Makina: 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.
Makina
Largest movements
- Tangible fixed assets +€376,339
up €376,339 (+66.6%), from €565,348 to €941,687
of which Land and buildings: +€392,325
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Stocks and contracts -€60,700
down €60,700 (-100%), from €60,700 to €0
- Cash -€58,319
down €58,319 (-54.1%), from €107,847 to €49,528
mainly Investment in fixed assets (net) (-€425,549) and Other debts (-€245,163)
- Receivables within one year +€16,573
up €16,573 (+238%), from €6,975 to €23,548
of which Trade receivables: +€18,436
- Revaluation surpluses +€388,291
new in 2025: €388,291
- Other debts -€245,163
down €245,163 (-82.9%), from €295,838 to €50,675
- Provisions -€94,229
down €94,229 (-45.0%), from €209,378 to €115,148
of which Deferred taxes: -€94,229
- Tax, wage and social debts +€87,829
up €87,829 (+2,216%), from €3,963 to €91,793
- Reserves -€48,268
down €48,268 (-12.2%), from €395,527 to €347,259
of which Tax-exempt reserves: -€282,688
- Gross operating margin -€367,481
down €367,481, from €367,075 to -€406
- Taxes +€84,603
up €84,603 (+2,135%), from €3,963 to €88,566
- Provisions +€19,300
up €19,300, from -€19,300 to €0
- Depreciation -€6,918
down €6,918 (-12.3%), from €56,128 to €49,210
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 | €941,081 | €1,016,259 | +€75,178 | +8.0% |
| Fixed assets | 21/28 | €565,348 | €941,687 | +€376,339 | +66.6% |
| Tangible fixed assets | 22/27 | €565,348 | €941,687 | +€376,339 | +66.6% |
| Land and buildings | 22 | €489,130 | €881,455 | +€392,325 | +80.2% |
| Plant, machinery and equipment | 23 | €688 | €688 | = | 0.0% |
| Furniture and vehicles | 24 | €75,530 | €59,544 | -€15,986 | -21.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €375,733 | €74,571 | -€301,161 | -80.2% |
| Stocks and contracts in progress | 3 | €60,700 | €0 | -€60,700 | -100% |
| Stocks | 30/36 | €60,700 | €0 | -€60,700 | -100% |
| Amounts receivable within one year | 40/41 | €6,975 | €23,548 | +€16,573 | +238% |
| Trade receivables | 40 | €0 | €18,436 | +€18,436 | |
| Other amounts receivable | 41 | €6,975 | €5,111 | -€1,864 | -26.7% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €107,847 | €49,528 | -€58,319 | -54.1% |
| Deferred charges and accrued income | 490/1 | €211 | €1,496 | +€1,285 | +608% |
| Total equity and liabilities | 10/49 | €941,081 | €1,016,259 | +€75,178 | +8.0% |
| Equity | 10/15 | €415,979 | €754,142 | +€338,163 | +81.3% |
| Contributions | 10/11 | €20,451 | €18,592 | -€1,859 | -9.1% |
| Revaluation surpluses | 12 | - | €388,291 | +€388,291 | |
| Reserves | 13 | €395,527 | €347,259 | -€48,268 | -12.2% |
| Tax-exempt reserves | 132 | €354,521 | €71,832 | -€282,688 | -79.7% |
| Distributable reserves | 133 | €41,006 | €275,427 | +€234,420 | +572% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €209,378 | €115,148 | -€94,229 | -45.0% |
| Provisions for liabilities and charges | 160/5 | €94,318 | €94,318 | = | 0.0% |
| Pensions and similar obligations | 160 | €94,318 | €94,318 | = | 0.0% |
| Environmental obligations | 163 | €0 | - | = | |
| Deferred taxes | 168 | €115,060 | €20,831 | -€94,229 | -81.9% |
| Amounts payable | 17/49 | €315,725 | €146,969 | -€168,756 | -53.5% |
| Amounts payable after more than one year | 17 | €4,160 | €3,750 | -€410 | -9.9% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €4,160 | €3,750 | -€410 | -9.9% |
| Amounts payable within one year | 42/48 | €310,832 | €142,468 | -€168,364 | -54.2% |
| Current portion of amounts payable after more than one year | 42 | €8,030 | €0 | -€8,030 | -100% |
| Trade debts | 44 | €3,000 | €0 | -€3,000 | -100% |
| Suppliers | 440/4 | €3,000 | €0 | -€3,000 | -100% |
| Taxes, remuneration and social security | 45 | €3,963 | €91,793 | +€87,829 | +2,216% |
| Taxes | 450/3 | €3,963 | €91,793 | +€87,829 | +2,216% |
| Other amounts payable | 47/48 | €295,838 | €50,675 | -€245,163 | -82.9% |
| Accrued charges and deferred income | 492/3 | €733 | €751 | +€18 | +2.5% |
| Non-recurring operating income | 76A | €372,858 | €2,078 | -€370,780 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,128 | €49,210 | -€6,918 | -12.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€19,300 | €0 | +€19,300 | |
| Other operating charges | 640/8 | €5,713 | €3,636 | -€2,078 | -36.4% |
| Gross operating margin | 9900 | €367,075 | -€406 | -€367,481 | |
| Operating profit (loss) | 9901 | €324,533 | -€53,252 | -€377,785 | |
| Financial income | 75/76B | €0 | €2,360 | +€2,360 | |
| Recurring financial income | 75 | €0 | €2,360 | +€2,360 | |
| Financial charges | 65/66B | €1,422 | €4,899 | +€3,477 | +245% |
| Recurring financial charges | 65 | €1,422 | €4,899 | +€3,477 | +245% |
| Profit (loss) for the period before taxes | 9903 | €323,112 | -€55,791 | -€378,902 | |
| Transfer from deferred taxes | 780 | €15,243 | €94,229 | +€78,987 | +518% |
| Transfer to deferred taxes | 680 | €93,215 | €0 | -€93,215 | -100% |
| Income taxes | 67/77 | €3,963 | €88,566 | +€84,603 | +2,135% |
| Profit (loss) for the period | 9904 | €241,177 | -€50,127 | -€291,304 | |
| Transfer from tax-exempt reserves | 789 | €45,729 | €282,688 | +€236,960 | +518% |
| Transfer to tax-exempt reserves | 689 | €279,644 | €0 | -€279,644 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €7,262 | €232,561 | +€225,299 | +3,103% |
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 19 October 2026 via checked.be.