MAKULA: 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.
MAKULA
Largest movements
- Cash +€2,011
up €2,011 (+32.1%), from €6,271 to €8,282
mainly Net result for the year (+€12,031) and Depreciation (+€8,993)
- Deferred charges and accrued income +€1,875
up €1,875 (+117.4%), from €1,598 to €3,473
- Receivables within one year -€498
down €498 (-5.6%), from €8,912 to €8,414
of which Trade receivables: -€1,156
- Debts after one year -€3,247
down €3,247 (-31.9%), from €10,165 to €6,918
- Trade debts +€2,384
up €2,384 (+114.7%), from €2,079 to €4,463
- Other debts +€2,320
up €2,320 (+30.3%), from €7,650 to €9,970
- Tax, wage and social debts +€1,666
up €1,666 (+40.6%), from €4,107 to €5,772
of which Taxes: +€1,664
- Financial charges +€24,646
up €24,646 (+2539.3%), from €971 to €25,617
- Gross operating margin +€18,778
up €18,778 (+58.6%), from €32,022 to €50,799
- Depreciation -€5,646
down €5,646 (-38.6%), from €14,639 to €8,993
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 | €45,443 | €48,635 | +€3,192 | +7.0% |
| Fixed assets | 21/28 | €28,662 | €28,466 | -€196 | -0.7% |
| Tangible fixed assets | 22/27 | €28,619 | €28,422 | -€196 | -0.7% |
| Plant, machinery and equipment | 23 | €1,916 | €1,180 | -€736 | -38.4% |
| Furniture and vehicles | 24 | €26,703 | €27,243 | +€540 | +2.0% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €16,781 | €20,169 | +€3,388 | +20.2% |
| Amounts receivable within one year | 40/41 | €8,912 | €8,414 | -€498 | -5.6% |
| Trade receivables | 40 | €8,876 | €7,719 | -€1,156 | -13.0% |
| Other amounts receivable | 41 | €37 | €695 | +€658 | +1782.1% |
| Cash at bank and in hand | 54/58 | €6,271 | €8,282 | +€2,011 | +32.1% |
| Deferred charges and accrued income | 490/1 | €1,598 | €3,473 | +€1,875 | +117.4% |
| Total equity and liabilities | 10/49 | €45,443 | €48,635 | +€3,192 | +7.0% |
| Equity | 10/15 | €18,231 | €18,261 | +€31 | +0.2% |
| Contributions | 10/11 | €5,450 | €5,450 | = | 0.0% |
| Reserves | 13 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,781 | €8,811 | +€31 | +0.3% |
| Amounts payable | 17/49 | €27,213 | €30,374 | +€3,161 | +11.6% |
| Amounts payable after more than one year | 17 | €10,165 | €6,918 | -€3,247 | -31.9% |
| Financial debts | 170/4 | €10,165 | €6,918 | -€3,247 | -31.9% |
| Amounts payable within one year | 42/48 | €17,047 | €23,455 | +€6,408 | +37.6% |
| Current portion of amounts payable after more than one year | 42 | €3,113 | €3,247 | +€134 | +4.3% |
| Financial debts | 43 | €99 | €3 | -€96 | -97.0% |
| Credit institutions | 430/8 | €99 | €3 | -€96 | -97.0% |
| Trade debts | 44 | €2,079 | €4,463 | +€2,384 | +114.7% |
| Suppliers | 440/4 | €2,079 | €4,463 | +€2,384 | +114.7% |
| Taxes, remuneration and social security | 45 | €4,107 | €5,772 | +€1,666 | +40.6% |
| Taxes | 450/3 | €4,107 | €5,771 | +€1,664 | +40.5% |
| Remuneration and social security | 454/9 | - | €2 | +€2 | |
| Other amounts payable | 47/48 | €7,650 | €9,970 | +€2,320 | +30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,639 | €8,993 | -€5,646 | -38.6% |
| Other operating charges | 640/8 | €681 | €631 | -€50 | -7.4% |
| Gross operating margin | 9900 | €32,022 | €50,799 | +€18,778 | +58.6% |
| Operating profit (loss) | 9901 | €16,701 | €41,175 | +€24,474 | +146.5% |
| Financial income | 75/76B | €232 | €56 | -€176 | -75.8% |
| Recurring financial income | 75 | €232 | €56 | -€176 | -75.8% |
| Financial charges | 65/66B | €971 | €25,617 | +€24,646 | +2539.3% |
| Recurring financial charges | 65 | €971 | €25,617 | +€24,646 | +2539.3% |
| Profit (loss) for the period before taxes | 9903 | €15,963 | €15,615 | -€349 | -2.2% |
| Income taxes | 67/77 | €3,587 | €3,584 | -€3 | -0.1% |
| Profit (loss) for the period | 9904 | €12,377 | €12,031 | -€346 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,377 | €12,031 | -€346 | -2.8% |
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 9 October 2026 via checked.be.