Maxam: 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.
Maxam
Largest movements
- Current investments +€251,211
new in 2025: €251,211
- Cash -€220,003
down €220,003 (-69.2%), from €317,817 to €97,814
mainly Current investments (-€251,211) and Contributions, distributions and other (-€26,658)
- Other debts +€27,481
up €27,481 (+356.5%), from €7,709 to €35,191
- Reserves +€6,862
up €6,862 (+2.2%), from €308,516 to €315,378
- Trade debts -€4,927
down €4,927 (-68.5%), from €7,190 to €2,263
- Gross operating margin -€2,851
down €2,851 (-5.0%), from €57,353 to €54,502
- Financial charges +€1,272
up €1,272 (+43.6%), from €2,917 to €4,189
- Financial income +€1,162
up €1,162 (+228.9%), from €508 to €1,670
- Taxes -€1,103
down €1,103 (-7.0%), from €15,693 to €14,590
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 | €334,957 | €366,453 | +€31,496 | +9.4% |
| Fixed assets | 21/28 | €8,935 | €9,334 | +€399 | +4.5% |
| Tangible fixed assets | 22/27 | €8,935 | €9,334 | +€399 | +4.5% |
| Furniture and vehicles | 24 | €6,065 | €6,465 | +€399 | +6.6% |
| Other tangible fixed assets | 26 | €2,870 | €2,870 | = | 0.0% |
| Current assets | 29/58 | €326,023 | €357,119 | +€31,096 | +9.5% |
| Amounts receivable within one year | 40/41 | €2,600 | €2,218 | -€381 | -14.7% |
| Other amounts receivable | 41 | €2,600 | €2,218 | -€381 | -14.7% |
| Current investments | 50/53 | - | €251,211 | +€251,211 | |
| Cash at bank and in hand | 54/58 | €317,817 | €97,814 | -€220,003 | -69.2% |
| Deferred charges and accrued income | 490/1 | €5,606 | €5,875 | +€269 | +4.8% |
| Total equity and liabilities | 10/49 | €334,957 | €366,453 | +€31,496 | +9.4% |
| Equity | 10/15 | €314,716 | €321,578 | +€6,862 | +2.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €308,516 | €315,378 | +€6,862 | +2.2% |
| Distributable reserves | 133 | €308,516 | €315,378 | +€6,862 | +2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €20,241 | €44,875 | +€24,634 | +121.7% |
| Amounts payable within one year | 42/48 | €19,769 | €44,120 | +€24,351 | +123.2% |
| Trade debts | 44 | €7,190 | €2,263 | -€4,927 | -68.5% |
| Suppliers | 440/4 | €7,190 | €2,263 | -€4,927 | -68.5% |
| Taxes, remuneration and social security | 45 | €4,870 | €6,666 | +€1,796 | +36.9% |
| Taxes | 450/3 | €1,160 | €6,666 | +€5,507 | +474.8% |
| Remuneration and social security | 454/9 | €3,710 | €0 | -€3,710 | -100.0% |
| Other amounts payable | 47/48 | €7,709 | €35,191 | +€27,481 | +356.5% |
| Accrued charges and deferred income | 492/3 | €471 | €755 | +€283 | +60.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,957 | €3,024 | +€68 | +2.3% |
| Other operating charges | 640/8 | €544 | €849 | +€305 | +56.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €57,353 | €54,502 | -€2,851 | -5.0% |
| Operating profit (loss) | 9901 | €53,853 | €50,629 | -€3,224 | -6.0% |
| Financial income | 75/76B | €508 | €1,670 | +€1,162 | +228.9% |
| Recurring financial income | 75 | €508 | €1,670 | +€1,162 | +228.9% |
| Financial charges | 65/66B | €2,917 | €4,189 | +€1,272 | +43.6% |
| Recurring financial charges | 65 | €2,917 | €4,189 | +€1,272 | +43.6% |
| Profit (loss) for the period before taxes | 9903 | €51,444 | €48,110 | -€3,334 | -6.5% |
| Income taxes | 67/77 | €15,693 | €14,590 | -€1,103 | -7.0% |
| Profit (loss) for the period | 9904 | €35,751 | €33,520 | -€2,231 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,751 | €33,520 | -€2,231 | -6.2% |
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 6 October 2026 via checked.be.