MAKALU: 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.
MAKALU
Largest movements
- Cash +€12,324
up €12,324 (+99.0%), from €12,446 to €24,770
mainly Trade debts (+€14,401) and Net result for the year (+€13,910)
- Stocks and contracts +€6,662
up €6,662 (+315%), from €2,116 to €8,777
- Tangible fixed assets +€2,557
new in 2025: €2,557
- Deferred charges and accrued income +€1,913
up €1,913 (+118%), from €1,625 to €3,538
- Trade debts +€14,401
up €14,401 (+202%), from €7,116 to €21,517
- Profit (loss) carried forward +€13,910
up €13,910 (+41.4%), from -€33,569 to -€19,659
- Other debts -€11,373
down €11,373 (-90.8%), from €12,521 to €1,148
- Tax, wage and social debts +€5,482
up €5,482 (+36.4%), from €15,045 to €20,527
of which Taxes: +€9,012
- Accrued charges and deferred income +€1,195
up €1,195 (+249%), from €480 to €1,675
- Gross operating margin -€15,241
down €15,241 (-24.7%), from €61,734 to €46,493
- Staff costs -€10,802
down €10,802 (-29.4%), from €36,681 to €25,879
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 | €20,194 | €43,809 | +€23,615 | +117% |
| Fixed assets | 21/28 | - | €2,557 | +€2,557 | |
| Tangible fixed assets | 22/27 | - | €2,557 | +€2,557 | |
| Plant, machinery and equipment | 23 | - | €2,557 | +€2,557 | |
| Current assets | 29/58 | €20,194 | €41,252 | +€21,058 | +104% |
| Stocks and contracts in progress | 3 | €2,116 | €8,777 | +€6,662 | +315% |
| Stocks | 30/36 | €2,116 | €8,777 | +€6,662 | +315% |
| Amounts receivable within one year | 40/41 | €4,007 | €4,167 | +€160 | +4.0% |
| Trade receivables | 40 | €3,513 | €2,169 | -€1,344 | -38.2% |
| Other amounts receivable | 41 | €494 | €1,997 | +€1,503 | +304% |
| Cash at bank and in hand | 54/58 | €12,446 | €24,770 | +€12,324 | +99.0% |
| Deferred charges and accrued income | 490/1 | €1,625 | €3,538 | +€1,913 | +118% |
| Total equity and liabilities | 10/49 | €20,194 | €43,809 | +€23,615 | +117% |
| Equity | 10/15 | -€14,969 | -€1,059 | +€13,910 | +92.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,569 | -€19,659 | +€13,910 | +41.4% |
| Amounts payable | 17/49 | €35,162 | €44,867 | +€9,705 | +27.6% |
| Amounts payable within one year | 42/48 | €34,682 | €43,192 | +€8,510 | +24.5% |
| Trade debts | 44 | €7,116 | €21,517 | +€14,401 | +202% |
| Suppliers | 440/4 | €7,116 | €21,517 | +€14,401 | +202% |
| Taxes, remuneration and social security | 45 | €15,045 | €20,527 | +€5,482 | +36.4% |
| Taxes | 450/3 | €10,472 | €19,484 | +€9,012 | +86.1% |
| Remuneration and social security | 454/9 | €4,574 | €1,044 | -€3,530 | -77.2% |
| Other amounts payable | 47/48 | €12,521 | €1,148 | -€11,373 | -90.8% |
| Accrued charges and deferred income | 492/3 | €480 | €1,675 | +€1,195 | +249% |
| Remuneration, social security and pensions | 62 | €36,681 | €25,879 | -€10,802 | -29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €92 | +€92 | |
| Other operating charges | 640/8 | €751 | €610 | -€141 | -18.8% |
| Gross operating margin | 9900 | €61,734 | €46,493 | -€15,241 | -24.7% |
| Operating profit (loss) | 9901 | €24,302 | €19,912 | -€4,390 | -18.1% |
| Financial income | 75/76B | €37 | €333 | +€297 | +811% |
| Recurring financial income | 75 | €37 | €333 | +€297 | +811% |
| Financial charges | 65/66B | €362 | €105 | -€257 | -71.0% |
| Recurring financial charges | 65 | €362 | €105 | -€257 | -71.0% |
| Profit (loss) for the period before taxes | 9903 | €23,977 | €20,140 | -€3,837 | -16.0% |
| Income taxes | 67/77 | €6,746 | €6,230 | -€516 | -7.6% |
| Profit (loss) for the period | 9904 | €17,231 | €13,910 | -€3,321 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,231 | €13,910 | -€3,321 | -19.3% |
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.