MAKASTEFLO: 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.
MAKASTEFLO
Largest movements
- Receivables within one year -€399,407
down €399,407 (-86.8%), from €459,903 to €60,496
of which Other amounts receivable: -€441,388
- Receivables after one year +€335,000
new in 2025: €335,000
- Other debts -€410,425
down €410,425 (-99.4%), from €413,059 to €2,634
- Debts after one year +€385,450
up €385,450 (+35.9%), from €1.1m to €1.5m
of which Other amounts payable: +€485,000
- Profit (loss) carried forward -€56,169
down €56,169 (-59.4%), from -€94,533 to -€150,702
- Gross operating margin +€34,598
up €34,598, from -€11,271 to €23,327
- Financial income +€14,625
up €14,625 (+19,584%), from €75 to €14,700
- Financial charges -€9,386
down €9,386 (-18.8%), from €49,927 to €40,541
of which Non-recurring financial charges: -€6,912
- Staff costs +€2,311
up €2,311 (+5.8%), from €40,108 to €42,418
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 | €1,831,587 | €1,755,239 | -€76,348 | -4.2% |
| Fixed assets | 21/28 | €1,367,227 | €1,356,939 | -€10,288 | -0.8% |
| Tangible fixed assets | 22/27 | €27,227 | €16,939 | -€10,288 | -37.8% |
| Furniture and vehicles | 24 | €27,227 | €16,939 | -€10,288 | -37.8% |
| Financial fixed assets | 28 | €1,340,000 | €1,340,000 | = | 0.0% |
| Current assets | 29/58 | €464,360 | €398,300 | -€66,061 | -14.2% |
| Amounts receivable after more than one year | 29 | - | €335,000 | +€335,000 | |
| Other amounts receivable | 291 | - | €335,000 | +€335,000 | |
| Amounts receivable within one year | 40/41 | €459,903 | €60,496 | -€399,407 | -86.8% |
| Trade receivables | 40 | €1,429 | €43,410 | +€41,981 | +2,937% |
| Other amounts receivable | 41 | €458,474 | €17,086 | -€441,388 | -96.3% |
| Cash at bank and in hand | 54/58 | €3,401 | €1,421 | -€1,980 | -58.2% |
| Deferred charges and accrued income | 490/1 | €1,057 | €1,384 | +€326 | +30.9% |
| Total equity and liabilities | 10/49 | €1,831,587 | €1,755,239 | -€76,348 | -4.2% |
| Equity | 10/15 | €232,632 | €176,463 | -€56,169 | -24.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €314,765 | €314,765 | = | 0.0% |
| Distributable reserves | 133 | €314,765 | €314,765 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,533 | -€150,702 | -€56,169 | -59.4% |
| Amounts payable | 17/49 | €1,598,955 | €1,578,776 | -€20,179 | -1.3% |
| Amounts payable after more than one year | 17 | €1,074,797 | €1,460,247 | +€385,450 | +35.9% |
| Financial debts | 170/4 | €1,074,797 | €975,247 | -€99,550 | -9.3% |
| Other amounts payable | 178/9 | - | €485,000 | +€485,000 | |
| Amounts payable within one year | 42/48 | €524,158 | €118,529 | -€405,629 | -77.4% |
| Current portion of amounts payable after more than one year | 42 | €100,887 | €99,550 | -€1,338 | -1.3% |
| Trade debts | 44 | €3,499 | €10,519 | +€7,020 | +201% |
| Suppliers | 440/4 | €3,499 | €10,519 | +€7,020 | +201% |
| Taxes, remuneration and social security | 45 | €6,713 | €5,826 | -€887 | -13.2% |
| Taxes | 450/3 | €185 | €244 | +€59 | +32.0% |
| Remuneration and social security | 454/9 | €6,528 | €5,582 | -€946 | -14.5% |
| Other amounts payable | 47/48 | €413,059 | €2,634 | -€410,425 | -99.4% |
| Remuneration, social security and pensions | 62 | €40,108 | €42,418 | +€2,311 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,288 | €10,288 | = | 0.0% |
| Other operating charges | 640/8 | €546 | €774 | +€228 | +41.7% |
| Gross operating margin | 9900 | -€11,271 | €23,327 | +€34,598 | |
| Operating profit (loss) | 9901 | -€62,212 | -€30,153 | +€32,060 | +51.5% |
| Financial income | 75/76B | €75 | €14,700 | +€14,625 | +19,584% |
| Recurring financial income | 75 | €75 | €14,700 | +€14,625 | +19,584% |
| Financial charges | 65/66B | €49,927 | €40,541 | -€9,386 | -18.8% |
| Recurring financial charges | 65 | €43,015 | €40,541 | -€2,474 | -5.8% |
| Non-recurring financial charges | 66B | €6,912 | - | -€6,912 | |
| Profit (loss) for the period before taxes | 9903 | -€112,065 | -€55,993 | +€56,071 | +50.0% |
| Income taxes | 67/77 | €184 | €176 | -€8 | -4.2% |
| Profit (loss) for the period | 9904 | -€112,248 | -€56,169 | +€56,079 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€112,248 | -€56,169 | +€56,079 | +50.0% |
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 31 October 2026 via checked.be.