MAKREL: 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.
MAKREL
Largest movements
- Cash +€55,125
up €55,125 (+67.4%), from €81,775 to €136,900
mainly Net result for the year (+€66,052) and Investment in fixed assets (net) (+€4,744)
- Deferred charges and accrued income +€16,453
up €16,453 (+568%), from €2,897 to €19,350
- Tangible fixed assets -€6,971
down €6,971 (-51.2%), from €13,613 to €6,642
of which Furniture and vehicles: -€7,882
- Reserves +€66,052
up €66,052 (+96.7%), from €68,321 to €134,373
- Depreciation -€7,116
down €7,116 (-76.2%), from €9,343 to €2,227
- Gross operating margin -€3,792
down €3,792 (-3.8%), from €99,515 to €95,723
- Taxes -€2,368
down €2,368 (-11.8%), from €20,047 to €17,679
- Other operating charges -€1,120
down €1,120 (-64.0%), from €1,749 to €629
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 | €98,424 | €163,002 | +€64,578 | +65.6% |
| Fixed assets | 21/28 | €13,618 | €6,647 | -€6,971 | -51.2% |
| Tangible fixed assets | 22/27 | €13,613 | €6,642 | -€6,971 | -51.2% |
| Plant, machinery and equipment | 23 | €980 | €1,891 | +€911 | +93.0% |
| Furniture and vehicles | 24 | €12,634 | €4,752 | -€7,882 | -62.4% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €84,806 | €156,355 | +€71,549 | +84.4% |
| Amounts receivable within one year | 40/41 | €134 | €104 | -€29 | -22.0% |
| Other amounts receivable | 41 | €134 | €104 | -€29 | -22.0% |
| Cash at bank and in hand | 54/58 | €81,775 | €136,900 | +€55,125 | +67.4% |
| Deferred charges and accrued income | 490/1 | €2,897 | €19,350 | +€16,453 | +568% |
| Total equity and liabilities | 10/49 | €98,424 | €163,002 | +€64,578 | +65.6% |
| Equity | 10/15 | €70,321 | €136,373 | +€66,052 | +93.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €68,321 | €134,373 | +€66,052 | +96.7% |
| Distributable reserves | 133 | €68,321 | €134,373 | +€66,052 | +96.7% |
| Amounts payable | 17/49 | €28,102 | €26,629 | -€1,473 | -5.2% |
| Amounts payable within one year | 42/48 | €28,102 | €26,629 | -€1,473 | -5.2% |
| Trade debts | 44 | €1,913 | €1,402 | -€510 | -26.7% |
| Suppliers | 440/4 | €1,913 | €1,402 | -€510 | -26.7% |
| Taxes, remuneration and social security | 45 | €26,190 | €25,227 | -€963 | -3.7% |
| Taxes | 450/3 | €26,190 | €25,227 | -€963 | -3.7% |
| Non-recurring operating income | 76A | - | €7,350 | +€7,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,343 | €2,227 | -€7,116 | -76.2% |
| Other operating charges | 640/8 | €1,749 | €629 | -€1,120 | -64.0% |
| Non-recurring operating charges | 66A | - | €9,032 | +€9,032 | |
| Gross operating margin | 9900 | €99,515 | €95,723 | -€3,792 | -3.8% |
| Operating profit (loss) | 9901 | €88,423 | €83,835 | -€4,588 | -5.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €55 | €104 | +€50 | +90.9% |
| Recurring financial charges | 65 | €55 | €104 | +€50 | +90.9% |
| Profit (loss) for the period before taxes | 9903 | €88,368 | €83,731 | -€4,637 | -5.2% |
| Income taxes | 67/77 | €20,047 | €17,679 | -€2,368 | -11.8% |
| Profit (loss) for the period | 9904 | €68,321 | €66,052 | -€2,269 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,321 | €66,052 | -€2,269 | -3.3% |
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 14 October 2026 via checked.be.