Maxalto: 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.
Maxalto
Largest movements
- Cash +€32,594
up €32,594 (+283.5%), from €11,498 to €44,092
mainly Net result for the year (+€54,770) and Depreciation (+€7,550)
- Receivables within one year +€6,283
up €6,283 (+5.9%), from €106,686 to €112,969
of which Other amounts receivable: +€10,636
- Deferred charges and accrued income -€1,820
down €1,820 (-23.0%), from €7,926 to €6,107
- Reserves +€54,770
up €54,770 (+68.8%), from €79,556 to €134,326
- Trade debts -€10,514
down €10,514 (-81.0%), from €12,975 to €2,461
- Current portion of long-term debt -€8,358
down €8,358 (-100.0%), from €8,358 to €0
- Gross operating margin +€24,810
up €24,810 (+44.0%), from €56,375 to €81,184
- Taxes +€8,195
up €8,195 (+60.3%), from €13,600 to €21,795
- Depreciation -€5,303
down €5,303 (-41.3%), from €12,853 to €7,550
- Other operating charges -€2,295
down €2,295 (-54.4%), from €4,218 to €1,923
- Financial charges -€814
down €814 (-48.1%), from €1,691 to €877
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 | €134,637 | €171,162 | +€36,524 | +27.1% |
| Fixed assets | 21/28 | €8,527 | €7,994 | -€533 | -6.2% |
| Tangible fixed assets | 22/27 | €8,527 | €7,994 | -€533 | -6.2% |
| Plant, machinery and equipment | 23 | €2,558 | €6,840 | +€4,282 | +167.3% |
| Furniture and vehicles | 24 | €1,168 | €1,154 | -€13 | -1.1% |
| Leasing and similar rights | 25 | €4,801 | €0 | -€4,801 | -100.0% |
| Current assets | 29/58 | €126,111 | €163,168 | +€37,057 | +29.4% |
| Amounts receivable within one year | 40/41 | €106,686 | €112,969 | +€6,283 | +5.9% |
| Trade receivables | 40 | €13,352 | €9,000 | -€4,352 | -32.6% |
| Other amounts receivable | 41 | €93,333 | €103,969 | +€10,636 | +11.4% |
| Cash at bank and in hand | 54/58 | €11,498 | €44,092 | +€32,594 | +283.5% |
| Deferred charges and accrued income | 490/1 | €7,926 | €6,107 | -€1,820 | -23.0% |
| Total equity and liabilities | 10/49 | €134,637 | €171,162 | +€36,524 | +27.1% |
| Equity | 10/15 | €80,556 | €135,326 | +€54,770 | +68.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €79,556 | €134,326 | +€54,770 | +68.8% |
| Distributable reserves | 133 | €79,556 | €134,326 | +€54,770 | +68.8% |
| Amounts payable | 17/49 | €54,081 | €35,835 | -€18,246 | -33.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €54,081 | €35,835 | -€18,246 | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €8,358 | €0 | -€8,358 | -100.0% |
| Financial debts | 43 | €216 | €56 | -€161 | -74.3% |
| Credit institutions | 430/8 | €216 | €56 | -€161 | -74.3% |
| Trade debts | 44 | €12,975 | €2,461 | -€10,514 | -81.0% |
| Suppliers | 440/4 | €12,975 | €2,461 | -€10,514 | -81.0% |
| Taxes, remuneration and social security | 45 | €32,532 | €33,319 | +€787 | +2.4% |
| Taxes | 450/3 | €32,532 | €33,319 | +€787 | +2.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,853 | €7,550 | -€5,303 | -41.3% |
| Other operating charges | 640/8 | €4,218 | €1,923 | -€2,295 | -54.4% |
| Gross operating margin | 9900 | €56,375 | €81,184 | +€24,810 | +44.0% |
| Operating profit (loss) | 9901 | €39,305 | €71,712 | +€32,407 | +82.5% |
| Financial income | 75/76B | €5,630 | €5,730 | +€101 | +1.8% |
| Recurring financial income | 75 | €5,630 | €5,730 | +€101 | +1.8% |
| Financial charges | 65/66B | €1,691 | €877 | -€814 | -48.1% |
| Recurring financial charges | 65 | €1,691 | €877 | -€814 | -48.1% |
| Profit (loss) for the period before taxes | 9903 | €43,243 | €76,565 | +€33,322 | +77.1% |
| Income taxes | 67/77 | €13,600 | €21,795 | +€8,195 | +60.3% |
| Profit (loss) for the period | 9904 | €29,643 | €54,770 | +€25,127 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,643 | €54,770 | +€25,127 | +84.8% |
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 7 October 2026 via checked.be.