MAKIM: 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.
MAKIM
Largest movements
- Tangible fixed assets +€63,016
up €63,016 (+29.9%), from €210,416 to €273,433
of which Plant, machinery and equipment: +€64,052
- Receivables within one year -€20,370
down €20,370 (-93.1%), from €21,887 to €1,517
of which Other amounts receivable: -€11,533
- Cash -€19,531
down €19,531 (-82.4%), from €23,697 to €4,166
mainly Investment in fixed assets (net) (-€105,296) and Trade debts (-€67,329)
- Other debts +€107,657
up €107,657 (+107.3%), from €100,332 to €207,989
- Trade debts -€67,329
down €67,329 (-55.5%), from €121,300 to €53,970
- Debts after one year -€9,138
down €9,138 (-42.8%), from €21,362 to €12,224
- Tax, wage and social debts -€6,403
down €6,403 (-53.0%), from €12,090 to €5,687
- Staff costs -€27,520
down €27,520 (-33.0%), from €83,375 to €55,855
- Gross operating margin -€25,438
down €25,438 (-20.4%), from €124,624 to €99,186
- Depreciation +€11,918
up €11,918 (+39.3%), from €30,361 to €42,279
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 | €266,412 | €289,352 | +€22,940 | +8.6% |
| Fixed assets | 21/28 | €212,416 | €275,433 | +€63,016 | +29.7% |
| Tangible fixed assets | 22/27 | €210,416 | €273,433 | +€63,016 | +29.9% |
| Plant, machinery and equipment | 23 | €190,526 | €254,578 | +€64,052 | +33.6% |
| Furniture and vehicles | 24 | €16,775 | €11,350 | -€5,425 | -32.3% |
| Other tangible fixed assets | 26 | €3,115 | €7,505 | +€4,390 | +140.9% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €53,996 | €13,920 | -€40,076 | -74.2% |
| Stocks and contracts in progress | 3 | €8,412 | €8,236 | -€175 | -2.1% |
| Stocks | 30/36 | €8,412 | €8,236 | -€175 | -2.1% |
| Amounts receivable within one year | 40/41 | €21,887 | €1,517 | -€20,370 | -93.1% |
| Trade receivables | 40 | €8,962 | €126 | -€8,837 | -98.6% |
| Other amounts receivable | 41 | €12,925 | €1,391 | -€11,533 | -89.2% |
| Cash at bank and in hand | 54/58 | €23,697 | €4,166 | -€19,531 | -82.4% |
| Total equity and liabilities | 10/49 | €266,412 | €289,352 | +€22,940 | +8.6% |
| Equity | 10/15 | €2,541 | €345 | -€2,196 | -86.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €541 | €541 | = | 0.0% |
| Distributable reserves | 133 | €541 | €541 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€2,196 | -€2,196 | |
| Amounts payable | 17/49 | €263,871 | €289,008 | +€25,136 | +9.5% |
| Amounts payable after more than one year | 17 | €21,362 | €12,224 | -€9,138 | -42.8% |
| Financial debts | 170/4 | €21,362 | €12,224 | -€9,138 | -42.8% |
| Amounts payable within one year | 42/48 | €242,509 | €276,784 | +€34,275 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €8,788 | €9,138 | +€350 | +4.0% |
| Trade debts | 44 | €121,300 | €53,970 | -€67,329 | -55.5% |
| Suppliers | 440/4 | €121,300 | €53,970 | -€67,329 | -55.5% |
| Taxes, remuneration and social security | 45 | €12,090 | €5,687 | -€6,403 | -53.0% |
| Remuneration and social security | 454/9 | €12,090 | €5,687 | -€6,403 | -53.0% |
| Other amounts payable | 47/48 | €100,332 | €207,989 | +€107,657 | +107.3% |
| Remuneration, social security and pensions | 62 | €83,375 | €55,855 | -€27,520 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,361 | €42,279 | +€11,918 | +39.3% |
| Other operating charges | 640/8 | €403 | €350 | -€53 | -13.3% |
| Gross operating margin | 9900 | €124,624 | €99,186 | -€25,438 | -20.4% |
| Operating profit (loss) | 9901 | €10,484 | €702 | -€9,783 | -93.3% |
| Financial income | 75/76B | €118 | €17 | -€101 | -85.3% |
| Recurring financial income | 75 | €118 | €17 | -€101 | -85.3% |
| Financial charges | 65/66B | €2,313 | €2,916 | +€602 | +26.0% |
| Recurring financial charges | 65 | €2,313 | €2,916 | +€602 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €8,289 | -€2,196 | -€10,486 | |
| Profit (loss) for the period | 9904 | €8,289 | -€2,196 | -€10,486 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,289 | -€2,196 | -€10,486 |
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 9 October 2026 via checked.be.