MakHzen: 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.
What changed
MakHzen
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€484,301
2024 · €42,733-€527,034
Equity
€8.7m
2024 · €9.2m-€484,301
Cash
€12,091
2024 · €66,621-€54,531
Balance sheet total
€10.5m
2024 · €10.5m-€5,349
Largest movements
Assets
- Stocks and contracts +€158,407
up €158,407 (+25.1%), from €632,055 to €790,463
Equity and liabilities
- Profit (loss) carried forward -€473,097
down €473,097 (-7.5%), from €6.3m to €5.8m
- Trade debts +€186,064
up €186,064 (+300%), from €62,008 to €248,071
- Other debts +€140,992
up €140,992 (+15.9%), from €885,766 to €1.0m
Income statement
- Gross operating margin -€569,171
down €569,171, from €53,364 to -€515,807
- Taxes -€48,795
down €48,795 (-100%), from €48,795 to €0
- Financial charges +€36,904
up €36,904 (+64.6%), from €57,093 to €93,997
- Financial income +€22,168
up €22,168 (+17.8%), from €124,523 to €146,692
- Other operating charges -€16,879
down €16,879 (-60.9%), from €27,715 to €10,837
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.
Result 2024
€42,733
Gross operating margin
-€569,171
Staff costs
+€773
Depreciation
+€1,631
Other operating charges
+€16,879
Financial income
+€22,168
Financial charges
-€36,904
Taxes
+€48,795
Deferred taxes and other
-€11,205
Result 2025
-€484,301
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€240,023
Investment
+€64,891
Financing
+€120,602
Cash 2024
€66,621
From operations (derived)
-€240,023
Net result for the year
-€484,301
Depreciation
+€14,087
Stocks and contracts
-€158,407
Receivables within one year
+€28,234
Deferred charges and accrued income
+€2,014
Provisions
-€3,735
Trade debts
+€186,064
Tax, wage and social debts
+€43,879
Advances received
-€8,849
Other debts
+€140,992
Investment (derived)
+€64,891
Investment in fixed assets (net)
+€64,891
Financing
+€120,602
Debts after one year
+€55,116
Current portion of long-term debt
+€59,835
Short-term financial debts
+€5,650
Cash 2025
€12,091
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,476,639 | €10,471,291 | -€5,349 | -0.1% |
| Fixed assets | 21/28 | €5,937,008 | €5,858,030 | -€78,978 | -1.3% |
| Tangible fixed assets | 22/27 | €1,054,995 | €976,017 | -€78,978 | -7.5% |
| Land and buildings | 22 | €1,032,958 | €960,811 | -€72,148 | -7.0% |
| Plant, machinery and equipment | 23 | €181 | €121 | -€60 | -33.3% |
| Furniture and vehicles | 24 | €21,856 | €15,086 | -€6,770 | -31.0% |
| Financial fixed assets | 28 | €4,882,012 | €4,882,012 | = | 0.0% |
| Current assets | 29/58 | €4,539,632 | €4,613,261 | +€73,629 | +1.6% |
| Stocks and contracts in progress | 3 | €632,055 | €790,463 | +€158,407 | +25.1% |
| Stocks | 30/36 | €632,055 | €790,463 | +€158,407 | +25.1% |
| Amounts receivable within one year | 40/41 | €3,836,732 | €3,808,498 | -€28,234 | -0.7% |
| Trade receivables | 40 | €98,726 | €92,482 | -€6,244 | -6.3% |
| Other amounts receivable | 41 | €3,738,006 | €3,716,017 | -€21,990 | -0.6% |
| Cash at bank and in hand | 54/58 | €66,621 | €12,091 | -€54,531 | -81.9% |
| Deferred charges and accrued income | 490/1 | €4,223 | €2,209 | -€2,014 | -47.7% |
| Total equity and liabilities | 10/49 | €10,476,639 | €10,471,291 | -€5,349 | -0.1% |
| Equity | 10/15 | €9,175,909 | €8,691,608 | -€484,301 | -5.3% |
| Contributions | 10/11 | €2,344,138 | €2,344,138 | = | 0.0% |
| Capital | 10 | €2,340,000 | €2,340,000 | = | 0.0% |
| Issued capital | 100 | €2,340,000 | €2,340,000 | = | 0.0% |
| Contributions outside capital | 11 | €4,138 | €4,138 | = | 0.0% |
| Share premium | 1100/10 | €4,138 | €4,138 | = | 0.0% |
| Reserves | 13 | €557,706 | €546,501 | -€11,205 | -2.0% |
| Non-distributable reserves | 130/1 | €234,000 | €234,000 | = | 0.0% |
| Legal reserve | 130 | €234,000 | €234,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €323,706 | €312,501 | -€11,205 | -3.5% |
| Profit (loss) carried forward | 14 | €6,274,066 | €5,800,969 | -€473,097 | -7.5% |
| Provisions and deferred taxes | 16 | €106,854 | €103,119 | -€3,735 | -3.5% |
| Deferred taxes | 168 | €106,854 | €103,119 | -€3,735 | -3.5% |
| Amounts payable | 17/49 | €1,193,876 | €1,676,564 | +€482,687 | +40.4% |
| Amounts payable after more than one year | 17 | €232,238 | €287,354 | +€55,116 | +23.7% |
| Financial debts | 170/4 | €232,238 | €287,354 | +€55,116 | +23.7% |
| Amounts payable within one year | 42/48 | €961,639 | €1,389,210 | +€427,571 | +44.5% |
| Current portion of amounts payable after more than one year | 42 | - | €59,835 | +€59,835 | |
| Financial debts | 43 | - | €5,650 | +€5,650 | |
| Credit institutions | 430/8 | - | €5,650 | +€5,650 | |
| Trade debts | 44 | €62,008 | €248,071 | +€186,064 | +300% |
| Suppliers | 440/4 | €62,008 | €248,071 | +€186,064 | +300% |
| Advances received on contracts in progress | 46 | €8,849 | €0 | -€8,849 | -100% |
| Taxes, remuneration and social security | 45 | €5,016 | €48,894 | +€43,879 | +875% |
| Taxes | 450/3 | €4,977 | €48,856 | +€43,879 | +882% |
| Remuneration and social security | 454/9 | €39 | €39 | = | 0.0% |
| Other amounts payable | 47/48 | €885,766 | €1,026,758 | +€140,992 | +15.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €773 | €0 | -€773 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,718 | €14,087 | -€1,631 | -10.4% |
| Other operating charges | 640/8 | €27,715 | €10,837 | -€16,879 | -60.9% |
| Gross operating margin | 9900 | €53,364 | -€515,807 | -€569,171 | |
| Operating profit (loss) | 9901 | €9,158 | -€540,730 | -€549,888 | |
| Financial income | 75/76B | €124,523 | €146,692 | +€22,168 | +17.8% |
| Recurring financial income | 75 | €124,523 | €146,692 | +€22,168 | +17.8% |
| Financial charges | 65/66B | €57,093 | €93,997 | +€36,904 | +64.6% |
| Recurring financial charges | 65 | €57,093 | €93,997 | +€36,904 | +64.6% |
| Profit (loss) for the period before taxes | 9903 | €76,588 | -€488,036 | -€564,624 | |
| Transfer from deferred taxes | 780 | €14,939 | €3,735 | -€11,205 | -75.0% |
| Income taxes | 67/77 | €48,795 | €0 | -€48,795 | -100% |
| Profit (loss) for the period | 9904 | €42,733 | -€484,301 | -€527,034 | |
| Transfer from tax-exempt reserves | 789 | €155,770 | €11,205 | -€144,565 | -92.8% |
| Profit (loss) for the period to be appropriated | 9905 | €198,503 | -€473,097 | -€671,599 |
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 20 October 2026 via checked.be.