MAKEVAN: 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.
MAKEVAN
Largest movements
- Financial fixed assets +€1.3m
up €1.3m (+253.3%), from €495,418 to €1.8m
- Cash -€696,432
down €696,432 (-76.1%), from €915,044 to €218,612
mainly Investment in fixed assets (net) (-€1.4m) and Net result for the year (-€133,610)
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Tangible fixed assets +€47,156
up €47,156 (+3.8%), from €1.2m to €1.3m
of which Assets under construction and advance payments: +€87,511
- Trade debts +€173,451
up €173,451 (+771.0%), from €22,498 to €195,949
- Investment grants +€150,000
new in 2025: €150,000
- Profit (loss) carried forward -€116,754
down €116,754 (-32.9%), from -€354,461 to -€471,215
- Accrued charges and deferred income +€67,961
up €67,961 (+58.8%), from €115,533 to €183,494
- Gross operating margin -€703,208
down €703,208 (-99.6%), from €705,879 to €2,671
- Financial income +€68,599
up €68,599 (+246.6%), from €27,815 to €96,414
- Other operating charges +€59,330
up €59,330 (+533.2%), from €11,127 to €70,457
- Depreciation -€18,909
down €18,909 (-26.8%), from €70,551 to €51,642
- Financial charges -€12,816
down €12,816 (-79.7%), from €16,078 to €3,262
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 | €3,046,938 | €3,272,705 | +€225,768 | +7.4% |
| Fixed assets | 21/28 | €1,722,276 | €3,024,152 | +€1.3m | +75.6% |
| Tangible fixed assets | 22/27 | €1,226,858 | €1,274,014 | +€47,156 | +3.8% |
| Land and buildings | 22 | €1,226,858 | €1,184,279 | -€42,580 | -3.5% |
| Furniture and vehicles | 24 | - | €2,224 | +€2,224 | |
| Assets under construction and advance payments | 27 | - | €87,511 | +€87,511 | |
| Financial fixed assets | 28 | €495,418 | €1,750,138 | +€1.3m | +253.3% |
| Current assets | 29/58 | €1,324,662 | €248,554 | -€1.1m | -81.2% |
| Amounts receivable within one year | 40/41 | €8,343 | €28,579 | +€20,236 | +242.5% |
| Other amounts receivable | 41 | €8,343 | €28,579 | +€20,236 | +242.5% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €915,044 | €218,612 | -€696,432 | -76.1% |
| Deferred charges and accrued income | 490/1 | €1,274 | €1,362 | +€88 | +6.9% |
| Total equity and liabilities | 10/49 | €3,046,938 | €3,272,705 | +€225,768 | +7.4% |
| Equity | 10/15 | €1,161,007 | €1,177,398 | +€16,390 | +1.4% |
| Contributions | 10/11 | €597,423 | €597,423 | = | 0.0% |
| Capital | 10 | €597,423 | €597,423 | = | 0.0% |
| Issued capital | 100 | €597,423 | €597,423 | = | 0.0% |
| Reserves | 13 | €918,045 | €901,190 | -€16,855 | -1.8% |
| Tax-exempt reserves | 132 | €918,045 | €901,190 | -€16,855 | -1.8% |
| Profit (loss) carried forward | 14 | -€354,461 | -€471,215 | -€116,754 | -32.9% |
| Investment grants | 15 | - | €150,000 | +€150,000 | |
| Provisions and deferred taxes | 16 | €344,350 | €337,265 | -€7,085 | -2.1% |
| Deferred taxes | 168 | €344,350 | €337,265 | -€7,085 | -2.1% |
| Amounts payable | 17/49 | €1,541,580 | €1,758,043 | +€216,463 | +14.0% |
| Amounts payable after more than one year | 17 | €10,580 | €10,490 | -€90 | -0.9% |
| Other amounts payable | 178/9 | €10,580 | €10,490 | -€90 | -0.9% |
| Amounts payable within one year | 42/48 | €1,415,467 | €1,564,059 | +€148,592 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €1,387,040 | €1,359,214 | -€27,826 | -2.0% |
| Trade debts | 44 | €22,498 | €195,949 | +€173,451 | +771.0% |
| Suppliers | 440/4 | €22,498 | €195,949 | +€173,451 | +771.0% |
| Taxes, remuneration and social security | 45 | €5,929 | €8,896 | +€2,967 | +50.0% |
| Taxes | 450/3 | €191 | €203 | +€12 | +6.2% |
| Remuneration and social security | 454/9 | €5,738 | €8,693 | +€2,955 | +51.5% |
| Accrued charges and deferred income | 492/3 | €115,533 | €183,494 | +€67,961 | +58.8% |
| Non-recurring operating income | 76A | €542,832 | - | -€542,832 | |
| Remuneration, social security and pensions | 62 | €37,500 | €46,459 | +€8,959 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,551 | €51,642 | -€18,909 | -26.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €67,961 | €67,961 | = | 0.0% |
| Other operating charges | 640/8 | €11,127 | €70,457 | +€59,330 | +533.2% |
| Gross operating margin | 9900 | €705,879 | €2,671 | -€703,208 | -99.6% |
| Operating profit (loss) | 9901 | €518,740 | -€233,847 | -€752,587 | |
| Financial income | 75/76B | €27,815 | €96,414 | +€68,599 | +246.6% |
| Recurring financial income | 75 | €27,815 | €96,414 | +€68,599 | +246.6% |
| Financial charges | 65/66B | €16,078 | €3,262 | -€12,816 | -79.7% |
| Recurring financial charges | 65 | €16,078 | €3,262 | -€12,816 | -79.7% |
| Profit (loss) for the period before taxes | 9903 | €530,477 | -€140,695 | -€671,172 | |
| Transfer from deferred taxes | 780 | €7,085 | €7,085 | = | 0.0% |
| Profit (loss) for the period | 9904 | €537,562 | -€133,610 | -€671,172 | |
| Transfer from tax-exempt reserves | 789 | €16,855 | €16,855 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €554,417 | -€116,754 | -€671,172 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.