MAXA PROJECT: 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 PROJECT
Largest movements
- Receivables within one year +€124,723
up €124,723 (+55.6%), from €224,476 to €349,200
- Tangible fixed assets -€30,908
down €30,908 (-14.8%), from €208,405 to €177,497
of which Land and buildings: -€28,548
- Deferred charges and accrued income +€19,450
up €19,450 (+89.4%), from €21,752 to €41,202
- Profit (loss) carried forward +€94,252
up €94,252 (+264%), from €35,723 to €129,975
- Accrued charges and deferred income +€35,708
up €35,708 (+60.2%), from €59,300 to €95,008
- Debts after one year -€27,728
down €27,728 (-13.7%), from €201,847 to €174,119
- Tax, wage and social debts +€13,185
up €13,185 (+162%), from €8,159 to €21,344
- Gross operating margin +€82,861
up €82,861 (+178%), from €46,615 to €129,476
- Taxes +€7,178
up €7,178 (+99.7%), from €7,199 to €14,377
- Financial income +€5,421
up €5,421 (+38.6%), from €14,030 to €19,450
- Financial charges -€1,673
down €1,673 (-16.1%), from €10,420 to €8,748
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €454,634 | €567,899 | +€113,265 | +24.9% |
| Fixed assets | 21/28 | €208,405 | €177,497 | -€30,908 | -14.8% |
| Tangible fixed assets | 22/27 | €208,405 | €177,497 | -€30,908 | -14.8% |
| Land and buildings | 22 | €199,837 | €171,289 | -€28,548 | -14.3% |
| Furniture and vehicles | 24 | €6,188 | €4,125 | -€2,063 | -33.3% |
| Leasing and similar rights | 25 | €2,380 | €2,083 | -€298 | -12.5% |
| Current assets | 29/58 | €246,228 | €390,402 | +€144,174 | +58.6% |
| Amounts receivable within one year | 40/41 | €224,476 | €349,200 | +€124,723 | +55.6% |
| Other amounts receivable | 41 | €224,476 | €349,200 | +€124,723 | +55.6% |
| Deferred charges and accrued income | 490/1 | €21,752 | €41,202 | +€19,450 | +89.4% |
| Total equity and liabilities | 10/49 | €454,634 | €567,899 | +€113,265 | +24.9% |
| Equity | 10/15 | €113,372 | €207,625 | +€94,252 | +83.1% |
| Contributions | 10/11 | €77,000 | €77,000 | = | 0.0% |
| Reserves | 13 | €649 | €649 | = | 0.0% |
| Non-distributable reserves | 130/1 | €649 | €649 | = | 0.0% |
| Reserves not available under the articles | 1311 | €649 | €649 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,723 | €129,975 | +€94,252 | +264% |
| Amounts payable | 17/49 | €341,261 | €360,274 | +€19,013 | +5.6% |
| Amounts payable after more than one year | 17 | €201,847 | €174,119 | -€27,728 | -13.7% |
| Financial debts | 170/4 | €201,847 | €174,119 | -€27,728 | -13.7% |
| Amounts payable within one year | 42/48 | €80,114 | €91,147 | +€11,033 | +13.8% |
| Financial debts | 43 | €14,736 | €9,921 | -€4,816 | -32.7% |
| Credit institutions | 430/8 | €14,736 | €9,921 | -€4,816 | -32.7% |
| Trade debts | 44 | €38,310 | €40,974 | +€2,664 | +7.0% |
| Suppliers | 440/4 | €38,310 | €40,974 | +€2,664 | +7.0% |
| Taxes, remuneration and social security | 45 | €8,159 | €21,344 | +€13,185 | +162% |
| Taxes | 450/3 | €8,159 | €21,344 | +€13,185 | +162% |
| Other amounts payable | 47/48 | €18,909 | €18,909 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €59,300 | €95,008 | +€35,708 | +60.2% |
| Non-recurring operating income | 76A | - | €66,221 | +€66,221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,908 | €30,908 | = | 0.0% |
| Other operating charges | 640/8 | €772 | €641 | -€131 | -17.0% |
| Gross operating margin | 9900 | €46,615 | €129,476 | +€82,861 | +178% |
| Operating profit (loss) | 9901 | €14,934 | €97,926 | +€82,992 | +556% |
| Financial income | 75/76B | €14,030 | €19,450 | +€5,421 | +38.6% |
| Recurring financial income | 75 | €14,030 | €19,450 | +€5,421 | +38.6% |
| Financial charges | 65/66B | €10,420 | €8,748 | -€1,673 | -16.1% |
| Recurring financial charges | 65 | €10,420 | €8,748 | -€1,673 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €18,544 | €108,629 | +€90,085 | +486% |
| Income taxes | 67/77 | €7,199 | €14,377 | +€7,178 | +99.7% |
| Profit (loss) for the period | 9904 | €11,344 | €94,252 | +€82,908 | +731% |
| Profit (loss) for the period to be appropriated | 9905 | €11,344 | €94,252 | +€82,908 | +731% |
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.