Maxavo: 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.
Maxavo
Largest movements
- Receivables within one year +€28,911
up €28,911 (+52.0%), from €55,574 to €84,485
of which Trade receivables: +€36,492
- Cash +€9,185
up €9,185 (+327.3%), from €2,807 to €11,992
mainly Net result for the year (+€34,385) and Depreciation (+€16,660)
- Tangible fixed assets -€4,615
down €4,615 (-7.3%), from €63,098 to €58,484
of which Furniture and vehicles: -€5,274
- Reserves +€33,895
up €33,895 (+14.4%), from €234,757 to €268,653
of which Distributable reserves: +€33,895
- Other debts -€6,402
down €6,402 (-70.5%), from €9,084 to €2,682
- Tax, wage and social debts +€4,873
up €4,873 (+194.9%), from €2,500 to €7,373
- Gross operating margin +€39,736
up €39,736 (+133.9%), from €29,673 to €69,409
- Taxes +€14,972
up €14,972 (+618.9%), from €2,419 to €17,391
- Other operating charges -€5,011
down €5,011 (-85.7%), from €5,844 to €833
- Depreciation +€3,951
up €3,951 (+31.1%), from €12,709 to €16,660
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 | €260,760 | €292,149 | +€31,389 | +12.0% |
| Fixed assets | 21/28 | €63,098 | €58,484 | -€4,615 | -7.3% |
| Tangible fixed assets | 22/27 | €63,098 | €58,484 | -€4,615 | -7.3% |
| Plant, machinery and equipment | 23 | €33,030 | €33,689 | +€659 | +2.0% |
| Furniture and vehicles | 24 | €30,068 | €24,795 | -€5,274 | -17.5% |
| Current assets | 29/58 | €197,662 | €233,666 | +€36,004 | +18.2% |
| Amounts receivable within one year | 40/41 | €55,574 | €84,485 | +€28,911 | +52.0% |
| Trade receivables | 40 | €47,993 | €84,485 | +€36,492 | +76.0% |
| Other amounts receivable | 41 | €7,581 | - | -€7,581 | |
| Current investments | 50/53 | €137,189 | €137,189 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,807 | €11,992 | +€9,185 | +327.3% |
| Deferred charges and accrued income | 490/1 | €2,092 | - | -€2,092 | |
| Total equity and liabilities | 10/49 | €260,760 | €292,149 | +€31,389 | +12.0% |
| Equity | 10/15 | €246,667 | €281,053 | +€34,385 | +13.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €234,757 | €268,653 | +€33,895 | +14.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €232,897 | €266,793 | +€33,895 | +14.6% |
| Profit (loss) carried forward | 14 | -€490 | - | +€490 | |
| Amounts payable | 17/49 | €14,093 | €11,097 | -€2,996 | -21.3% |
| Amounts payable within one year | 42/48 | €14,093 | €11,097 | -€2,996 | -21.3% |
| Trade debts | 44 | €2,509 | €1,041 | -€1,468 | -58.5% |
| Suppliers | 440/4 | €2,509 | €1,041 | -€1,468 | -58.5% |
| Taxes, remuneration and social security | 45 | €2,500 | €7,373 | +€4,873 | +194.9% |
| Taxes | 450/3 | €2,500 | €7,373 | +€4,873 | +194.9% |
| Other amounts payable | 47/48 | €9,084 | €2,682 | -€6,402 | -70.5% |
| Non-recurring operating income | 76A | €755 | - | -€755 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,709 | €16,660 | +€3,951 | +31.1% |
| Other operating charges | 640/8 | €5,844 | €833 | -€5,011 | -85.7% |
| Gross operating margin | 9900 | €29,673 | €69,409 | +€39,736 | +133.9% |
| Operating profit (loss) | 9901 | €11,120 | €51,916 | +€40,796 | +366.9% |
| Financial income | 75/76B | €326 | €110 | -€217 | -66.4% |
| Recurring financial income | 75 | €326 | €110 | -€217 | -66.4% |
| Financial charges | 65/66B | €708 | €249 | -€459 | -64.8% |
| Recurring financial charges | 65 | €708 | €249 | -€459 | -64.8% |
| Profit (loss) for the period before taxes | 9903 | €10,738 | €51,776 | +€41,038 | +382.2% |
| Income taxes | 67/77 | €2,419 | €17,391 | +€14,972 | +618.9% |
| Profit (loss) for the period | 9904 | €8,319 | €34,385 | +€26,066 | +313.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,319 | €34,385 | +€26,066 | +313.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.