MAK-SYSTEM: 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-SYSTEM
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+35.4%), from €3.0m to €4.1m
of which Other amounts receivable: +€903,739
- Cash -€950,327
down €950,327 (-66.8%), from €1.4m to €471,514
mainly Receivables within one year (-€1.1m) and Deferred charges and accrued income (-€932,840)
- Deferred charges and accrued income +€932,840
up €932,840 (+55.0%), from €1.7m to €2.6m
- Financial fixed assets +€92,351
up €92,351 (+24.9%), from €370,924 to €463,274
of which Other financial fixed assets: +€92,351
- Other debts +€964,538
up €964,538 (+1,136%), from €84,907 to €1.0m
- Profit (loss) carried forward +€380,538
up €380,538 (+26.4%), from €1.4m to €1.8m
- Accrued charges and deferred income -€226,461
down €226,461 (-22.0%), from €1.0m to €801,502
- Advances received -€81,156
no longer reported in 2025 (was €81,156)
- Trade debts +€77,308
up €77,308 (+32.1%), from €240,536 to €317,844
- Services and other goods +€462,560
up €462,560 (+4.5%), from €10.4m to €10.8m
- Other operating charges -€457,325
down €457,325 (-93.1%), from €491,333 to €34,008
- Financial charges +€211,182
up €211,182 (+703%), from €30,030 to €241,212
- Goods and materials -€155,125
down €155,125 (-8.2%), from €1.9m to €1.7m
- Turnover +€143,749
up €143,749 (+1.1%), from €13.1m to €13.3m
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 | €6,505,518 | €7,647,391 | +€1.1m | +17.6% |
| Fixed assets | 21/28 | €370,924 | €463,274 | +€92,351 | +24.9% |
| Financial fixed assets | 28 | €370,924 | €463,274 | +€92,351 | +24.9% |
| Affiliated companies | 280/1 | €32,320 | €32,320 | = | 0.0% |
| Participating interests | 280 | €32,320 | €32,320 | = | 0.0% |
| Other financial fixed assets | 284/8 | €338,603 | €430,954 | +€92,351 | +27.3% |
| Amounts receivable and cash guarantees | 285/8 | €338,603 | €430,954 | +€92,351 | +27.3% |
| Current assets | 29/58 | €6,134,594 | €7,184,117 | +€1.0m | +17.1% |
| Amounts receivable within one year | 40/41 | €3,015,755 | €4,082,764 | +€1.1m | +35.4% |
| Trade receivables | 40 | €1,399,383 | €1,562,653 | +€163,270 | +11.7% |
| Other amounts receivable | 41 | €1,616,372 | €2,520,111 | +€903,739 | +55.9% |
| Cash at bank and in hand | 54/58 | €1,421,841 | €471,514 | -€950,327 | -66.8% |
| Deferred charges and accrued income | 490/1 | €1,696,999 | €2,629,839 | +€932,840 | +55.0% |
| Total equity and liabilities | 10/49 | €6,505,518 | €7,647,391 | +€1.1m | +17.6% |
| Equity | 10/15 | €4,817,702 | €5,198,240 | +€380,538 | +7.9% |
| Contributions | 10/11 | €3,068,250 | €3,068,250 | = | 0.0% |
| Capital | 10 | €3,068,250 | €3,068,250 | = | 0.0% |
| Issued capital | 100 | €3,068,250 | €3,068,250 | = | 0.0% |
| Reserves | 13 | €306,825 | €306,825 | = | 0.0% |
| Non-distributable reserves | 130/1 | €306,825 | €306,825 | = | 0.0% |
| Legal reserve | 130 | €306,825 | €306,825 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,442,627 | €1,823,165 | +€380,538 | +26.4% |
| Amounts payable | 17/49 | €1,687,816 | €2,449,151 | +€761,335 | +45.1% |
| Amounts payable within one year | 42/48 | €659,852 | €1,647,648 | +€987,796 | +150% |
| Trade debts | 44 | €240,536 | €317,844 | +€77,308 | +32.1% |
| Suppliers | 440/4 | €240,536 | €317,844 | +€77,308 | +32.1% |
| Advances received on contracts in progress | 46 | €81,156 | - | -€81,156 | |
| Taxes, remuneration and social security | 45 | €253,254 | €280,360 | +€27,106 | +10.7% |
| Taxes | 450/3 | €253,254 | €280,360 | +€27,106 | +10.7% |
| Other amounts payable | 47/48 | €84,907 | €1,049,445 | +€964,538 | +1,136% |
| Accrued charges and deferred income | 492/3 | €1,027,963 | €801,502 | -€226,461 | -22.0% |
| Operating income | 70/76A | €13,107,829 | €13,328,261 | +€220,432 | +1.7% |
| Turnover | 70 | €13,107,829 | €13,251,578 | +€143,749 | +1.1% |
| Non-recurring operating income | 76A | - | €76,683 | +€76,683 | |
| Operating charges | 60/66A | €12,688,750 | €12,588,793 | -€99,958 | -0.8% |
| Goods for resale, raw materials and consumables | 60 | €1,886,320 | €1,731,195 | -€155,125 | -8.2% |
| Purchases | 600/8 | €1,886,320 | €1,731,195 | -€155,125 | -8.2% |
| Services and other goods | 61 | €10,361,357 | €10,823,917 | +€462,560 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €396 | - | -€396 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€50,656 | -€328 | +€50,328 | +99.4% |
| Other operating charges | 640/8 | €491,333 | €34,008 | -€457,325 | -93.1% |
| Operating profit (loss) | 9901 | €419,078 | €739,469 | +€320,390 | +76.5% |
| Financial income | 75/76B | €82,319 | €2,774 | -€79,545 | -96.6% |
| Recurring financial income | 75 | €82,319 | €2,774 | -€79,545 | -96.6% |
| Other financial income | 752/9 | €82,319 | €2,774 | -€79,545 | -96.6% |
| Financial charges | 65/66B | €30,030 | €241,212 | +€211,182 | +703% |
| Recurring financial charges | 65 | €30,030 | €241,212 | +€211,182 | +703% |
| Other financial charges | 652/9 | €30,030 | €241,212 | +€211,182 | +703% |
| Profit (loss) for the period before taxes | 9903 | €471,367 | €501,030 | +€29,663 | +6.3% |
| Income taxes | 67/77 | €123,673 | €120,492 | -€3,180 | -2.6% |
| Taxes | 670/3 | €123,673 | €120,492 | -€3,180 | -2.6% |
| Profit (loss) for the period | 9904 | €347,694 | €380,538 | +€32,844 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €347,694 | €380,538 | +€32,844 | +9.4% |
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 13 October 2026 via checked.be.