MAKEOUT: what changed
Two fiscal 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.
MAKEOUT
Largest movements
- Receivables within one year -€198,552
down €198,552 (-94.5%), from €210,153 to €11,601
of which Trade receivables: -€205,186
- Deferred charges and accrued income -€4,844
down €4,844 (-91.1%), from €5,315 to €471
- Profit (loss) carried forward -€278,332
down €278,332 (-72.5%), from -€383,683 to -€662,016
- Other debts +€193,421
up €193,421 (+49.7%), from €388,854 to €582,274
- Trade debts -€78,559
down €78,559 (-86.0%), from €91,343 to €12,784
- Tax, wage and social debts -€38,501
down €38,501 (-91.1%), from €42,275 to €3,774
of which Remuneration and social security: -€25,247
- Accrued charges and deferred income -€2,500
no longer reported in 2025 (was €2,500)
- Turnover -€669,524
down €669,524 (-91.0%), from €735,508 to €65,984
- Purchases and services -€437,607
down €437,607 (-64.7%), from €675,981 to €238,374
- Gross operating margin -€232,917
down €232,917, from €62,450 to -€170,467
- Staff costs -€155,612
down €155,612 (-67.0%), from €232,089 to €76,478
- Write-downs -€12,112
down €12,112 (-72.3%), from €16,752 to €4,640
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 | €222,389 | €17,917 | -€204,472 | -91.9% |
| Fixed assets | 21/28 | €1,297 | €853 | -€443 | -34.2% |
| Tangible fixed assets | 22/27 | €1,297 | €853 | -€443 | -34.2% |
| Furniture and vehicles | 24 | €634 | €412 | -€222 | -35.1% |
| Other tangible fixed assets | 26 | €663 | €442 | -€221 | -33.4% |
| Current assets | 29/58 | €221,092 | €17,064 | -€204,029 | -92.3% |
| Amounts receivable within one year | 40/41 | €210,153 | €11,601 | -€198,552 | -94.5% |
| Trade receivables | 40 | €210,087 | €4,901 | -€205,186 | -97.7% |
| Other amounts receivable | 41 | €66 | €6,700 | +€6,634 | +10098.7% |
| Cash at bank and in hand | 54/58 | €5,625 | €4,992 | -€633 | -11.3% |
| Deferred charges and accrued income | 490/1 | €5,315 | €471 | -€4,844 | -91.1% |
| Total equity and liabilities | 10/49 | €222,389 | €17,917 | -€204,472 | -91.9% |
| Equity | 10/15 | -€302,583 | -€580,916 | -€278,332 | -92.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €19,100 | €19,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €12,900 | €12,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€383,683 | -€662,016 | -€278,332 | -72.5% |
| Amounts payable | 17/49 | €524,972 | €598,832 | +€73,860 | +14.1% |
| Amounts payable within one year | 42/48 | €522,472 | €598,832 | +€76,360 | +14.6% |
| Trade debts | 44 | €91,343 | €12,784 | -€78,559 | -86.0% |
| Suppliers | 440/4 | €91,343 | €12,784 | -€78,559 | -86.0% |
| Taxes, remuneration and social security | 45 | €42,275 | €3,774 | -€38,501 | -91.1% |
| Taxes | 450/3 | €13,837 | €583 | -€13,254 | -95.8% |
| Remuneration and social security | 454/9 | €28,438 | €3,191 | -€25,247 | -88.8% |
| Other amounts payable | 47/48 | €388,854 | €582,274 | +€193,421 | +49.7% |
| Accrued charges and deferred income | 492/3 | €2,500 | - | -€2,500 | |
| Turnover | 70 | €735,508 | €65,984 | -€669,524 | -91.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €675,981 | €238,374 | -€437,607 | -64.7% |
| Remuneration, social security and pensions | 62 | €232,089 | €76,478 | -€155,612 | -67.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €443 | €443 | +€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,752 | €4,640 | -€12,112 | -72.3% |
| Other operating charges | 640/8 | €2,001 | €1,045 | -€956 | -47.8% |
| Gross operating margin | 9900 | €62,450 | -€170,467 | -€232,917 | |
| Operating profit (loss) | 9901 | -€188,835 | -€253,072 | -€64,238 | -34.0% |
| Financial charges | 65/66B | €18,611 | €25,139 | +€6,528 | +35.1% |
| Recurring financial charges | 65 | €18,611 | €25,139 | +€6,528 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | -€207,445 | -€278,211 | -€70,766 | -34.1% |
| Income taxes | 67/77 | €462 | €121 | -€341 | -73.8% |
| Profit (loss) for the period | 9904 | -€207,908 | -€278,332 | -€70,425 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€207,908 | -€278,332 | -€70,425 | -33.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.