Maksor: 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.
Maksor
Largest movements
- Receivables after one year +€984,450
up €984,450 (+6,331%), from €15,550 to €1.0m
- Financial fixed assets -€121,733
down €121,733 (-100%), from €121,733 to €0
- Tangible fixed assets -€35,080
down €35,080 (-3.8%), from €915,560 to €880,480
of which Land and buildings: -€31,469
- Receivables within one year -€20,827
down €20,827 (-66.3%), from €31,422 to €10,595
of which Trade receivables: -€14,468
- Profit (loss) carried forward +€881,616
up €881,616 (+238%), from €370,368 to €1.3m
- Other debts -€69,685
down €69,685 (-59.4%), from €117,323 to €47,637
- Debts after one year -€42,434
down €42,434 (-9.3%), from €454,398 to €411,964
- Reserves +€42,100
up €42,100 (+65.5%), from €64,260 to €106,360
of which Tax-exempt reserves: +€42,100
- Financial income +€865,541
up €865,541 (+824%), from €105,082 to €970,623
of which Non-recurring financial income: +€929,767
- Gross operating margin -€179,165
down €179,165 (-77.7%), from €230,459 to €51,294
- Taxes -€19,794
down €19,794 (-98.3%), from €20,136 to €342
- Depreciation -€18,577
down €18,577 (-20.5%), from €90,639 to €72,062
- Other operating charges -€6,010
down €6,010 (-58.2%), from €10,325 to €4,314
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 | €1,114,991 | €1,923,589 | +€808,597 | +72.5% |
| Fixed assets | 21/28 | €1,037,293 | €880,480 | -€156,813 | -15.1% |
| Tangible fixed assets | 22/27 | €915,560 | €880,480 | -€35,080 | -3.8% |
| Land and buildings | 22 | €764,537 | €733,068 | -€31,469 | -4.1% |
| Furniture and vehicles | 24 | €151,023 | €126,516 | -€24,507 | -16.2% |
| Other tangible fixed assets | 26 | - | €20,896 | +€20,896 | |
| Financial fixed assets | 28 | €121,733 | €0 | -€121,733 | -100% |
| Current assets | 29/58 | €77,698 | €1,043,108 | +€965,410 | +1,243% |
| Amounts receivable after more than one year | 29 | €15,550 | €1,000,000 | +€984,450 | +6,331% |
| Other amounts receivable | 291 | €15,550 | €1,000,000 | +€984,450 | +6,331% |
| Amounts receivable within one year | 40/41 | €31,422 | €10,595 | -€20,827 | -66.3% |
| Trade receivables | 40 | €25,064 | €10,595 | -€14,468 | -57.7% |
| Other amounts receivable | 41 | €6,358 | €0 | -€6,358 | -100% |
| Cash at bank and in hand | 54/58 | €22,560 | €12,119 | -€10,441 | -46.3% |
| Deferred charges and accrued income | 490/1 | €8,166 | €20,395 | +€12,228 | +150% |
| Total equity and liabilities | 10/49 | €1,114,991 | €1,923,589 | +€808,597 | +72.5% |
| Equity | 10/15 | €453,228 | €1,376,944 | +€923,716 | +204% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,260 | €106,360 | +€42,100 | +65.5% |
| Tax-exempt reserves | 132 | €42,100 | €84,200 | +€42,100 | +100% |
| Distributable reserves | 133 | €22,160 | €22,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | €370,368 | €1,251,984 | +€881,616 | +238% |
| Amounts payable | 17/49 | €661,763 | €546,644 | -€115,119 | -17.4% |
| Amounts payable after more than one year | 17 | €454,398 | €411,964 | -€42,434 | -9.3% |
| Financial debts | 170/4 | €454,398 | €411,964 | -€42,434 | -9.3% |
| Amounts payable within one year | 42/48 | €206,799 | €132,555 | -€74,244 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €40,768 | €42,434 | +€1,666 | +4.1% |
| Trade debts | 44 | €20,151 | €20,570 | +€419 | +2.1% |
| Suppliers | 440/4 | €20,151 | €20,570 | +€419 | +2.1% |
| Taxes, remuneration and social security | 45 | €28,558 | €21,914 | -€6,644 | -23.3% |
| Taxes | 450/3 | €26,058 | €21,914 | -€4,144 | -15.9% |
| Remuneration and social security | 454/9 | €2,500 | €0 | -€2,500 | -100% |
| Other amounts payable | 47/48 | €117,323 | €47,637 | -€69,685 | -59.4% |
| Accrued charges and deferred income | 492/3 | €566 | €2,125 | +€1,559 | +275% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,639 | €72,062 | -€18,577 | -20.5% |
| Other operating charges | 640/8 | €10,325 | €4,314 | -€6,010 | -58.2% |
| Gross operating margin | 9900 | €230,459 | €51,294 | -€179,165 | -77.7% |
| Operating profit (loss) | 9901 | €129,495 | -€25,083 | -€154,578 | |
| Financial income | 75/76B | €105,082 | €970,623 | +€865,541 | +824% |
| Recurring financial income | 75 | €105,082 | €40,856 | -€64,226 | -61.1% |
| Non-recurring financial income | 76B | - | €929,767 | +€929,767 | |
| Financial charges | 65/66B | €19,298 | €21,482 | +€2,184 | +11.3% |
| Recurring financial charges | 65 | €19,298 | €19,982 | +€684 | +3.5% |
| Non-recurring financial charges | 66B | - | €1,500 | +€1,500 | |
| Profit (loss) for the period before taxes | 9903 | €215,278 | €924,057 | +€708,779 | +329% |
| Income taxes | 67/77 | €20,136 | €342 | -€19,794 | -98.3% |
| Profit (loss) for the period | 9904 | €195,143 | €923,716 | +€728,573 | +373% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,043 | €881,616 | +€728,573 | +476% |
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 20 October 2026 via checked.be.