maxa: 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.
maxa
Largest movements
- Cash -€89,792
down €89,792 (-64.0%), from €140,202 to €50,410
mainly Contributions, distributions and other (-€75,000) and Receivables within one year (-€14,083)
- Receivables within one year +€14,083
up €14,083 (+60.4%), from €23,302 to €37,385
of which Other amounts receivable: +€13,051
- Deferred charges and accrued income +€9,127
up €9,127 (+67.9%), from €13,440 to €22,567
- Tangible fixed assets -€5,809
down €5,809 (-16.5%), from €35,188 to €29,379
of which Other tangible fixed assets: -€3,547
- Reserves -€75,000
down €75,000 (-37.8%), from €198,250 to €123,250
- Other debts +€6,943
up €6,943 (+8.8%), from €79,197 to €86,140
- Tax, wage and social debts -€3,641
down €3,641 (-29.6%), from €12,309 to €8,668
of which Taxes: -€5,609
- Gross operating margin -€83,706
down €83,706 (-80.7%), from €103,675 to €19,969
- Taxes -€23,489
down €23,489 (-84.0%), from €27,979 to €4,490
- Financial income -€3,351
down €3,351 (-91.0%), from €3,683 to €332
- Financial charges +€1,838
up €1,838 (+97.8%), from €1,878 to €3,716
- Other operating charges -€1,646
down €1,646 (-72.6%), from €2,268 to €622
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 | €295,729 | €224,165 | -€71,564 | -24.2% |
| Fixed assets | 21/28 | €35,188 | €29,379 | -€5,809 | -16.5% |
| Tangible fixed assets | 22/27 | €35,188 | €29,379 | -€5,809 | -16.5% |
| Furniture and vehicles | 24 | €11,527 | €9,265 | -€2,262 | -19.6% |
| Other tangible fixed assets | 26 | €23,661 | €20,114 | -€3,547 | -15.0% |
| Current assets | 29/58 | €260,541 | €194,786 | -€65,755 | -25.2% |
| Stocks and contracts in progress | 3 | €83,597 | €84,423 | +€826 | +1.0% |
| Stocks | 30/36 | €83,597 | €84,423 | +€826 | +1.0% |
| Amounts receivable within one year | 40/41 | €23,302 | €37,385 | +€14,083 | +60.4% |
| Trade receivables | 40 | €13,627 | €14,659 | +€1,032 | +7.6% |
| Other amounts receivable | 41 | €9,675 | €22,726 | +€13,051 | +135% |
| Cash at bank and in hand | 54/58 | €140,202 | €50,410 | -€89,792 | -64.0% |
| Deferred charges and accrued income | 490/1 | €13,440 | €22,567 | +€9,127 | +67.9% |
| Total equity and liabilities | 10/49 | €295,729 | €224,165 | -€71,564 | -24.2% |
| Equity | 10/15 | €202,241 | €126,631 | -€75,610 | -37.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €198,250 | €123,250 | -€75,000 | -37.8% |
| Distributable reserves | 133 | €198,250 | €123,250 | -€75,000 | -37.8% |
| Profit (loss) carried forward | 14 | €991 | €381 | -€610 | -61.6% |
| Amounts payable | 17/49 | €93,488 | €97,534 | +€4,046 | +4.3% |
| Amounts payable within one year | 42/48 | €93,488 | €97,534 | +€4,046 | +4.3% |
| Financial debts | 43 | - | €755 | +€755 | |
| Credit institutions | 430/8 | - | €755 | +€755 | |
| Trade debts | 44 | €1,982 | €1,970 | -€12 | -0.6% |
| Suppliers | 440/4 | €1,982 | €1,970 | -€12 | -0.6% |
| Taxes, remuneration and social security | 45 | €12,309 | €8,668 | -€3,641 | -29.6% |
| Taxes | 450/3 | €12,309 | €6,700 | -€5,609 | -45.6% |
| Remuneration and social security | 454/9 | - | €1,968 | +€1,968 | |
| Other amounts payable | 47/48 | €79,197 | €86,140 | +€6,943 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,932 | €12,084 | +€152 | +1.3% |
| Other operating charges | 640/8 | €2,268 | €622 | -€1,646 | -72.6% |
| Gross operating margin | 9900 | €103,675 | €19,969 | -€83,706 | -80.7% |
| Operating profit (loss) | 9901 | €89,475 | €7,263 | -€82,212 | -91.9% |
| Financial income | 75/76B | €3,683 | €332 | -€3,351 | -91.0% |
| Recurring financial income | 75 | €3,683 | €332 | -€3,351 | -91.0% |
| Financial charges | 65/66B | €1,878 | €3,716 | +€1,838 | +97.8% |
| Recurring financial charges | 65 | €1,878 | €3,716 | +€1,838 | +97.8% |
| Profit (loss) for the period before taxes | 9903 | €91,280 | €3,880 | -€87,400 | -95.7% |
| Income taxes | 67/77 | €27,979 | €4,490 | -€23,489 | -84.0% |
| Profit (loss) for the period | 9904 | €63,301 | -€610 | -€63,911 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,301 | -€610 | -€63,911 |
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 14 October 2026 via checked.be.