MAKX PARTNERS: 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.
MAKX PARTNERS
Largest movements
- Intangible fixed assets -€271,963
down €271,963 (-11.8%), from €2.3m to €2.0m
- Deferred charges and accrued income +€111,817
up €111,817 (+19.1%), from €584,708 to €696,524
- Cash +€91,719
up €91,719 (+1,006%), from €9,113 to €100,832
mainly Net result for the year (+€1.0m) and Depreciation (+€278,639)
- Debts after one year -€198,093
down €198,093 (-11.0%), from €1.8m to €1.6m
- Other debts +€141,964
up €141,964 (+16.5%), from €858,256 to €1.0m
- Gross operating margin +€132,233
up €132,233 (+9.1%), from €1.4m to €1.6m
- Other operating charges +€22,482
up €22,482 (+924%), from €2,434 to €24,916
- Staff costs -€20,769
down €20,769 (-10.0%), from €208,379 to €187,610
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 | €2,922,547 | €2,867,316 | -€55,231 | -1.9% |
| Fixed assets | 21/28 | €2,328,615 | €2,069,791 | -€258,824 | -11.1% |
| Intangible fixed assets | 21 | €2,310,567 | €2,038,604 | -€271,963 | -11.8% |
| Tangible fixed assets | 22/27 | €17,898 | €31,037 | +€13,139 | +73.4% |
| Furniture and vehicles | 24 | €5,693 | €8,043 | +€2,350 | +41.3% |
| Other tangible fixed assets | 26 | €12,204 | €22,993 | +€10,789 | +88.4% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €593,933 | €797,525 | +€203,592 | +34.3% |
| Amounts receivable within one year | 40/41 | €112 | €169 | +€57 | +51.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €112 | €169 | +€57 | +51.1% |
| Cash at bank and in hand | 54/58 | €9,113 | €100,832 | +€91,719 | +1,006% |
| Deferred charges and accrued income | 490/1 | €584,708 | €696,524 | +€111,817 | +19.1% |
| Total equity and liabilities | 10/49 | €2,922,547 | €2,867,316 | -€55,231 | -1.9% |
| Equity | 10/15 | €28,445 | €30,775 | +€2,330 | +8.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,445 | €10,775 | +€2,330 | +27.6% |
| Amounts payable | 17/49 | €2,894,102 | €2,836,541 | -€57,561 | -2.0% |
| Amounts payable after more than one year | 17 | €1,799,421 | €1,601,328 | -€198,093 | -11.0% |
| Financial debts | 170/4 | €1,799,421 | €1,601,328 | -€198,093 | -11.0% |
| Amounts payable within one year | 42/48 | €1,094,681 | €1,235,213 | +€140,532 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €191,211 | €198,093 | +€6,882 | +3.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €14,017 | €13,142 | -€875 | -6.2% |
| Suppliers | 440/4 | €14,017 | €13,142 | -€875 | -6.2% |
| Taxes, remuneration and social security | 45 | €31,198 | €23,758 | -€7,440 | -23.8% |
| Taxes | 450/3 | €9,280 | €7,122 | -€2,157 | -23.2% |
| Remuneration and social security | 454/9 | €21,918 | €16,635 | -€5,283 | -24.1% |
| Other amounts payable | 47/48 | €858,256 | €1,000,220 | +€141,964 | +16.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €208,379 | €187,610 | -€20,769 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €275,189 | €278,639 | +€3,449 | +1.3% |
| Other operating charges | 640/8 | €2,434 | €24,916 | +€22,482 | +924% |
| Gross operating margin | 9900 | €1,445,554 | €1,577,787 | +€132,233 | +9.1% |
| Operating profit (loss) | 9901 | €959,552 | €1,086,623 | +€127,071 | +13.2% |
| Financial income | 75/76B | €240 | €622 | +€382 | +159% |
| Recurring financial income | 75 | €240 | €622 | +€382 | +159% |
| Financial charges | 65/66B | €81,035 | €73,225 | -€7,810 | -9.6% |
| Recurring financial charges | 65 | €81,035 | €73,225 | -€7,810 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €878,757 | €1,014,020 | +€135,263 | +15.4% |
| Income taxes | 67/77 | €14,888 | €11,479 | -€3,410 | -22.9% |
| Profit (loss) for the period | 9904 | €863,868 | €1,002,541 | +€138,673 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €863,868 | €1,002,541 | +€138,673 | +16.1% |
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 20 October 2026 via checked.be.