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.
What changed
MAXAM
NACE 55.204, Guest rooms (bed and breakfast)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€18,711
2024 · -€144,740+€163,451
Equity
€1.5m
2024 · €1.5m+€18,711
Cash
€8,041
2024 · €9,708-€1,667
Balance sheet total
€2.0m
2024 · €2.3m-€228,244
Largest movements
Assets
- Tangible fixed assets -€215,019
down €215,019 (-10.0%), from €2.2m to €1.9m
of which Land and buildings: -€197,186
Equity and liabilities
- Current portion of long-term debt -€126,757
down €126,757 (-83.3%), from €152,119 to €25,362
- Other debts -€85,024
down €85,024 (-16.3%), from €521,741 to €436,718
- Debts after one year -€25,362
down €25,362 (-42.4%), from €59,834 to €34,472
Income statement
- Gross operating margin +€135,491
up €135,491 (+139.5%), from €97,151 to €232,642
- Other operating charges -€21,544
down €21,544 (-47.9%), from €45,016 to €23,472
- Depreciation -€6,093
down €6,093 (-3.2%), from €190,439 to €184,346
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.
Result 2024
-€144,740
Gross operating margin
+€135,491
Depreciation
+€6,093
Other operating charges
+€21,544
Financial income
+€15
Financial charges
+€1,990
Taxes
-€1,682
Result 2025
€18,711
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.
From operations
+€108,105
Investment
+€42,347
Financing
-€152,119
Cash 2024
€9,708
From operations (derived)
+€108,105
Net result for the year
+€18,711
Depreciation
+€184,346
Receivables within one year
+€8,719
Deferred charges and accrued income
-€8,835
Trade debts
-€10,514
Tax, wage and social debts
+€3,503
Other debts
-€85,024
Accrued charges and deferred income
-€2,801
Investment (derived)
+€42,347
Investment in fixed assets (net)
+€32,281
Current investments
+€10,066
Financing
-€152,119
Debts after one year
-€25,362
Current portion of long-term debt
-€126,757
Cash 2025
€8,041
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,260,961 | €2,032,717 | -€228,244 | -10.1% |
| Fixed assets | 21/28 | €2,157,006 | €1,940,379 | -€216,627 | -10.0% |
| Intangible fixed assets | 21 | €3,866 | €2,258 | -€1,608 | -41.6% |
| Tangible fixed assets | 22/27 | €2,153,141 | €1,938,122 | -€215,019 | -10.0% |
| Land and buildings | 22 | €2,074,023 | €1,876,837 | -€197,186 | -9.5% |
| Furniture and vehicles | 24 | €79,118 | €58,458 | -€20,660 | -26.1% |
| Other tangible fixed assets | 26 | - | €2,827 | +€2,827 | |
| Current assets | 29/58 | €103,954 | €92,337 | -€11,617 | -11.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €84,181 | €75,462 | -€8,719 | -10.4% |
| Trade receivables | 40 | €77,091 | €69,308 | -€7,783 | -10.1% |
| Other amounts receivable | 41 | €7,090 | €6,154 | -€937 | -13.2% |
| Current investments | 50/53 | €10,066 | €0 | -€10,066 | -100.0% |
| Cash at bank and in hand | 54/58 | €9,708 | €8,041 | -€1,667 | -17.2% |
| Deferred charges and accrued income | 490/1 | - | €8,835 | +€8,835 | |
| Total equity and liabilities | 10/49 | €2,260,961 | €2,032,717 | -€228,244 | -10.1% |
| Equity | 10/15 | €1,498,876 | €1,517,586 | +€18,711 | +1.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,437,376 | €1,456,086 | +€18,711 | +1.3% |
| Non-distributable reserves | 130/1 | €150,717 | €150,717 | = | 0.0% |
| Legal reserve | 130 | €150,717 | €150,717 | = | 0.0% |
| Distributable reserves | 133 | €1,286,659 | €1,305,370 | +€18,711 | +1.5% |
| Amounts payable | 17/49 | €762,085 | €515,130 | -€246,955 | -32.4% |
| Amounts payable after more than one year | 17 | €59,834 | €34,472 | -€25,362 | -42.4% |
| Financial debts | 170/4 | €59,834 | €34,472 | -€25,362 | -42.4% |
| Amounts payable within one year | 42/48 | €699,450 | €480,658 | -€218,792 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €152,119 | €25,362 | -€126,757 | -83.3% |
| Trade debts | 44 | €24,956 | €14,442 | -€10,514 | -42.1% |
| Suppliers | 440/4 | €24,956 | €14,442 | -€10,514 | -42.1% |
| Taxes, remuneration and social security | 45 | €633 | €4,136 | +€3,503 | +553.0% |
| Taxes | 450/3 | €633 | €4,136 | +€3,503 | +553.0% |
| Other amounts payable | 47/48 | €521,741 | €436,718 | -€85,024 | -16.3% |
| Accrued charges and deferred income | 492/3 | €2,801 | €0 | -€2,801 | -100.0% |
| Non-recurring operating income | 76A | - | €116,489 | +€116,489 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,439 | €184,346 | -€6,093 | -3.2% |
| Other operating charges | 640/8 | €45,016 | €23,472 | -€21,544 | -47.9% |
| Gross operating margin | 9900 | €97,151 | €232,642 | +€135,491 | +139.5% |
| Operating profit (loss) | 9901 | -€138,304 | €24,824 | +€163,129 | |
| Financial income | 75/76B | €1 | €15 | +€15 | +2862.7% |
| Recurring financial income | 75 | €1 | €15 | +€15 | +2862.7% |
| Financial charges | 65/66B | €5,803 | €3,813 | -€1,990 | -34.3% |
| Recurring financial charges | 65 | €5,803 | €3,813 | -€1,990 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | -€144,107 | €21,026 | +€165,133 | |
| Income taxes | 67/77 | €633 | €2,316 | +€1,682 | +265.5% |
| Profit (loss) for the period | 9904 | -€144,740 | €18,711 | +€163,451 | |
| Profit (loss) for the period to be appropriated | 9905 | -€144,740 | €18,711 | +€163,451 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.