MAXAGO: 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.
MAXAGO
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts -€328,684
down €328,684 (-83.9%), from €391,745 to €63,061
- Debts after one year +€289,803
up €289,803 (+169.4%), from €171,107 to €460,910
of which Financial debts: +€439,803
- Current portion of long-term debt +€42,654
up €42,654 (+400.6%), from €10,648 to €53,302
- Profit (loss) carried forward +€18,068
up €18,068 (+4.8%), from €379,337 to €397,405
- Tax, wage and social debts -€15,010
down €15,010 (-67.4%), from €22,270 to €7,260
- Gross operating margin -€44,264
down €44,264 (-93.8%), from €47,212 to €2,948
- Financial income +€37,592
new in 2025: €37,592
- Financial charges +€6,781
up €6,781 (+832.1%), from €815 to €7,596
- Taxes -€4,314
down €4,314 (-38.3%), from €11,274 to €6,960
- Depreciation +€4,279
up €4,279 (+166.8%), from €2,566 to €6,845
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 | €1,150,040 | €1,157,208 | +€7,168 | +0.6% |
| Fixed assets | 21/28 | €1,149,613 | €1,142,768 | -€6,845 | -0.6% |
| Tangible fixed assets | 22/27 | €29,613 | €22,768 | -€6,845 | -23.1% |
| Furniture and vehicles | 24 | €29,613 | €22,768 | -€6,845 | -23.1% |
| Financial fixed assets | 28 | €1,120,000 | €1,120,000 | = | 0.0% |
| Current assets | 29/58 | €427 | €14,440 | +€14,013 | +3281.7% |
| Amounts receivable within one year | 40/41 | - | €9,171 | +€9,171 | |
| Trade receivables | 40 | - | €6,000 | +€6,000 | |
| Other amounts receivable | 41 | - | €3,171 | +€3,171 | |
| Cash at bank and in hand | 54/58 | €427 | €4,382 | +€3,955 | +926.3% |
| Deferred charges and accrued income | 490/1 | - | €887 | +€887 | |
| Total equity and liabilities | 10/49 | €1,150,040 | €1,157,208 | +€7,168 | +0.6% |
| Equity | 10/15 | €550,797 | €568,865 | +€18,068 | +3.3% |
| Contributions | 10/11 | €130,460 | €130,460 | = | 0.0% |
| Reserves | 13 | €41,000 | €41,000 | = | 0.0% |
| Distributable reserves | 133 | €41,000 | €41,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €379,337 | €397,405 | +€18,068 | +4.8% |
| Amounts payable | 17/49 | €599,243 | €588,343 | -€10,900 | -1.8% |
| Amounts payable after more than one year | 17 | €171,107 | €460,910 | +€289,803 | +169.4% |
| Financial debts | 170/4 | €21,107 | €460,910 | +€439,803 | +2083.7% |
| Other amounts payable | 178/9 | €150,000 | €0 | -€150,000 | -100.0% |
| Amounts payable within one year | 42/48 | €426,949 | €125,896 | -€301,053 | -70.5% |
| Current portion of amounts payable after more than one year | 42 | €10,648 | €53,302 | +€42,654 | +400.6% |
| Trade debts | 44 | €2,286 | €2,272 | -€14 | -0.6% |
| Suppliers | 440/4 | €2,286 | €2,272 | -€14 | -0.6% |
| Taxes, remuneration and social security | 45 | €22,270 | €7,260 | -€15,010 | -67.4% |
| Taxes | 450/3 | €22,270 | €7,260 | -€15,010 | -67.4% |
| Other amounts payable | 47/48 | €391,745 | €63,061 | -€328,684 | -83.9% |
| Accrued charges and deferred income | 492/3 | €1,187 | €1,537 | +€350 | +29.5% |
| Non-recurring operating income | 76A | €1,488 | - | -€1,488 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,566 | €6,845 | +€4,279 | +166.8% |
| Other operating charges | 640/8 | €1,912 | €1,070 | -€842 | -44.0% |
| Gross operating margin | 9900 | €47,212 | €2,948 | -€44,264 | -93.8% |
| Operating profit (loss) | 9901 | €42,734 | -€4,967 | -€47,701 | |
| Financial income | 75/76B | - | €37,592 | +€37,592 | |
| Recurring financial income | 75 | - | €37,592 | +€37,592 | |
| Financial charges | 65/66B | €815 | €7,596 | +€6,781 | +832.1% |
| Recurring financial charges | 65 | €815 | €7,596 | +€6,781 | +832.1% |
| Profit (loss) for the period before taxes | 9903 | €41,919 | €25,029 | -€16,890 | -40.3% |
| Income taxes | 67/77 | €11,274 | €6,960 | -€4,314 | -38.3% |
| Profit (loss) for the period | 9904 | €30,645 | €18,068 | -€12,577 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,645 | €18,068 | -€12,577 | -41.0% |
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 10 October 2026 via checked.be.