MAKA: 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.
MAKA
Largest movements
- Cash +€66,429
up €66,429 (+148.6%), from €44,699 to €111,129
mainly Net result for the year (+€97,858) and Depreciation (+€70,013)
- Receivables within one year +€8,565
up €8,565 (+84.7%), from €10,119 to €18,684
of which Other amounts receivable: +€8,305
- Tangible fixed assets -€5,657
down €5,657 (-2.3%), from €243,973 to €238,316
of which Plant, machinery and equipment: -€21,264
- Reserves +€97,858
up €97,858 (+56.1%), from €174,459 to €272,317
- Other debts -€13,083
down €13,083 (-33.2%), from €39,360 to €26,277
- Debts after one year -€12,170
down €12,170 (-18.3%), from €66,573 to €54,404
- Gross operating margin +€25,825
up €25,825 (+12.2%), from €212,195 to €238,019
- Depreciation +€8,260
up €8,260 (+13.4%), from €61,753 to €70,013
- Taxes +€4,680
up €4,680 (+11.4%), from €40,990 to €45,669
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 | €329,389 | €404,542 | +€75,153 | +22.8% |
| Fixed assets | 21/28 | €243,973 | €238,316 | -€5,657 | -2.3% |
| Tangible fixed assets | 22/27 | €243,973 | €238,316 | -€5,657 | -2.3% |
| Plant, machinery and equipment | 23 | €225,151 | €203,887 | -€21,264 | -9.4% |
| Furniture and vehicles | 24 | €18,822 | €34,429 | +€15,607 | +82.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €85,416 | €166,225 | +€80,810 | +94.6% |
| Stocks and contracts in progress | 3 | €22,196 | €25,079 | +€2,882 | +13.0% |
| Stocks | 30/36 | €22,196 | €25,079 | +€2,882 | +13.0% |
| Amounts receivable within one year | 40/41 | €10,119 | €18,684 | +€8,565 | +84.7% |
| Trade receivables | 40 | €6,330 | €6,590 | +€260 | +4.1% |
| Other amounts receivable | 41 | €3,789 | €12,094 | +€8,305 | +219.2% |
| Cash at bank and in hand | 54/58 | €44,699 | €111,129 | +€66,429 | +148.6% |
| Deferred charges and accrued income | 490/1 | €8,401 | €11,334 | +€2,932 | +34.9% |
| Total equity and liabilities | 10/49 | €329,389 | €404,542 | +€75,153 | +22.8% |
| Equity | 10/15 | €184,459 | €282,317 | +€97,858 | +53.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €174,459 | €272,317 | +€97,858 | +56.1% |
| Distributable reserves | 133 | €174,459 | €272,317 | +€97,858 | +56.1% |
| Amounts payable | 17/49 | €144,930 | €122,225 | -€22,705 | -15.7% |
| Amounts payable after more than one year | 17 | €66,573 | €54,404 | -€12,170 | -18.3% |
| Financial debts | 170/4 | €66,573 | €54,404 | -€12,170 | -18.3% |
| Amounts payable within one year | 42/48 | €78,356 | €67,781 | -€10,576 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €11,646 | €12,170 | +€524 | +4.5% |
| Trade debts | 44 | €5,514 | €2,165 | -€3,348 | -60.7% |
| Suppliers | 440/4 | €5,514 | €2,165 | -€3,348 | -60.7% |
| Advances received on contracts in progress | 46 | - | €1,500 | +€1,500 | |
| Taxes, remuneration and social security | 45 | €21,837 | €25,669 | +€3,832 | +17.6% |
| Taxes | 450/3 | €21,837 | €25,669 | +€3,832 | +17.6% |
| Other amounts payable | 47/48 | €39,360 | €26,277 | -€13,083 | -33.2% |
| Accrued charges and deferred income | 492/3 | - | €40 | +€40 | |
| Non-recurring operating income | 76A | - | €1,552 | +€1,552 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,753 | €70,013 | +€8,260 | +13.4% |
| Other operating charges | 640/8 | €17,461 | €19,579 | +€2,118 | +12.1% |
| Non-recurring operating charges | 66A | €887 | €0 | -€887 | -100.0% |
| Gross operating margin | 9900 | €212,195 | €238,019 | +€25,825 | +12.2% |
| Operating profit (loss) | 9901 | €132,095 | €148,428 | +€16,333 | +12.4% |
| Financial income | 75/76B | €877 | €1,257 | +€380 | +43.3% |
| Recurring financial income | 75 | €877 | €0 | -€877 | -100.0% |
| Non-recurring financial income | 76B | - | €1,257 | +€1,257 | |
| Financial charges | 65/66B | €5,445 | €6,158 | +€713 | +13.1% |
| Recurring financial charges | 65 | €5,445 | €6,158 | +€713 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €127,528 | €143,527 | +€16,000 | +12.5% |
| Income taxes | 67/77 | €40,990 | €45,669 | +€4,680 | +11.4% |
| Profit (loss) for the period | 9904 | €86,538 | €97,858 | +€11,320 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,538 | €97,858 | +€11,320 | +13.1% |
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 6 October 2026 via checked.be.