MAKOZON: 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.
MAKOZON
Largest movements
- Receivables within one year +€52,846
up €52,846 (+19.7%), from €268,084 to €320,930
of which Trade receivables: +€130,105
- Tangible fixed assets -€51,721
down €51,721 (-28.3%), from €182,685 to €130,964
of which Land and buildings: -€50,049
- Stocks and contracts -€26,584
down €26,584 (-100%), from €26,584 to €0
- Receivables after one year +€26,495
up €26,495, from €0 to €26,495
- Cash +€11,164
up €11,164 (+9,303,667%), from €0 to €11,165
mainly Net result for the year (+€80,246) and Investment in fixed assets (net) (+€49,043)
- Reserves +€80,246
up €80,246 (+50.5%), from €158,945 to €239,191
of which Distributable reserves: +€80,246
- Short-term financial debts -€22,596
down €22,596 (-100%), from €22,596 to €0
- Tax, wage and social debts -€17,227
down €17,227 (-60.2%), from €28,629 to €11,401
- Trade debts -€14,210
down €14,210 (-71.9%), from €19,755 to €5,544
- Debts after one year -€8,333
down €8,333 (-12.0%), from €69,544 to €61,211
of which Financial debts: -€8,333
- Gross operating margin +€114,083
up €114,083, from -€17,637 to €96,446
- Taxes +€8,149
up €8,149 (+13,727%), from €59 to €8,209
- Other operating charges +€4,131
up €4,131 (+150%), from €2,746 to €6,877
- Financial income -€2,064
down €2,064 (-21.1%), from €9,798 to €7,734
- Depreciation -€1,921
down €1,921 (-41.8%), from €4,599 to €2,678
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 | €567,982 | €579,861 | +€11,879 | +2.1% |
| Fixed assets | 21/28 | €272,885 | €221,164 | -€51,721 | -19.0% |
| Tangible fixed assets | 22/27 | €182,685 | €130,964 | -€51,721 | -28.3% |
| Land and buildings | 22 | €179,859 | €129,811 | -€50,049 | -27.8% |
| Plant, machinery and equipment | 23 | €203 | €0 | -€203 | -100% |
| Furniture and vehicles | 24 | €2,623 | €1,153 | -€1,470 | -56.0% |
| Financial fixed assets | 28 | €90,200 | €90,200 | = | 0.0% |
| Current assets | 29/58 | €295,096 | €358,697 | +€63,601 | +21.6% |
| Amounts receivable after more than one year | 29 | €0 | €26,495 | +€26,495 | |
| Other amounts receivable | 291 | €0 | €26,495 | +€26,495 | |
| Stocks and contracts in progress | 3 | €26,584 | €0 | -€26,584 | -100% |
| Stocks | 30/36 | €26,584 | €0 | -€26,584 | -100% |
| Amounts receivable within one year | 40/41 | €268,084 | €320,930 | +€52,846 | +19.7% |
| Trade receivables | 40 | €21,304 | €151,409 | +€130,105 | +611% |
| Other amounts receivable | 41 | €246,779 | €169,521 | -€77,258 | -31.3% |
| Cash at bank and in hand | 54/58 | €0 | €11,165 | +€11,164 | +9,303,667% |
| Deferred charges and accrued income | 490/1 | €428 | €107 | -€321 | -75.0% |
| Total equity and liabilities | 10/49 | €567,982 | €579,861 | +€11,879 | +2.1% |
| Equity | 10/15 | €408,945 | €489,191 | +€80,246 | +19.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €158,945 | €239,191 | +€80,246 | +50.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €157,085 | €237,331 | +€80,246 | +51.1% |
| Amounts payable | 17/49 | €159,036 | €90,670 | -€68,366 | -43.0% |
| Amounts payable after more than one year | 17 | €69,544 | €61,211 | -€8,333 | -12.0% |
| Financial debts | 170/4 | €69,444 | €61,111 | -€8,333 | -12.0% |
| Other amounts payable | 178/9 | €100 | €100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €88,921 | €29,028 | -€59,893 | -67.4% |
| Current portion of amounts payable after more than one year | 42 | €14,193 | €8,333 | -€5,860 | -41.3% |
| Financial debts | 43 | €22,596 | €0 | -€22,596 | -100% |
| Credit institutions | 430/8 | €22,596 | €0 | -€22,596 | -100% |
| Trade debts | 44 | €19,755 | €5,544 | -€14,210 | -71.9% |
| Suppliers | 440/4 | €19,755 | €5,544 | -€14,210 | -71.9% |
| Taxes, remuneration and social security | 45 | €28,629 | €11,401 | -€17,227 | -60.2% |
| Taxes | 450/3 | €28,629 | €11,401 | -€17,227 | -60.2% |
| Other amounts payable | 47/48 | €3,749 | €3,749 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €571 | €432 | -€139 | -24.4% |
| Non-recurring operating income | 76A | - | €95,000 | +€95,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,599 | €2,678 | -€1,921 | -41.8% |
| Other operating charges | 640/8 | €2,746 | €6,877 | +€4,131 | +150% |
| Non-recurring operating charges | 66A | €90,640 | €0 | -€90,640 | -100% |
| Gross operating margin | 9900 | -€17,637 | €96,446 | +€114,083 | |
| Operating profit (loss) | 9901 | -€115,622 | €86,891 | +€202,513 | |
| Financial income | 75/76B | €9,798 | €7,734 | -€2,064 | -21.1% |
| Recurring financial income | 75 | €9,798 | €7,734 | -€2,064 | -21.1% |
| Financial charges | 65/66B | €7,755 | €6,171 | -€1,585 | -20.4% |
| Recurring financial charges | 65 | €7,755 | €6,171 | -€1,585 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | -€113,578 | €88,455 | +€202,033 | |
| Income taxes | 67/77 | €59 | €8,209 | +€8,149 | +13,727% |
| Profit (loss) for the period | 9904 | -€113,638 | €80,246 | +€193,884 | |
| Profit (loss) for the period to be appropriated | 9905 | -€113,638 | €80,246 | +€193,884 |
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 31 October 2026 via checked.be.