MAXBUD: what changed
MAXBUD
Largest movements
- Tangible fixed assets -€25,147
down €25,147 (-73.6%), from €34,145 to €8,997
of which Furniture and vehicles: -€22,871
- Receivables within one year -€24,121
down €24,121 (-17.4%), from €138,322 to €114,201
of which Trade receivables: -€30,516
- Cash -€17,253
down €17,253 (-95.0%), from €18,160 to €907
mainly Contributions, distributions and other (-€71,647) and Other debts (-€11,278)
- Deferred charges and accrued income -€3,051
down €3,051 (-100%), from €3,051 to €0
- Reserves -€58,493
down €58,493 (-52.2%), from €112,007 to €53,514
of which Distributable reserves: -€58,493
- Tax, wage and social debts +€18,351
up €18,351 (+82.9%), from €22,138 to €40,489
of which Remuneration and social security: +€22,648
- Other debts -€11,278
down €11,278 (-67.6%), from €16,687 to €5,409
- Debts after one year -€8,025
down €8,025 (-72.1%), from €11,124 to €3,100
- Current portion of long-term debt -€6,326
down €6,326 (-38.7%), from €16,359 to €10,033
- Gross operating margin -€14,228
down €14,228 (-26.2%), from €54,379 to €40,151
- Depreciation -€13,521
down €13,521 (-52.8%), from €25,591 to €12,070
- Staff costs -€5,909
down €5,909, from €5,441 to -€468
- Other operating charges -€5,617
down €5,617 (-65.9%), from €8,520 to €2,903
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €204,534 | €134,987 | -€69,547 | -34.0% |
| Fixed assets | 21/28 | €35,491 | €10,368 | -€25,122 | -70.8% |
| Tangible fixed assets | 22/27 | €34,145 | €8,997 | -€25,147 | -73.6% |
| Plant, machinery and equipment | 23 | €2,814 | €537 | -€2,276 | -80.9% |
| Furniture and vehicles | 24 | €31,331 | €8,460 | -€22,871 | -73.0% |
| Financial fixed assets | 28 | €1,346 | €1,371 | +€25 | +1.9% |
| Current assets | 29/58 | €169,043 | €124,619 | -€44,425 | -26.3% |
| Stocks and contracts in progress | 3 | €9,510 | €9,510 | = | 0.0% |
| Stocks | 30/36 | €9,510 | €9,510 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €138,322 | €114,201 | -€24,121 | -17.4% |
| Trade receivables | 40 | €138,322 | €107,806 | -€30,516 | -22.1% |
| Other amounts receivable | 41 | - | €6,395 | +€6,395 | |
| Cash at bank and in hand | 54/58 | €18,160 | €907 | -€17,253 | -95.0% |
| Deferred charges and accrued income | 490/1 | €3,051 | €0 | -€3,051 | -100% |
| Total equity and liabilities | 10/49 | €204,534 | €134,987 | -€69,547 | -34.0% |
| Equity | 10/15 | €118,207 | €59,714 | -€58,493 | -49.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €112,007 | €53,514 | -€58,493 | -52.2% |
| 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 | €110,147 | €51,654 | -€58,493 | -53.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €86,327 | €75,272 | -€11,054 | -12.8% |
| Amounts payable after more than one year | 17 | €11,124 | €3,100 | -€8,025 | -72.1% |
| Financial debts | 170/4 | €11,124 | €3,100 | -€8,025 | -72.1% |
| Amounts payable within one year | 42/48 | €75,202 | €72,173 | -€3,029 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €16,359 | €10,033 | -€6,326 | -38.7% |
| Trade debts | 44 | €20,019 | €16,242 | -€3,777 | -18.9% |
| Suppliers | 440/4 | €20,019 | €16,242 | -€3,777 | -18.9% |
| Taxes, remuneration and social security | 45 | €22,138 | €40,489 | +€18,351 | +82.9% |
| Taxes | 450/3 | €20,853 | €16,556 | -€4,297 | -20.6% |
| Remuneration and social security | 454/9 | €1,285 | €23,933 | +€22,648 | +1,763% |
| Other amounts payable | 47/48 | €16,687 | €5,409 | -€11,278 | -67.6% |
| Remuneration, social security and pensions | 62 | €5,441 | -€468 | -€5,909 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,591 | €12,070 | -€13,521 | -52.8% |
| Other operating charges | 640/8 | €8,520 | €2,903 | -€5,617 | -65.9% |
| Non-recurring operating charges | 66A | - | €4,813 | +€4,813 | |
| Gross operating margin | 9900 | €54,379 | €40,151 | -€14,228 | -26.2% |
| Operating profit (loss) | 9901 | €14,827 | €20,832 | +€6,005 | +40.5% |
| Financial income | 75/76B | €0 | €20 | +€20 | +101,150% |
| Recurring financial income | 75 | €0 | €20 | +€20 | +101,150% |
| Financial charges | 65/66B | €1,899 | €1,775 | -€124 | -6.6% |
| Recurring financial charges | 65 | €1,899 | €1,775 | -€124 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €12,928 | €19,078 | +€6,150 | +47.6% |
| Income taxes | 67/77 | €5,768 | €5,924 | +€155 | +2.7% |
| Profit (loss) for the period | 9904 | €7,160 | €13,154 | +€5,995 | +83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,160 | €13,154 | +€5,995 | +83.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.