MAKX: 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.
MAKX
Largest movements
- Cash +€123,819
up €123,819 (+169.3%), from €73,121 to €196,940
mainly Other debts (+€201,121) and Net result for the year (+€169,125)
- Tangible fixed assets +€92,542
up €92,542 (+2475.0%), from €3,739 to €96,281
of which Furniture and vehicles: +€93,760
- Deferred charges and accrued income -€30,603
down €30,603 (-96.8%), from €31,621 to €1,018
- Other debts +€201,121
up €201,121 (+183.5%), from €109,616 to €310,737
- Reserves -€108,660
down €108,660 (-29.3%), from €371,151 to €262,491
of which Distributable reserves: -€108,660
- Debts after one year +€62,035
new in 2025: €62,035
- Tax, wage and social debts +€19,932
up €19,932 (+62.3%), from €31,985 to €51,918
- Current portion of long-term debt +€15,305
up €15,305, from €0 to €15,305
- Gross operating margin +€77,120
up €77,120 (+49.7%), from €155,060 to €232,180
- Taxes +€18,742
up €18,742 (+47.0%), from €39,835 to €58,577
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 | €534,404 | €722,641 | +€188,238 | +35.2% |
| Fixed assets | 21/28 | €403,779 | €496,321 | +€92,542 | +22.9% |
| Tangible fixed assets | 22/27 | €3,739 | €96,281 | +€92,542 | +2475.0% |
| Plant, machinery and equipment | 23 | €1,878 | €1,294 | -€584 | -31.1% |
| Furniture and vehicles | 24 | €0 | €93,760 | +€93,760 | |
| Other tangible fixed assets | 26 | €1,861 | €1,228 | -€633 | -34.0% |
| Financial fixed assets | 28 | €400,040 | €400,040 | = | 0.0% |
| Current assets | 29/58 | €130,625 | €226,320 | +€95,696 | +73.3% |
| Amounts receivable within one year | 40/41 | €25,883 | €28,362 | +€2,480 | +9.6% |
| Trade receivables | 40 | €25,713 | €28,233 | +€2,520 | +9.8% |
| Other amounts receivable | 41 | €170 | €130 | -€41 | -23.9% |
| Cash at bank and in hand | 54/58 | €73,121 | €196,940 | +€123,819 | +169.3% |
| Deferred charges and accrued income | 490/1 | €31,621 | €1,018 | -€30,603 | -96.8% |
| Total equity and liabilities | 10/49 | €534,404 | €722,641 | +€188,238 | +35.2% |
| Equity | 10/15 | €389,751 | €281,091 | -€108,660 | -27.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €371,151 | €262,491 | -€108,660 | -29.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €371,151 | €262,491 | -€108,660 | -29.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €144,653 | €441,551 | +€296,898 | +205.2% |
| Amounts payable after more than one year | 17 | - | €62,035 | +€62,035 | |
| Financial debts | 170/4 | - | €62,035 | +€62,035 | |
| Amounts payable within one year | 42/48 | €144,653 | €379,516 | +€234,863 | +162.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €15,305 | +€15,305 | |
| Trade debts | 44 | €3,052 | €1,556 | -€1,496 | -49.0% |
| Suppliers | 440/4 | €3,052 | €1,556 | -€1,496 | -49.0% |
| Taxes, remuneration and social security | 45 | €31,985 | €51,918 | +€19,932 | +62.3% |
| Taxes | 450/3 | €31,985 | €51,918 | +€19,932 | +62.3% |
| Other amounts payable | 47/48 | €109,616 | €310,737 | +€201,121 | +183.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,248 | €2,536 | -€1,712 | -40.3% |
| Other operating charges | 640/8 | €1,050 | €987 | -€63 | -6.0% |
| Gross operating margin | 9900 | €155,060 | €232,180 | +€77,120 | +49.7% |
| Operating profit (loss) | 9901 | €149,762 | €228,657 | +€78,895 | +52.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €185 | €955 | +€769 | +414.8% |
| Recurring financial charges | 65 | €185 | €955 | +€769 | +414.8% |
| Profit (loss) for the period before taxes | 9903 | €149,576 | €227,702 | +€78,126 | +52.2% |
| Income taxes | 67/77 | €39,835 | €58,577 | +€18,742 | +47.0% |
| Profit (loss) for the period | 9904 | €109,742 | €169,125 | +€59,384 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €109,742 | €169,125 | +€59,384 | +54.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.