MAKS: 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.
MAKS
Largest movements
- Cash +€208,593
up €208,593 (+278.1%), from €75,001 to €283,593
mainly Debts after one year (+€371,656) and Depreciation (+€61,757)
- Tangible fixed assets +€176,577
up €176,577 (+51.2%), from €344,596 to €521,173
of which Land and buildings: +€172,460
- Debts after one year +€371,656
up €371,656 (+131.5%), from €282,666 to €654,323
- Current portion of long-term debt +€14,165
up €14,165 (+99.9%), from €14,179 to €28,344
- Gross operating margin +€59,349
up €59,349 (+245.1%), from €24,218 to €83,567
- Depreciation +€25,968
up €25,968 (+72.6%), from €35,789 to €61,757
- Financial charges +€5,141
up €5,141 (+52.7%), from €9,763 to €14,904
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 | €444,373 | €824,218 | +€379,845 | +85.5% |
| Fixed assets | 21/28 | €344,596 | €521,173 | +€176,577 | +51.2% |
| Tangible fixed assets | 22/27 | €344,596 | €521,173 | +€176,577 | +51.2% |
| Land and buildings | 22 | €249,896 | €422,355 | +€172,460 | +69.0% |
| Plant, machinery and equipment | 23 | €11,895 | €10,742 | -€1,153 | -9.7% |
| Furniture and vehicles | 24 | €80,340 | €86,225 | +€5,884 | +7.3% |
| Other tangible fixed assets | 26 | €2,465 | €1,851 | -€614 | -24.9% |
| Current assets | 29/58 | €99,777 | €303,045 | +€203,268 | +203.7% |
| Stocks and contracts in progress | 3 | €11,793 | €9,937 | -€1,857 | -15.7% |
| Stocks | 30/36 | €11,793 | €9,937 | -€1,857 | -15.7% |
| Amounts receivable within one year | 40/41 | €11,002 | €7,133 | -€3,868 | -35.2% |
| Trade receivables | 40 | €10,964 | €5,818 | -€5,146 | -46.9% |
| Other amounts receivable | 41 | €38 | €1,316 | +€1,278 | +3404.7% |
| Cash at bank and in hand | 54/58 | €75,001 | €283,593 | +€208,593 | +278.1% |
| Deferred charges and accrued income | 490/1 | €1,981 | €2,381 | +€400 | +20.2% |
| Total equity and liabilities | 10/49 | €444,373 | €824,218 | +€379,845 | +85.5% |
| Equity | 10/15 | €83,556 | €84,765 | +€1,209 | +1.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €64,964 | €66,173 | +€1,209 | +1.9% |
| Distributable reserves | 133 | €64,964 | €66,173 | +€1,209 | +1.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €360,818 | €739,453 | +€378,635 | +104.9% |
| Amounts payable after more than one year | 17 | €282,666 | €654,323 | +€371,656 | +131.5% |
| Financial debts | 170/4 | €282,666 | €654,323 | +€371,656 | +131.5% |
| Amounts payable within one year | 42/48 | €71,473 | €78,995 | +€7,522 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €14,179 | €28,344 | +€14,165 | +99.9% |
| Trade debts | 44 | €7,765 | €3,509 | -€4,256 | -54.8% |
| Suppliers | 440/4 | €7,765 | €3,509 | -€4,256 | -54.8% |
| Taxes, remuneration and social security | 45 | €4,997 | €557 | -€4,440 | -88.9% |
| Taxes | 450/3 | €4,997 | €557 | -€4,440 | -88.9% |
| Other amounts payable | 47/48 | €44,533 | €46,586 | +€2,053 | +4.6% |
| Accrued charges and deferred income | 492/3 | €6,678 | €6,135 | -€543 | -8.1% |
| Non-recurring operating income | 76A | - | €12,760 | +€12,760 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,789 | €61,757 | +€25,968 | +72.6% |
| Other operating charges | 640/8 | €6,048 | €5,614 | -€434 | -7.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €24,218 | €83,567 | +€59,349 | +245.1% |
| Operating profit (loss) | 9901 | -€17,620 | €16,196 | +€33,815 | |
| Financial income | 75/76B | €30 | €27 | -€3 | -8.9% |
| Recurring financial income | 75 | €30 | €27 | -€3 | -8.9% |
| Financial charges | 65/66B | €9,763 | €14,904 | +€5,141 | +52.7% |
| Recurring financial charges | 65 | €9,763 | €14,904 | +€5,141 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | -€27,352 | €1,319 | +€28,672 | |
| Income taxes | 67/77 | €0 | €110 | +€110 | |
| Profit (loss) for the period | 9904 | -€27,352 | €1,209 | +€28,562 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,352 | €1,209 | +€28,562 |
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 5 October 2026 via checked.be.