Makaytho: 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.
Makaytho
Largest movements
- Receivables within one year -€19,307
down €19,307 (-24.1%), from €80,098 to €60,791
of which Other amounts receivable: -€34,828
- Cash -€1,145
down €1,145 (-34.9%), from €3,282 to €2,137
mainly Short-term financial debts (-€20,000) and Tax, wage and social debts (-€17,262)
- Tangible fixed assets -€962
down €962 (-29.7%), from €3,239 to €2,277
of which Other tangible fixed assets: -€498
- Short-term financial debts -€20,000
no longer reported in 2025 (was €20,000)
- Tax, wage and social debts -€17,262
down €17,262 (-52.7%), from €32,781 to €15,519
- Accrued charges and deferred income +€14,179
up €14,179 (+1,726%), from €821 to €15,000
- Trade debts +€1,636
up €1,636 (+23.9%), from €6,844 to €8,480
- Staff costs +€9,069
new in 2025: €9,069
- Financial charges -€3,781
down €3,781 (-47.7%), from €7,931 to €4,149
- Taxes -€3,092
down €3,092 (-73.1%), from €4,231 to €1,139
- Depreciation -€1,534
down €1,534 (-45.6%), from €3,364 to €1,830
- Gross operating margin +€262
up €262 (+1.6%), from €16,873 to €17,135
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 | €86,619 | €65,334 | -€21,284 | -24.6% |
| Fixed assets | 21/28 | €3,239 | €2,277 | -€962 | -29.7% |
| Tangible fixed assets | 22/27 | €3,239 | €2,277 | -€962 | -29.7% |
| Furniture and vehicles | 24 | €1,352 | €888 | -€464 | -34.3% |
| Other tangible fixed assets | 26 | €1,887 | €1,389 | -€498 | -26.4% |
| Current assets | 29/58 | €83,379 | €63,057 | -€20,322 | -24.4% |
| Amounts receivable within one year | 40/41 | €80,098 | €60,791 | -€19,307 | -24.1% |
| Trade receivables | 40 | €7,851 | €23,372 | +€15,521 | +198% |
| Other amounts receivable | 41 | €72,246 | €37,419 | -€34,828 | -48.2% |
| Cash at bank and in hand | 54/58 | €3,282 | €2,137 | -€1,145 | -34.9% |
| Deferred charges and accrued income | 490/1 | - | €130 | +€130 | |
| Total equity and liabilities | 10/49 | €86,619 | €65,334 | -€21,284 | -24.6% |
| Equity | 10/15 | €26,172 | €26,336 | +€163 | +0.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,172 | €23,336 | +€163 | +0.7% |
| Amounts payable | 17/49 | €60,446 | €38,999 | -€21,448 | -35.5% |
| Amounts payable within one year | 42/48 | €59,625 | €23,999 | -€35,626 | -59.8% |
| Financial debts | 43 | €20,000 | - | -€20,000 | |
| Credit institutions | 430/8 | €20,000 | - | -€20,000 | |
| Trade debts | 44 | €6,844 | €8,480 | +€1,636 | +23.9% |
| Suppliers | 440/4 | €6,844 | €8,480 | +€1,636 | +23.9% |
| Taxes, remuneration and social security | 45 | €32,781 | €15,519 | -€17,262 | -52.7% |
| Taxes | 450/3 | €32,781 | €15,519 | -€17,262 | -52.7% |
| Accrued charges and deferred income | 492/3 | €821 | €15,000 | +€14,179 | +1,726% |
| Remuneration, social security and pensions | 62 | - | €9,069 | +€9,069 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,364 | €1,830 | -€1,534 | -45.6% |
| Other operating charges | 640/8 | €798 | €791 | -€7 | -0.9% |
| Gross operating margin | 9900 | €16,873 | €17,135 | +€262 | +1.6% |
| Operating profit (loss) | 9901 | €12,710 | €5,445 | -€7,266 | -57.2% |
| Financial income | 75/76B | €1 | €7 | +€6 | +564% |
| Recurring financial income | 75 | €1 | €7 | +€6 | +564% |
| Financial charges | 65/66B | €7,931 | €4,149 | -€3,781 | -47.7% |
| Recurring financial charges | 65 | €7,931 | €4,149 | -€3,781 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €4,781 | €1,302 | -€3,479 | -72.8% |
| Income taxes | 67/77 | €4,231 | €1,139 | -€3,092 | -73.1% |
| Profit (loss) for the period | 9904 | €550 | €163 | -€387 | -70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €550 | €163 | -€387 | -70.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.