MAKU: 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.
MAKU
Largest movements
- Cash +€11,694
up €11,694 (+10.6%), from €110,267 to €121,961
mainly Depreciation (+€92,918) and Other debts (+€45,783)
- Debts after one year -€70,102
down €70,102 (-14.8%), from €473,767 to €403,665
- Other debts +€45,783
up €45,783 (+14.3%), from €319,467 to €365,251
- Reserves +€21,247
up €21,247 (+79.4%), from €26,758 to €48,005
of which Distributable reserves: +€21,247
- Staff costs +€12,020
new in 2024: €12,020
- Gross operating margin +€11,598
up €11,598 (+8.8%), from €131,467 to €143,065
- Depreciation +€7,011
up €7,011 (+8.2%), from €85,906 to €92,918
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €965,151 | €972,423 | +€7,272 | +0.8% |
| Fixed assets | 21/28 | €844,840 | €838,313 | -€6,527 | -0.8% |
| Intangible fixed assets | 21 | €9,868 | €7,148 | -€2,721 | -27.6% |
| Tangible fixed assets | 22/27 | €834,471 | €830,665 | -€3,806 | -0.5% |
| Land and buildings | 22 | €679,574 | €635,828 | -€43,746 | -6.4% |
| Plant, machinery and equipment | 23 | €137,002 | €118,202 | -€18,800 | -13.7% |
| Furniture and vehicles | 24 | €17,895 | €9,602 | -€8,294 | -46.3% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | - | €67,034 | +€67,034 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €120,311 | €134,110 | +€13,799 | +11.5% |
| Amounts receivable within one year | 40/41 | €27 | €7,630 | +€7,602 | +27837.7% |
| Trade receivables | 40 | €27 | €2,732 | +€2,705 | +9903.1% |
| Other amounts receivable | 41 | €0 | €4,898 | +€4,898 | |
| Cash at bank and in hand | 54/58 | €110,267 | €121,961 | +€11,694 | +10.6% |
| Deferred charges and accrued income | 490/1 | €10,017 | €4,519 | -€5,498 | -54.9% |
| Total equity and liabilities | 10/49 | €965,151 | €972,423 | +€7,272 | +0.8% |
| Equity | 10/15 | €86,758 | €108,005 | +€21,247 | +24.5% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €26,758 | €48,005 | +€21,247 | +79.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €26,758 | €48,005 | +€21,247 | +79.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €878,393 | €864,418 | -€13,974 | -1.6% |
| Amounts payable after more than one year | 17 | €473,767 | €403,665 | -€70,102 | -14.8% |
| Financial debts | 170/4 | €473,767 | €403,665 | -€70,102 | -14.8% |
| Amounts payable within one year | 42/48 | €404,506 | €458,080 | +€53,574 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €73,374 | €75,131 | +€1,757 | +2.4% |
| Trade debts | 44 | €11,456 | €17,668 | +€6,212 | +54.2% |
| Suppliers | 440/4 | €11,456 | €17,668 | +€6,212 | +54.2% |
| Taxes, remuneration and social security | 45 | €209 | €31 | -€178 | -85.3% |
| Taxes | 450/3 | €209 | €31 | -€178 | -85.3% |
| Other amounts payable | 47/48 | €319,467 | €365,251 | +€45,783 | +14.3% |
| Accrued charges and deferred income | 492/3 | €120 | €2,673 | +€2,553 | +2127.8% |
| Remuneration, social security and pensions | 62 | - | €12,020 | +€12,020 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,906 | €92,918 | +€7,011 | +8.2% |
| Other operating charges | 640/8 | €7,785 | €8,227 | +€442 | +5.7% |
| Gross operating margin | 9900 | €131,467 | €143,065 | +€11,598 | +8.8% |
| Operating profit (loss) | 9901 | €37,776 | €29,900 | -€7,877 | -20.9% |
| Financial income | 75/76B | €65 | €0 | -€65 | -100.0% |
| Recurring financial income | 75 | €65 | €0 | -€65 | -100.0% |
| Financial charges | 65/66B | €9,694 | €8,653 | -€1,041 | -10.7% |
| Recurring financial charges | 65 | €9,694 | €8,653 | -€1,041 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €28,147 | €21,247 | -€6,900 | -24.5% |
| Profit (loss) for the period | 9904 | €28,147 | €21,247 | -€6,900 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,147 | €21,247 | -€6,900 | -24.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.