MAXAM: 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.
MAXAM
Largest movements
- Tangible fixed assets +€34,206
up €34,206 (+1,251%), from €2,734 to €36,940
of which Furniture and vehicles: +€27,115
- Cash +€28,103
up €28,103 (+40.9%), from €68,682 to €96,785
mainly Net result for the year (+€67,499) and Current portion of long-term debt (+€12,594)
- Stocks and contracts +€10,754
up €10,754 (+13.5%), from €79,769 to €90,523
- Profit (loss) carried forward +€47,579
up €47,579 (+40.1%), from €118,737 to €166,315
- Current portion of long-term debt +€12,594
new in 2025: €12,594
- Trade debts +€6,422
up €6,422 (+90.1%), from €7,127 to €13,550
- Debts after one year +€4,330
new in 2025: €4,330
- Gross operating margin +€23,980
up €23,980 (+28.7%), from €83,671 to €107,651
- Taxes +€20,446
new in 2025: €20,446
- Staff costs -€6,181
down €6,181 (-38.2%), from €16,192 to €10,010
- Depreciation +€4,860
up €4,860 (+524%), from €927 to €5,786
- Financial charges +€1,447
up €1,447 (+241%), from €600 to €2,047
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 | €222,602 | €294,838 | +€72,236 | +32.5% |
| Fixed assets | 21/28 | €3,234 | €37,440 | +€34,206 | +1,058% |
| Tangible fixed assets | 22/27 | €2,734 | €36,940 | +€34,206 | +1,251% |
| Plant, machinery and equipment | 23 | €1,381 | €8,472 | +€7,091 | +514% |
| Furniture and vehicles | 24 | €1,353 | €28,469 | +€27,115 | +2,003% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €219,368 | €257,398 | +€38,029 | +17.3% |
| Stocks and contracts in progress | 3 | €79,769 | €90,523 | +€10,754 | +13.5% |
| Stocks | 30/36 | €79,769 | €90,523 | +€10,754 | +13.5% |
| Amounts receivable within one year | 40/41 | €68,018 | €68,072 | +€55 | +0.1% |
| Trade receivables | 40 | €67,736 | €63,420 | -€4,316 | -6.4% |
| Other amounts receivable | 41 | €281 | €4,652 | +€4,371 | +1,553% |
| Cash at bank and in hand | 54/58 | €68,682 | €96,785 | +€28,103 | +40.9% |
| Deferred charges and accrued income | 490/1 | €2,899 | €2,017 | -€882 | -30.4% |
| Total equity and liabilities | 10/49 | €222,602 | €294,838 | +€72,236 | +32.5% |
| Equity | 10/15 | €186,937 | €234,515 | +€47,579 | +25.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €118,737 | €166,315 | +€47,579 | +40.1% |
| Amounts payable | 17/49 | €35,666 | €60,323 | +€24,657 | +69.1% |
| Amounts payable after more than one year | 17 | - | €4,330 | +€4,330 | |
| Financial debts | 170/4 | - | €4,330 | +€4,330 | |
| Amounts payable within one year | 42/48 | €35,666 | €55,992 | +€20,327 | +57.0% |
| Current portion of amounts payable after more than one year | 42 | - | €12,594 | +€12,594 | |
| Financial debts | 43 | €143 | €227 | +€85 | +59.3% |
| Credit institutions | 430/8 | €143 | €227 | +€85 | +59.3% |
| Trade debts | 44 | €7,127 | €13,550 | +€6,422 | +90.1% |
| Suppliers | 440/4 | €7,127 | €13,550 | +€6,422 | +90.1% |
| Taxes, remuneration and social security | 45 | €5,958 | €4,484 | -€1,474 | -24.7% |
| Taxes | 450/3 | €5,381 | €2,858 | -€2,523 | -46.9% |
| Remuneration and social security | 454/9 | €577 | €1,626 | +€1,049 | +182% |
| Other amounts payable | 47/48 | €22,437 | €25,137 | +€2,700 | +12.0% |
| Remuneration, social security and pensions | 62 | €16,192 | €10,010 | -€6,181 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €927 | €5,786 | +€4,860 | +524% |
| Other operating charges | 640/8 | €1,637 | €1,957 | +€320 | +19.5% |
| Non-recurring operating charges | 66A | - | €345 | +€345 | |
| Gross operating margin | 9900 | €83,671 | €107,651 | +€23,980 | +28.7% |
| Operating profit (loss) | 9901 | €64,916 | €89,552 | +€24,636 | +38.0% |
| Financial income | 75/76B | €307 | €439 | +€132 | +43.0% |
| Recurring financial income | 75 | €307 | €439 | +€132 | +43.0% |
| Financial charges | 65/66B | €600 | €2,047 | +€1,447 | +241% |
| Recurring financial charges | 65 | €600 | €2,047 | +€1,447 | +241% |
| Profit (loss) for the period before taxes | 9903 | €64,623 | €87,944 | +€23,321 | +36.1% |
| Income taxes | 67/77 | - | €20,446 | +€20,446 | |
| Profit (loss) for the period | 9904 | €64,623 | €67,499 | +€2,876 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,623 | €67,499 | +€2,876 | +4.5% |
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 24 October 2026 via checked.be.