MAK.F: 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.F
Largest movements
- Receivables within one year +€31,599
up €31,599 (+99.0%), from €31,907 to €63,507
of which Trade receivables: +€16,234
- Financial fixed assets +€23,400
up €23,400 (+195%), from €12,000 to €35,400
- Cash +€17,980
up €17,980 (+238%), from €7,564 to €25,544
mainly Tax, wage and social debts (+€75,832) and Debts after one year (+€19,000)
- Receivables after one year +€2,066
new in 2025: €2,066
- Tax, wage and social debts +€75,832
up €75,832 (+304%), from €24,949 to €100,782
of which Remuneration and social security: +€63,232
- Profit (loss) carried forward -€24,744
down €24,744, from €5,248 to -€19,496
- Debts after one year +€19,000
new in 2025: €19,000
- Other debts +€11,432
up €11,432 (+157%), from €7,300 to €18,732
- Trade debts -€5,910
down €5,910 (-74.2%), from €7,962 to €2,052
- Staff costs +€154,086
up €154,086 (+588%), from €26,186 to €180,272
- Gross operating margin +€143,520
up €143,520 (+340%), from €42,203 to €185,723
- Other operating charges +€22,012
up €22,012 (+556%), from €3,958 to €25,970
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 | €52,253 | €127,070 | +€74,817 | +143% |
| Fixed assets | 21/28 | €12,782 | €35,892 | +€23,111 | +181% |
| Tangible fixed assets | 22/27 | €782 | €492 | -€289 | -37.0% |
| Plant, machinery and equipment | 23 | €782 | €492 | -€289 | -37.0% |
| Financial fixed assets | 28 | €12,000 | €35,400 | +€23,400 | +195% |
| Current assets | 29/58 | €39,471 | €91,177 | +€51,706 | +131% |
| Amounts receivable after more than one year | 29 | - | €2,066 | +€2,066 | |
| Trade receivables | 290 | - | €2,066 | +€2,066 | |
| Amounts receivable within one year | 40/41 | €31,907 | €63,507 | +€31,599 | +99.0% |
| Trade receivables | 40 | €31,773 | €48,007 | +€16,234 | +51.1% |
| Other amounts receivable | 41 | €135 | €15,500 | +€15,365 | +11,422% |
| Cash at bank and in hand | 54/58 | €7,564 | €25,544 | +€17,980 | +238% |
| Deferred charges and accrued income | 490/1 | - | €60 | +€60 | |
| Total equity and liabilities | 10/49 | €52,253 | €127,070 | +€74,817 | +143% |
| Equity | 10/15 | €11,248 | -€13,496 | -€24,744 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,248 | -€19,496 | -€24,744 | |
| Amounts payable | 17/49 | €41,005 | €140,566 | +€99,561 | +243% |
| Amounts payable after more than one year | 17 | - | €19,000 | +€19,000 | |
| Financial debts | 170/4 | - | €19,000 | +€19,000 | |
| Amounts payable within one year | 42/48 | €40,212 | €121,566 | +€81,354 | +202% |
| Trade debts | 44 | €7,962 | €2,052 | -€5,910 | -74.2% |
| Suppliers | 440/4 | €7,962 | €2,052 | -€5,910 | -74.2% |
| Taxes, remuneration and social security | 45 | €24,949 | €100,782 | +€75,832 | +304% |
| Taxes | 450/3 | €7,676 | €20,276 | +€12,601 | +164% |
| Remuneration and social security | 454/9 | €17,274 | €80,505 | +€63,232 | +366% |
| Other amounts payable | 47/48 | €7,300 | €18,732 | +€11,432 | +157% |
| Accrued charges and deferred income | 492/3 | €793 | - | -€793 | |
| Remuneration, social security and pensions | 62 | €26,186 | €180,272 | +€154,086 | +588% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87 | €289 | +€203 | +234% |
| Other operating charges | 640/8 | €3,958 | €25,970 | +€22,012 | +556% |
| Non-recurring operating charges | 66A | €2,528 | €3,381 | +€853 | +33.8% |
| Gross operating margin | 9900 | €42,203 | €185,723 | +€143,520 | +340% |
| Operating profit (loss) | 9901 | €9,445 | -€24,189 | -€33,634 | |
| Financial income | 75/76B | €1 | €407 | +€406 | +47,233% |
| Recurring financial income | 75 | €1 | €407 | +€406 | +47,233% |
| Financial charges | 65/66B | €508 | €962 | +€454 | +89.4% |
| Recurring financial charges | 65 | €508 | €962 | +€454 | +89.4% |
| Profit (loss) for the period before taxes | 9903 | €8,937 | -€24,744 | -€33,682 | |
| Income taxes | 67/77 | €1,460 | - | -€1,460 | |
| Profit (loss) for the period | 9904 | €7,477 | -€24,744 | -€32,222 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,477 | -€24,744 | -€32,222 |
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 27 October 2026 via checked.be.