MAKUMBU LAW: 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.
MAKUMBU LAW
Largest movements
- Receivables within one year +€48,167
up €48,167 (+901%), from €5,344 to €53,511
of which Other amounts receivable: +€47,234
- Cash -€29,954
down €29,954 (-69.6%), from €43,048 to €13,094
mainly Receivables within one year (-€48,167) and Trade debts (-€903)
- Profit (loss) carried forward +€12,240
up €12,240 (+36.8%), from €33,244 to €45,484
- Tax, wage and social debts +€6,965
up €6,965 (+54.1%), from €12,874 to €19,839
of which Taxes: +€4,825
- Trade debts -€903
down €903 (-43.9%), from €2,055 to €1,152
- Gross operating margin -€26,345
down €26,345 (-62.3%), from €42,265 to €15,920
- Taxes -€5,304
down €5,304 (-60.3%), from €8,793 to €3,489
- Financial income +€1,407
up €1,407 (+869%), from €162 to €1,569
- Other operating charges +€991
new in 2025: €991
- Financial charges +€482
up €482 (+446%), from €108 to €590
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.
Derived cash bridge
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 | €49,173 | €67,475 | +€18,301 | +37.2% |
| Fixed assets | 21/28 | €782 | €870 | +€88 | +11.3% |
| Tangible fixed assets | 22/27 | €782 | €870 | +€88 | +11.3% |
| Plant, machinery and equipment | 23 | - | €870 | +€870 | |
| Furniture and vehicles | 24 | €782 | - | -€782 | |
| Current assets | 29/58 | €48,391 | €66,604 | +€18,213 | +37.6% |
| Amounts receivable within one year | 40/41 | €5,344 | €53,511 | +€48,167 | +901% |
| Trade receivables | 40 | - | €933 | +€933 | |
| Other amounts receivable | 41 | €5,344 | €52,578 | +€47,234 | +884% |
| Cash at bank and in hand | 54/58 | €43,048 | €13,094 | -€29,954 | -69.6% |
| Total equity and liabilities | 10/49 | €49,173 | €67,475 | +€18,301 | +37.2% |
| Equity | 10/15 | €34,244 | €46,484 | +€12,240 | +35.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,244 | €45,484 | +€12,240 | +36.8% |
| Amounts payable | 17/49 | €14,929 | €20,991 | +€6,062 | +40.6% |
| Amounts payable within one year | 42/48 | €14,929 | €20,991 | +€6,062 | +40.6% |
| Trade debts | 44 | €2,055 | €1,152 | -€903 | -43.9% |
| Suppliers | 440/4 | €2,055 | €1,152 | -€903 | -43.9% |
| Taxes, remuneration and social security | 45 | €12,874 | €19,839 | +€6,965 | +54.1% |
| Taxes | 450/3 | €12,874 | €17,699 | +€4,825 | +37.5% |
| Remuneration and social security | 454/9 | - | €2,140 | +€2,140 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282 | €179 | -€103 | -36.4% |
| Other operating charges | 640/8 | - | €991 | +€991 | |
| Gross operating margin | 9900 | €42,265 | €15,920 | -€26,345 | -62.3% |
| Operating profit (loss) | 9901 | €41,983 | €14,750 | -€27,234 | -64.9% |
| Financial income | 75/76B | €162 | €1,569 | +€1,407 | +869% |
| Recurring financial income | 75 | €162 | €1,569 | +€1,407 | +869% |
| Financial charges | 65/66B | €108 | €590 | +€482 | +446% |
| Recurring financial charges | 65 | €108 | €590 | +€482 | +446% |
| Profit (loss) for the period before taxes | 9903 | €42,037 | €15,729 | -€26,309 | -62.6% |
| Income taxes | 67/77 | €8,793 | €3,489 | -€5,304 | -60.3% |
| Profit (loss) for the period | 9904 | €33,244 | €12,240 | -€21,005 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,244 | €12,240 | -€21,005 | -63.2% |
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 26 October 2026 via checked.be.