MAKBEN: 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.
MAKBEN
Largest movements
- Tangible fixed assets -€21,729
down €21,729 (-3.9%), from €559,173 to €537,445
of which Land and buildings: -€21,479
- Debts after one year -€28,326
down €28,326 (-7.0%), from €405,116 to €376,791
of which Financial debts: -€28,601
- Other debts +€20,066
up €20,066 (+4.2%), from €480,839 to €500,904
- Profit (loss) carried forward -€15,676
down €15,676 (-10.6%), from -€147,442 to -€163,118
- Other operating charges +€27,419
new in 2025: €27,419
- Gross operating margin -€3,158
down €3,158 (-5.9%), from €53,802 to €50,644
- Financial charges +€2,030
up €2,030 (+13.4%), from €15,143 to €17,173
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 | €829,160 | €810,488 | -€18,671 | -2.3% |
| Fixed assets | 21/28 | €559,173 | €537,445 | -€21,729 | -3.9% |
| Tangible fixed assets | 22/27 | €559,173 | €537,445 | -€21,729 | -3.9% |
| Land and buildings | 22 | €558,423 | €536,945 | -€21,479 | -3.8% |
| Other tangible fixed assets | 26 | €750 | €500 | -€250 | -33.3% |
| Current assets | 29/58 | €269,986 | €273,044 | +€3,058 | +1.1% |
| Amounts receivable within one year | 40/41 | €268,068 | €266,568 | -€1,500 | -0.6% |
| Other amounts receivable | 41 | €268,068 | €266,568 | -€1,500 | -0.6% |
| Cash at bank and in hand | 54/58 | €1,919 | €6,476 | +€4,558 | +237.5% |
| Total equity and liabilities | 10/49 | €829,160 | €810,488 | -€18,671 | -2.3% |
| Equity | 10/15 | -€84,942 | -€100,618 | -€15,676 | -18.5% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€147,442 | -€163,118 | -€15,676 | -10.6% |
| Amounts payable | 17/49 | €914,101 | €911,106 | -€2,995 | -0.3% |
| Amounts payable after more than one year | 17 | €405,116 | €376,791 | -€28,326 | -7.0% |
| Financial debts | 170/4 | €393,156 | €364,556 | -€28,601 | -7.3% |
| Other amounts payable | 178/9 | €11,960 | €12,235 | +€275 | +2.3% |
| Amounts payable within one year | 42/48 | €508,985 | €534,315 | +€25,330 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €23,336 | €28,601 | +€5,265 | +22.6% |
| Trade debts | 44 | €4,810 | €4,810 | = | 0.0% |
| Bills of exchange payable | 441 | €4,810 | €4,810 | = | 0.0% |
| Other amounts payable | 47/48 | €480,839 | €500,904 | +€20,066 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,729 | €21,729 | = | 0.0% |
| Other operating charges | 640/8 | - | €27,419 | +€27,419 | |
| Gross operating margin | 9900 | €53,802 | €50,644 | -€3,158 | -5.9% |
| Operating profit (loss) | 9901 | €32,074 | €1,497 | -€30,577 | -95.3% |
| Financial charges | 65/66B | €15,143 | €17,173 | +€2,030 | +13.4% |
| Recurring financial charges | 65 | €15,143 | €17,173 | +€2,030 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €16,931 | -€15,676 | -€32,607 | |
| Profit (loss) for the period | 9904 | €16,931 | -€15,676 | -€32,607 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,931 | -€15,676 | -€32,607 |
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 12 October 2026 via checked.be.