MAKATRANS: 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.
MAKATRANS
Largest movements
- Tangible fixed assets +€37,371
up €37,371 (+7.8%), from €477,100 to €514,471
of which Plant, machinery and equipment: +€43,541
- Cash -€26,035
no longer reported in 2025 (was €26,035)
mainly Investment in fixed assets (net) (-€80,250) and Receivables within one year (-€17,526)
- Receivables within one year +€17,526
up €17,526 (+91.1%), from €19,244 to €36,770
of which Trade receivables: +€10,416
- Advances received +€10,625
new in 2025: €10,625
- Debts after one year +€7,394
up €7,394 (+3.3%), from €225,534 to €232,928
- Current portion of long-term debt +€6,379
up €6,379 (+16.9%), from €37,766 to €44,144
- Staff costs +€29,447
up €29,447 (+1,403%), from €2,099 to €31,546
- Depreciation +€19,754
up €19,754 (+85.4%), from €23,125 to €42,879
- Gross operating margin +€15,493
up €15,493 (+20.3%), from €76,427 to €91,920
- Financial charges +€4,262
up €4,262 (+54.5%), from €7,820 to €12,083
- Other operating charges +€3,720
up €3,720 (+115%), from €3,248 to €6,968
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 | €531,421 | €563,582 | +€32,161 | +6.1% |
| Fixed assets | 21/28 | €485,549 | €522,920 | +€37,371 | +7.7% |
| Tangible fixed assets | 22/27 | €477,100 | €514,471 | +€37,371 | +7.8% |
| Land and buildings | 22 | €372,023 | €365,856 | -€6,167 | -1.7% |
| Plant, machinery and equipment | 23 | €45,756 | €89,297 | +€43,541 | +95.2% |
| Furniture and vehicles | 24 | €59,321 | €59,318 | -€3 | 0.0% |
| Financial fixed assets | 28 | €8,450 | €8,450 | = | 0.0% |
| Current assets | 29/58 | €45,871 | €40,662 | -€5,209 | -11.4% |
| Amounts receivable within one year | 40/41 | €19,244 | €36,770 | +€17,526 | +91.1% |
| Trade receivables | 40 | €17,960 | €28,376 | +€10,416 | +58.0% |
| Other amounts receivable | 41 | €1,284 | €8,394 | +€7,110 | +554% |
| Cash at bank and in hand | 54/58 | €26,035 | - | -€26,035 | |
| Deferred charges and accrued income | 490/1 | €592 | €3,892 | +€3,300 | +558% |
| Total equity and liabilities | 10/49 | €531,421 | €563,582 | +€32,161 | +6.1% |
| Equity | 10/15 | €188,765 | €187,854 | -€911 | -0.5% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €168,195 | €167,284 | -€911 | -0.5% |
| Tax-exempt reserves | 132 | €40,560 | €39,000 | -€1,560 | -3.8% |
| Distributable reserves | 133 | €127,635 | €128,284 | +€649 | +0.5% |
| Profit (loss) carried forward | 14 | €739 | €739 | = | 0.0% |
| Provisions and deferred taxes | 16 | €20,895 | €20,091 | -€804 | -3.8% |
| Deferred taxes | 168 | €20,895 | €20,091 | -€804 | -3.8% |
| Amounts payable | 17/49 | €321,761 | €355,637 | +€33,876 | +10.5% |
| Amounts payable after more than one year | 17 | €225,534 | €232,928 | +€7,394 | +3.3% |
| Financial debts | 170/4 | €225,534 | €232,928 | +€7,394 | +3.3% |
| Amounts payable within one year | 42/48 | €82,889 | €112,721 | +€29,832 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €37,766 | €44,144 | +€6,379 | +16.9% |
| Financial debts | 43 | - | €2,597 | +€2,597 | |
| Credit institutions | 430/8 | - | €2,597 | +€2,597 | |
| Trade debts | 44 | €1,481 | €4,272 | +€2,792 | +189% |
| Suppliers | 440/4 | €1,481 | €4,272 | +€2,792 | +189% |
| Advances received on contracts in progress | 46 | - | €10,625 | +€10,625 | |
| Taxes, remuneration and social security | 45 | €3,863 | €7,088 | +€3,225 | +83.5% |
| Taxes | 450/3 | €3,863 | €4,205 | +€341 | +8.8% |
| Remuneration and social security | 454/9 | - | €2,884 | +€2,884 | |
| Other amounts payable | 47/48 | €39,780 | €43,994 | +€4,215 | +10.6% |
| Accrued charges and deferred income | 492/3 | €13,338 | €9,988 | -€3,350 | -25.1% |
| Remuneration, social security and pensions | 62 | €2,099 | €31,546 | +€29,447 | +1,403% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,125 | €42,879 | +€19,754 | +85.4% |
| Other operating charges | 640/8 | €3,248 | €6,968 | +€3,720 | +115% |
| Gross operating margin | 9900 | €76,427 | €91,920 | +€15,493 | +20.3% |
| Operating profit (loss) | 9901 | €47,955 | €10,526 | -€37,428 | -78.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €7,820 | €12,083 | +€4,262 | +54.5% |
| Recurring financial charges | 65 | €7,820 | €12,083 | +€4,262 | +54.5% |
| Profit (loss) for the period before taxes | 9903 | €40,135 | -€1,556 | -€41,690 | |
| Transfer from deferred taxes | 780 | €2,364 | €2,364 | = | 0.0% |
| Income taxes | 67/77 | €3,863 | €159 | -€3,705 | -95.9% |
| Profit (loss) for the period | 9904 | €38,635 | €649 | -€37,985 | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,635 | €649 | -€37,985 | -98.3% |
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 25 October 2026 via checked.be.