MaxCaubert: 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.
MaxCaubert
Largest movements
- Receivables within one year +€114,217
up €114,217 (+113.9%), from €100,270 to €214,487
of which Other amounts receivable: +€98,765
- Cash +€64,429
up €64,429 (+445.6%), from €14,459 to €78,888
mainly Net result for the year (+€135,686) and Contributions, distributions and other (+€72,032)
- Tangible fixed assets -€18,333
down €18,333 (-40.5%), from €45,305 to €26,972
- Current investments +€18,000
new in 2025: €18,000
- Profit (loss) carried forward +€207,718
up €207,718 (+247.7%), from €83,851 to €291,569
- Other debts -€59,571
no longer reported in 2025 (was €59,571)
- Tax, wage and social debts +€29,053
up €29,053 (+214.5%), from €13,545 to €42,598
- Gross operating margin +€70,057
up €70,057 (+57.1%), from €122,611 to €192,668
- Taxes +€12,701
up €12,701 (+44.5%), from €28,545 to €41,246
- Depreciation +€8,638
up €8,638 (+89.1%), from €9,695 to €18,333
- Financial income +€3,773
new in 2025: €3,773
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 | €161,967 | €339,537 | +€177,570 | +109.6% |
| Fixed assets | 21/28 | €45,305 | €26,972 | -€18,333 | -40.5% |
| Tangible fixed assets | 22/27 | €45,305 | €26,972 | -€18,333 | -40.5% |
| Furniture and vehicles | 24 | €45,305 | €26,972 | -€18,333 | -40.5% |
| Current assets | 29/58 | €116,662 | €312,566 | +€195,904 | +167.9% |
| Amounts receivable within one year | 40/41 | €100,270 | €214,487 | +€114,217 | +113.9% |
| Trade receivables | 40 | €100,270 | €115,722 | +€15,451 | +15.4% |
| Other amounts receivable | 41 | - | €98,765 | +€98,765 | |
| Current investments | 50/53 | - | €18,000 | +€18,000 | |
| Cash at bank and in hand | 54/58 | €14,459 | €78,888 | +€64,429 | +445.6% |
| Deferred charges and accrued income | 490/1 | €1,933 | €1,191 | -€742 | -38.4% |
| Total equity and liabilities | 10/49 | €161,967 | €339,537 | +€177,570 | +109.6% |
| Equity | 10/15 | €88,851 | €296,569 | +€207,718 | +233.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,851 | €291,569 | +€207,718 | +247.7% |
| Amounts payable | 17/49 | €73,115 | €42,968 | -€30,147 | -41.2% |
| Amounts payable within one year | 42/48 | €73,115 | €42,968 | -€30,147 | -41.2% |
| Trade debts | 44 | - | €370 | +€370 | |
| Suppliers | 440/4 | - | €370 | +€370 | |
| Taxes, remuneration and social security | 45 | €13,545 | €42,598 | +€29,053 | +214.5% |
| Taxes | 450/3 | €13,545 | €42,598 | +€29,053 | +214.5% |
| Other amounts payable | 47/48 | €59,571 | - | -€59,571 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,695 | €18,333 | +€8,638 | +89.1% |
| Other operating charges | 640/8 | €520 | €1,175 | +€655 | +126.1% |
| Gross operating margin | 9900 | €122,611 | €192,668 | +€70,057 | +57.1% |
| Operating profit (loss) | 9901 | €112,396 | €173,159 | +€60,763 | +54.1% |
| Financial income | 75/76B | - | €3,773 | +€3,773 | |
| Recurring financial income | 75 | - | €3,773 | +€3,773 | |
| Profit (loss) for the period before taxes | 9903 | €112,396 | €176,932 | +€64,536 | +57.4% |
| Income taxes | 67/77 | €28,545 | €41,246 | +€12,701 | +44.5% |
| Profit (loss) for the period | 9904 | €83,851 | €135,686 | +€51,835 | +61.8% |
| Profit (loss) for the period to be appropriated | 9905 | €83,851 | €135,686 | +€51,835 | +61.8% |
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 5 October 2026 via checked.be.