MAKOHE: 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.
MAKOHE
Largest movements
- Cash -€19,788
down €19,788 (-32.7%), from €60,585 to €40,798
mainly Contributions, distributions and other (-€134,143) and Stocks and contracts (-€9,063)
- Stocks and contracts +€9,063
up €9,063 (+11.9%), from €76,020 to €85,083
- Reserves -€77,121
down €77,121 (-100.0%), from €77,121 to €0
- Other debts +€56,112
up €56,112 (+117.4%), from €47,787 to €103,899
- Tax, wage and social debts +€7,494
up €7,494 (+52.8%), from €14,187 to €21,681
- Trade debts +€2,418
up €2,418 (+43.2%), from €5,601 to €8,019
- Gross operating margin +€13,113
up €13,113 (+20.0%), from €65,420 to €78,533
- Taxes +€4,493
up €4,493 (+30.2%), from €14,888 to €19,381
- Financial charges -€2,005
down €2,005 (-42.2%), from €4,749 to €2,745
- Staff costs -€1,244
down €1,244 (-89.9%), from €1,384 to €140
- Financial income +€1,067
up €1,067 (+44.3%), from €2,406 to €3,473
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 | €146,695 | €135,599 | -€11,097 | -7.6% |
| Fixed assets | 21/28 | €3,778 | €4,310 | +€532 | +14.1% |
| Tangible fixed assets | 22/27 | €3,778 | €4,310 | +€532 | +14.1% |
| Land and buildings | 22 | €2,646 | €2,328 | -€318 | -12.0% |
| Plant, machinery and equipment | 23 | €1,132 | €754 | -€378 | -33.4% |
| Furniture and vehicles | 24 | €0 | €1,228 | +€1,228 | |
| Current assets | 29/58 | €142,918 | €131,289 | -€11,629 | -8.1% |
| Stocks and contracts in progress | 3 | €76,020 | €85,083 | +€9,063 | +11.9% |
| Stocks | 30/36 | €76,020 | €85,083 | +€9,063 | +11.9% |
| Amounts receivable within one year | 40/41 | €6,263 | €5,409 | -€854 | -13.6% |
| Trade receivables | 40 | €6,263 | €5,394 | -€869 | -13.9% |
| Other amounts receivable | 41 | - | €15 | +€15 | |
| Cash at bank and in hand | 54/58 | €60,585 | €40,798 | -€19,788 | -32.7% |
| Deferred charges and accrued income | 490/1 | €50 | €0 | -€50 | -100.0% |
| Total equity and liabilities | 10/49 | €146,695 | €135,599 | -€11,097 | -7.6% |
| Equity | 10/15 | €79,121 | €2,000 | -€77,121 | -97.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €77,121 | €0 | -€77,121 | -100.0% |
| Distributable reserves | 133 | €77,121 | €0 | -€77,121 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €67,575 | €133,599 | +€66,024 | +97.7% |
| Amounts payable within one year | 42/48 | €67,575 | €133,599 | +€66,024 | +97.7% |
| Trade debts | 44 | €5,601 | €8,019 | +€2,418 | +43.2% |
| Suppliers | 440/4 | €5,601 | €8,019 | +€2,418 | +43.2% |
| Taxes, remuneration and social security | 45 | €14,187 | €21,681 | +€7,494 | +52.8% |
| Taxes | 450/3 | €14,187 | €21,681 | +€7,494 | +52.8% |
| Other amounts payable | 47/48 | €47,787 | €103,899 | +€56,112 | +117.4% |
| Remuneration, social security and pensions | 62 | €1,384 | €140 | -€1,244 | -89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,259 | €947 | -€313 | -24.8% |
| Other operating charges | 640/8 | €2,097 | €1,772 | -€325 | -15.5% |
| Gross operating margin | 9900 | €65,420 | €78,533 | +€13,113 | +20.0% |
| Operating profit (loss) | 9901 | €60,680 | €75,674 | +€14,994 | +24.7% |
| Financial income | 75/76B | €2,406 | €3,473 | +€1,067 | +44.3% |
| Recurring financial income | 75 | €2,406 | €3,473 | +€1,067 | +44.3% |
| Financial charges | 65/66B | €4,749 | €2,745 | -€2,005 | -42.2% |
| Recurring financial charges | 65 | €4,749 | €2,745 | -€2,005 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €58,337 | €76,403 | +€18,066 | +31.0% |
| Income taxes | 67/77 | €14,888 | €19,381 | +€4,493 | +30.2% |
| Profit (loss) for the period | 9904 | €43,449 | €57,022 | +€13,573 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €43,449 | €57,022 | +€13,573 | +31.2% |
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 29 September 2026 via checked.be.