MARTINE MAKA: what changed
MARTINE MAKA
Largest movements
- Tangible fixed assets -€4,169
down €4,169 (-27.1%), from €15,367 to €11,198
of which Plant, machinery and equipment: -€3,839
- Cash +€2,875
up €2,875 (+4,113%), from €70 to €2,945
mainly Net result for the year (+€14,359) and Depreciation (+€4,169)
- Receivables within one year -€947
down €947 (-100%), from €947 to €0
- Profit (loss) carried forward +€14,359
up €14,359 (+36.9%), from -€38,903 to -€24,544
- Other debts -€10,159
down €10,159 (-37.9%), from €26,810 to €16,651
- Debts after one year -€4,894
down €4,894 (-53.5%), from €9,150 to €4,257
- Short-term financial debts -€1,529
down €1,529 (-100%), from €1,529 to €0
- Accrued charges and deferred income -€635
down €635 (-100%), from €635 to €0
- Gross operating margin -€5,205
down €5,205 (-20.4%), from €25,546 to €20,341
- Financial charges -€878
down €878 (-39.3%), from €2,234 to €1,356
- Taxes +€261
new in 2025: €261
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,623 | €16,369 | -€2,255 | -12.1% |
| Fixed assets | 21/28 | €15,367 | €11,198 | -€4,169 | -27.1% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €15,367 | €11,198 | -€4,169 | -27.1% |
| Plant, machinery and equipment | 23 | €15,038 | €11,198 | -€3,839 | -25.5% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Other tangible fixed assets | 26 | €329 | €0 | -€329 | -100% |
| Current assets | 29/58 | €3,257 | €5,170 | +€1,914 | +58.8% |
| Amounts receivable within one year | 40/41 | €947 | €0 | -€947 | -100% |
| Trade receivables | 40 | €947 | €0 | -€947 | -100% |
| Cash at bank and in hand | 54/58 | €70 | €2,945 | +€2,875 | +4,113% |
| Deferred charges and accrued income | 490/1 | €2,240 | €2,225 | -€14 | -0.6% |
| Total equity and liabilities | 10/49 | €18,623 | €16,369 | -€2,255 | -12.1% |
| Equity | 10/15 | -€24,643 | -€10,285 | +€14,359 | +58.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,903 | -€24,544 | +€14,359 | +36.9% |
| Amounts payable | 17/49 | €43,267 | €26,653 | -€16,613 | -38.4% |
| Amounts payable after more than one year | 17 | €9,150 | €4,257 | -€4,894 | -53.5% |
| Financial debts | 170/4 | €9,150 | €4,257 | -€4,894 | -53.5% |
| Amounts payable within one year | 42/48 | €33,482 | €22,397 | -€11,085 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €4,670 | €4,894 | +€224 | +4.8% |
| Financial debts | 43 | €1,529 | €0 | -€1,529 | -100% |
| Credit institutions | 430/8 | €1,529 | €0 | -€1,529 | -100% |
| Trade debts | 44 | €474 | €384 | -€90 | -19.0% |
| Suppliers | 440/4 | €474 | €384 | -€90 | -19.0% |
| Taxes, remuneration and social security | 45 | - | €469 | +€469 | |
| Taxes | 450/3 | - | €469 | +€469 | |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €26,810 | €16,651 | -€10,159 | -37.9% |
| Accrued charges and deferred income | 492/3 | €635 | €0 | -€635 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,169 | €4,169 | +€0 | 0.0% |
| Other operating charges | 640/8 | €315 | €197 | -€118 | -37.5% |
| Gross operating margin | 9900 | €25,546 | €20,341 | -€5,205 | -20.4% |
| Operating profit (loss) | 9901 | €21,063 | €15,976 | -€5,087 | -24.2% |
| Financial charges | 65/66B | €2,234 | €1,356 | -€878 | -39.3% |
| Recurring financial charges | 65 | €2,234 | €1,356 | -€878 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €18,829 | €14,620 | -€4,209 | -22.4% |
| Income taxes | 67/77 | - | €261 | +€261 | |
| Profit (loss) for the period | 9904 | €18,829 | €14,359 | -€4,470 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,829 | €14,359 | -€4,470 | -23.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.