MAXANDRO: 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.
MAXANDRO
Largest movements
- Tangible fixed assets +€236,505
up €236,505 (+9.2%), from €2.6m to €2.8m
of which Land and buildings: +€236,814
- Receivables within one year -€47,058
down €47,058 (-90.9%), from €51,774 to €4,716
of which Trade receivables: -€46,311
- Short-term financial debts +€208,000
new in 2025: €208,000
- Other debts -€46,034
down €46,034 (-15.1%), from €304,589 to €258,555
- Profit (loss) carried forward +€32,211
up €32,211 (+13.8%), from €232,657 to €264,868
- Gross operating margin +€5,406
up €5,406 (+3.1%), from €176,748 to €182,154
- Financial charges +€4,712
up €4,712 (+9.6%), from €49,096 to €53,808
- Other operating charges +€3,275
up €3,275 (+33.2%), from €9,870 to €13,145
- Depreciation -€2,854
down €2,854 (-4.0%), from €71,825 to €68,971
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 | €2,642,247 | €2,849,502 | +€207,255 | +7.8% |
| Fixed assets | 21/28 | €2,583,707 | €2,820,212 | +€236,505 | +9.2% |
| Tangible fixed assets | 22/27 | €2,583,707 | €2,820,212 | +€236,505 | +9.2% |
| Land and buildings | 22 | €2,564,636 | €2,801,450 | +€236,814 | +9.2% |
| Plant, machinery and equipment | 23 | €13,062 | €14,842 | +€1,780 | +13.6% |
| Furniture and vehicles | 24 | €6,009 | €3,920 | -€2,089 | -34.8% |
| Current assets | 29/58 | €58,540 | €29,290 | -€29,250 | -50.0% |
| Stocks and contracts in progress | 3 | €655 | - | -€655 | |
| Stocks | 30/36 | €655 | - | -€655 | |
| Amounts receivable within one year | 40/41 | €51,774 | €4,716 | -€47,058 | -90.9% |
| Trade receivables | 40 | €51,027 | €4,716 | -€46,311 | -90.8% |
| Other amounts receivable | 41 | €747 | - | -€747 | |
| Cash at bank and in hand | 54/58 | €2,609 | €11,935 | +€9,326 | +357% |
| Deferred charges and accrued income | 490/1 | €3,502 | €12,639 | +€9,137 | +261% |
| Total equity and liabilities | 10/49 | €2,642,247 | €2,849,502 | +€207,255 | +7.8% |
| Equity | 10/15 | €251,257 | €283,468 | +€32,211 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €232,657 | €264,868 | +€32,211 | +13.8% |
| Amounts payable | 17/49 | €2,390,990 | €2,566,033 | +€175,043 | +7.3% |
| Amounts payable after more than one year | 17 | €1,956,593 | €1,955,144 | -€1,449 | -0.1% |
| Financial debts | 170/4 | €1,956,593 | €1,955,144 | -€1,449 | -0.1% |
| Amounts payable within one year | 42/48 | €432,667 | €608,941 | +€176,274 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €95,436 | €101,176 | +€5,740 | +6.0% |
| Financial debts | 43 | - | €208,000 | +€208,000 | |
| Credit institutions | 430/8 | - | €208,000 | +€208,000 | |
| Trade debts | 44 | €7,232 | €8,134 | +€903 | +12.5% |
| Suppliers | 440/4 | €7,232 | €8,134 | +€903 | +12.5% |
| Taxes, remuneration and social security | 45 | €25,409 | €33,075 | +€7,665 | +30.2% |
| Taxes | 450/3 | €25,409 | €33,075 | +€7,665 | +30.2% |
| Other amounts payable | 47/48 | €304,589 | €258,555 | -€46,034 | -15.1% |
| Accrued charges and deferred income | 492/3 | €1,730 | €1,948 | +€218 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,825 | €68,971 | -€2,854 | -4.0% |
| Other operating charges | 640/8 | €9,870 | €13,145 | +€3,275 | +33.2% |
| Gross operating margin | 9900 | €176,748 | €182,154 | +€5,406 | +3.1% |
| Operating profit (loss) | 9901 | €95,053 | €100,038 | +€4,986 | +5.2% |
| Financial income | 75/76B | €0 | €9 | +€9 | +8,900% |
| Recurring financial income | 75 | €0 | €9 | +€9 | +8,900% |
| Financial charges | 65/66B | €49,096 | €53,808 | +€4,712 | +9.6% |
| Recurring financial charges | 65 | €49,096 | €53,808 | +€4,712 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €45,957 | €46,239 | +€283 | +0.6% |
| Income taxes | 67/77 | €14,645 | €14,028 | -€617 | -4.2% |
| Profit (loss) for the period | 9904 | €31,312 | €32,211 | +€899 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,312 | €32,211 | +€899 | +2.9% |
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 31 October 2026 via checked.be.