MAK: what changed
Two fiscal 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.
MAK
Largest movements
- Receivables within one year -€19,656
down €19,656 (-21.8%), from €90,162 to €70,506
of which Trade receivables: -€22,555
- Stocks and contracts +€11,367
new in 2025: €11,367
- Tangible fixed assets -€5,039
down €5,039 (-45.6%), from €11,043 to €6,005
- Cash +€3,094
up €3,094 (+103.1%), from €3,000 to €6,094
mainly Receivables within one year (+€19,656) and Net result for the year (+€7,962)
- Short-term financial debts -€20,806
no longer reported in 2025 (was €20,806)
- Profit (loss) carried forward +€7,962
up €7,962 (+12.7%), from €62,570 to €70,532
- Tax, wage and social debts +€2,611
up €2,611 (+117.2%), from €2,227 to €4,838
of which Taxes: +€2,588
- Financial charges -€3,403
down €3,403 (-47.7%), from €7,127 to €3,724
- Financial income -€3,149
down €3,149 (-81.5%), from €3,864 to €716
- Depreciation -€2,758
down €2,758 (-37.7%), from €7,324 to €4,566
- Taxes +€2,154
up €2,154 (+94.1%), from €2,289 to €4,443
- Gross operating margin +€1,094
up €1,094 (+4.4%), from €24,994 to €26,087
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.
Cash bridge derived
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 | €104,205 | €93,971 | -€10,234 | -9.8% |
| Fixed assets | 21/28 | €11,043 | €6,005 | -€5,039 | -45.6% |
| Tangible fixed assets | 22/27 | €11,043 | €6,005 | -€5,039 | -45.6% |
| Furniture and vehicles | 24 | €11,043 | €6,005 | -€5,039 | -45.6% |
| Current assets | 29/58 | €93,162 | €87,966 | -€5,195 | -5.6% |
| Stocks and contracts in progress | 3 | - | €11,367 | +€11,367 | |
| Contracts in progress | 37 | - | €11,367 | +€11,367 | |
| Amounts receivable within one year | 40/41 | €90,162 | €70,506 | -€19,656 | -21.8% |
| Trade receivables | 40 | €73,617 | €51,061 | -€22,555 | -30.6% |
| Other amounts receivable | 41 | €16,545 | €19,445 | +€2,899 | +17.5% |
| Cash at bank and in hand | 54/58 | €3,000 | €6,094 | +€3,094 | +103.1% |
| Total equity and liabilities | 10/49 | €104,205 | €93,971 | -€10,234 | -9.8% |
| Equity | 10/15 | €81,171 | €89,133 | +€7,962 | +9.8% |
| Contributions | 10/11 | €18,601 | €18,601 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,570 | €70,532 | +€7,962 | +12.7% |
| Amounts payable | 17/49 | €23,034 | €4,838 | -€18,196 | -79.0% |
| Amounts payable within one year | 42/48 | €23,034 | €4,838 | -€18,196 | -79.0% |
| Financial debts | 43 | €20,806 | - | -€20,806 | |
| Credit institutions | 430/8 | €20,806 | - | -€20,806 | |
| Taxes, remuneration and social security | 45 | €2,227 | €4,838 | +€2,611 | +117.2% |
| Taxes | 450/3 | €2,227 | €4,815 | +€2,588 | +116.2% |
| Remuneration and social security | 454/9 | - | €23 | +€23 | |
| Remuneration, social security and pensions | 62 | €3,546 | €4,380 | +€834 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,324 | €4,566 | -€2,758 | -37.7% |
| Other operating charges | 640/8 | €1,801 | €1,728 | -€74 | -4.1% |
| Gross operating margin | 9900 | €24,994 | €26,087 | +€1,094 | +4.4% |
| Operating profit (loss) | 9901 | €12,322 | €15,413 | +€3,091 | +25.1% |
| Financial income | 75/76B | €3,864 | €716 | -€3,149 | -81.5% |
| Recurring financial income | 75 | €3,864 | €716 | -€3,149 | -81.5% |
| Financial charges | 65/66B | €7,127 | €3,724 | -€3,403 | -47.7% |
| Recurring financial charges | 65 | €7,127 | €3,724 | -€3,403 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €9,059 | €12,404 | +€3,346 | +36.9% |
| Income taxes | 67/77 | €2,289 | €4,443 | +€2,154 | +94.1% |
| Profit (loss) for the period | 9904 | €6,770 | €7,962 | +€1,192 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,770 | €7,962 | +€1,192 | +17.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.