MAKMICH: 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.
MAKMICH
Largest movements
- Tangible fixed assets -€29,661
down €29,661 (-7.8%), from €380,806 to €351,145
of which Land and buildings: -€24,578
- Cash -€11,589
down €11,589 (-4.3%), from €268,889 to €257,300
mainly Debts after one year (-€30,315) and Tax, wage and social debts (-€9,098)
- Debts after one year -€30,315
down €30,315 (-10.1%), from €298,817 to €268,503
- Tax, wage and social debts -€9,098
down €9,098 (-30.4%), from €29,897 to €20,799
of which Remuneration and social security: -€11,929
- Profit (loss) carried forward +€7,688
up €7,688 (+2.7%), from €286,318 to €294,006
- Staff costs -€27,075
down €27,075 (-27.4%), from €98,931 to €71,856
- Purchases and services +€22,936
up €22,936 (+7.2%), from €318,958 to €341,895
- Gross operating margin -€15,351
down €15,351 (-10.9%), from €141,123 to €125,772
- Taxes -€11,543
down €11,543 (-84.6%), from €13,643 to €2,100
- Turnover +€7,586
up €7,586 (+1.6%), from €460,081 to €467,667
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 | €665,025 | €632,494 | -€32,532 | -4.9% |
| Fixed assets | 21/28 | €381,356 | €351,695 | -€29,661 | -7.8% |
| Tangible fixed assets | 22/27 | €380,806 | €351,145 | -€29,661 | -7.8% |
| Land and buildings | 22 | €360,764 | €336,186 | -€24,578 | -6.8% |
| Plant, machinery and equipment | 23 | €3,378 | €4,725 | +€1,347 | +39.9% |
| Leasing and similar rights | 25 | €16,664 | €10,234 | -€6,430 | -38.6% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €283,670 | €280,799 | -€2,871 | -1.0% |
| Stocks and contracts in progress | 3 | €12,079 | €14,740 | +€2,661 | +22.0% |
| Stocks | 30/36 | €12,079 | €14,740 | +€2,661 | +22.0% |
| Amounts receivable within one year | 40/41 | €2,252 | €7,900 | +€5,648 | +251% |
| Trade receivables | 40 | €239 | - | -€239 | |
| Other amounts receivable | 41 | €2,013 | €7,900 | +€5,887 | +293% |
| Cash at bank and in hand | 54/58 | €268,889 | €257,300 | -€11,589 | -4.3% |
| Deferred charges and accrued income | 490/1 | €450 | €859 | +€409 | +90.9% |
| Total equity and liabilities | 10/49 | €665,025 | €632,494 | -€32,532 | -4.9% |
| Equity | 10/15 | €294,378 | €302,066 | +€7,688 | +2.6% |
| Reserves | 13 | €8,060 | €8,060 | = | 0.0% |
| Distributable reserves | 133 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €286,318 | €294,006 | +€7,688 | +2.7% |
| Amounts payable | 17/49 | €370,647 | €330,428 | -€40,219 | -10.9% |
| Amounts payable after more than one year | 17 | €298,817 | €268,503 | -€30,315 | -10.1% |
| Financial debts | 170/4 | €298,817 | €268,503 | -€30,315 | -10.1% |
| Amounts payable within one year | 42/48 | €71,830 | €61,925 | -€9,905 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €36,178 | €34,280 | -€1,898 | -5.2% |
| Trade debts | 44 | €5,755 | €6,846 | +€1,091 | +19.0% |
| Suppliers | 440/4 | €5,755 | €6,846 | +€1,091 | +19.0% |
| Taxes, remuneration and social security | 45 | €29,897 | €20,799 | -€9,098 | -30.4% |
| Taxes | 450/3 | €6,238 | €9,070 | +€2,832 | +45.4% |
| Remuneration and social security | 454/9 | €23,659 | €11,730 | -€11,929 | -50.4% |
| Turnover | 70 | €460,081 | €467,667 | +€7,586 | +1.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €318,958 | €341,895 | +€22,936 | +7.2% |
| Remuneration, social security and pensions | 62 | €98,931 | €71,856 | -€27,075 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,727 | €33,526 | +€1,800 | +5.7% |
| Other operating charges | 640/8 | €3,466 | €3,514 | +€48 | +1.4% |
| Gross operating margin | 9900 | €141,123 | €125,772 | -€15,351 | -10.9% |
| Operating profit (loss) | 9901 | €7,000 | €16,876 | +€9,877 | +141% |
| Financial charges | 65/66B | €7,318 | €7,089 | -€229 | -3.1% |
| Recurring financial charges | 65 | €7,318 | €7,089 | -€229 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | -€318 | €9,788 | +€10,106 | |
| Income taxes | 67/77 | €13,643 | €2,100 | -€11,543 | -84.6% |
| Profit (loss) for the period | 9904 | -€13,961 | €7,688 | +€21,649 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,961 | €7,688 | +€21,649 |
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.