MAKESHIFT: 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.
MAKESHIFT
Largest movements
- Receivables after one year +€52,000
up €52,000 (+52.0%), from €100,000 to €152,000
- Cash -€34,763
down €34,763 (-54.9%), from €63,291 to €28,529
mainly Other debts (-€52,623) and Receivables after one year (-€52,000)
- Receivables within one year +€5,626
new in 2025: €5,626
of which Other amounts receivable: +€4,176
- Reserves +€83,807
up €83,807 (+106.8%), from €78,487 to €162,294
- Other debts -€52,623
down €52,623 (-99.4%), from €52,921 to €298
- Tax, wage and social debts -€4,841
down €4,841 (-13.4%), from €36,003 to €31,162
- Trade debts -€3,343
down €3,343 (-81.7%), from €4,091 to €748
- Gross operating margin +€6,445
up €6,445 (+5.5%), from €118,238 to €124,683
- Financial charges +€3,046
up €3,046 (+170.0%), from €1,791 to €4,837
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 | €177,699 | €200,700 | +€23,001 | +12.9% |
| Fixed assets | 21/28 | €11,007 | €11,445 | +€438 | +4.0% |
| Tangible fixed assets | 22/27 | €10,607 | €11,045 | +€438 | +4.1% |
| Plant, machinery and equipment | 23 | €2,696 | €2,125 | -€571 | -21.2% |
| Furniture and vehicles | 24 | €7,911 | €8,921 | +€1,010 | +12.8% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €166,692 | €189,254 | +€22,562 | +13.5% |
| Amounts receivable after more than one year | 29 | €100,000 | €152,000 | +€52,000 | +52.0% |
| Other amounts receivable | 291 | €100,000 | €152,000 | +€52,000 | +52.0% |
| Amounts receivable within one year | 40/41 | - | €5,626 | +€5,626 | |
| Trade receivables | 40 | - | €1,450 | +€1,450 | |
| Other amounts receivable | 41 | - | €4,176 | +€4,176 | |
| Cash at bank and in hand | 54/58 | €63,291 | €28,529 | -€34,763 | -54.9% |
| Deferred charges and accrued income | 490/1 | €3,400 | €3,100 | -€300 | -8.8% |
| Total equity and liabilities | 10/49 | €177,699 | €200,700 | +€23,001 | +12.9% |
| Equity | 10/15 | €84,684 | €168,491 | +€83,807 | +99.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €78,487 | €162,294 | +€83,807 | +106.8% |
| Distributable reserves | 133 | €78,487 | €162,294 | +€83,807 | +106.8% |
| Amounts payable | 17/49 | €93,015 | €32,209 | -€60,806 | -65.4% |
| Amounts payable within one year | 42/48 | €93,015 | €32,209 | -€60,806 | -65.4% |
| Trade debts | 44 | €4,091 | €748 | -€3,343 | -81.7% |
| Suppliers | 440/4 | €4,091 | €748 | -€3,343 | -81.7% |
| Taxes, remuneration and social security | 45 | €36,003 | €31,162 | -€4,841 | -13.4% |
| Taxes | 450/3 | €36,003 | €31,162 | -€4,841 | -13.4% |
| Other amounts payable | 47/48 | €52,921 | €298 | -€52,623 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €852 | €1,773 | +€921 | +108.1% |
| Other operating charges | 640/8 | €1,487 | €536 | -€951 | -64.0% |
| Gross operating margin | 9900 | €118,238 | €124,683 | +€6,445 | +5.5% |
| Operating profit (loss) | 9901 | €115,898 | €122,374 | +€6,476 | +5.6% |
| Financial income | 75/76B | €3,610 | €3,592 | -€18 | -0.5% |
| Recurring financial income | 75 | €3,610 | €3,592 | -€18 | -0.5% |
| Financial charges | 65/66B | €1,791 | €4,837 | +€3,046 | +170.0% |
| Recurring financial charges | 65 | €1,791 | €4,837 | +€3,046 | +170.0% |
| Profit (loss) for the period before taxes | 9903 | €117,717 | €121,129 | +€3,412 | +2.9% |
| Income taxes | 67/77 | €37,870 | €37,323 | -€547 | -1.4% |
| Profit (loss) for the period | 9904 | €79,848 | €83,807 | +€3,959 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,848 | €83,807 | +€3,959 | +5.0% |
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 6 October 2026 via checked.be.