Make Hay: 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.
Make Hay
Largest movements
- Cash +€45,997
up €45,997 (+254.8%), from €18,055 to €64,052
mainly Net result for the year (+€42,939) and Receivables within one year (+€13,180)
- Receivables within one year -€13,180
down €13,180 (-46.8%), from €28,168 to €14,987
of which Trade receivables: -€13,008
- Current investments +€12,046
up €12,046 (+48.2%), from €25,000 to €37,046
- Tangible fixed assets -€7,657
down €7,657 (-22.7%), from €33,773 to €26,115
- Profit (loss) carried forward +€42,948
up €42,948 (+94.7%), from €45,349 to €88,297
- Debts after one year -€11,487
down €11,487 (-65.9%), from €17,425 to €5,938
- Tax, wage and social debts +€8,232
up €8,232 (+35.5%), from €23,193 to €31,425
- Gross operating margin +€14,550
up €14,550 (+27.7%), from €52,578 to €67,128
- Taxes +€3,354
up €3,354 (+37.5%), from €8,941 to €12,294
- Depreciation -€1,228
down €1,228 (-10.4%), from €11,768 to €10,539
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 | €106,668 | €144,302 | +€37,634 | +35.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €33,923 | €26,465 | -€7,457 | -22.0% |
| Tangible fixed assets | 22/27 | €33,773 | €26,115 | -€7,657 | -22.7% |
| Furniture and vehicles | 24 | €33,773 | €26,115 | -€7,657 | -22.7% |
| Financial fixed assets | 28 | €150 | €350 | +€200 | +133.3% |
| Current assets | 29/58 | €72,745 | €117,837 | +€45,092 | +62.0% |
| Amounts receivable within one year | 40/41 | €28,168 | €14,987 | -€13,180 | -46.8% |
| Trade receivables | 40 | €27,770 | €14,762 | -€13,008 | -46.8% |
| Other amounts receivable | 41 | €398 | €225 | -€173 | -43.4% |
| Current investments | 50/53 | €25,000 | €37,046 | +€12,046 | +48.2% |
| Cash at bank and in hand | 54/58 | €18,055 | €64,052 | +€45,997 | +254.8% |
| Deferred charges and accrued income | 490/1 | €1,523 | €1,751 | +€228 | +15.0% |
| Total equity and liabilities | 10/49 | €106,668 | €144,302 | +€37,634 | +35.3% |
| Equity | 10/15 | €50,349 | €93,297 | +€42,948 | +85.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,349 | €88,297 | +€42,948 | +94.7% |
| Amounts payable | 17/49 | €56,318 | €51,005 | -€5,313 | -9.4% |
| Amounts payable after more than one year | 17 | €17,425 | €5,938 | -€11,487 | -65.9% |
| Financial debts | 170/4 | €17,425 | €5,938 | -€11,487 | -65.9% |
| Amounts payable within one year | 42/48 | €38,044 | €45,067 | +€7,023 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €10,986 | €11,487 | +€500 | +4.6% |
| Trade debts | 44 | €3,104 | €2,155 | -€949 | -30.6% |
| Suppliers | 440/4 | €3,104 | €2,155 | -€949 | -30.6% |
| Taxes, remuneration and social security | 45 | €23,193 | €31,425 | +€8,232 | +35.5% |
| Taxes | 450/3 | €23,193 | €31,425 | +€8,232 | +35.5% |
| Other amounts payable | 47/48 | €761 | €0 | -€761 | -100.0% |
| Accrued charges and deferred income | 492/3 | €850 | €0 | -€850 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,768 | €10,539 | -€1,228 | -10.4% |
| Other operating charges | 640/8 | €712 | €871 | +€158 | +22.2% |
| Non-recurring operating charges | 66A | €1,492 | €0 | -€1,492 | -100.0% |
| Gross operating margin | 9900 | €52,578 | €67,128 | +€14,550 | +27.7% |
| Operating profit (loss) | 9901 | €38,606 | €55,718 | +€17,112 | +44.3% |
| Financial income | 75/76B | €221 | €651 | +€430 | +195.0% |
| Recurring financial income | 75 | €221 | €651 | +€430 | +195.0% |
| Financial charges | 65/66B | €1,556 | €1,135 | -€421 | -27.0% |
| Recurring financial charges | 65 | €1,556 | €1,135 | -€421 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €37,270 | €55,233 | +€17,963 | +48.2% |
| Income taxes | 67/77 | €8,941 | €12,294 | +€3,354 | +37.5% |
| Profit (loss) for the period | 9904 | €28,330 | €42,939 | +€14,609 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,330 | €42,939 | +€14,609 | +51.6% |
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 10 October 2026 via checked.be.