M@XIVAN: 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.
M@XIVAN
Largest movements
- Cash -€24,572
down €24,572 (-44.9%), from €54,674 to €30,102
mainly Contributions, distributions and other (-€100,000) and Investment in fixed assets (net) (-€67,713)
- Receivables within one year +€12,778
up €12,778 (+5.9%), from €218,175 to €230,953
of which Trade receivables: +€37,232
- Tangible fixed assets -€5,266
down €5,266 (-3.1%), from €170,068 to €164,802
of which Leasing and similar rights: -€37,662
- Tax, wage and social debts -€33,323
down €33,323 (-70.8%), from €47,074 to €13,751
- Reserves +€22,818
up €22,818 (+25.5%), from €89,482 to €112,300
- Trade debts +€15,153
up €15,153 (+15.2%), from €99,449 to €114,602
- Debts after one year -€13,351
down €13,351 (-19.4%), from €68,994 to €55,644
- Gross operating margin +€28,248
up €28,248 (+13.3%), from €212,270 to €240,519
- Depreciation +€26,268
up €26,268 (+56.2%), from €46,712 to €72,979
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 | €444,944 | €430,918 | -€14,026 | -3.2% |
| Fixed assets | 21/28 | €170,068 | €164,802 | -€5,266 | -3.1% |
| Tangible fixed assets | 22/27 | €170,068 | €164,802 | -€5,266 | -3.1% |
| Plant, machinery and equipment | 23 | €18,756 | €41,672 | +€22,916 | +122.2% |
| Furniture and vehicles | 24 | €40,738 | €50,217 | +€9,480 | +23.3% |
| Leasing and similar rights | 25 | €110,575 | €72,913 | -€37,662 | -34.1% |
| Current assets | 29/58 | €274,876 | €266,116 | -€8,760 | -3.2% |
| Amounts receivable within one year | 40/41 | €218,175 | €230,953 | +€12,778 | +5.9% |
| Trade receivables | 40 | €182,126 | €219,358 | +€37,232 | +20.4% |
| Other amounts receivable | 41 | €36,049 | €11,595 | -€24,454 | -67.8% |
| Cash at bank and in hand | 54/58 | €54,674 | €30,102 | -€24,572 | -44.9% |
| Deferred charges and accrued income | 490/1 | €2,027 | €5,061 | +€3,034 | +149.7% |
| Total equity and liabilities | 10/49 | €444,944 | €430,918 | -€14,026 | -3.2% |
| Equity | 10/15 | €90,482 | €113,300 | +€22,818 | +25.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €89,482 | €112,300 | +€22,818 | +25.5% |
| Distributable reserves | 133 | €89,482 | €112,300 | +€22,818 | +25.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €354,463 | €317,618 | -€36,844 | -10.4% |
| Amounts payable after more than one year | 17 | €68,994 | €55,644 | -€13,351 | -19.4% |
| Financial debts | 170/4 | €68,994 | €55,644 | -€13,351 | -19.4% |
| Amounts payable within one year | 42/48 | €285,468 | €261,975 | -€23,493 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €36,200 | €32,908 | -€3,292 | -9.1% |
| Trade debts | 44 | €99,449 | €114,602 | +€15,153 | +15.2% |
| Suppliers | 440/4 | €99,449 | €114,602 | +€15,153 | +15.2% |
| Taxes, remuneration and social security | 45 | €47,074 | €13,751 | -€33,323 | -70.8% |
| Taxes | 450/3 | €47,074 | €13,751 | -€33,323 | -70.8% |
| Other amounts payable | 47/48 | €102,745 | €100,714 | -€2,031 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,712 | €72,979 | +€26,268 | +56.2% |
| Other operating charges | 640/8 | €5,450 | €4,995 | -€454 | -8.3% |
| Gross operating margin | 9900 | €212,270 | €240,519 | +€28,248 | +13.3% |
| Operating profit (loss) | 9901 | €160,109 | €162,544 | +€2,435 | +1.5% |
| Financial income | 75/76B | €10 | €49 | +€40 | +419.0% |
| Recurring financial income | 75 | €10 | €49 | +€40 | +419.0% |
| Financial charges | 65/66B | €2,974 | €5,123 | +€2,149 | +72.2% |
| Recurring financial charges | 65 | €2,974 | €5,123 | +€2,149 | +72.2% |
| Profit (loss) for the period before taxes | 9903 | €157,144 | €157,470 | +€326 | +0.2% |
| Income taxes | 67/77 | €34,928 | €34,652 | -€276 | -0.8% |
| Profit (loss) for the period | 9904 | €122,216 | €122,818 | +€602 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €122,216 | €122,818 | +€602 | +0.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.