Maxart: 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.
Maxart
Largest movements
- Cash -€8,696
down €8,696 (-29.1%), from €29,864 to €21,168
mainly Contributions, distributions and other (-€49,454) and Current investments (-€5,250)
- Current investments +€5,250
up €5,250 (+11.7%), from €45,000 to €50,250
- Deferred charges and accrued income +€1,177
up €1,177 (+51.2%), from €2,298 to €3,475
- Tax, wage and social debts -€3,823
down €3,823 (-31.8%), from €12,030 to €8,206
of which Remuneration and social security: -€3,238
- Other debts +€2,379
up €2,379 (+4.0%), from €59,236 to €61,615
- Trade debts -€1,015
down €1,015 (-14.9%), from €6,795 to €5,781
- Gross operating margin +€15,174
up €15,174 (+30.5%), from €49,772 to €64,946
- Taxes +€2,492
up €2,492 (+23.7%), from €10,527 to €13,018
- Financial charges +€2,358
up €2,358, from -€427 to €1,931
- Other operating charges -€766
down €766 (-58.5%), from €1,310 to €543
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 | €97,684 | €94,963 | -€2,721 | -2.8% |
| Fixed assets | 21/28 | €3,063 | €3,063 | = | 0.0% |
| Financial fixed assets | 28 | €3,063 | €3,063 | = | 0.0% |
| Current assets | 29/58 | €94,622 | €91,901 | -€2,721 | -2.9% |
| Amounts receivable within one year | 40/41 | €17,460 | €17,008 | -€452 | -2.6% |
| Trade receivables | 40 | €16,445 | €17,008 | +€563 | +3.4% |
| Other amounts receivable | 41 | €1,015 | €0 | -€1,015 | -100% |
| Current investments | 50/53 | €45,000 | €50,250 | +€5,250 | +11.7% |
| Cash at bank and in hand | 54/58 | €29,864 | €21,168 | -€8,696 | -29.1% |
| Deferred charges and accrued income | 490/1 | €2,298 | €3,475 | +€1,177 | +51.2% |
| Total equity and liabilities | 10/49 | €97,684 | €94,963 | -€2,721 | -2.8% |
| Equity | 10/15 | €18,736 | €18,736 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €136 | €136 | = | 0.0% |
| Distributable reserves | 133 | €136 | €136 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €78,948 | €76,227 | -€2,721 | -3.4% |
| Amounts payable within one year | 42/48 | €78,062 | €76,227 | -€1,835 | -2.4% |
| Financial debts | 43 | - | €625 | +€625 | |
| Credit institutions | 430/8 | - | €625 | +€625 | |
| Trade debts | 44 | €6,795 | €5,781 | -€1,015 | -14.9% |
| Suppliers | 440/4 | €6,795 | €5,781 | -€1,015 | -14.9% |
| Taxes, remuneration and social security | 45 | €12,030 | €8,206 | -€3,823 | -31.8% |
| Taxes | 450/3 | €8,792 | €8,206 | -€586 | -6.7% |
| Remuneration and social security | 454/9 | €3,238 | €0 | -€3,238 | -100% |
| Other amounts payable | 47/48 | €59,236 | €61,615 | +€2,379 | +4.0% |
| Accrued charges and deferred income | 492/3 | €886 | €0 | -€886 | -100% |
| Other operating charges | 640/8 | €1,310 | €543 | -€766 | -58.5% |
| Gross operating margin | 9900 | €49,772 | €64,946 | +€15,174 | +30.5% |
| Operating profit (loss) | 9901 | €48,463 | €64,403 | +€15,941 | +32.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | -€427 | €1,931 | +€2,358 | |
| Recurring financial charges | 65 | -€427 | €1,931 | +€2,358 | |
| Profit (loss) for the period before taxes | 9903 | €48,890 | €62,472 | +€13,582 | +27.8% |
| Income taxes | 67/77 | €10,527 | €13,018 | +€2,492 | +23.7% |
| Profit (loss) for the period | 9904 | €38,363 | €49,454 | +€11,090 | +28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,363 | €49,454 | +€11,090 | +28.9% |
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 17 October 2026 via checked.be.