MAXCELL: 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.
MAXCELL
Largest movements
- Tangible fixed assets -€19,287
down €19,287 (-47.7%), from €40,415 to €21,129
of which Land and buildings: -€12,546
- Cash +€3,150
up €3,150 (+3.3%), from €96,089 to €99,239
mainly Depreciation (+€21,447) and Net result for the year (+€9,073)
- Receivables within one year -€2,724
down €2,724 (-100.0%), from €2,724 to €0
of which Other amounts receivable: -€2,724
- Current portion of long-term debt -€18,170
down €18,170 (-56.7%), from €32,034 to €13,865
- Debts after one year -€13,865
down €13,865 (-100.0%), from €13,865 to €0
- Reserves +€9,000
up €9,000 (+23.6%), from €38,200 to €47,200
- Tax, wage and social debts +€3,896
up €3,896 (+114.6%), from €3,399 to €7,294
- Depreciation -€13,430
down €13,430 (-38.5%), from €34,877 to €21,447
- Gross operating margin -€10,603
down €10,603 (-19.9%), from €53,200 to €42,597
- Taxes +€3,246
up €3,246 (+75.6%), from €4,294 to €7,539
- Financial charges -€1,296
down €1,296 (-32.0%), from €4,052 to €2,756
- Other operating charges -€783
down €783 (-26.1%), from €2,998 to €2,215
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 | €142,501 | €123,886 | -€18,615 | -13.1% |
| Fixed assets | 21/28 | €40,460 | €21,174 | -€19,287 | -47.7% |
| Tangible fixed assets | 22/27 | €40,415 | €21,129 | -€19,287 | -47.7% |
| Land and buildings | 22 | €30,019 | €17,473 | -€12,546 | -41.8% |
| Plant, machinery and equipment | 23 | €746 | €291 | -€455 | -61.0% |
| Furniture and vehicles | 24 | €9,650 | €3,364 | -€6,286 | -65.1% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €102,041 | €102,713 | +€671 | +0.7% |
| Amounts receivable within one year | 40/41 | €2,724 | €0 | -€2,724 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,724 | €0 | -€2,724 | -100.0% |
| Current investments | 50/53 | €125 | €125 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €96,089 | €99,239 | +€3,150 | +3.3% |
| Deferred charges and accrued income | 490/1 | €3,103 | €3,349 | +€246 | +7.9% |
| Total equity and liabilities | 10/49 | €142,501 | €123,886 | -€18,615 | -13.1% |
| Equity | 10/15 | €80,320 | €89,392 | +€9,073 | +11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,200 | €47,200 | +€9,000 | +23.6% |
| Distributable reserves | 133 | €38,200 | €47,200 | +€9,000 | +23.6% |
| Profit (loss) carried forward | 14 | €23,520 | €23,592 | +€73 | +0.3% |
| Amounts payable | 17/49 | €62,182 | €34,494 | -€27,688 | -44.5% |
| Amounts payable after more than one year | 17 | €13,865 | €0 | -€13,865 | -100.0% |
| Financial debts | 170/4 | €13,865 | €0 | -€13,865 | -100.0% |
| Amounts payable within one year | 42/48 | €47,815 | €33,888 | -€13,926 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €32,034 | €13,865 | -€18,170 | -56.7% |
| Trade debts | 44 | €571 | €118 | -€453 | -79.3% |
| Suppliers | 440/4 | €571 | €118 | -€453 | -79.3% |
| Taxes, remuneration and social security | 45 | €3,399 | €7,294 | +€3,896 | +114.6% |
| Taxes | 450/3 | €3,399 | €7,294 | +€3,896 | +114.6% |
| Other amounts payable | 47/48 | €11,810 | €12,611 | +€801 | +6.8% |
| Accrued charges and deferred income | 492/3 | €502 | €605 | +€103 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,877 | €21,447 | -€13,430 | -38.5% |
| Other operating charges | 640/8 | €2,998 | €2,215 | -€783 | -26.1% |
| Gross operating margin | 9900 | €53,200 | €42,597 | -€10,603 | -19.9% |
| Operating profit (loss) | 9901 | €15,324 | €18,935 | +€3,611 | +23.6% |
| Financial income | 75/76B | €10 | €434 | +€424 | +4259.5% |
| Recurring financial income | 75 | €10 | €434 | +€424 | +4259.5% |
| Financial charges | 65/66B | €4,052 | €2,756 | -€1,296 | -32.0% |
| Recurring financial charges | 65 | €4,052 | €2,756 | -€1,296 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €11,282 | €16,612 | +€5,330 | +47.2% |
| Income taxes | 67/77 | €4,294 | €7,539 | +€3,246 | +75.6% |
| Profit (loss) for the period | 9904 | €6,989 | €9,073 | +€2,084 | +29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,989 | €9,073 | +€2,084 | +29.8% |
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.