MAK & PINK: 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 & PINK
Largest movements
- Tangible fixed assets +€248,829
up €248,829 (+6,879%), from €3,617 to €252,447
of which Land and buildings: +€241,334
- Current investments +€32,321
new in 2025: €32,321
- Cash -€22,584
down €22,584 (-63.7%), from €35,464 to €12,881
mainly Investment in fixed assets (net) (-€254,804) and Current investments (-€32,321)
- Receivables within one year +€14,278
up €14,278 (+566%), from €2,522 to €16,800
of which Trade receivables: +€14,590
- Debts after one year +€185,675
new in 2025: €185,675
- Other debts +€48,742
up €48,742 (+717%), from €6,800 to €55,542
- Advances received +€17,514
new in 2025: €17,514
- Trade debts +€14,327
up €14,327 (+353%), from €4,055 to €18,382
- Current portion of long-term debt +€9,710
new in 2025: €9,710
- Gross operating margin +€10,244
up €10,244 (+11.2%), from €91,453 to €101,697
- Taxes -€5,670
down €5,670 (-58.4%), from €9,708 to €4,038
- Other operating charges +€5,422
up €5,422 (+481%), from €1,126 to €6,549
- Financial charges +€5,020
up €5,020 (+230%), from €2,185 to €7,206
of which Financial charges: +€5,220
- Depreciation +€4,259
up €4,259 (+251%), from €1,699 to €5,958
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 | €53,376 | €325,146 | +€271,770 | +509% |
| Fixed assets | 21/28 | €6,784 | €255,630 | +€248,846 | +3,668% |
| Tangible fixed assets | 22/27 | €3,617 | €252,447 | +€248,829 | +6,879% |
| Land and buildings | 22 | €2,063 | €243,396 | +€241,334 | +11,701% |
| Plant, machinery and equipment | 23 | €1,555 | €7,438 | +€5,883 | +378% |
| Other tangible fixed assets | 26 | - | €1,613 | +€1,613 | |
| Financial fixed assets | 28 | €3,167 | €3,184 | +€17 | +0.5% |
| Current assets | 29/58 | €46,591 | €69,516 | +€22,924 | +49.2% |
| Stocks and contracts in progress | 3 | €8,605 | €7,515 | -€1,090 | -12.7% |
| Stocks | 30/36 | €8,605 | €7,515 | -€1,090 | -12.7% |
| Amounts receivable within one year | 40/41 | €2,522 | €16,800 | +€14,278 | +566% |
| Trade receivables | 40 | €1,371 | €15,961 | +€14,590 | +1,064% |
| Other amounts receivable | 41 | €1,151 | €839 | -€312 | -27.1% |
| Current investments | 50/53 | - | €32,321 | +€32,321 | |
| Cash at bank and in hand | 54/58 | €35,464 | €12,881 | -€22,584 | -63.7% |
| Total equity and liabilities | 10/49 | €53,376 | €325,146 | +€271,770 | +509% |
| Equity | 10/15 | €25,124 | €27,423 | +€2,298 | +9.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,064 | €19,363 | +€2,298 | +13.5% |
| Amounts payable | 17/49 | €28,252 | €297,723 | +€269,472 | +954% |
| Amounts payable after more than one year | 17 | - | €185,675 | +€185,675 | |
| Financial debts | 170/4 | - | €185,675 | +€185,675 | |
| Amounts payable within one year | 42/48 | €28,252 | €112,048 | +€83,796 | +297% |
| Current portion of amounts payable after more than one year | 42 | - | €9,710 | +€9,710 | |
| Trade debts | 44 | €4,055 | €18,382 | +€14,327 | +353% |
| Suppliers | 440/4 | €4,055 | €18,382 | +€14,327 | +353% |
| Advances received on contracts in progress | 46 | - | €17,514 | +€17,514 | |
| Taxes, remuneration and social security | 45 | €17,397 | €10,900 | -€6,497 | -37.3% |
| Taxes | 450/3 | €12,740 | €5,982 | -€6,758 | -53.0% |
| Remuneration and social security | 454/9 | €4,657 | €4,918 | +€261 | +5.6% |
| Other amounts payable | 47/48 | €6,800 | €55,542 | +€48,742 | +717% |
| Non-recurring operating income | 76A | - | €5,261 | +€5,261 | |
| Remuneration, social security and pensions | 62 | €66,040 | €69,782 | +€3,742 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,699 | €5,958 | +€4,259 | +251% |
| Other operating charges | 640/8 | €1,126 | €6,549 | +€5,422 | +481% |
| Gross operating margin | 9900 | €91,453 | €101,697 | +€10,244 | +11.2% |
| Operating profit (loss) | 9901 | €22,588 | €19,408 | -€3,180 | -14.1% |
| Financial income | 75/76B | €167 | €134 | -€33 | -19.8% |
| Recurring financial income | 75 | €167 | €134 | -€33 | -19.8% |
| Financial charges | 65/66B | €2,185 | €7,206 | +€5,020 | +230% |
| Recurring financial charges | 65 | €1,985 | €7,206 | +€5,220 | +263% |
| Non-recurring financial charges | 66B | €200 | - | -€200 | |
| Profit (loss) for the period before taxes | 9903 | €20,570 | €12,337 | -€8,233 | -40.0% |
| Income taxes | 67/77 | €9,708 | €4,038 | -€5,670 | -58.4% |
| Profit (loss) for the period | 9904 | €10,861 | €8,298 | -€2,563 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,861 | €8,298 | -€2,563 | -23.6% |
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 22 October 2026 via checked.be.