MAKASSAR: 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.
MAKASSAR
Largest movements
- Deferred charges and accrued income -€24,874
down €24,874 (-35.6%), from €69,881 to €45,008
- Cash -€16,972
down €16,972 (-4.6%), from €367,213 to €350,241
mainly Trade debts (-€31,155) and Receivables within one year (-€12,447)
- Receivables within one year +€12,447
up €12,447 (+100.2%), from €12,420 to €24,868
- Trade debts -€31,155
down €31,155 (-16.3%), from €190,612 to €159,458
- Gross operating margin -€48,553
down €48,553 (-86.1%), from €56,402 to €7,849
- Taxes -€16,100
down €16,100 (-91.8%), from €17,542 to €1,442
- Financial income -€5,970
down €5,970 (-91.0%), from €6,564 to €594
of which Financial income: -€3,491
- Financial charges -€3,499
down €3,499 (-56.4%), from €6,210 to €2,710
- Other operating charges -€648
down €648 (-31.8%), from €2,033 to €1,386
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 | €451,369 | €421,628 | -€29,741 | -6.6% |
| Fixed assets | 21/28 | €1,855 | €1,512 | -€342 | -18.5% |
| Tangible fixed assets | 22/27 | €1,484 | €1,142 | -€342 | -23.1% |
| Plant, machinery and equipment | 23 | €1,484 | €1,142 | -€342 | -23.1% |
| Financial fixed assets | 28 | €370 | €370 | = | 0.0% |
| Current assets | 29/58 | €449,514 | €420,116 | -€29,398 | -6.5% |
| Amounts receivable within one year | 40/41 | €12,420 | €24,868 | +€12,447 | +100.2% |
| Trade receivables | 40 | €12,420 | €24,868 | +€12,447 | +100.2% |
| Cash at bank and in hand | 54/58 | €367,213 | €350,241 | -€16,972 | -4.6% |
| Deferred charges and accrued income | 490/1 | €69,881 | €45,008 | -€24,874 | -35.6% |
| Total equity and liabilities | 10/49 | €451,369 | €421,628 | -€29,741 | -6.6% |
| Equity | 10/15 | €259,608 | €262,171 | +€2,563 | +1.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €88,859 | €88,859 | = | 0.0% |
| Distributable reserves | 133 | €88,859 | €88,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €152,157 | €154,720 | +€2,563 | +1.7% |
| Amounts payable | 17/49 | €191,761 | €159,458 | -€32,304 | -16.8% |
| Amounts payable within one year | 42/48 | €191,761 | €159,458 | -€32,304 | -16.8% |
| Trade debts | 44 | €190,612 | €159,458 | -€31,155 | -16.3% |
| Suppliers | 440/4 | €190,612 | €159,458 | -€31,155 | -16.3% |
| Taxes, remuneration and social security | 45 | €1,149 | - | -€1,149 | |
| Taxes | 450/3 | €914 | - | -€914 | |
| Remuneration and social security | 454/9 | €235 | - | -€235 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235 | €342 | +€107 | +45.8% |
| Other operating charges | 640/8 | €2,033 | €1,386 | -€648 | -31.8% |
| Gross operating margin | 9900 | €56,402 | €7,849 | -€48,553 | -86.1% |
| Operating profit (loss) | 9901 | €54,134 | €6,121 | -€48,013 | -88.7% |
| Financial income | 75/76B | €6,564 | €594 | -€5,970 | -91.0% |
| Recurring financial income | 75 | €4,085 | €594 | -€3,491 | -85.5% |
| Non-recurring financial income | 76B | €2,479 | - | -€2,479 | |
| Financial charges | 65/66B | €6,210 | €2,710 | -€3,499 | -56.4% |
| Recurring financial charges | 65 | €6,210 | €2,710 | -€3,499 | -56.4% |
| Profit (loss) for the period before taxes | 9903 | €54,489 | €4,005 | -€50,484 | -92.6% |
| Income taxes | 67/77 | €17,542 | €1,442 | -€16,100 | -91.8% |
| Profit (loss) for the period | 9904 | €36,946 | €2,563 | -€34,383 | -93.1% |
| Profit (loss) for the period to be appropriated | 9905 | €36,946 | €2,563 | -€34,383 | -93.1% |
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.