MAXACO: 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.
MAXACO
Largest movements
- Current investments +€710,453
up €710,453 (+20.7%), from €3.4m to €4.1m
- Reserves +€607,948
up €607,948 (+36.6%), from €1.7m to €2.3m
- Financial income +€594,952
up €594,952 (+502.8%), from €118,323 to €713,275
- Taxes +€72,487
up €72,487 (+225.6%), from €32,124 to €104,611
- Depreciation -€67,286
down €67,286 (-65.3%), from €103,022 to €35,736
- Gross operating margin +€3,986
up €3,986 (+3.6%), from €110,874 to €114,860
- Financial charges +€2,967
up €2,967 (+48.2%), from €6,152 to €9,119
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 | €4,927,512 | €5,550,038 | +€622,526 | +12.6% |
| Fixed assets | 21/28 | €1,343,864 | €1,308,128 | -€35,736 | -2.7% |
| Tangible fixed assets | 22/27 | €912,035 | €876,299 | -€35,736 | -3.9% |
| Land and buildings | 22 | €891,778 | €862,002 | -€29,776 | -3.3% |
| Furniture and vehicles | 24 | €20,257 | €14,297 | -€5,960 | -29.4% |
| Financial fixed assets | 28 | €431,829 | €431,829 | = | 0.0% |
| Current assets | 29/58 | €3,583,648 | €4,241,910 | +€658,262 | +18.4% |
| Amounts receivable within one year | 40/41 | €10,172 | €10,022 | -€150 | -1.5% |
| Trade receivables | 40 | €3,208 | €3,058 | -€150 | -4.7% |
| Other amounts receivable | 41 | €6,964 | €6,964 | = | 0.0% |
| Current investments | 50/53 | €3,438,822 | €4,149,275 | +€710,453 | +20.7% |
| Cash at bank and in hand | 54/58 | €99,307 | €52,181 | -€47,126 | -47.5% |
| Deferred charges and accrued income | 490/1 | €35,347 | €30,432 | -€4,915 | -13.9% |
| Total equity and liabilities | 10/49 | €4,927,512 | €5,550,038 | +€622,526 | +12.6% |
| Equity | 10/15 | €4,773,833 | €5,381,781 | +€607,948 | +12.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €14,044 | €14,044 | = | 0.0% |
| Reserves | 13 | €1,662,288 | €2,270,236 | +€607,948 | +36.6% |
| Distributable reserves | 133 | €1,662,288 | €2,270,236 | +€607,948 | +36.6% |
| Profit (loss) carried forward | 14 | €3,091,301 | €3,091,301 | = | 0.0% |
| Amounts payable | 17/49 | €153,679 | €168,257 | +€14,578 | +9.5% |
| Amounts payable within one year | 42/48 | €152,380 | €166,685 | +€14,305 | +9.4% |
| Trade debts | 44 | €8,765 | €6,209 | -€2,556 | -29.2% |
| Suppliers | 440/4 | €8,765 | €6,209 | -€2,556 | -29.2% |
| Taxes, remuneration and social security | 45 | €68,775 | €65,334 | -€3,441 | -5.0% |
| Taxes | 450/3 | €68,775 | €65,334 | -€3,441 | -5.0% |
| Other amounts payable | 47/48 | €74,840 | €95,142 | +€20,302 | +27.1% |
| Accrued charges and deferred income | 492/3 | €1,299 | €1,572 | +€273 | +21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,022 | €35,736 | -€67,286 | -65.3% |
| Other operating charges | 640/8 | €2,936 | €3,576 | +€640 | +21.8% |
| Gross operating margin | 9900 | €110,874 | €114,860 | +€3,986 | +3.6% |
| Operating profit (loss) | 9901 | €4,916 | €75,548 | +€70,632 | +1436.8% |
| Financial income | 75/76B | €118,323 | €713,275 | +€594,952 | +502.8% |
| Recurring financial income | 75 | €118,323 | €713,275 | +€594,952 | +502.8% |
| Financial charges | 65/66B | €6,152 | €9,119 | +€2,967 | +48.2% |
| Recurring financial charges | 65 | €6,152 | €9,119 | +€2,967 | +48.2% |
| Profit (loss) for the period before taxes | 9903 | €117,087 | €779,704 | +€662,617 | +565.9% |
| Income taxes | 67/77 | €32,124 | €104,611 | +€72,487 | +225.6% |
| Profit (loss) for the period | 9904 | €84,963 | €675,093 | +€590,130 | +694.6% |
| Profit (loss) for the period to be appropriated | 9905 | €84,963 | €675,093 | +€590,130 | +694.6% |
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 12 October 2026 via checked.be.