DR. FRANK LIPPENS MAXFAC: 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.
DR. FRANK LIPPENS MAXFAC
Largest movements
- Cash -€71,047
down €71,047 (-78.4%), from €90,595 to €19,548
mainly Current portion of long-term debt (-€30,939) and Receivables within one year (-€19,036)
- Receivables within one year +€19,036
up €19,036 (+51.0%), from €37,358 to €56,394
- Tangible fixed assets -€12,012
down €12,012 (-12.3%), from €97,995 to €85,983
of which Other tangible fixed assets: -€10,899
- Financial fixed assets +€10,500
up €10,500 (+5.0%), from €209,040 to €219,540
- Current portion of long-term debt -€30,939
down €30,939 (-66.6%), from €46,442 to €15,503
- Debts after one year -€17,917
down €17,917 (-9.6%), from €187,328 to €169,411
- Other debts -€16,703
down €16,703 (-54.6%), from €30,584 to €13,881
- Gross operating margin -€44,685
down €44,685 (-53.8%), from €83,057 to €38,372
- Other operating charges -€13,635
down €13,635 (-91.7%), from €14,873 to €1,238
- Taxes -€8,889
down €8,889 (-66.6%), from €13,345 to €4,456
- Financial charges +€2,029
up €2,029 (+17.0%), from €11,919 to €13,948
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 | €991,546 | €940,934 | -€50,613 | -5.1% |
| Fixed assets | 21/28 | €307,035 | €305,523 | -€1,512 | -0.5% |
| Tangible fixed assets | 22/27 | €97,995 | €85,983 | -€12,012 | -12.3% |
| Plant, machinery and equipment | 23 | €24,112 | €23,487 | -€624 | -2.6% |
| Furniture and vehicles | 24 | €706 | €218 | -€489 | -69.2% |
| Other tangible fixed assets | 26 | €73,176 | €62,278 | -€10,899 | -14.9% |
| Financial fixed assets | 28 | €209,040 | €219,540 | +€10,500 | +5.0% |
| Current assets | 29/58 | €684,512 | €635,411 | -€49,101 | -7.2% |
| Amounts receivable after more than one year | 29 | €551,756 | €556,259 | +€4,503 | +0.8% |
| Other amounts receivable | 291 | €551,756 | €556,259 | +€4,503 | +0.8% |
| Amounts receivable within one year | 40/41 | €37,358 | €56,394 | +€19,036 | +51.0% |
| Other amounts receivable | 41 | €37,358 | €56,394 | +€19,036 | +51.0% |
| Current investments | 50/53 | €12 | - | -€12 | |
| Cash at bank and in hand | 54/58 | €90,595 | €19,548 | -€71,047 | -78.4% |
| Deferred charges and accrued income | 490/1 | €4,792 | €3,210 | -€1,581 | -33.0% |
| Total equity and liabilities | 10/49 | €991,546 | €940,934 | -€50,613 | -5.1% |
| Equity | 10/15 | €557,529 | €560,706 | +€3,178 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €538,929 | €542,106 | +€3,178 | +0.6% |
| Distributable reserves | 133 | €538,929 | €542,106 | +€3,178 | +0.6% |
| Provisions and deferred taxes | 16 | €160,666 | €160,666 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €160,666 | €160,666 | = | 0.0% |
| Pensions and similar obligations | 160 | €160,666 | €160,666 | = | 0.0% |
| Amounts payable | 17/49 | €273,352 | €219,561 | -€53,790 | -19.7% |
| Amounts payable after more than one year | 17 | €187,328 | €169,411 | -€17,917 | -9.6% |
| Financial debts | 170/4 | €187,328 | €169,411 | -€17,917 | -9.6% |
| Amounts payable within one year | 42/48 | €83,523 | €47,651 | -€35,873 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €46,442 | €15,503 | -€30,939 | -66.6% |
| Financial debts | 43 | - | €7,959 | +€7,959 | |
| Credit institutions | 430/8 | - | €7,959 | +€7,959 | |
| Trade debts | 44 | €2,773 | €6,583 | +€3,810 | +137% |
| Suppliers | 440/4 | €2,773 | €6,583 | +€3,810 | +137% |
| Taxes, remuneration and social security | 45 | €3,725 | €3,725 | = | 0.0% |
| Taxes | 450/3 | €3,725 | €3,725 | = | 0.0% |
| Other amounts payable | 47/48 | €30,584 | €13,881 | -€16,703 | -54.6% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,333 | €15,553 | +€220 | +1.4% |
| Other operating charges | 640/8 | €14,873 | €1,238 | -€13,635 | -91.7% |
| Gross operating margin | 9900 | €83,057 | €38,372 | -€44,685 | -53.8% |
| Operating profit (loss) | 9901 | €52,850 | €21,581 | -€31,269 | -59.2% |
| Financial income | 75/76B | €1 | €0 | -€1 | -87.7% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -87.7% |
| Financial charges | 65/66B | €11,919 | €13,948 | +€2,029 | +17.0% |
| Recurring financial charges | 65 | €11,919 | €13,948 | +€2,029 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €40,932 | €7,633 | -€33,299 | -81.4% |
| Income taxes | 67/77 | €13,345 | €4,456 | -€8,889 | -66.6% |
| Profit (loss) for the period | 9904 | €27,587 | €3,178 | -€24,409 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,587 | €3,178 | -€24,409 | -88.5% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.