MAKRYBO: 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.
MAKRYBO
Largest movements
- Receivables within one year +€19,136
up €19,136 (+53.3%), from €35,919 to €55,056
of which Trade receivables: +€14,677
- Tangible fixed assets -€12,401
down €12,401 (-4.0%), from €307,429 to €295,027
of which Land and buildings: -€6,971
- Reserves +€34,371
up €34,371 (+40.7%), from €84,408 to €118,779
- Short-term financial debts -€27,185
down €27,185 (-74.4%), from €36,515 to €9,330
- Debts after one year -€8,411
down €8,411 (-17.6%), from €47,744 to €39,333
- Tax, wage and social debts +€5,382
up €5,382 (+34.8%), from €15,457 to €20,838
of which Taxes: +€4,132
- Trade debts +€4,966
up €4,966 (+34.0%), from €14,605 to €19,571
- Gross operating margin +€50,407
up €50,407 (+180%), from €28,039 to €78,446
- Financial income +€20,893
up €20,893 (+34,273%), from €61 to €20,954
of which Non-recurring financial income: +€20,550
- Financial charges +€20,537
up €20,537 (+430%), from €4,779 to €25,316
of which Non-recurring financial charges: +€20,550
- Taxes +€17,238
up €17,238 (+1,467%), from €1,175 to €18,413
- Other operating charges -€1,148
down €1,148 (-30.6%), from €3,747 to €2,599
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 | €344,405 | €350,270 | +€5,864 | +1.7% |
| Fixed assets | 21/28 | €307,429 | €295,027 | -€12,401 | -4.0% |
| Tangible fixed assets | 22/27 | €307,429 | €295,027 | -€12,401 | -4.0% |
| Land and buildings | 22 | €296,569 | €289,597 | -€6,971 | -2.4% |
| Furniture and vehicles | 24 | €10,860 | €5,430 | -€5,430 | -50.0% |
| Current assets | 29/58 | €36,977 | €55,242 | +€18,266 | +49.4% |
| Amounts receivable within one year | 40/41 | €35,919 | €55,056 | +€19,136 | +53.3% |
| Trade receivables | 40 | €31,271 | €45,948 | +€14,677 | +46.9% |
| Other amounts receivable | 41 | €4,649 | €9,108 | +€4,459 | +95.9% |
| Cash at bank and in hand | 54/58 | €144 | €187 | +€43 | +29.8% |
| Deferred charges and accrued income | 490/1 | €913 | €0 | -€913 | -100% |
| Total equity and liabilities | 10/49 | €344,405 | €350,270 | +€5,864 | +1.7% |
| Equity | 10/15 | €103,008 | €137,379 | +€34,371 | +33.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €84,408 | €118,779 | +€34,371 | +40.7% |
| Distributable reserves | 133 | €84,408 | €118,779 | +€34,371 | +40.7% |
| Amounts payable | 17/49 | €241,397 | €212,891 | -€28,506 | -11.8% |
| Amounts payable after more than one year | 17 | €47,744 | €39,333 | -€8,411 | -17.6% |
| Financial debts | 170/4 | €47,744 | €39,333 | -€8,411 | -17.6% |
| Amounts payable within one year | 42/48 | €193,653 | €173,558 | -€20,095 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €8,236 | €8,411 | +€175 | +2.1% |
| Financial debts | 43 | €36,515 | €9,330 | -€27,185 | -74.4% |
| Credit institutions | 430/8 | €36,515 | €9,330 | -€27,185 | -74.4% |
| Trade debts | 44 | €14,605 | €19,571 | +€4,966 | +34.0% |
| Suppliers | 440/4 | €14,605 | €19,571 | +€4,966 | +34.0% |
| Taxes, remuneration and social security | 45 | €15,457 | €20,838 | +€5,382 | +34.8% |
| Taxes | 450/3 | €15,457 | €19,588 | +€4,132 | +26.7% |
| Remuneration and social security | 454/9 | - | €1,250 | +€1,250 | |
| Other amounts payable | 47/48 | €118,840 | €115,407 | -€3,432 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,215 | €18,701 | +€486 | +2.7% |
| Other operating charges | 640/8 | €3,747 | €2,599 | -€1,148 | -30.6% |
| Gross operating margin | 9900 | €28,039 | €78,446 | +€50,407 | +180% |
| Operating profit (loss) | 9901 | €6,077 | €57,146 | +€51,069 | +840% |
| Financial income | 75/76B | €61 | €20,954 | +€20,893 | +34,273% |
| Recurring financial income | 75 | €61 | €404 | +€343 | +563% |
| Non-recurring financial income | 76B | - | €20,550 | +€20,550 | |
| Financial charges | 65/66B | €4,779 | €25,316 | +€20,537 | +430% |
| Recurring financial charges | 65 | €4,779 | €4,766 | -€13 | -0.3% |
| Non-recurring financial charges | 66B | - | €20,550 | +€20,550 | |
| Profit (loss) for the period before taxes | 9903 | €1,359 | €52,784 | +€51,425 | +3,783% |
| Income taxes | 67/77 | €1,175 | €18,413 | +€17,238 | +1,467% |
| Profit (loss) for the period | 9904 | €184 | €34,371 | +€34,187 | +18,575% |
| Profit (loss) for the period to be appropriated | 9905 | €184 | €34,371 | +€34,187 | +18,575% |
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.