MAKAPA: 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.
MAKAPA
Largest movements
- Receivables within one year +€9,656
up €9,656 (+263.7%), from €3,662 to €13,317
of which Trade receivables: +€9,300
- Intangible fixed assets -€670
down €670 (-34.0%), from €1,972 to €1,302
- Cash +€607
up €607 (+16.4%), from €3,694 to €4,301
mainly Net result for the year (+€19,716) and Depreciation (+€670)
- Reserves +€11,586
up €11,586 (+108.7%), from €10,655 to €22,241
- Profit (loss) carried forward +€7,297
no longer reported in 2025 (was -€7,297)
- Other debts -€5,229
down €5,229 (-19.7%), from €26,589 to €21,360
- Trade debts -€1,975
down €1,975 (-63.1%), from €3,129 to €1,154
- Tax, wage and social debts -€1,577
down €1,577 (-21.7%), from €7,283 to €5,706
of which Remuneration and social security: -€933
- Staff costs -€26,540
down €26,540 (-68.6%), from €38,675 to €12,135
- Gross operating margin -€7,494
down €7,494 (-15.6%), from €48,100 to €40,606
- Taxes +€3,971
up €3,971 (+385.3%), from €1,031 to €5,002
- Financial charges +€1,425
up €1,425 (+206.2%), from €691 to €2,116
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 | €45,360 | €55,461 | +€10,102 | +22.3% |
| Fixed assets | 21/28 | €1,972 | €1,302 | -€670 | -34.0% |
| Intangible fixed assets | 21 | €1,972 | €1,302 | -€670 | -34.0% |
| Current assets | 29/58 | €43,387 | €54,159 | +€10,772 | +24.8% |
| Stocks and contracts in progress | 3 | €35,927 | €36,437 | +€509 | +1.4% |
| Stocks | 30/36 | €35,927 | €36,437 | +€509 | +1.4% |
| Amounts receivable within one year | 40/41 | €3,662 | €13,317 | +€9,656 | +263.7% |
| Trade receivables | 40 | - | €9,300 | +€9,300 | |
| Other amounts receivable | 41 | €3,662 | €4,017 | +€355 | +9.7% |
| Cash at bank and in hand | 54/58 | €3,694 | €4,301 | +€607 | +16.4% |
| Deferred charges and accrued income | 490/1 | €104 | €104 | = | 0.0% |
| Total equity and liabilities | 10/49 | €45,360 | €55,461 | +€10,102 | +22.3% |
| Equity | 10/15 | €8,358 | €27,241 | +€18,883 | +225.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €10,655 | €22,241 | +€11,586 | +108.7% |
| Distributable reserves | 133 | €10,655 | €22,241 | +€11,586 | +108.7% |
| Profit (loss) carried forward | 14 | -€7,297 | - | +€7,297 | |
| Amounts payable | 17/49 | €37,002 | €28,220 | -€8,781 | -23.7% |
| Amounts payable within one year | 42/48 | €37,002 | €28,220 | -€8,781 | -23.7% |
| Trade debts | 44 | €3,129 | €1,154 | -€1,975 | -63.1% |
| Suppliers | 440/4 | €3,129 | €1,154 | -€1,975 | -63.1% |
| Taxes, remuneration and social security | 45 | €7,283 | €5,706 | -€1,577 | -21.7% |
| Taxes | 450/3 | €2,385 | €1,741 | -€644 | -27.0% |
| Remuneration and social security | 454/9 | €4,898 | €3,965 | -€933 | -19.1% |
| Other amounts payable | 47/48 | €26,589 | €21,360 | -€5,229 | -19.7% |
| Remuneration, social security and pensions | 62 | €38,675 | €12,135 | -€26,540 | -68.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,123 | €670 | -€453 | -40.3% |
| Other operating charges | 640/8 | €1,521 | €1,083 | -€438 | -28.8% |
| Gross operating margin | 9900 | €48,100 | €40,606 | -€7,494 | -15.6% |
| Operating profit (loss) | 9901 | €6,781 | €26,718 | +€19,937 | +294.0% |
| Financial income | 75/76B | €0 | €116 | +€116 | +50334.8% |
| Recurring financial income | 75 | €0 | €116 | +€116 | +50334.8% |
| Financial charges | 65/66B | €691 | €2,116 | +€1,425 | +206.2% |
| Recurring financial charges | 65 | €691 | €2,116 | +€1,425 | +206.2% |
| Profit (loss) for the period before taxes | 9903 | €6,090 | €24,717 | +€18,628 | +305.9% |
| Income taxes | 67/77 | €1,031 | €5,002 | +€3,971 | +385.3% |
| Profit (loss) for the period | 9904 | €5,059 | €19,716 | +€14,657 | +289.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,059 | €19,716 | +€14,657 | +289.7% |
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 10 October 2026 via checked.be.