MAK: 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.
MAK
Largest movements
- Tangible fixed assets -€26,695
down €26,695 (-61.1%), from €43,658 to €16,963
of which Land and buildings: -€16,250
- Receivables within one year +€18,688
up €18,688 (+14.0%), from €133,478 to €152,167
of which Trade receivables: +€20,188
- Intangible fixed assets -€11,605
down €11,605 (-8.4%), from €138,210 to €126,605
- Cash +€6,377
up €6,377 (+51.0%), from €12,513 to €18,890
mainly Other debts (+€31,417) and Investment in fixed assets (net) (+€20,443)
- Deferred charges and accrued income -€4,381
down €4,381 (-31.3%), from €14,011 to €9,630
- Other debts +€31,417
up €31,417 (+55.3%), from €56,820 to €88,236
- Short-term financial debts -€25,000
down €25,000 (-83.3%), from €30,000 to €5,000
- Reserves -€20,000
down €20,000 (-39.4%), from €50,804 to €30,804
- Debts after one year -€14,121
down €14,121 (-9.0%), from €156,742 to €142,621
- Profit (loss) carried forward +€7,420
up €7,420, from -€7,362 to €59
- Gross operating margin +€14,880
up €14,880 (+55.0%), from €27,056 to €41,936
- Depreciation -€8,297
down €8,297 (-31.7%), from €26,153 to €17,856
- Financial charges +€4,891
up €4,891 (+101%), from €4,858 to €9,749
- Taxes +€3,152
up €3,152 (+823%), from €383 to €3,535
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 | €341,870 | €324,254 | -€17,616 | -5.2% |
| Fixed assets | 21/28 | €181,868 | €143,568 | -€38,300 | -21.1% |
| Intangible fixed assets | 21 | €138,210 | €126,605 | -€11,605 | -8.4% |
| Tangible fixed assets | 22/27 | €43,658 | €16,963 | -€26,695 | -61.1% |
| Land and buildings | 22 | €16,250 | - | -€16,250 | |
| Plant, machinery and equipment | 23 | €4,400 | €5,457 | +€1,057 | +24.0% |
| Furniture and vehicles | 24 | €18,193 | €8,024 | -€10,169 | -55.9% |
| Other tangible fixed assets | 26 | €4,815 | €3,482 | -€1,333 | -27.7% |
| Current assets | 29/58 | €160,002 | €180,686 | +€20,684 | +12.9% |
| Amounts receivable within one year | 40/41 | €133,478 | €152,167 | +€18,688 | +14.0% |
| Trade receivables | 40 | €131,978 | €152,167 | +€20,188 | +15.3% |
| Other amounts receivable | 41 | €1,500 | - | -€1,500 | |
| Cash at bank and in hand | 54/58 | €12,513 | €18,890 | +€6,377 | +51.0% |
| Deferred charges and accrued income | 490/1 | €14,011 | €9,630 | -€4,381 | -31.3% |
| Total equity and liabilities | 10/49 | €341,870 | €324,254 | -€17,616 | -5.2% |
| Equity | 10/15 | €47,043 | €34,463 | -€12,580 | -26.7% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Reserves | 13 | €50,804 | €30,804 | -€20,000 | -39.4% |
| Distributable reserves | 133 | €50,804 | €30,804 | -€20,000 | -39.4% |
| Profit (loss) carried forward | 14 | -€7,362 | €59 | +€7,420 | |
| Amounts payable | 17/49 | €294,827 | €289,791 | -€5,036 | -1.7% |
| Amounts payable after more than one year | 17 | €156,742 | €142,621 | -€14,121 | -9.0% |
| Financial debts | 170/4 | €156,742 | €142,621 | -€14,121 | -9.0% |
| Amounts payable within one year | 42/48 | €138,085 | €147,170 | +€9,085 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €19,668 | €14,121 | -€5,547 | -28.2% |
| Financial debts | 43 | €30,000 | €5,000 | -€25,000 | -83.3% |
| Credit institutions | 430/8 | €30,000 | €5,000 | -€25,000 | -83.3% |
| Trade debts | 44 | €6,708 | €8,889 | +€2,181 | +32.5% |
| Suppliers | 440/4 | €6,708 | €8,889 | +€2,181 | +32.5% |
| Taxes, remuneration and social security | 45 | €24,889 | €30,924 | +€6,035 | +24.2% |
| Taxes | 450/3 | €24,889 | €30,924 | +€6,035 | +24.2% |
| Other amounts payable | 47/48 | €56,820 | €88,236 | +€31,417 | +55.3% |
| Non-recurring operating income | 76A | - | €20,997 | +€20,997 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,153 | €17,856 | -€8,297 | -31.7% |
| Other operating charges | 640/8 | €3,029 | €3,384 | +€355 | +11.7% |
| Gross operating margin | 9900 | €27,056 | €41,936 | +€14,880 | +55.0% |
| Operating profit (loss) | 9901 | -€2,126 | €20,696 | +€22,822 | |
| Financial income | 75/76B | €6 | €9 | +€3 | +45.3% |
| Recurring financial income | 75 | €6 | €9 | +€3 | +45.3% |
| Financial charges | 65/66B | €4,858 | €9,749 | +€4,891 | +101% |
| Recurring financial charges | 65 | €4,858 | €9,749 | +€4,891 | +101% |
| Profit (loss) for the period before taxes | 9903 | -€6,978 | €10,956 | +€17,934 | |
| Income taxes | 67/77 | €383 | €3,535 | +€3,152 | +823% |
| Profit (loss) for the period | 9904 | -€7,362 | €7,420 | +€14,782 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,362 | €7,420 | +€14,782 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.