MAKO: 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.
What changed
MAKO
NACE 46.649, Wholesale of other machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€481,068
2024 · €28,146-€509,215
Equity
€2.5m
2024 · €2.9m-€435,385
Cash
€94,022
2024 · €119,306-€25,284
Balance sheet total
€5.1m
2024 · €5.1m-€1,781
Largest movements
Assets
- Tangible fixed assets -€333,891
down €333,891 (-18.4%), from €1.8m to €1.5m
of which Plant, machinery and equipment: -€339,858
- Stocks and contracts +€284,313
up €284,313 (+16.7%), from €1.7m to €2.0m
- Receivables within one year +€88,921
up €88,921 (+6.0%), from €1.5m to €1.6m
of which Trade receivables: +€95,136
Equity and liabilities
- Short-term financial debts +€520,137
up €520,137 (+122%), from €426,241 to €946,378
- Reserves -€450,000
down €450,000 (-19.7%), from €2.3m to €1.8m
of which Distributable reserves: -€450,000
- Trade debts +€194,170
up €194,170 (+43.9%), from €441,877 to €636,047
- Current portion of long-term debt -€113,480
down €113,480 (-42.1%), from €269,665 to €156,186
- Debts after one year -€79,993
down €79,993 (-10.1%), from €792,588 to €712,595
Income statement
- Gross operating margin -€632,625
down €632,625 (-31.5%), from €2.0m to €1.4m
- Staff costs -€161,477
down €161,477 (-10.5%), from €1.5m to €1.4m
- Write-downs +€96,792
up €96,792, from -€79,487 to €17,306
- Taxes -€41,772
down €41,772, from €21,830 to -€19,941
- Financial income +€20,849
up €20,849 (+81.8%), from €25,497 to €46,346
of which Non-recurring financial income: +€19,455
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.
Result 2024
€28,146
Gross operating margin
-€632,625
Staff costs
+€161,477
Depreciation
+€8,765
Write-downs
-€96,792
Other operating charges
+€314
Financial income
+€20,849
Financial charges
-€12,974
Taxes
+€41,772
Result 2025
-€481,068
raises the resultlowers the result
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.
From operations
-€274,772
Investment
-€122,860
Financing
+€372,348
Cash 2024
€119,306
From operations (derived)
-€274,772
Net result for the year
-€481,068
Depreciation
+€456,751
Stocks and contracts
-€284,313
Receivables within one year
-€88,921
Deferred charges and accrued income
+€15,840
Trade debts
+€194,170
Tax, wage and social debts
-€26,847
Advances received
-€21,420
Other debts
-€49,924
Accrued charges and deferred income
+€10,959
Investment (derived)
-€122,860
Investment in fixed assets (net)
-€122,860
Financing
+€372,348
Debts after one year
-€79,993
Current portion of long-term debt
-€113,480
Short-term financial debts
+€520,137
Contributions, distributions and other
+€45,683
Cash 2025
€94,022
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,142,646 | €5,140,865 | -€1,781 | 0.0% |
| Fixed assets | 21/28 | €1,814,458 | €1,480,567 | -€333,891 | -18.4% |
| Tangible fixed assets | 22/27 | €1,814,323 | €1,480,432 | -€333,891 | -18.4% |
| Plant, machinery and equipment | 23 | €1,600,560 | €1,260,702 | -€339,858 | -21.2% |
| Furniture and vehicles | 24 | €123,844 | €156,887 | +€33,043 | +26.7% |
| Assets under construction and advance payments | 27 | €89,919 | €62,843 | -€27,076 | -30.1% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €3,328,187 | €3,660,297 | +€332,110 | +10.0% |
| Stocks and contracts in progress | 3 | €1,707,254 | €1,991,566 | +€284,313 | +16.7% |
| Stocks | 30/36 | €1,707,254 | €1,991,566 | +€284,313 | +16.7% |
| Amounts receivable within one year | 40/41 | €1,483,945 | €1,572,866 | +€88,921 | +6.0% |
| Trade receivables | 40 | €1,451,407 | €1,546,543 | +€95,136 | +6.6% |
| Other amounts receivable | 41 | €32,539 | €26,323 | -€6,216 | -19.1% |
| Cash at bank and in hand | 54/58 | €119,306 | €94,022 | -€25,284 | -21.2% |
| Deferred charges and accrued income | 490/1 | €17,683 | €1,843 | -€15,840 | -89.6% |
| Total equity and liabilities | 10/49 | €5,142,646 | €5,140,865 | -€1,781 | 0.0% |
| Equity | 10/15 | €2,901,295 | €2,465,910 | -€435,385 | -15.0% |
| Contributions | 10/11 | €537,000 | €537,000 | = | 0.0% |
| Capital | 10 | €537,000 | €537,000 | = | 0.0% |
| Issued capital | 100 | €537,000 | €537,000 | = | 0.0% |
| Reserves | 13 | €2,285,393 | €1,835,393 | -€450,000 | -19.7% |
| Non-distributable reserves | 130/1 | €53,700 | €53,700 | = | 0.0% |
| Legal reserve | 130 | €53,700 | €53,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,693 | €1,693 | = | 0.0% |
| Distributable reserves | 133 | €2,230,000 | €1,780,000 | -€450,000 | -20.2% |
| Profit (loss) carried forward | 14 | €35,630 | €4,561 | -€31,068 | -87.2% |
| Investment grants | 15 | €43,272 | €88,955 | +€45,683 | +106% |
| Provisions and deferred taxes | 16 | €35,000 | €35,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €35,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €35,000 | €35,000 | = | 0.0% |
| Amounts payable | 17/49 | €2,206,351 | €2,639,955 | +€433,604 | +19.7% |
| Amounts payable after more than one year | 17 | €792,588 | €712,595 | -€79,993 | -10.1% |
| Financial debts | 170/4 | €792,588 | €712,595 | -€79,993 | -10.1% |
| Amounts payable within one year | 42/48 | €1,362,167 | €1,864,804 | +€502,637 | +36.9% |
| Current portion of amounts payable after more than one year | 42 | €269,665 | €156,186 | -€113,480 | -42.1% |
| Financial debts | 43 | €426,241 | €946,378 | +€520,137 | +122% |
| Credit institutions | 430/8 | €426,241 | €946,378 | +€520,137 | +122% |
| Trade debts | 44 | €441,877 | €636,047 | +€194,170 | +43.9% |
| Suppliers | 440/4 | €441,877 | €636,047 | +€194,170 | +43.9% |
| Advances received on contracts in progress | 46 | €24,591 | €3,171 | -€21,420 | -87.1% |
| Taxes, remuneration and social security | 45 | €147,546 | €120,699 | -€26,847 | -18.2% |
| Taxes | 450/3 | - | €289 | +€289 | |
| Remuneration and social security | 454/9 | €147,546 | €120,411 | -€27,135 | -18.4% |
| Other amounts payable | 47/48 | €52,247 | €2,323 | -€49,924 | -95.6% |
| Accrued charges and deferred income | 492/3 | €51,596 | €62,556 | +€10,959 | +21.2% |
| Remuneration, social security and pensions | 62 | €1,543,669 | €1,382,192 | -€161,477 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465,516 | €456,751 | -€8,765 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€79,487 | €17,306 | +€96,792 | |
| Other operating charges | 640/8 | €4,803 | €4,489 | -€314 | -6.5% |
| Gross operating margin | 9900 | €2,008,487 | €1,375,862 | -€632,625 | -31.5% |
| Operating profit (loss) | 9901 | €73,985 | -€484,876 | -€558,861 | |
| Financial income | 75/76B | €25,497 | €46,346 | +€20,849 | +81.8% |
| Recurring financial income | 75 | €21,655 | €23,049 | +€1,394 | +6.4% |
| Non-recurring financial income | 76B | €3,842 | €23,297 | +€19,455 | +506% |
| Financial charges | 65/66B | €49,505 | €62,479 | +€12,974 | +26.2% |
| Recurring financial charges | 65 | €49,505 | €62,479 | +€12,974 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €49,977 | -€501,010 | -€550,986 | |
| Income taxes | 67/77 | €21,830 | -€19,941 | -€41,772 | |
| Profit (loss) for the period | 9904 | €28,146 | -€481,068 | -€509,215 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,146 | -€481,068 | -€509,215 |
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.