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
- Cash +€19,471
up €19,471 (+69.9%), from €27,863 to €47,334
mainly Debts after one year (+€61,818) and Net result for the year (+€29,832)
- Tangible fixed assets +€6,267
up €6,267 (+1.4%), from €442,770 to €449,037
- Receivables within one year +€5,282
up €5,282 (+781.6%), from €676 to €5,958
- Other debts -€69,251
down €69,251 (-69.3%), from €100,000 to €30,749
- Debts after one year +€61,818
new in 2025: €61,818
- Profit (loss) carried forward +€29,832
up €29,832 (+11.2%), from €266,108 to €295,941
- Current portion of long-term debt +€19,382
new in 2025: €19,382
- Tax, wage and social debts -€11,571
down €11,571 (-86.1%), from €13,446 to €1,875
- Other operating charges -€25,870
down €25,870 (-87.8%), from €29,455 to €3,585
- Gross operating margin +€12,262
up €12,262 (+23.2%), from €52,759 to €65,021
- Depreciation +€9,473
up €9,473 (+102.3%), from €9,260 to €18,733
- Taxes +€6,964
up €6,964 (+230.0%), from €3,028 to €9,991
- Financial charges +€2,663
up €2,663 (+1233.3%), from €216 to €2,879
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 | €471,309 | €502,329 | +€31,020 | +6.6% |
| Fixed assets | 21/28 | €442,770 | €449,037 | +€6,267 | +1.4% |
| Tangible fixed assets | 22/27 | €442,770 | €449,037 | +€6,267 | +1.4% |
| Land and buildings | 22 | €442,770 | €449,037 | +€6,267 | +1.4% |
| Current assets | 29/58 | €28,539 | €53,292 | +€24,753 | +86.7% |
| Amounts receivable within one year | 40/41 | €676 | €5,958 | +€5,282 | +781.6% |
| Other amounts receivable | 41 | €676 | €5,958 | +€5,282 | +781.6% |
| Cash at bank and in hand | 54/58 | €27,863 | €47,334 | +€19,471 | +69.9% |
| Total equity and liabilities | 10/49 | €471,309 | €502,329 | +€31,020 | +6.6% |
| Equity | 10/15 | €357,862 | €387,694 | +€29,832 | +8.3% |
| Contributions | 10/11 | €40,499 | €40,499 | = | 0.0% |
| Reserves | 13 | €51,255 | €51,255 | = | 0.0% |
| Distributable reserves | 133 | €51,255 | €51,255 | = | 0.0% |
| Profit (loss) carried forward | 14 | €266,108 | €295,941 | +€29,832 | +11.2% |
| Amounts payable | 17/49 | €113,446 | €114,634 | +€1,188 | +1.0% |
| Amounts payable after more than one year | 17 | - | €61,818 | +€61,818 | |
| Financial debts | 170/4 | - | €61,818 | +€61,818 | |
| Amounts payable within one year | 42/48 | €113,446 | €52,817 | -€60,630 | -53.4% |
| Current portion of amounts payable after more than one year | 42 | - | €19,382 | +€19,382 | |
| Trade debts | 44 | - | €811 | +€811 | |
| Suppliers | 440/4 | - | €811 | +€811 | |
| Taxes, remuneration and social security | 45 | €13,446 | €1,875 | -€11,571 | -86.1% |
| Taxes | 450/3 | €13,446 | €1,875 | -€11,571 | -86.1% |
| Other amounts payable | 47/48 | €100,000 | €30,749 | -€69,251 | -69.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,260 | €18,733 | +€9,473 | +102.3% |
| Other operating charges | 640/8 | €29,455 | €3,585 | -€25,870 | -87.8% |
| Gross operating margin | 9900 | €52,759 | €65,021 | +€12,262 | +23.2% |
| Operating profit (loss) | 9901 | €14,044 | €42,703 | +€28,659 | +204.1% |
| Financial charges | 65/66B | €216 | €2,879 | +€2,663 | +1233.3% |
| Recurring financial charges | 65 | €216 | €2,879 | +€2,663 | +1233.3% |
| Profit (loss) for the period before taxes | 9903 | €13,828 | €39,824 | +€25,995 | +188.0% |
| Income taxes | 67/77 | €3,028 | €9,991 | +€6,964 | +230.0% |
| Profit (loss) for the period | 9904 | €10,800 | €29,832 | +€19,032 | +176.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,800 | €29,832 | +€19,032 | +176.2% |
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 28 September 2026 via checked.be.