MAKKAR: 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.
MAKKAR
Largest movements
- Stocks and contracts -€60,796
down €60,796 (-29.2%), from €208,352 to €147,556
- Cash +€53,573
up €53,573 (+128.5%), from €41,700 to €95,272
mainly Stocks and contracts (+€60,796) and Net result for the year (+€37,526)
- Receivables within one year -€29,077
down €29,077 (-32.4%), from €89,699 to €60,622
of which Trade receivables: -€28,941
- Deferred charges and accrued income +€3,950
up €3,950 (+349.4%), from €1,130 to €5,080
- Reserves +€60,420
up €60,420 (+51.2%), from €117,994 to €178,414
of which Distributable reserves: +€60,420
- Other debts -€38,609
down €38,609 (-51.2%), from €75,373 to €36,764
- Trade debts -€29,631
down €29,631 (-31.1%), from €95,216 to €65,585
- Profit (loss) carried forward -€22,893
no longer reported in 2025 (was €22,893)
- Tax, wage and social debts +€7,802
up €7,802 (+44.2%), from €17,654 to €25,456
of which Taxes: +€4,789
- Gross operating margin +€19,937
up €19,937 (+24.9%), from €80,195 to €100,132
- Taxes +€6,732
up €6,732 (+155.1%), from €4,340 to €11,073
- Staff costs +€4,310
up €4,310 (+15.4%), from €27,930 to €32,239
- Financial charges -€2,684
down €2,684 (-24.1%), from €11,139 to €8,455
- Depreciation -€2,612
down €2,612 (-36.8%), from €7,089 to €4,477
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 | €357,093 | €327,215 | -€29,877 | -8.4% |
| Fixed assets | 21/28 | €16,211 | €18,685 | +€2,473 | +15.3% |
| Tangible fixed assets | 22/27 | €10,621 | €13,095 | +€2,473 | +23.3% |
| Land and buildings | 22 | €5,450 | €4,626 | -€823 | -15.1% |
| Plant, machinery and equipment | 23 | €1,518 | €1,000 | -€519 | -34.2% |
| Furniture and vehicles | 24 | €2,892 | €703 | -€2,188 | -75.7% |
| Leasing and similar rights | 25 | - | €2,670 | +€2,670 | |
| Other tangible fixed assets | 26 | €762 | €4,096 | +€3,334 | +437.5% |
| Financial fixed assets | 28 | €5,590 | €5,590 | = | 0.0% |
| Current assets | 29/58 | €340,881 | €308,531 | -€32,350 | -9.5% |
| Stocks and contracts in progress | 3 | €208,352 | €147,556 | -€60,796 | -29.2% |
| Stocks | 30/36 | €208,352 | €147,556 | -€60,796 | -29.2% |
| Amounts receivable within one year | 40/41 | €89,699 | €60,622 | -€29,077 | -32.4% |
| Trade receivables | 40 | €89,559 | €60,618 | -€28,941 | -32.3% |
| Other amounts receivable | 41 | €140 | €4 | -€136 | -97.3% |
| Cash at bank and in hand | 54/58 | €41,700 | €95,272 | +€53,573 | +128.5% |
| Deferred charges and accrued income | 490/1 | €1,130 | €5,080 | +€3,950 | +349.4% |
| Total equity and liabilities | 10/49 | €357,093 | €327,215 | -€29,877 | -8.4% |
| Equity | 10/15 | €159,480 | €197,006 | +€37,526 | +23.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €117,994 | €178,414 | +€60,420 | +51.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €116,135 | €176,555 | +€60,420 | +52.0% |
| Profit (loss) carried forward | 14 | €22,893 | - | -€22,893 | |
| Amounts payable | 17/49 | €197,613 | €130,210 | -€67,404 | -34.1% |
| Amounts payable after more than one year | 17 | €2,388 | - | -€2,388 | |
| Financial debts | 170/4 | €2,388 | - | -€2,388 | |
| Amounts payable within one year | 42/48 | €195,225 | €130,194 | -€65,031 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €6,982 | €2,388 | -€4,594 | -65.8% |
| Trade debts | 44 | €95,216 | €65,585 | -€29,631 | -31.1% |
| Suppliers | 440/4 | €95,216 | €65,585 | -€29,631 | -31.1% |
| Taxes, remuneration and social security | 45 | €17,654 | €25,456 | +€7,802 | +44.2% |
| Taxes | 450/3 | €11,487 | €16,276 | +€4,789 | +41.7% |
| Remuneration and social security | 454/9 | €6,167 | €9,181 | +€3,014 | +48.9% |
| Other amounts payable | 47/48 | €75,373 | €36,764 | -€38,609 | -51.2% |
| Accrued charges and deferred income | 492/3 | - | €16 | +€16 | |
| Remuneration, social security and pensions | 62 | €27,930 | €32,239 | +€4,310 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,089 | €4,477 | -€2,612 | -36.8% |
| Other operating charges | 640/8 | €6,742 | €6,363 | -€380 | -5.6% |
| Gross operating margin | 9900 | €80,195 | €100,132 | +€19,937 | +24.9% |
| Operating profit (loss) | 9901 | €38,434 | €57,053 | +€18,619 | +48.4% |
| Financial income | 75/76B | €1 | €0 | -€0 | -38.8% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -38.8% |
| Financial charges | 65/66B | €11,139 | €8,455 | -€2,684 | -24.1% |
| Recurring financial charges | 65 | €11,139 | €8,455 | -€2,684 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €27,296 | €48,599 | +€21,303 | +78.0% |
| Income taxes | 67/77 | €4,340 | €11,073 | +€6,732 | +155.1% |
| Profit (loss) for the period | 9904 | €22,955 | €37,526 | +€14,571 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,955 | €37,526 | +€14,571 | +63.5% |
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 4 October 2026 via checked.be.