159
up €4,159 (+91.6%), from €4,543 to €8,702
- Reserves -€2,231
down €2,231 (-4.8%), from €46,082 to €43,851
- Debts after one year -€946
down €946 (-19.2%), from €4,923 to €3,976
of which Other amounts payable: -€946
- Gross operating margin +€4,801
up €4,801 (+106%), from €4,533 to €9,334
- Other operating charges +€1,655
up €1,655 (+109%), from €1,512 to €3,167
- Depreciation -€1,464
down €1,464 (-18.5%), from €7,931 to €6,468
- Financial income -€194
down €194 (-50.1%), from €387 to €193
- Financial charges -€95
down €95 (-4.7%), from €2,006 to €1,912
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,299 | €63,275 | -€10,024 | -13.7% |
| Fixed assets | 21/28 | €7,763 | €5,280 | -€2,483 | -32.0% |
| Tangible fixed assets | 22/27 | €7,763 | €5,280 | -€2,483 | -32.0% |
| Plant, machinery and equipment | 23 | €998 | €218 | -€779 | -78.1% |
| Furniture and vehicles | 24 | €6,766 | €1,256 | -€5,509 | -81.4% |
| Other tangible fixed assets | 26 | - | €3,805 | +€3,805 | |
| Current assets | 29/58 | €65,536 | €57,995 | -€7,541 | -11.5% |
| Stocks and contracts in progress | 3 | €3,775 | €2,479 | -€1,296 | -34.3% |
| Stocks | 30/36 | €3,775 | €2,479 | -€1,296 | -34.3% |
| Amounts receivable within one year | 40/41 | €37,138 | €12,345 | -€24,792 | -66.8% |
| Trade receivables | 40 | €31,792 | €5,711 | -€26,081 | -82.0% |
| Other amounts receivable | 41 | €5,346 | €6,635 | +€1,289 | +24.1% |
| Cash at bank and in hand | 54/58 | €21,426 | €40,150 | +€18,724 | +87.4% |
| Deferred charges and accrued income | 490/1 | €3,196 | €3,020 | -€177 | -5.5% |
| Total equity and liabilities | 10/49 | €73,299 | €63,275 | -€10,024 | -13.7% |
| Equity | 10/15 | €52,282 | €50,051 | -€2,231 | -4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €46,082 | €43,851 | -€2,231 | -4.8% |
| Distributable reserves | 133 | €46,082 | €43,851 | -€2,231 | -4.8% |
| Amounts payable | 17/49 | €21,017 | €13,224 | -€7,793 | -37.1% |
| Amounts payable after more than one year | 17 | €4,923 | €3,976 | -€946 | -19.2% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €4,923 | €3,976 | -€946 | -19.2% |
| Amounts payable within one year | 42/48 | €16,094 | €9,027 | -€7,067 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €5,224 | €0 | -€5,224 | -100% |
| Trade debts | 44 | €4,543 | €8,702 | +€4,159 | +91.6% |
| Suppliers | 440/4 | €4,543 | €8,702 | +€4,159 | +91.6% |
| Taxes, remuneration and social security | 45 | €6,326 | €324 | -€6,002 | -94.9% |
| Taxes | 450/3 | €6,326 | €324 | -€6,002 | -94.9% |
| Accrued charges and deferred income | 492/3 | - | €221 | +€221 | |
| Non-recurring operating income | 76A | €0 | €51 | +€51 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,931 | €6,468 | -€1,464 | -18.5% |
| Other operating charges | 640/8 | €1,512 | €3,167 | +€1,655 | +109% |
| Gross operating margin | 9900 | €4,533 | €9,334 | +€4,801 | +106% |
| Operating profit (loss) | 9901 | -€4,911 | -€301 | +€4,609 | +93.9% |
| Financial income | 75/76B | €387 | €193 | -€194 | -50.1% |
| Recurring financial income | 75 | €387 | €193 | -€194 | -50.1% |
| Financial charges | 65/66B | €2,006 | €1,912 | -€95 | -4.7% |
| Recurring financial charges | 65 | €2,006 | €1,912 | -€95 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,530 | -€2,020 | +€4,510 | +69.1% |
| Income taxes | 67/77 | €266 | €211 | -€55 | -20.6% |
| Profit (loss) for the period | 9904 | -€6,796 | -€2,231 | +€4,565 | +67.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,796 | -€2,231 | +€4,565 | +67.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.