MAKHI: 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.
MAKHI
Largest movements
- Receivables within one year -€7,071
down €7,071 (-21.8%), from €32,488 to €25,417
of which Other amounts receivable: -€9,713
- Cash -€2,884
down €2,884 (-53.6%), from €5,383 to €2,499
mainly Net result for the year (-€6,372) and Accrued charges and deferred income (-€4,157)
- Tangible fixed assets -€1,008
down €1,008 (-12.2%), from €8,293 to €7,285
of which Furniture and vehicles: -€703
- Reserves -€6,372
down €6,372 (-22.1%), from €28,844 to €22,472
- Accrued charges and deferred income -€4,157
no longer reported in 2025 (was €4,157)
- Trade debts -€584
down €584 (-80.9%), from €722 to €138
- Turnover -€48,496
down €48,496 (-23.1%), from €209,551 to €161,055
- Gross operating margin -€24,406
down €24,406, from €20,865 to -€3,541
- Purchases and services -€24,090
down €24,090 (-12.8%), from €188,686 to €164,596
- Taxes -€6,090
down €6,090 (-97.6%), from €6,240 to €150
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.
Derived cash bridge
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 | €46,164 | €35,201 | -€10,963 | -23.7% |
| Fixed assets | 21/28 | €8,293 | €7,285 | -€1,008 | -12.2% |
| Tangible fixed assets | 22/27 | €8,293 | €7,285 | -€1,008 | -12.2% |
| Plant, machinery and equipment | 23 | €1,481 | €1,176 | -€305 | -20.6% |
| Furniture and vehicles | 24 | €6,812 | €6,109 | -€703 | -10.3% |
| Current assets | 29/58 | €37,871 | €27,916 | -€9,955 | -26.3% |
| Amounts receivable within one year | 40/41 | €32,488 | €25,417 | -€7,071 | -21.8% |
| Trade receivables | 40 | €17,601 | €20,243 | +€2,642 | +15.0% |
| Other amounts receivable | 41 | €14,887 | €5,174 | -€9,713 | -65.2% |
| Cash at bank and in hand | 54/58 | €5,383 | €2,499 | -€2,884 | -53.6% |
| Total equity and liabilities | 10/49 | €46,164 | €35,201 | -€10,963 | -23.7% |
| Equity | 10/15 | €35,044 | €28,672 | -€6,372 | -18.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €28,844 | €22,472 | -€6,372 | -22.1% |
| Distributable reserves | 133 | €28,844 | €22,472 | -€6,372 | -22.1% |
| Amounts payable | 17/49 | €11,120 | €6,529 | -€4,591 | -41.3% |
| Amounts payable within one year | 42/48 | €6,963 | €6,529 | -€434 | -6.2% |
| Trade debts | 44 | €722 | €138 | -€584 | -80.9% |
| Suppliers | 440/4 | €722 | €138 | -€584 | -80.9% |
| Taxes, remuneration and social security | 45 | €6,241 | €6,391 | +€150 | +2.4% |
| Taxes | 450/3 | €6,241 | €6,391 | +€150 | +2.4% |
| Accrued charges and deferred income | 492/3 | €4,157 | - | -€4,157 | |
| Turnover | 70 | €209,551 | €161,055 | -€48,496 | -23.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €188,686 | €164,596 | -€24,090 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,142 | €2,120 | +€978 | +85.6% |
| Other operating charges | 640/8 | €673 | €503 | -€170 | -25.3% |
| Gross operating margin | 9900 | €20,865 | -€3,541 | -€24,406 | |
| Operating profit (loss) | 9901 | €19,050 | -€6,164 | -€25,214 | |
| Financial charges | 65/66B | €172 | €58 | -€114 | -66.3% |
| Recurring financial charges | 65 | €172 | €58 | -€114 | -66.3% |
| Profit (loss) for the period before taxes | 9903 | €18,878 | -€6,222 | -€25,100 | |
| Income taxes | 67/77 | €6,240 | €150 | -€6,090 | -97.6% |
| Profit (loss) for the period | 9904 | €12,638 | -€6,372 | -€19,010 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,638 | -€6,372 | -€19,010 |
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 26 October 2026 via checked.be.