MAKADAM: 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.
MAKADAM
Largest movements
- Tangible fixed assets +€48,733
up €48,733 (+46.6%), from €104,671 to €153,404
of which Other tangible fixed assets: +€39,633
- Cash +€6,728
up €6,728 (+1.7%), from €403,561 to €410,289
mainly Net result for the year (+€64,852) and Other debts (+€45,364)
- Other debts +€45,364
up €45,364 (+593%), from €7,650 to €53,014
- Trade debts +€17,276
up €17,276 (+85.5%), from €20,209 to €37,485
- Tax, wage and social debts -€14,668
down €14,668 (-36.5%), from €40,194 to €25,526
of which Taxes: -€14,965
- Reserves +€10,000
up €10,000 (+3.2%), from €316,860 to €326,860
of which Distributable reserves: +€10,000
- Financial income -€68,051
down €68,051 (-89.7%), from €75,899 to €7,848
of which Non-recurring financial income: -€71,505
- Taxes -€26,036
down €26,036 (-39.3%), from €66,295 to €40,259
- Gross operating margin -€14,521
down €14,521 (-7.8%), from €186,594 to €172,073
- Staff costs +€14,415
up €14,415 (+41.8%), from €34,514 to €48,929
- Depreciation +€2,800
up €2,800 (+16.4%), from €17,092 to €19,892
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 | €529,350 | €586,679 | +€57,329 | +10.8% |
| Fixed assets | 21/28 | €106,953 | €155,797 | +€48,844 | +45.7% |
| Tangible fixed assets | 22/27 | €104,671 | €153,404 | +€48,733 | +46.6% |
| Land and buildings | 22 | €22,369 | €44,097 | +€21,728 | +97.1% |
| Plant, machinery and equipment | 23 | €17,980 | €12,995 | -€4,985 | -27.7% |
| Furniture and vehicles | 24 | €29,231 | €21,588 | -€7,643 | -26.1% |
| Other tangible fixed assets | 26 | €35,091 | €74,724 | +€39,633 | +113% |
| Financial fixed assets | 28 | €2,282 | €2,393 | +€111 | +4.9% |
| Current assets | 29/58 | €422,397 | €430,882 | +€8,485 | +2.0% |
| Stocks and contracts in progress | 3 | €14,021 | €14,403 | +€382 | +2.7% |
| Stocks | 30/36 | €14,021 | €14,403 | +€382 | +2.7% |
| Amounts receivable within one year | 40/41 | €1,952 | €3,953 | +€2,001 | +103% |
| Trade receivables | 40 | €1,952 | €1,226 | -€726 | -37.2% |
| Other amounts receivable | 41 | - | €2,727 | +€2,727 | |
| Cash at bank and in hand | 54/58 | €403,561 | €410,289 | +€6,728 | +1.7% |
| Deferred charges and accrued income | 490/1 | €2,863 | €2,237 | -€626 | -21.9% |
| Total equity and liabilities | 10/49 | €529,350 | €586,679 | +€57,329 | +10.8% |
| Equity | 10/15 | €441,146 | €455,998 | +€14,852 | +3.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €316,860 | €326,860 | +€10,000 | +3.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €315,000 | €325,000 | +€10,000 | +3.2% |
| Profit (loss) carried forward | 14 | €118,086 | €122,938 | +€4,852 | +4.1% |
| Amounts payable | 17/49 | €88,204 | €130,681 | +€42,477 | +48.2% |
| Amounts payable after more than one year | 17 | €14,655 | €9,160 | -€5,495 | -37.5% |
| Financial debts | 170/4 | €14,655 | €9,160 | -€5,495 | -37.5% |
| Amounts payable within one year | 42/48 | €73,549 | €121,521 | +€47,972 | +65.2% |
| Current portion of amounts payable after more than one year | 42 | €5,496 | €5,496 | = | 0.0% |
| Trade debts | 44 | €20,209 | €37,485 | +€17,276 | +85.5% |
| Suppliers | 440/4 | €20,209 | €37,485 | +€17,276 | +85.5% |
| Taxes, remuneration and social security | 45 | €40,194 | €25,526 | -€14,668 | -36.5% |
| Taxes | 450/3 | €36,428 | €21,463 | -€14,965 | -41.1% |
| Remuneration and social security | 454/9 | €3,766 | €4,063 | +€297 | +7.9% |
| Other amounts payable | 47/48 | €7,650 | €53,014 | +€45,364 | +593% |
| Remuneration, social security and pensions | 62 | €34,514 | €48,929 | +€14,415 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,092 | €19,892 | +€2,800 | +16.4% |
| Other operating charges | 640/8 | €1,495 | €2,601 | +€1,106 | +74.0% |
| Gross operating margin | 9900 | €186,594 | €172,073 | -€14,521 | -7.8% |
| Operating profit (loss) | 9901 | €133,493 | €100,651 | -€32,842 | -24.6% |
| Financial income | 75/76B | €75,899 | €7,848 | -€68,051 | -89.7% |
| Recurring financial income | 75 | €3,271 | €6,725 | +€3,454 | +106% |
| Non-recurring financial income | 76B | €72,628 | €1,123 | -€71,505 | -98.5% |
| Financial charges | 65/66B | €3,664 | €3,388 | -€276 | -7.5% |
| Recurring financial charges | 65 | €3,664 | €3,388 | -€276 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €205,728 | €105,111 | -€100,617 | -48.9% |
| Income taxes | 67/77 | €66,295 | €40,259 | -€26,036 | -39.3% |
| Profit (loss) for the period | 9904 | €139,433 | €64,852 | -€74,581 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €139,433 | €64,852 | -€74,581 | -53.5% |
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 23 October 2026 via checked.be.