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
- Tangible fixed assets +€376,306
up €376,306 (+28303.3%), from €1,330 to €377,636
- Receivables within one year -€96,154
down €96,154 (-25.3%), from €380,184 to €284,030
of which Trade receivables: -€146,747
- Cash +€64,598
up €64,598 (+71.9%), from €89,868 to €154,466
mainly Trade debts (+€494,815) and Receivables within one year (+€96,154)
- Deferred charges and accrued income +€12,278
up €12,278 (+160.0%), from €7,674 to €19,952
- Trade debts +€494,815
up €494,815 (+263.8%), from €187,579 to €682,394
- Reserves -€123,375
down €123,375 (-47.0%), from €262,303 to €138,928
- Tax, wage and social debts -€14,412
down €14,412 (-94.3%), from €15,289 to €877
of which Remuneration and social security: -€8,562
- Gross operating margin -€160,874
down €160,874 (-26.7%), from €601,444 to €440,571
- Staff costs -€67,418
down €67,418 (-10.6%), from €635,092 to €567,674
- Taxes -€26,098
down €26,098, from €0 to -€26,098
- Financial charges +€6,685
up €6,685 (+198.0%), from €3,376 to €10,061
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 | €495,352 | €852,379 | +€357,028 | +72.1% |
| Fixed assets | 21/28 | €17,625 | €393,931 | +€376,306 | +2135.1% |
| Tangible fixed assets | 22/27 | €1,330 | €377,636 | +€376,306 | +28303.3% |
| Furniture and vehicles | 24 | €1,330 | €377,636 | +€376,306 | +28303.3% |
| Financial fixed assets | 28 | €16,296 | €16,296 | = | 0.0% |
| Current assets | 29/58 | €477,727 | €458,448 | -€19,278 | -4.0% |
| Amounts receivable within one year | 40/41 | €380,184 | €284,030 | -€96,154 | -25.3% |
| Trade receivables | 40 | €264,039 | €117,292 | -€146,747 | -55.6% |
| Other amounts receivable | 41 | €116,145 | €166,738 | +€50,593 | +43.6% |
| Cash at bank and in hand | 54/58 | €89,868 | €154,466 | +€64,598 | +71.9% |
| Deferred charges and accrued income | 490/1 | €7,674 | €19,952 | +€12,278 | +160.0% |
| Total equity and liabilities | 10/49 | €495,352 | €852,379 | +€357,028 | +72.1% |
| Equity | 10/15 | €292,303 | €168,928 | -€123,375 | -42.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €262,303 | €138,928 | -€123,375 | -47.0% |
| Distributable reserves | 133 | €262,303 | €138,928 | -€123,375 | -47.0% |
| Amounts payable | 17/49 | €203,049 | €683,452 | +€480,403 | +236.6% |
| Amounts payable within one year | 42/48 | €203,049 | €683,452 | +€480,403 | +236.6% |
| Trade debts | 44 | €187,579 | €682,394 | +€494,815 | +263.8% |
| Suppliers | 440/4 | €187,579 | €682,394 | +€494,815 | +263.8% |
| Taxes, remuneration and social security | 45 | €15,289 | €877 | -€14,412 | -94.3% |
| Taxes | 450/3 | €5,850 | €0 | -€5,850 | -100.0% |
| Remuneration and social security | 454/9 | €9,439 | €877 | -€8,562 | -90.7% |
| Other amounts payable | 47/48 | €181 | €181 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €635,092 | €567,674 | -€67,418 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,592 | €7,694 | -€3,898 | -33.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,468 | +€2,468 | |
| Other operating charges | 640/8 | €1,336 | €2,217 | +€881 | +65.9% |
| Gross operating margin | 9900 | €601,444 | €440,571 | -€160,874 | -26.7% |
| Operating profit (loss) | 9901 | -€46,575 | -€139,482 | -€92,907 | -199.5% |
| Financial income | 75/76B | €75 | €70 | -€5 | -6.9% |
| Recurring financial income | 75 | €75 | €70 | -€5 | -6.9% |
| Financial charges | 65/66B | €3,376 | €10,061 | +€6,685 | +198.0% |
| Recurring financial charges | 65 | €3,376 | €10,061 | +€6,685 | +198.0% |
| Profit (loss) for the period before taxes | 9903 | -€49,876 | -€149,473 | -€99,597 | -199.7% |
| Income taxes | 67/77 | €0 | -€26,098 | -€26,098 | |
| Profit (loss) for the period | 9904 | -€49,876 | -€123,375 | -€73,499 | -147.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,876 | -€123,375 | -€73,499 | -147.4% |
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 28 September 2026 via checked.be.