MAKAFI: 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.
MAKAFI
Largest movements
- Cash +€341,038
up €341,038 (+4765.6%), from €7,156 to €348,194
mainly Net result for the year (+€219,003) and Tax, wage and social debts (+€78,383)
- Tangible fixed assets -€52,793
down €52,793 (-40.2%), from €131,283 to €78,490
- Reserves +€149,953
up €149,953 (+248.9%), from €60,240 to €210,192
of which Distributable reserves: +€166,563
- Tax, wage and social debts +€78,383
new in 2025: €78,383
- Profit (loss) carried forward +€69,050
up €69,050, from -€69,050 to €0
- Provisions -€5,537
down €5,537 (-100.0%), from €5,537 to €0
- Gross operating margin +€229,864
up €229,864 (+327.5%), from €70,197 to €300,061
- Taxes +€78,387
new in 2025: €78,387
- Depreciation -€6,666
down €6,666 (-71.7%), from €9,293 to €2,627
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 | €138,818 | €427,072 | +€288,254 | +207.6% |
| Fixed assets | 21/28 | €131,283 | €78,490 | -€52,793 | -40.2% |
| Tangible fixed assets | 22/27 | €131,283 | €78,490 | -€52,793 | -40.2% |
| Land and buildings | 22 | €131,283 | €78,490 | -€52,793 | -40.2% |
| Current assets | 29/58 | €7,534 | €348,582 | +€341,048 | +4526.5% |
| Amounts receivable within one year | 40/41 | €17 | €17 | = | 0.0% |
| Other amounts receivable | 41 | €17 | €17 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,156 | €348,194 | +€341,038 | +4765.6% |
| Deferred charges and accrued income | 490/1 | €361 | €371 | +€10 | +2.8% |
| Total equity and liabilities | 10/49 | €138,818 | €427,072 | +€288,254 | +207.6% |
| Equity | 10/15 | €89,083 | €308,086 | +€219,003 | +245.8% |
| Contributions | 10/11 | €97,894 | €97,894 | = | 0.0% |
| Capital | 10 | €94,200 | €94,200 | = | 0.0% |
| Issued capital | 100 | €94,200 | €94,200 | = | 0.0% |
| Outside capital | 11 | €3,694 | €3,694 | = | 0.0% |
| Share premium | 1100/10 | €3,694 | €3,694 | = | 0.0% |
| Reserves | 13 | €60,240 | €210,192 | +€149,953 | +248.9% |
| Non-distributable reserves | 130/1 | €13,882 | €13,882 | = | 0.0% |
| Legal reserve | 130 | €13,882 | €13,882 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,610 | €0 | -€16,610 | -100.0% |
| Distributable reserves | 133 | €29,747 | €196,310 | +€166,563 | +559.9% |
| Profit (loss) carried forward | 14 | -€69,050 | €0 | +€69,050 | |
| Provisions and deferred taxes | 16 | €5,537 | €0 | -€5,537 | -100.0% |
| Deferred taxes | 168 | €5,537 | €0 | -€5,537 | -100.0% |
| Amounts payable | 17/49 | €44,198 | €118,986 | +€74,788 | +169.2% |
| Amounts payable after more than one year | 17 | €39,500 | €39,500 | = | 0.0% |
| Financial debts | 170/4 | €39,500 | €39,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,698 | €79,486 | +€74,788 | +1592.1% |
| Trade debts | 44 | €1,637 | €0 | -€1,637 | -100.0% |
| Suppliers | 440/4 | €1,637 | €0 | -€1,637 | -100.0% |
| Taxes, remuneration and social security | 45 | - | €78,383 | +€78,383 | |
| Taxes | 450/3 | - | €78,383 | +€78,383 | |
| Other amounts payable | 47/48 | €3,060 | €1,103 | -€1,957 | -64.0% |
| Non-recurring operating income | 76A | €53,408 | €290,968 | +€237,560 | +444.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,293 | €2,627 | -€6,666 | -71.7% |
| Other operating charges | 640/8 | €2,708 | €2,793 | +€85 | +3.1% |
| Gross operating margin | 9900 | €70,197 | €300,061 | +€229,864 | +327.5% |
| Operating profit (loss) | 9901 | €58,196 | €294,641 | +€236,445 | +406.3% |
| Financial income | 75/76B | €57 | €16 | -€42 | -72.8% |
| Recurring financial income | 75 | €57 | €16 | -€42 | -72.8% |
| Financial charges | 65/66B | €3,557 | €2,803 | -€753 | -21.2% |
| Recurring financial charges | 65 | €3,557 | €2,803 | -€753 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €54,697 | €291,853 | +€237,157 | +433.6% |
| Transfer from deferred taxes | 780 | €791 | €5,537 | +€4,746 | +600.0% |
| Income taxes | 67/77 | - | €78,387 | +€78,387 | |
| Profit (loss) for the period | 9904 | €55,488 | €219,003 | +€163,515 | +294.7% |
| Transfer from tax-exempt reserves | 789 | €2,373 | €16,610 | +€14,238 | +600.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,861 | €235,613 | +€177,753 | +307.2% |
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 4 October 2026 via checked.be.