MAKOS: 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.
MAKOS
Largest movements
- Cash -€117,639
down €117,639 (-47.2%), from €249,397 to €131,758
mainly Other debts (-€174,759) and Investment in fixed assets (net) (-€22,483)
- Tangible fixed assets +€17,195
up €17,195 (+272%), from €6,330 to €23,525
of which Other tangible fixed assets: +€21,760
- Receivables within one year -€4,581
down €4,581 (-63.1%), from €7,261 to €2,680
of which Other amounts receivable: -€4,668
- Other debts -€174,759
down €174,759 (-100%), from €174,759 to €0
- Profit (loss) carried forward +€53,701
up €53,701, from €0 to €53,701
- Trade debts +€16,402
up €16,402 (+953%), from €1,721 to €18,123
- Gross operating margin +€13,926
up €13,926 (+22.7%), from €61,223 to €75,150
- Depreciation +€2,241
up €2,241 (+73.6%), from €3,047 to €5,288
- Taxes +€2,104
up €2,104 (+16.7%), from €12,601 to €14,704
- Financial charges -€1,756
down €1,756 (-93.1%), from €1,886 to €130
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 | €265,281 | €159,530 | -€105,752 | -39.9% |
| Fixed assets | 21/28 | €6,330 | €23,525 | +€17,195 | +272% |
| Tangible fixed assets | 22/27 | €6,330 | €23,525 | +€17,195 | +272% |
| Furniture and vehicles | 24 | €6,330 | €1,766 | -€4,564 | -72.1% |
| Other tangible fixed assets | 26 | - | €21,760 | +€21,760 | |
| Current assets | 29/58 | €258,951 | €136,004 | -€122,947 | -47.5% |
| Amounts receivable within one year | 40/41 | €7,261 | €2,680 | -€4,581 | -63.1% |
| Trade receivables | 40 | €0 | €86 | +€86 | |
| Other amounts receivable | 41 | €7,261 | €2,593 | -€4,668 | -64.3% |
| Cash at bank and in hand | 54/58 | €249,397 | €131,758 | -€117,639 | -47.2% |
| Deferred charges and accrued income | 490/1 | €2,293 | €1,566 | -€727 | -31.7% |
| Total equity and liabilities | 10/49 | €265,281 | €159,530 | -€105,752 | -39.9% |
| Equity | 10/15 | €83,440 | €137,142 | +€53,701 | +64.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €82,440 | €82,440 | = | 0.0% |
| Distributable reserves | 133 | €82,440 | €82,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €53,701 | +€53,701 | |
| Amounts payable | 17/49 | €181,841 | €22,388 | -€159,453 | -87.7% |
| Amounts payable within one year | 42/48 | €179,671 | €21,888 | -€157,783 | -87.8% |
| Trade debts | 44 | €1,721 | €18,123 | +€16,402 | +953% |
| Suppliers | 440/4 | €1,721 | €18,123 | +€16,402 | +953% |
| Taxes, remuneration and social security | 45 | €3,191 | €3,765 | +€574 | +18.0% |
| Taxes | 450/3 | €3,191 | €3,765 | +€574 | +18.0% |
| Other amounts payable | 47/48 | €174,759 | €0 | -€174,759 | -100% |
| Accrued charges and deferred income | 492/3 | €2,170 | €500 | -€1,670 | -77.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,047 | €5,288 | +€2,241 | +73.6% |
| Other operating charges | 640/8 | €1,171 | €1,404 | +€233 | +19.9% |
| Gross operating margin | 9900 | €61,223 | €75,150 | +€13,926 | +22.7% |
| Operating profit (loss) | 9901 | €57,006 | €68,458 | +€11,452 | +20.1% |
| Financial income | 75/76B | €0 | €77 | +€77 | +773,600% |
| Recurring financial income | 75 | €0 | €77 | +€77 | +773,600% |
| Financial charges | 65/66B | €1,886 | €130 | -€1,756 | -93.1% |
| Recurring financial charges | 65 | €1,886 | €130 | -€1,756 | -93.1% |
| Profit (loss) for the period before taxes | 9903 | €55,119 | €68,406 | +€13,286 | +24.1% |
| Income taxes | 67/77 | €12,601 | €14,704 | +€2,104 | +16.7% |
| Profit (loss) for the period | 9904 | €42,519 | €53,701 | +€11,183 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,519 | €53,701 | +€11,183 | +26.3% |
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 22 October 2026 via checked.be.