MAKTOUB: 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.
MAKTOUB
Largest movements
- Receivables within one year -€4,726
down €4,726 (-49.7%), from €9,505 to €4,779
of which Other amounts receivable: -€7,700
- Cash -€4,390
down €4,390 (-97.6%), from €4,499 to €109
mainly Net result for the year (-€30,270) and Debts after one year (-€15,959)
- Intangible fixed assets -€3,750
down €3,750 (-25.0%), from €15,000 to €11,250
- Deferred charges and accrued income -€2,018
down €2,018 (-78.9%), from €2,557 to €540
- Tangible fixed assets -€374
down €374 (-53.2%), from €704 to €330
- Profit (loss) carried forward -€30,270
down €30,270 (-27.4%), from -€110,448 to -€140,718
- Current portion of long-term debt +€22,917
up €22,917 (+215.4%), from €10,637 to €33,554
- Tax, wage and social debts +€17,078
up €17,078 (+43.9%), from €38,868 to €55,946
of which Remuneration and social security: +€13,465
- Debts after one year -€15,959
no longer reported in 2025 (was €15,959)
- Other debts -€7,628
down €7,628 (-19.7%), from €38,723 to €31,096
- Staff costs +€44,272
up €44,272 (+102.6%), from €43,163 to €87,435
- Financial charges +€15,390
up €15,390 (+777.6%), from €1,979 to €17,369
- Taxes +€3,108
no longer reported in 2025 (was -€3,108)
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 | €36,182 | €20,924 | -€15,258 | -42.2% |
| Fixed assets | 21/28 | €15,704 | €11,580 | -€4,124 | -26.3% |
| Intangible fixed assets | 21 | €15,000 | €11,250 | -€3,750 | -25.0% |
| Tangible fixed assets | 22/27 | €704 | €330 | -€374 | -53.2% |
| Plant, machinery and equipment | 23 | €704 | €330 | -€374 | -53.2% |
| Current assets | 29/58 | €20,478 | €9,344 | -€11,133 | -54.4% |
| Stocks and contracts in progress | 3 | €3,916 | €3,916 | = | 0.0% |
| Stocks | 30/36 | €3,916 | €3,916 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,505 | €4,779 | -€4,726 | -49.7% |
| Trade receivables | 40 | - | €2,974 | +€2,974 | |
| Other amounts receivable | 41 | €9,505 | €1,805 | -€7,700 | -81.0% |
| Cash at bank and in hand | 54/58 | €4,499 | €109 | -€4,390 | -97.6% |
| Deferred charges and accrued income | 490/1 | €2,557 | €540 | -€2,018 | -78.9% |
| Total equity and liabilities | 10/49 | €36,182 | €20,924 | -€15,258 | -42.2% |
| Equity | 10/15 | -€98,048 | -€122,118 | -€24,070 | -24.5% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Capital | 10 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Issued capital | 100 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Profit (loss) carried forward | 14 | -€110,448 | -€140,718 | -€30,270 | -27.4% |
| Amounts payable | 17/49 | €134,230 | €143,042 | +€8,812 | +6.6% |
| Amounts payable after more than one year | 17 | €15,959 | - | -€15,959 | |
| Financial debts | 170/4 | €15,959 | - | -€15,959 | |
| Amounts payable within one year | 42/48 | €118,270 | €143,042 | +€24,772 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €10,637 | €33,554 | +€22,917 | +215.4% |
| Trade debts | 44 | €30,043 | €22,447 | -€7,595 | -25.3% |
| Suppliers | 440/4 | €30,043 | €22,447 | -€7,595 | -25.3% |
| Taxes, remuneration and social security | 45 | €38,868 | €55,946 | +€17,078 | +43.9% |
| Taxes | 450/3 | €31,224 | €34,837 | +€3,613 | +11.6% |
| Remuneration and social security | 454/9 | €7,644 | €21,109 | +€13,465 | +176.2% |
| Other amounts payable | 47/48 | €38,723 | €31,096 | -€7,628 | -19.7% |
| Remuneration, social security and pensions | 62 | €43,163 | €87,435 | +€44,272 | +102.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,672 | €4,124 | -€548 | -11.7% |
| Other operating charges | 640/8 | €1,668 | €1,689 | +€22 | +1.3% |
| Non-recurring operating charges | 66A | €3,108 | - | -€3,108 | |
| Gross operating margin | 9900 | €80,246 | €80,347 | +€101 | +0.1% |
| Operating profit (loss) | 9901 | €27,636 | -€12,901 | -€40,537 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,979 | €17,369 | +€15,390 | +777.6% |
| Recurring financial charges | 65 | €1,979 | €17,369 | +€15,390 | +777.6% |
| Profit (loss) for the period before taxes | 9903 | €25,658 | -€30,270 | -€55,928 | |
| Income taxes | 67/77 | -€3,108 | - | +€3,108 | |
| Profit (loss) for the period | 9904 | €28,766 | -€30,270 | -€59,036 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,766 | -€30,270 | -€59,036 |
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 11 October 2026 via checked.be.