MAKAIRE: 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.
MAKAIRE
Largest movements
- Deferred charges and accrued income +€16,300
new in 2025: €16,300
- Tangible fixed assets -€8,193
down €8,193 (-36.6%), from €22,376 to €14,183
of which Furniture and vehicles: -€7,433
- Cash -€4,692
down €4,692 (-66.3%), from €7,075 to €2,383
mainly Deferred charges and accrued income (-€16,300) and Net result for the year (-€13,927)
- Stocks and contracts -€2,231
down €2,231 (-2.3%), from €98,101 to €95,871
- Other debts +€17,179
up €17,179 (+75.4%), from €22,784 to €39,963
- Profit (loss) carried forward -€13,927
down €13,927 (-31.7%), from €43,870 to €29,943
- Trade debts +€8,144
up €8,144 (+86.4%), from €9,424 to €17,568
of which Suppliers: +€8,866
- Debts after one year -€6,241
down €6,241 (-40.6%), from €15,382 to €9,140
- Tax, wage and social debts -€2,698
down €2,698 (-19.2%), from €14,023 to €11,325
of which Taxes: -€3,512
- Staff costs +€10,203
up €10,203 (+38.2%), from €26,737 to €36,940
- Gross operating margin -€5,334
down €5,334 (-13.8%), from €38,538 to €33,205
- Financial income +€2,122
up €2,122 (+5,513%), from €38 to €2,161
- Financial charges -€829
down €829 (-89.4%), from €927 to €99
- Other operating charges +€669
up €669 (+35.9%), from €1,865 to €2,534
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 | €127,766 | €130,222 | +€2,457 | +1.9% |
| Fixed assets | 21/28 | €22,476 | €14,283 | -€8,193 | -36.5% |
| Tangible fixed assets | 22/27 | €22,376 | €14,183 | -€8,193 | -36.6% |
| Plant, machinery and equipment | 23 | €3,783 | €3,023 | -€760 | -20.1% |
| Furniture and vehicles | 24 | €18,593 | €11,160 | -€7,433 | -40.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €105,290 | €115,939 | +€10,649 | +10.1% |
| Stocks and contracts in progress | 3 | €98,101 | €95,871 | -€2,231 | -2.3% |
| Stocks | 30/36 | €98,101 | €95,871 | -€2,231 | -2.3% |
| Amounts receivable within one year | 40/41 | €113 | €1,386 | +€1,273 | +1,122% |
| Trade receivables | 40 | - | €1,273 | +€1,273 | |
| Other amounts receivable | 41 | €113 | €113 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,075 | €2,383 | -€4,692 | -66.3% |
| Deferred charges and accrued income | 490/1 | - | €16,300 | +€16,300 | |
| Total equity and liabilities | 10/49 | €127,766 | €130,222 | +€2,457 | +1.9% |
| Equity | 10/15 | €66,153 | €52,226 | -€13,927 | -21.1% |
| Contributions | 10/11 | €20,257 | €20,257 | = | 0.0% |
| Reserves | 13 | €2,026 | €2,026 | = | 0.0% |
| Distributable reserves | 133 | €2,026 | €2,026 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,870 | €29,943 | -€13,927 | -31.7% |
| Amounts payable | 17/49 | €61,612 | €77,996 | +€16,384 | +26.6% |
| Amounts payable after more than one year | 17 | €15,382 | €9,140 | -€6,241 | -40.6% |
| Financial debts | 170/4 | €15,382 | €9,140 | -€6,241 | -40.6% |
| Amounts payable within one year | 42/48 | €46,231 | €68,856 | +€22,625 | +48.9% |
| Trade debts | 44 | €9,424 | €17,568 | +€8,144 | +86.4% |
| Suppliers | 440/4 | €8,702 | €17,568 | +€8,866 | +102% |
| Bills of exchange payable | 441 | €722 | - | -€722 | |
| Taxes, remuneration and social security | 45 | €14,023 | €11,325 | -€2,698 | -19.2% |
| Taxes | 450/3 | €5,766 | €2,254 | -€3,512 | -60.9% |
| Remuneration and social security | 454/9 | €8,257 | €9,071 | +€814 | +9.9% |
| Other amounts payable | 47/48 | €22,784 | €39,963 | +€17,179 | +75.4% |
| Remuneration, social security and pensions | 62 | €26,737 | €36,940 | +€10,203 | +38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,649 | €9,018 | +€369 | +4.3% |
| Other operating charges | 640/8 | €1,865 | €2,534 | +€669 | +35.9% |
| Gross operating margin | 9900 | €38,538 | €33,205 | -€5,334 | -13.8% |
| Operating profit (loss) | 9901 | €1,288 | -€15,288 | -€16,575 | |
| Financial income | 75/76B | €38 | €2,161 | +€2,122 | +5,513% |
| Recurring financial income | 75 | €38 | €2,161 | +€2,122 | +5,513% |
| Financial charges | 65/66B | €927 | €99 | -€829 | -89.4% |
| Recurring financial charges | 65 | €927 | €99 | -€829 | -89.4% |
| Profit (loss) for the period before taxes | 9903 | €399 | -€13,226 | -€13,624 | |
| Income taxes | 67/77 | €387 | €701 | +€314 | +81.3% |
| Profit (loss) for the period | 9904 | €12 | -€13,927 | -€13,939 | |
| Profit (loss) for the period to be appropriated | 9905 | €12 | -€13,927 | -€13,939 |
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 24 October 2026 via checked.be.