MAXASSUR: 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.
MAXASSUR
Largest movements
- Receivables within one year +€70,183
up €70,183 (+24.3%), from €288,282 to €358,465
of which Other amounts receivable: +€86,381
- Cash -€13,516
down €13,516 (-53.2%), from €25,413 to €11,898
mainly Receivables within one year (-€70,183) and Debts after one year (-€6,919)
- Tangible fixed assets -€8,294
down €8,294 (-35.1%), from €23,602 to €15,308
of which Furniture and vehicles: -€7,121
- Deferred charges and accrued income -€6,320
no longer reported in 2025 (was €6,320)
- Reserves +€33,513
up €33,513 (+13.5%), from €248,300 to €281,814
of which Distributable reserves: +€33,513
- Other debts +€18,000
new in 2025: €18,000
- Debts after one year -€6,919
down €6,919 (-51.0%), from €13,564 to €6,645
- Trade debts -€4,179
down €4,179 (-16.6%), from €25,211 to €21,033
- Financial income -€7,659
down €7,659 (-90.4%), from €8,474 to €816
- Other operating charges -€5,583
down €5,583 (-74.6%), from €7,486 to €1,903
- Gross operating margin -€3,055
down €3,055 (-2.2%), from €136,467 to €133,412
- Taxes -€2,003
down €2,003 (-13.7%), from €14,630 to €12,627
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 | €343,618 | €385,671 | +€42,053 | +12.2% |
| Fixed assets | 21/28 | €23,602 | €15,308 | -€8,294 | -35.1% |
| Tangible fixed assets | 22/27 | €23,602 | €15,308 | -€8,294 | -35.1% |
| Plant, machinery and equipment | 23 | €2,354 | €1,181 | -€1,173 | -49.8% |
| Furniture and vehicles | 24 | €21,249 | €14,127 | -€7,121 | -33.5% |
| Current assets | 29/58 | €320,015 | €370,363 | +€50,347 | +15.7% |
| Amounts receivable within one year | 40/41 | €288,282 | €358,465 | +€70,183 | +24.3% |
| Trade receivables | 40 | €161,340 | €145,142 | -€16,198 | -10.0% |
| Other amounts receivable | 41 | €126,942 | €213,323 | +€86,381 | +68.0% |
| Cash at bank and in hand | 54/58 | €25,413 | €11,898 | -€13,516 | -53.2% |
| Deferred charges and accrued income | 490/1 | €6,320 | - | -€6,320 | |
| Total equity and liabilities | 10/49 | €343,618 | €385,671 | +€42,053 | +12.2% |
| Equity | 10/15 | €272,300 | €305,814 | +€33,513 | +12.3% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Reserves | 13 | €248,300 | €281,814 | +€33,513 | +13.5% |
| Tax-exempt reserves | 132 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €232,300 | €265,814 | +€33,513 | +14.4% |
| Amounts payable | 17/49 | €71,318 | €79,858 | +€8,540 | +12.0% |
| Amounts payable after more than one year | 17 | €13,564 | €6,645 | -€6,919 | -51.0% |
| Financial debts | 170/4 | €13,564 | €6,645 | -€6,919 | -51.0% |
| Amounts payable within one year | 42/48 | €57,753 | €70,900 | +€13,147 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €6,591 | €6,919 | +€328 | +5.0% |
| Trade debts | 44 | €25,211 | €21,033 | -€4,179 | -16.6% |
| Suppliers | 440/4 | €25,211 | €21,033 | -€4,179 | -16.6% |
| Taxes, remuneration and social security | 45 | €25,951 | €24,948 | -€1,003 | -3.9% |
| Taxes | 450/3 | €13,630 | €12,627 | -€1,003 | -7.4% |
| Remuneration and social security | 454/9 | €12,320 | €12,320 | = | 0.0% |
| Other amounts payable | 47/48 | - | €18,000 | +€18,000 | |
| Accrued charges and deferred income | 492/3 | - | €2,313 | +€2,313 | |
| Remuneration, social security and pensions | 62 | €71,135 | €70,757 | -€378 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,336 | €8,294 | -€42 | -0.5% |
| Other operating charges | 640/8 | €7,486 | €1,903 | -€5,583 | -74.6% |
| Gross operating margin | 9900 | €136,467 | €133,412 | -€3,055 | -2.2% |
| Operating profit (loss) | 9901 | €49,509 | €52,458 | +€2,949 | +6.0% |
| Financial income | 75/76B | €8,474 | €816 | -€7,659 | -90.4% |
| Recurring financial income | 75 | €8,474 | €816 | -€7,659 | -90.4% |
| Financial charges | 65/66B | €6,188 | €7,134 | +€945 | +15.3% |
| Recurring financial charges | 65 | €6,188 | €7,134 | +€945 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €51,796 | €46,141 | -€5,655 | -10.9% |
| Income taxes | 67/77 | €14,630 | €12,627 | -€2,003 | -13.7% |
| Profit (loss) for the period | 9904 | €37,165 | €33,513 | -€3,652 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,165 | €33,513 | -€3,652 | -9.8% |
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 7 October 2026 via checked.be.