MAXA: 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.
MAXA
Largest movements
- Tangible fixed assets -€36,075
down €36,075 (-8.1%), from €447,572 to €411,497
of which Furniture and vehicles: -€21,167
- Deferred charges and accrued income -€30,628
down €30,628 (-84.5%), from €36,260 to €5,632
- Receivables within one year +€21,345
up €21,345 (+24.1%), from €88,737 to €110,081
of which Other amounts receivable: +€25,103
- Current investments -€17,887
down €17,887 (-98.9%), from €18,091 to €204
- Trade debts -€115,349
down €115,349 (-37.5%), from €307,652 to €192,303
- Accrued charges and deferred income +€92,004
up €92,004 (+977.1%), from €9,416 to €101,419
- Debts after one year -€37,204
down €37,204 (-18.9%), from €196,495 to €159,291
- Current portion of long-term debt +€15,672
up €15,672 (+28.7%), from €54,640 to €70,312
- Tax, wage and social debts -€11,027
down €11,027 (-12.6%), from €87,401 to €76,373
of which Remuneration and social security: -€15,844
- Financial income -€24,918
down €24,918 (-85.6%), from €29,118 to €4,200
- Staff costs -€24,503
down €24,503 (-3.2%), from €762,624 to €738,121
- Gross operating margin +€16,199
up €16,199 (+1.9%), from €865,584 to €881,783
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 | €746,453 | €690,683 | -€55,770 | -7.5% |
| Fixed assets | 21/28 | €470,680 | €432,355 | -€38,325 | -8.1% |
| Intangible fixed assets | 21 | €18,321 | €16,071 | -€2,250 | -12.3% |
| Tangible fixed assets | 22/27 | €447,572 | €411,497 | -€36,075 | -8.1% |
| Plant, machinery and equipment | 23 | €376,710 | €362,270 | -€14,440 | -3.8% |
| Furniture and vehicles | 24 | €69,457 | €48,290 | -€21,167 | -30.5% |
| Other tangible fixed assets | 26 | €1,405 | €937 | -€468 | -33.3% |
| Financial fixed assets | 28 | €4,787 | €4,787 | = | 0.0% |
| Current assets | 29/58 | €275,773 | €258,328 | -€17,445 | -6.3% |
| Stocks and contracts in progress | 3 | €56,955 | €63,865 | +€6,910 | +12.1% |
| Stocks | 30/36 | €56,955 | €63,865 | +€6,910 | +12.1% |
| Amounts receivable within one year | 40/41 | €88,737 | €110,081 | +€21,345 | +24.1% |
| Trade receivables | 40 | €3,759 | €0 | -€3,759 | -100.0% |
| Other amounts receivable | 41 | €84,978 | €110,081 | +€25,103 | +29.5% |
| Current investments | 50/53 | €18,091 | €204 | -€17,887 | -98.9% |
| Cash at bank and in hand | 54/58 | €75,730 | €78,546 | +€2,815 | +3.7% |
| Deferred charges and accrued income | 490/1 | €36,260 | €5,632 | -€30,628 | -84.5% |
| Total equity and liabilities | 10/49 | €746,453 | €690,683 | -€55,770 | -7.5% |
| Equity | 10/15 | €90,851 | €90,984 | +€134 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €84,564 | €84,564 | = | 0.0% |
| Distributable reserves | 133 | €84,564 | €84,564 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,314 | -€12,180 | +€134 | +1.1% |
| Amounts payable | 17/49 | €655,603 | €599,698 | -€55,904 | -8.5% |
| Amounts payable after more than one year | 17 | €196,495 | €159,291 | -€37,204 | -18.9% |
| Financial debts | 170/4 | €196,495 | €159,291 | -€37,204 | -18.9% |
| Amounts payable within one year | 42/48 | €449,692 | €338,988 | -€110,704 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €54,640 | €70,312 | +€15,672 | +28.7% |
| Trade debts | 44 | €307,652 | €192,303 | -€115,349 | -37.5% |
| Suppliers | 440/4 | €307,652 | €192,303 | -€115,349 | -37.5% |
| Taxes, remuneration and social security | 45 | €87,401 | €76,373 | -€11,027 | -12.6% |
| Taxes | 450/3 | €3,811 | €8,628 | +€4,816 | +126.4% |
| Remuneration and social security | 454/9 | €83,589 | €67,746 | -€15,844 | -19.0% |
| Accrued charges and deferred income | 492/3 | €9,416 | €101,419 | +€92,004 | +977.1% |
| Remuneration, social security and pensions | 62 | €762,624 | €738,121 | -€24,503 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,326 | €103,662 | +€6,336 | +6.5% |
| Other operating charges | 640/8 | €6,227 | €7,453 | +€1,226 | +19.7% |
| Gross operating margin | 9900 | €865,584 | €881,783 | +€16,199 | +1.9% |
| Operating profit (loss) | 9901 | -€592 | €32,548 | +€33,140 | |
| Financial income | 75/76B | €29,118 | €4,200 | -€24,918 | -85.6% |
| Recurring financial income | 75 | €29,118 | €4,200 | -€24,918 | -85.6% |
| Financial charges | 65/66B | €31,672 | €31,951 | +€278 | +0.9% |
| Recurring financial charges | 65 | €31,672 | €31,951 | +€278 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,146 | €4,797 | +€7,944 | |
| Income taxes | 67/77 | €7,990 | €4,664 | -€3,326 | -41.6% |
| Profit (loss) for the period | 9904 | -€11,136 | €134 | +€11,270 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,136 | €134 | +€11,270 |
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 30 September 2026 via checked.be.