Makejovan: 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.
Makejovan
Largest movements
- Financial fixed assets +€2.8m
up €2.8m (+284.8%), from €989,541 to €3.8m
- Current investments -€2.6m
no longer reported in 2025 (was €2.6m)
- Tangible fixed assets -€162,323
down €162,323 (-18.1%), from €896,760 to €734,437
- Reserves +€484,108
up €484,108 (+31.6%), from €1.5m to €2.0m
of which Distributable reserves: +€484,108
- Tax, wage and social debts -€437,302
down €437,302 (-97.6%), from €448,108 to €10,806
of which Taxes: -€436,992
- Accrued charges and deferred income +€93,643
up €93,643 (+77.9%), from €120,143 to €213,787
- Gross operating margin -€948,597
down €948,597 (-60.7%), from €1.6m to €614,425
- Taxes -€299,339
down €299,339 (-63.3%), from €472,626 to €173,287
- Financial income +€128,967
up €128,967 (+149.9%), from €86,030 to €214,997
- Provisions -€26,500
down €26,500 (-22.1%), from €120,143 to €93,643
- Financial charges -€24,055
down €24,055 (-73.9%), from €32,535 to €8,480
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 | €4,608,577 | €4,693,301 | +€84,724 | +1.8% |
| Fixed assets | 21/28 | €1,886,301 | €4,542,208 | +€2.7m | +140.8% |
| Tangible fixed assets | 22/27 | €896,760 | €734,437 | -€162,323 | -18.1% |
| Land and buildings | 22 | €896,760 | €734,437 | -€162,323 | -18.1% |
| Financial fixed assets | 28 | €989,541 | €3,807,770 | +€2.8m | +284.8% |
| Current assets | 29/58 | €2,722,275 | €151,093 | -€2.6m | -94.4% |
| Amounts receivable within one year | 40/41 | €4,145 | €4,500 | +€355 | +8.6% |
| Trade receivables | 40 | €4,145 | €4,500 | +€355 | +8.6% |
| Current investments | 50/53 | €2,606,567 | - | -€2.6m | |
| Cash at bank and in hand | 54/58 | €105,649 | €141,173 | +€35,524 | +33.6% |
| Deferred charges and accrued income | 490/1 | €5,914 | €5,420 | -€494 | -8.4% |
| Total equity and liabilities | 10/49 | €4,608,577 | €4,693,301 | +€84,724 | +1.8% |
| Equity | 10/15 | €2,076,850 | €2,560,957 | +€484,108 | +23.3% |
| Contributions | 10/11 | €545,366 | €545,366 | = | 0.0% |
| Capital | 10 | €545,366 | €545,366 | = | 0.0% |
| Issued capital | 100 | €545,366 | €545,366 | = | 0.0% |
| Reserves | 13 | €1,531,484 | €2,015,591 | +€484,108 | +31.6% |
| Non-distributable reserves | 130/1 | €54,537 | €54,537 | = | 0.0% |
| Legal reserve | 130 | €54,537 | €54,537 | = | 0.0% |
| Distributable reserves | 133 | €1,476,947 | €1,961,055 | +€484,108 | +32.8% |
| Amounts payable | 17/49 | €2,531,727 | €2,132,343 | -€399,384 | -15.8% |
| Amounts payable after more than one year | 17 | €1,921,299 | €1,888,899 | -€32,400 | -1.7% |
| Financial debts | 170/4 | €1,902,869 | €1,872,869 | -€30,000 | -1.6% |
| Other amounts payable | 178/9 | €18,431 | €16,031 | -€2,400 | -13.0% |
| Amounts payable within one year | 42/48 | €490,284 | €29,657 | -€460,627 | -94.0% |
| Trade debts | 44 | €42,177 | €18,852 | -€23,325 | -55.3% |
| Suppliers | 440/4 | €42,177 | €18,852 | -€23,325 | -55.3% |
| Taxes, remuneration and social security | 45 | €448,108 | €10,806 | -€437,302 | -97.6% |
| Taxes | 450/3 | €446,941 | €9,949 | -€436,992 | -97.8% |
| Remuneration and social security | 454/9 | €1,167 | €857 | -€310 | -26.5% |
| Accrued charges and deferred income | 492/3 | €120,143 | €213,787 | +€93,643 | +77.9% |
| Non-recurring operating income | 76A | €1,484,317 | €573,202 | -€911,115 | -61.4% |
| Remuneration, social security and pensions | 62 | €13,732 | €7,457 | -€6,275 | -45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,301 | €40,525 | -€7,776 | -16.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €120,143 | €93,643 | -€26,500 | -22.1% |
| Other operating charges | 640/8 | €25,223 | €21,922 | -€3,301 | -13.1% |
| Gross operating margin | 9900 | €1,563,022 | €614,425 | -€948,597 | -60.7% |
| Operating profit (loss) | 9901 | €1,355,623 | €450,877 | -€904,745 | -66.7% |
| Financial income | 75/76B | €86,030 | €214,997 | +€128,967 | +149.9% |
| Recurring financial income | 75 | €86,030 | €214,997 | +€128,967 | +149.9% |
| Financial charges | 65/66B | €32,535 | €8,480 | -€24,055 | -73.9% |
| Recurring financial charges | 65 | €32,535 | €8,480 | -€24,055 | -73.9% |
| Profit (loss) for the period before taxes | 9903 | €1,409,117 | €657,394 | -€751,723 | -53.3% |
| Income taxes | 67/77 | €472,626 | €173,287 | -€299,339 | -63.3% |
| Profit (loss) for the period | 9904 | €936,492 | €484,108 | -€452,384 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €936,492 | €484,108 | -€452,384 | -48.3% |
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 11 October 2026 via checked.be.