Maxcel: 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.
What changed
Maxcel
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€40,137
2024 · €89,474-€49,337
Equity
€650,185
2024 · €610,047+€40,138
Cash
€28,269
2024 · €98,754-€70,485
Balance sheet total
€2.5m
2024 · €2.6m-€67,335
Largest movements
Assets
- Cash -€70,485
down €70,485 (-71.4%), from €98,754 to €28,269
mainly Current portion of long-term debt (-€579,157) and Investment in fixed assets (net) (-€81,387)
Equity and liabilities
- Current portion of long-term debt -€579,157
down €579,157 (-77.1%), from €751,577 to €172,420
- Debts after one year +€470,025
up €470,025 (+108.3%), from €434,021 to €904,046
- Profit (loss) carried forward +€44,533
up €44,533 (+59.6%), from €74,728 to €119,261
Income statement
- Taxes +€43,778
up €43,778 (+458.2%), from €9,555 to €53,333
- Gross operating margin -€13,471
down €13,471 (-5.7%), from €236,100 to €222,629
- Financial charges -€7,534
down €7,534 (-16.7%), from €45,071 to €37,537
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.
Result 2024
€89,474
Gross operating margin
-€13,471
Depreciation
+€1,742
Other operating charges
-€431
Financial income
-€192
Financial charges
+€7,534
Taxes
-€43,778
Deferred taxes and other
-€741
Result 2025
€40,137
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.
From operations
+€120,033
Investment
-€81,387
Financing
-€109,131
Cash 2024
€98,754
From operations (derived)
+€120,033
Net result for the year
+€40,137
Depreciation
+€80,008
Receivables within one year
-€1,771
Provisions
-€2,265
Trade debts
+€21,864
Tax, wage and social debts
+€2,830
Other debts
-€1,112
Accrued charges and deferred income
-€19,658
Investment (derived)
-€81,387
Investment in fixed assets (net)
-€81,387
Financing
-€109,131
Debts after one year
+€470,025
Current portion of long-term debt
-€579,157
Contributions, distributions and other
+€1
Cash 2025
€28,269
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,601,897 | €2,534,562 | -€67,335 | -2.6% |
| Fixed assets | 21/28 | €2,503,114 | €2,504,493 | +€1,379 | +0.1% |
| Tangible fixed assets | 22/27 | €2,503,114 | €2,504,493 | +€1,379 | +0.1% |
| Land and buildings | 22 | €2,462,864 | €2,385,497 | -€77,367 | -3.1% |
| Plant, machinery and equipment | 23 | - | €79,665 | +€79,665 | |
| Other tangible fixed assets | 26 | €40,250 | €39,331 | -€919 | -2.3% |
| Current assets | 29/58 | €98,783 | €30,069 | -€68,714 | -69.6% |
| Amounts receivable within one year | 40/41 | €29 | €1,800 | +€1,771 | +6106.9% |
| Trade receivables | 40 | - | €1,800 | +€1,800 | |
| Other amounts receivable | 41 | €29 | - | -€29 | |
| Cash at bank and in hand | 54/58 | €98,754 | €28,269 | -€70,485 | -71.4% |
| Total equity and liabilities | 10/49 | €2,601,897 | €2,534,562 | -€67,335 | -2.6% |
| Equity | 10/15 | €610,047 | €650,185 | +€40,138 | +6.6% |
| Contributions | 10/11 | €49,587 | €49,587 | = | 0.0% |
| Revaluation surpluses | 12 | €440,000 | €440,000 | = | 0.0% |
| Reserves | 13 | €45,732 | €41,337 | -€4,395 | -9.6% |
| Tax-exempt reserves | 132 | €30,835 | €26,440 | -€4,395 | -14.3% |
| Distributable reserves | 133 | €14,897 | €14,897 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,728 | €119,261 | +€44,533 | +59.6% |
| Provisions and deferred taxes | 16 | €35,885 | €33,620 | -€2,265 | -6.3% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €20,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €20,000 | €20,000 | = | 0.0% |
| Deferred taxes | 168 | €15,885 | €13,620 | -€2,265 | -14.3% |
| Amounts payable | 17/49 | €1,955,965 | €1,850,757 | -€105,208 | -5.4% |
| Amounts payable after more than one year | 17 | €434,021 | €904,046 | +€470,025 | +108.3% |
| Financial debts | 170/4 | €434,021 | €904,046 | +€470,025 | +108.3% |
| Amounts payable within one year | 42/48 | €1,215,840 | €660,265 | -€555,575 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €751,577 | €172,420 | -€579,157 | -77.1% |
| Financial debts | 43 | €325,546 | €325,546 | = | 0.0% |
| Credit institutions | 430/8 | €325,546 | €325,546 | = | 0.0% |
| Trade debts | 44 | €39,600 | €61,464 | +€21,864 | +55.2% |
| Suppliers | 440/4 | €39,600 | €61,464 | +€21,864 | +55.2% |
| Advances received on contracts in progress | 46 | €12,000 | €12,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €2,830 | +€2,830 | |
| Taxes | 450/3 | - | €2,830 | +€2,830 | |
| Other amounts payable | 47/48 | €87,117 | €86,005 | -€1,112 | -1.3% |
| Accrued charges and deferred income | 492/3 | €306,104 | €286,446 | -€19,658 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,750 | €80,008 | -€1,742 | -2.1% |
| Other operating charges | 640/8 | €13,836 | €14,267 | +€431 | +3.1% |
| Gross operating margin | 9900 | €236,100 | €222,629 | -€13,471 | -5.7% |
| Operating profit (loss) | 9901 | €140,514 | €128,354 | -€12,160 | -8.7% |
| Financial income | 75/76B | €581 | €389 | -€192 | -33.0% |
| Recurring financial income | 75 | €581 | €389 | -€192 | -33.0% |
| Financial charges | 65/66B | €45,071 | €37,537 | -€7,534 | -16.7% |
| Recurring financial charges | 65 | €45,071 | €37,537 | -€7,534 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €96,024 | €91,206 | -€4,818 | -5.0% |
| Transfer from deferred taxes | 780 | €3,005 | €2,264 | -€741 | -24.7% |
| Income taxes | 67/77 | €9,555 | €53,333 | +€43,778 | +458.2% |
| Profit (loss) for the period | 9904 | €89,474 | €40,137 | -€49,337 | -55.1% |
| Transfer from tax-exempt reserves | 789 | €4,396 | €4,396 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,870 | €44,533 | -€49,337 | -52.6% |
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 6 October 2026 via checked.be.