MAKASA: 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.
What changed
MAKASA
NACE 47.621, Retail sale of newspapers and periodicals
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€15,631
2024 · €61,011-€76,642
Equity
€132,813
2024 · €148,444-€15,631
Cash
€1,316
2024 · €2,482-€1,166
Balance sheet total
€931,811
2024 · €988,749-€56,938
Largest movements
Assets
- Tangible fixed assets -€55,223
down €55,223 (-5.6%), from €983,325 to €928,102
of which Land and buildings: -€99,159
Equity and liabilities
- Reserves -€18,517
down €18,517 (-17.5%), from €105,595 to €87,078
of which Tax-exempt reserves: -€18,517
- Debts after one year -€18,251
down €18,251 (-17.7%), from €102,875 to €84,624
- Other debts -€15,801
down €15,801 (-2.3%), from €674,926 to €659,125
Income statement
- Gross operating margin -€115,312
down €115,312 (-56.8%), from €202,860 to €87,548
- Financial charges -€5,972
down €5,972 (-66.1%), from €9,031 to €3,059
- Depreciation +€4,171
up €4,171 (+4.2%), from €98,161 to €102,333
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.
Result 2024
€61,011
Gross operating margin
-€115,312
Depreciation
-€4,171
Other operating charges
+€921
Other operating items
+€281
Financial income
-€77
Financial charges
+€5,972
Deferred taxes and other
+€35,744
Result 2025
-€15,631
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.
From operations
+€69,555
Investment
-€47,110
Financing
-€23,611
Cash 2024
€2,482
From operations (derived)
+€69,555
Net result for the year
-€15,631
Depreciation
+€102,333
Receivables within one year
+€1,801
Deferred charges and accrued income
-€1,252
Provisions
-€6,172
Trade debts
+€4,278
Other debts
-€15,801
Investment (derived)
-€47,110
Investment in fixed assets (net)
-€47,110
Financing
-€23,611
Debts after one year
-€18,251
Current portion of long-term debt
-€5,360
Cash 2025
€1,316
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €988,749 | €931,811 | -€56,938 | -5.8% |
| Fixed assets | 21/28 | €983,325 | €928,102 | -€55,223 | -5.6% |
| Tangible fixed assets | 22/27 | €983,325 | €928,102 | -€55,223 | -5.6% |
| Land and buildings | 22 | €783,376 | €684,217 | -€99,159 | -12.7% |
| Plant, machinery and equipment | 23 | €175,869 | €240,495 | +€64,626 | +36.7% |
| Furniture and vehicles | 24 | €1,580 | €890 | -€690 | -43.7% |
| Assets under construction and advance payments | 27 | €22,500 | €2,500 | -€20,000 | -88.9% |
| Current assets | 29/58 | €5,424 | €3,709 | -€1,715 | -31.6% |
| Amounts receivable within one year | 40/41 | €2,615 | €814 | -€1,801 | -68.9% |
| Other amounts receivable | 41 | €2,615 | €814 | -€1,801 | -68.9% |
| Cash at bank and in hand | 54/58 | €2,482 | €1,316 | -€1,166 | -47.0% |
| Deferred charges and accrued income | 490/1 | €327 | €1,579 | +€1,252 | +383.4% |
| Total equity and liabilities | 10/49 | €988,749 | €931,811 | -€56,938 | -5.8% |
| Equity | 10/15 | €148,444 | €132,813 | -€15,631 | -10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,595 | €87,078 | -€18,517 | -17.5% |
| Tax-exempt reserves | 132 | €103,735 | €85,218 | -€18,517 | -17.9% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,249 | €27,135 | +€2,886 | +11.9% |
| Provisions and deferred taxes | 16 | €34,578 | €28,406 | -€6,172 | -17.9% |
| Deferred taxes | 168 | €34,578 | €28,406 | -€6,172 | -17.9% |
| Amounts payable | 17/49 | €805,726 | €770,592 | -€35,134 | -4.4% |
| Amounts payable after more than one year | 17 | €102,875 | €84,624 | -€18,251 | -17.7% |
| Financial debts | 170/4 | €102,875 | €84,624 | -€18,251 | -17.7% |
| Amounts payable within one year | 42/48 | €702,131 | €685,248 | -€16,883 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €23,611 | €18,251 | -€5,360 | -22.7% |
| Trade debts | 44 | €3,594 | €7,872 | +€4,278 | +119.0% |
| Suppliers | 440/4 | €3,594 | €7,872 | +€4,278 | +119.0% |
| Other amounts payable | 47/48 | €674,926 | €659,125 | -€15,801 | -2.3% |
| Accrued charges and deferred income | 492/3 | €720 | €720 | = | 0.0% |
| Non-recurring operating income | 76A | €204,479 | €92,218 | -€112,261 | -54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,161 | €102,333 | +€4,171 | +4.2% |
| Other operating charges | 640/8 | €4,881 | €3,960 | -€921 | -18.9% |
| Non-recurring operating charges | 66A | €281 | - | -€281 | |
| Gross operating margin | 9900 | €202,860 | €87,548 | -€115,312 | -56.8% |
| Operating profit (loss) | 9901 | €99,537 | -€18,745 | -€118,282 | |
| Financial income | 75/76B | €77 | €0 | -€77 | -99.8% |
| Recurring financial income | 75 | €77 | €0 | -€77 | -99.8% |
| Financial charges | 65/66B | €9,031 | €3,059 | -€5,972 | -66.1% |
| Recurring financial charges | 65 | €9,031 | €3,059 | -€5,972 | -66.1% |
| Profit (loss) for the period before taxes | 9903 | €90,583 | -€21,804 | -€112,386 | |
| Transfer from deferred taxes | 780 | €5,007 | €6,172 | +€1,165 | +23.3% |
| Transfer to deferred taxes | 680 | €34,578 | - | -€34,578 | |
| Profit (loss) for the period | 9904 | €61,011 | -€15,631 | -€76,642 | |
| Transfer from tax-exempt reserves | 789 | €9,724 | €18,517 | +€8,794 | +90.4% |
| Transfer to tax-exempt reserves | 689 | €103,735 | - | -€103,735 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,000 | €2,886 | +€35,886 |
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 8 October 2026 via checked.be.