MAKI: 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.
MAKI
Largest movements
- Cash -€42,155
down €42,155 (-85.9%), from €49,081 to €6,926
mainly Other debts (-€59,185) and Debts after one year (-€15,911)
- Tangible fixed assets -€10,612
down €10,612 (-2.7%), from €391,816 to €381,204
of which Land and buildings: -€8,752
- Other debts -€59,185
down €59,185 (-65.8%), from €89,967 to €30,782
- Reserves +€25,797
up €25,797 (+24.6%), from €105,024 to €130,822
- Debts after one year -€15,911
down €15,911 (-6.8%), from €233,068 to €217,157
- Gross operating margin +€19,642
up €19,642 (+41.8%), from €47,006 to €66,648
- Taxes +€9,972
up €9,972 (+340.3%), from €2,930 to €12,902
- Financial charges -€6,095
down €6,095 (-28.4%), from €21,465 to €15,369
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 | €476,752 | €422,711 | -€54,041 | -11.3% |
| Fixed assets | 21/28 | €414,316 | €403,704 | -€10,612 | -2.6% |
| Tangible fixed assets | 22/27 | €391,816 | €381,204 | -€10,612 | -2.7% |
| Land and buildings | 22 | €386,974 | €378,222 | -€8,752 | -2.3% |
| Furniture and vehicles | 24 | €4,842 | €2,982 | -€1,859 | -38.4% |
| Financial fixed assets | 28 | €22,500 | €22,500 | = | 0.0% |
| Current assets | 29/58 | €62,437 | €19,007 | -€43,430 | -69.6% |
| Amounts receivable within one year | 40/41 | €13,356 | €12,082 | -€1,274 | -9.5% |
| Trade receivables | 40 | €12,267 | €10,993 | -€1,274 | -10.4% |
| Other amounts receivable | 41 | €1,089 | €1,089 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €49,081 | €6,926 | -€42,155 | -85.9% |
| Total equity and liabilities | 10/49 | €476,752 | €422,711 | -€54,041 | -11.3% |
| Equity | 10/15 | €111,224 | €137,022 | +€25,797 | +23.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €105,024 | €130,822 | +€25,797 | +24.6% |
| Distributable reserves | 133 | €105,024 | €130,822 | +€25,797 | +24.6% |
| Amounts payable | 17/49 | €365,528 | €285,689 | -€79,839 | -21.8% |
| Amounts payable after more than one year | 17 | €233,068 | €217,157 | -€15,911 | -6.8% |
| Financial debts | 170/4 | €233,068 | €217,157 | -€15,911 | -6.8% |
| Amounts payable within one year | 42/48 | €126,816 | €65,637 | -€61,179 | -48.2% |
| Current portion of amounts payable after more than one year | 42 | €15,387 | €15,911 | +€524 | +3.4% |
| Trade debts | 44 | €1,894 | €542 | -€1,351 | -71.4% |
| Suppliers | 440/4 | €1,894 | €542 | -€1,351 | -71.4% |
| Taxes, remuneration and social security | 45 | €19,568 | €18,401 | -€1,167 | -6.0% |
| Taxes | 450/3 | €8,311 | €16,793 | +€8,482 | +102.1% |
| Remuneration and social security | 454/9 | €11,257 | €1,608 | -€9,649 | -85.7% |
| Other amounts payable | 47/48 | €89,967 | €30,782 | -€59,185 | -65.8% |
| Accrued charges and deferred income | 492/3 | €5,644 | €2,895 | -€2,749 | -48.7% |
| Non-recurring operating income | 76A | €3,726 | - | -€3,726 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,063 | €10,612 | +€549 | +5.5% |
| Other operating charges | 640/8 | €2,395 | €2,272 | -€123 | -5.1% |
| Non-recurring operating charges | 66A | €215 | - | -€215 | |
| Gross operating margin | 9900 | €47,006 | €66,648 | +€19,642 | +41.8% |
| Operating profit (loss) | 9901 | €34,333 | €53,764 | +€19,431 | +56.6% |
| Financial income | 75/76B | €63 | €305 | +€243 | +387.8% |
| Recurring financial income | 75 | €63 | €305 | +€243 | +387.8% |
| Financial charges | 65/66B | €21,465 | €15,369 | -€6,095 | -28.4% |
| Recurring financial charges | 65 | €21,465 | €15,369 | -€6,095 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €12,931 | €38,700 | +€25,769 | +199.3% |
| Income taxes | 67/77 | €2,930 | €12,902 | +€9,972 | +340.3% |
| Profit (loss) for the period | 9904 | €10,001 | €25,797 | +€15,797 | +158.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,001 | €25,797 | +€15,797 | +158.0% |
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.