MAXCON: 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.
MAXCON
Largest movements
- Receivables within one year +€139,866
up €139,866 (+1491.0%), from €9,381 to €149,247
of which Trade receivables: +€140,124
- Stocks and contracts +€78,911
up €78,911 (+358.7%), from €22,000 to €100,911
- Tangible fixed assets +€44,303
up €44,303 (+43.5%), from €101,910 to €146,213
of which Furniture and vehicles: +€35,433
- Cash -€19,676
down €19,676 (-70.1%), from €28,053 to €8,377
mainly Receivables within one year (-€139,866) and Stocks and contracts (-€78,911)
- Intangible fixed assets -€4,826
down €4,826 (-32.4%), from €14,893 to €10,067
- Short-term financial debts +€181,424
up €181,424 (+869.0%), from €20,878 to €202,303
of which Credit institutions: +€180,000
- Debts after one year +€30,016
up €30,016 (+32.9%), from €91,188 to €121,205
- Trade debts +€27,989
up €27,989 (+294.3%), from €9,510 to €37,499
- Other debts -€23,223
down €23,223 (-94.9%), from €24,475 to €1,252
- Tax, wage and social debts +€13,083
up €13,083 (+305.4%), from €4,284 to €17,368
- Gross operating margin -€89,750
down €89,750 (-61.2%), from €146,696 to €56,946
- Depreciation +€10,187
up €10,187 (+52.8%), from €19,281 to €29,468
- Taxes -€8,758
down €8,758 (-66.0%), from €13,267 to €4,510
- Other operating charges -€4,702
down €4,702 (-63.4%), from €7,412 to €2,711
- Financial charges +€3,480
up €3,480 (+29.8%), from €11,670 to €15,151
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 | €183,313 | €419,279 | +€235,966 | +128.7% |
| Fixed assets | 21/28 | €119,803 | €156,280 | +€36,477 | +30.4% |
| Intangible fixed assets | 21 | €14,893 | €10,067 | -€4,826 | -32.4% |
| Tangible fixed assets | 22/27 | €101,910 | €146,213 | +€44,303 | +43.5% |
| Land and buildings | 22 | €2,948 | €11,817 | +€8,869 | +300.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €98,962 | €134,395 | +€35,433 | +35.8% |
| Financial fixed assets | 28 | €3,000 | €0 | -€3,000 | -100.0% |
| Current assets | 29/58 | €63,511 | €262,999 | +€199,489 | +314.1% |
| Stocks and contracts in progress | 3 | €22,000 | €100,911 | +€78,911 | +358.7% |
| Stocks | 30/36 | €22,000 | €100,911 | +€78,911 | +358.7% |
| Amounts receivable within one year | 40/41 | €9,381 | €149,247 | +€139,866 | +1491.0% |
| Trade receivables | 40 | €0 | €140,124 | +€140,124 | |
| Other amounts receivable | 41 | €9,381 | €9,123 | -€257 | -2.7% |
| Current investments | 50/53 | €1,500 | €1,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,053 | €8,377 | -€19,676 | -70.1% |
| Deferred charges and accrued income | 490/1 | €2,577 | €2,964 | +€387 | +15.0% |
| Total equity and liabilities | 10/49 | €183,313 | €419,279 | +€235,966 | +128.7% |
| Equity | 10/15 | €21,637 | €23,139 | +€1,502 | +6.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €19,637 | €21,139 | +€1,502 | +7.6% |
| Distributable reserves | 133 | €19,637 | €21,139 | +€1,502 | +7.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €161,676 | €396,141 | +€234,464 | +145.0% |
| Amounts payable after more than one year | 17 | €91,188 | €121,205 | +€30,016 | +32.9% |
| Financial debts | 170/4 | €91,188 | €121,205 | +€30,016 | +32.9% |
| Amounts payable within one year | 42/48 | €70,334 | €274,013 | +€203,678 | +289.6% |
| Current portion of amounts payable after more than one year | 42 | €11,187 | €15,591 | +€4,404 | +39.4% |
| Financial debts | 43 | €20,878 | €202,303 | +€181,424 | +869.0% |
| Credit institutions | 430/8 | €20,000 | €200,000 | +€180,000 | +900.0% |
| Other loans | 439 | €878 | €2,303 | +€1,424 | +162.1% |
| Trade debts | 44 | €9,510 | €37,499 | +€27,989 | +294.3% |
| Suppliers | 440/4 | €9,510 | €37,499 | +€27,989 | +294.3% |
| Taxes, remuneration and social security | 45 | €4,284 | €17,368 | +€13,083 | +305.4% |
| Taxes | 450/3 | €4,284 | €17,368 | +€13,083 | +305.4% |
| Other amounts payable | 47/48 | €24,475 | €1,252 | -€23,223 | -94.9% |
| Accrued charges and deferred income | 492/3 | €154 | €923 | +€770 | +499.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,281 | €29,468 | +€10,187 | +52.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,576 | €0 | -€2,576 | -100.0% |
| Other operating charges | 640/8 | €7,412 | €2,711 | -€4,702 | -63.4% |
| Non-recurring operating charges | 66A | - | €3,606 | +€3,606 | |
| Gross operating margin | 9900 | €146,696 | €56,946 | -€89,750 | -61.2% |
| Operating profit (loss) | 9901 | €117,426 | €21,162 | -€96,264 | -82.0% |
| Financial income | 75/76B | €150 | €0 | -€150 | -100.0% |
| Recurring financial income | 75 | €150 | €0 | -€150 | -100.0% |
| Financial charges | 65/66B | €11,670 | €15,151 | +€3,480 | +29.8% |
| Recurring financial charges | 65 | €11,670 | €15,151 | +€3,480 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €105,905 | €6,011 | -€99,894 | -94.3% |
| Income taxes | 67/77 | €13,267 | €4,510 | -€8,758 | -66.0% |
| Profit (loss) for the period | 9904 | €92,638 | €1,502 | -€91,136 | -98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €92,638 | €1,502 | -€91,136 | -98.4% |
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.