MKARS: 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.
MKARS
Largest movements
- Stocks and contracts +€175,395
up €175,395 (+312.5%), from €56,134 to €231,529
- Receivables within one year -€69,604
down €69,604 (-45.0%), from €154,530 to €84,926
- Other debts +€50,876
up €50,876 (+96.5%), from €52,715 to €103,591
- Trade debts +€35,545
up €35,545 (+18.2%), from €194,918 to €230,463
- Profit (loss) carried forward +€20,612
up €20,612 (+61.0%), from -€33,792 to -€13,180
- Gross operating margin +€55,256
up €55,256, from -€33,147 to €22,109
- Other operating charges -€821
no longer reported in 2025 (was €821)
- Taxes +€394
new in 2025: €394
- Depreciation +€349
up €349 (+542.2%), from €64 to €413
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 | €220,115 | €326,065 | +€105,951 | +48.1% |
| Fixed assets | 21/28 | €1,176 | €762 | -€413 | -35.2% |
| Tangible fixed assets | 22/27 | €1,176 | €762 | -€413 | -35.2% |
| Plant, machinery and equipment | 23 | €1,176 | €762 | -€413 | -35.2% |
| Current assets | 29/58 | €218,939 | €325,303 | +€106,364 | +48.6% |
| Stocks and contracts in progress | 3 | €56,134 | €231,529 | +€175,395 | +312.5% |
| Stocks | 30/36 | €56,134 | €231,529 | +€175,395 | +312.5% |
| Amounts receivable within one year | 40/41 | €154,530 | €84,926 | -€69,604 | -45.0% |
| Trade receivables | 40 | €154,530 | €84,926 | -€69,604 | -45.0% |
| Cash at bank and in hand | 54/58 | €8,136 | €8,779 | +€643 | +7.9% |
| Deferred charges and accrued income | 490/1 | €138 | €68 | -€70 | -50.6% |
| Total equity and liabilities | 10/49 | €220,115 | €326,065 | +€105,951 | +48.1% |
| Equity | 10/15 | -€31,792 | -€11,180 | +€20,612 | +64.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,792 | -€13,180 | +€20,612 | +61.0% |
| Amounts payable | 17/49 | €251,907 | €337,246 | +€85,339 | +33.9% |
| Amounts payable within one year | 42/48 | €251,907 | €337,246 | +€85,339 | +33.9% |
| Trade debts | 44 | €194,918 | €230,463 | +€35,545 | +18.2% |
| Suppliers | 440/4 | €194,918 | €230,463 | +€35,545 | +18.2% |
| Taxes, remuneration and social security | 45 | €4,274 | €3,191 | -€1,083 | -25.3% |
| Taxes | 450/3 | €4,274 | €3,191 | -€1,083 | -25.3% |
| Other amounts payable | 47/48 | €52,715 | €103,591 | +€50,876 | +96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64 | €413 | +€349 | +542.2% |
| Other operating charges | 640/8 | €821 | - | -€821 | |
| Non-recurring operating charges | 66A | €749 | €355 | -€394 | -52.6% |
| Gross operating margin | 9900 | -€33,147 | €22,109 | +€55,256 | |
| Operating profit (loss) | 9901 | -€34,781 | €21,340 | +€56,122 | |
| Financial charges | 65/66B | €137 | €334 | +€198 | +144.7% |
| Recurring financial charges | 65 | €137 | €334 | +€198 | +144.7% |
| Profit (loss) for the period before taxes | 9903 | -€34,918 | €21,006 | +€55,924 | |
| Income taxes | 67/77 | - | €394 | +€394 | |
| Profit (loss) for the period | 9904 | -€34,918 | €20,612 | +€55,530 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,918 | €20,612 | +€55,530 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.