MAKSES: 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.
MAKSES
Largest movements
- Stocks and contracts -€1.6m
down €1.6m (-90.2%), from €1.8m to €177,171
- Receivables within one year +€1.3m
up €1.3m (+73.8%), from €1.7m to €3.0m
of which Trade receivables: +€2.1m
- Tangible fixed assets -€583,187
down €583,187 (-97.3%), from €599,626 to €16,438
of which Land and buildings: -€580,648
- Cash +€388,936
up €388,936 (+144.8%), from €268,591 to €657,527
mainly Stocks and contracts (+€1.6m) and Investment in fixed assets (net) (+€640,699)
- Current investments -€150,619
down €150,619 (-62.2%), from €242,200 to €91,581
- Debts after one year -€434,189
down €434,189 (-16.5%), from €2.6m to €2.2m
- Short-term financial debts -€138,985
down €138,985 (-96.7%), from €143,727 to €4,742
- Other debts -€127,682
down €127,682 (-78.9%), from €161,741 to €34,059
- Trade debts -€111,285
down €111,285 (-94.1%), from €118,317 to €7,032
- Tax, wage and social debts +€78,580
up €78,580 (+598.2%), from €13,136 to €91,716
- Financial income -€800,546
down €800,546 (-95.7%), from €836,750 to €36,204
- Gross operating margin -€724,531
down €724,531 (-67.0%), from €1.1m to €356,068
- Taxes -€365,425
down €365,425 (-90.6%), from €403,449 to €38,024
- Financial charges +€86,843
up €86,843 (+128.1%), from €67,803 to €154,646
of which Non-recurring financial charges: +€70,950
- Depreciation -€12,984
down €12,984 (-44.5%), from €29,172 to €16,188
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 | €5,017,393 | €4,271,412 | -€745,981 | -14.9% |
| Fixed assets | 21/28 | €699,326 | €42,438 | -€656,887 | -93.9% |
| Tangible fixed assets | 22/27 | €599,626 | €16,438 | -€583,187 | -97.3% |
| Land and buildings | 22 | €580,648 | €0 | -€580,648 | -100.0% |
| Furniture and vehicles | 24 | €11,762 | €10,111 | -€1,651 | -14.0% |
| Other tangible fixed assets | 26 | €7,215 | €6,327 | -€888 | -12.3% |
| Financial fixed assets | 28 | €99,700 | €26,000 | -€73,700 | -73.9% |
| Current assets | 29/58 | €4,318,067 | €4,228,974 | -€89,093 | -2.1% |
| Amounts receivable after more than one year | 29 | €240,214 | €238,814 | -€1,400 | -0.6% |
| Other amounts receivable | 291 | €240,214 | €238,814 | -€1,400 | -0.6% |
| Stocks and contracts in progress | 3 | €1,810,328 | €177,171 | -€1.6m | -90.2% |
| Stocks | 30/36 | €1,810,328 | €177,171 | -€1.6m | -90.2% |
| Amounts receivable within one year | 40/41 | €1,740,903 | €3,025,151 | +€1.3m | +73.8% |
| Trade receivables | 40 | €113,778 | €2,249,592 | +€2.1m | +1877.2% |
| Other amounts receivable | 41 | €1,627,125 | €775,558 | -€851,566 | -52.3% |
| Current investments | 50/53 | €242,200 | €91,581 | -€150,619 | -62.2% |
| Cash at bank and in hand | 54/58 | €268,591 | €657,527 | +€388,936 | +144.8% |
| Deferred charges and accrued income | 490/1 | €15,831 | €38,730 | +€22,898 | +144.6% |
| Total equity and liabilities | 10/49 | €5,017,393 | €4,271,412 | -€745,981 | -14.9% |
| Equity | 10/15 | €1,872,666 | €1,876,093 | +€3,427 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,829,824 | €1,829,824 | = | 0.0% |
| Distributable reserves | 133 | €1,829,824 | €1,829,824 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,242 | €27,669 | +€3,427 | +14.1% |
| Amounts payable | 17/49 | €3,144,727 | €2,395,320 | -€749,407 | -23.8% |
| Amounts payable after more than one year | 17 | €2,637,558 | €2,203,369 | -€434,189 | -16.5% |
| Financial debts | 170/4 | €2,637,558 | €2,203,369 | -€434,189 | -16.5% |
| Amounts payable within one year | 42/48 | €507,169 | €191,950 | -€315,218 | -62.2% |
| Current portion of amounts payable after more than one year | 42 | €70,248 | €54,402 | -€15,846 | -22.6% |
| Financial debts | 43 | €143,727 | €4,742 | -€138,985 | -96.7% |
| Credit institutions | 430/8 | €143,727 | €4,742 | -€138,985 | -96.7% |
| Trade debts | 44 | €118,317 | €7,032 | -€111,285 | -94.1% |
| Suppliers | 440/4 | €118,317 | €7,032 | -€111,285 | -94.1% |
| Taxes, remuneration and social security | 45 | €13,136 | €91,716 | +€78,580 | +598.2% |
| Taxes | 450/3 | €13,136 | €91,716 | +€78,580 | +598.2% |
| Other amounts payable | 47/48 | €161,741 | €34,059 | -€127,682 | -78.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €1,316,903 | €0 | -€1.3m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,172 | €16,188 | -€12,984 | -44.5% |
| Other operating charges | 640/8 | €1,949 | €6,321 | +€4,371 | +224.3% |
| Non-recurring operating charges | 66A | €1,142 | €173,666 | +€172,524 | +15102.8% |
| Gross operating margin | 9900 | €1,080,599 | €356,068 | -€724,531 | -67.0% |
| Operating profit (loss) | 9901 | €1,048,336 | €159,894 | -€888,442 | -84.7% |
| Financial income | 75/76B | €836,750 | €36,204 | -€800,546 | -95.7% |
| Recurring financial income | 75 | €836,750 | €36,204 | -€800,546 | -95.7% |
| Financial charges | 65/66B | €67,803 | €154,646 | +€86,843 | +128.1% |
| Recurring financial charges | 65 | €67,803 | €83,696 | +€15,893 | +23.4% |
| Non-recurring financial charges | 66B | - | €70,950 | +€70,950 | |
| Profit (loss) for the period before taxes | 9903 | €1,817,282 | €41,451 | -€1.8m | -97.7% |
| Income taxes | 67/77 | €403,449 | €38,024 | -€365,425 | -90.6% |
| Profit (loss) for the period | 9904 | €1,413,833 | €3,427 | -€1.4m | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,413,833 | €3,427 | -€1.4m | -99.8% |
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.