MIKS MAKS: 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.
MIKS MAKS
Largest movements
- Tangible fixed assets +€96,937
up €96,937 (+8.0%), from €1.2m to €1.3m
of which Land and buildings: +€100,626
- Cash -€24,989
down €24,989 (-31.1%), from €80,367 to €55,378
mainly Investment in fixed assets (net) (-€193,808) and Contributions, distributions and other (-€99,999)
- Receivables within one year +€18,744
up €18,744 (+627%), from €2,990 to €21,734
of which Trade receivables: +€17,401
- Other debts +€86,498
up €86,498 (+1,284%), from €6,736 to €93,234
- Debts after one year +€40,223
up €40,223 (+5.0%), from €800,425 to €840,648
- Reserves -€40,000
down €40,000 (-15.1%), from €264,588 to €224,588
of which Distributable reserves: -€38,140
- Current portion of long-term debt -€17,497
down €17,497 (-19.3%), from €90,629 to €73,132
- Gross operating margin +€35,131
up €35,131 (+6.8%), from €519,968 to €555,099
- Staff costs +€26,582
up €26,582 (+8.8%), from €300,826 to €327,408
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 | €1,402,350 | €1,479,270 | +€76,920 | +5.5% |
| Fixed assets | 21/28 | €1,272,159 | €1,363,096 | +€90,937 | +7.1% |
| Intangible fixed assets | 21 | €50,977 | €44,977 | -€6,000 | -11.8% |
| Tangible fixed assets | 22/27 | €1,218,932 | €1,315,869 | +€96,937 | +8.0% |
| Land and buildings | 22 | €1,201,012 | €1,301,638 | +€100,626 | +8.4% |
| Plant, machinery and equipment | 23 | €15,067 | €11,506 | -€3,561 | -23.6% |
| Furniture and vehicles | 24 | €2,853 | €2,725 | -€128 | -4.5% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €130,191 | €116,174 | -€14,017 | -10.8% |
| Stocks and contracts in progress | 3 | €9,815 | €9,421 | -€394 | -4.0% |
| Stocks | 30/36 | €9,815 | €9,421 | -€394 | -4.0% |
| Amounts receivable within one year | 40/41 | €2,990 | €21,734 | +€18,744 | +627% |
| Trade receivables | 40 | - | €17,401 | +€17,401 | |
| Other amounts receivable | 41 | €2,990 | €4,333 | +€1,343 | +44.9% |
| Current investments | 50/53 | €19,512 | €19,063 | -€449 | -2.3% |
| Cash at bank and in hand | 54/58 | €80,367 | €55,378 | -€24,989 | -31.1% |
| Deferred charges and accrued income | 490/1 | €17,507 | €10,578 | -€6,929 | -39.6% |
| Total equity and liabilities | 10/49 | €1,402,350 | €1,479,270 | +€76,920 | +5.5% |
| Equity | 10/15 | €458,052 | €423,612 | -€34,440 | -7.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €264,588 | €224,588 | -€40,000 | -15.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €262,728 | €224,588 | -€38,140 | -14.5% |
| Profit (loss) carried forward | 14 | €187,264 | €192,824 | +€5,560 | +3.0% |
| Amounts payable | 17/49 | €944,298 | €1,055,658 | +€111,360 | +11.8% |
| Amounts payable after more than one year | 17 | €800,425 | €840,648 | +€40,223 | +5.0% |
| Financial debts | 170/4 | €800,425 | €840,648 | +€40,223 | +5.0% |
| Amounts payable within one year | 42/48 | €143,873 | €215,010 | +€71,137 | +49.4% |
| Current portion of amounts payable after more than one year | 42 | €90,629 | €73,132 | -€17,497 | -19.3% |
| Trade debts | 44 | €7,377 | €8,721 | +€1,344 | +18.2% |
| Suppliers | 440/4 | €7,377 | €8,721 | +€1,344 | +18.2% |
| Taxes, remuneration and social security | 45 | €39,131 | €39,923 | +€792 | +2.0% |
| Taxes | 450/3 | €3,530 | €14,760 | +€11,230 | +318% |
| Remuneration and social security | 454/9 | €35,601 | €25,163 | -€10,438 | -29.3% |
| Other amounts payable | 47/48 | €6,736 | €93,234 | +€86,498 | +1,284% |
| Remuneration, social security and pensions | 62 | €300,826 | €327,408 | +€26,582 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,001 | €102,871 | -€4,130 | -3.9% |
| Other operating charges | 640/8 | €2,011 | €2,242 | +€231 | +11.5% |
| Gross operating margin | 9900 | €519,968 | €555,099 | +€35,131 | +6.8% |
| Operating profit (loss) | 9901 | €110,130 | €122,578 | +€12,448 | +11.3% |
| Financial income | 75/76B | €3,028 | €826 | -€2,202 | -72.7% |
| Recurring financial income | 75 | €3,028 | €826 | -€2,202 | -72.7% |
| Financial charges | 65/66B | €29,878 | €31,395 | +€1,517 | +5.1% |
| Recurring financial charges | 65 | €29,878 | €31,395 | +€1,517 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €83,280 | €92,009 | +€8,729 | +10.5% |
| Income taxes | 67/77 | €23,877 | €26,450 | +€2,573 | +10.8% |
| Profit (loss) for the period | 9904 | €59,403 | €65,559 | +€6,156 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,403 | €65,559 | +€6,156 | +10.4% |
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 19 October 2026 via checked.be.