MAXCONSTRUCT: what changed
Two financial 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.
MAXCONSTRUCT
Largest movements
- Cash -€342,093
down €342,093 (-92.8%), from €368,465 to €26,372
mainly Net result for the year (-€437,948) and Receivables within one year (-€86,800)
- Receivables within one year +€86,800
up €86,800 (+567%), from €15,314 to €102,115
of which Trade receivables: +€75,995
- Stocks and contracts -€47,915
down €47,915 (-4.3%), from €1.1m to €1.1m
- Profit (loss) carried forward -€437,948
down €437,948 (-23.2%), from -€1.9m to -€2.3m
- Other debts +€132,548
up €132,548 (+4.1%), from €3.2m to €3.4m
- Accrued charges and deferred income +€23,307
up €23,307 (+22.8%), from €102,113 to €125,420
- Staff costs -€79,028
down €79,028 (-67.8%), from €116,610 to €37,582
- Gross operating margin +€69,850
up €69,850 (+21.1%), from -€331,088 to -€261,238
- Financial charges +€21,485
up €21,485 (+18.8%), from €114,489 to €135,974
- Other operating charges -€4,857
down €4,857 (-93.5%), from €5,195 to €338
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.
Derived cash bridge
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 | €1,507,229 | €1,201,474 | -€305,755 | -20.3% |
| Fixed assets | 21/28 | €8,267 | €5,719 | -€2,548 | -30.8% |
| Intangible fixed assets | 21 | €5,075 | €2,854 | -€2,221 | -43.8% |
| Tangible fixed assets | 22/27 | €2,592 | €2,265 | -€327 | -12.6% |
| Land and buildings | 22 | €2,402 | €2,152 | -€250 | -10.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €189 | €113 | -€76 | -40.3% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €1,498,962 | €1,195,755 | -€303,207 | -20.2% |
| Stocks and contracts in progress | 3 | €1,115,183 | €1,067,268 | -€47,915 | -4.3% |
| Stocks | 30/36 | €1,115,183 | €1,067,268 | -€47,915 | -4.3% |
| Amounts receivable within one year | 40/41 | €15,314 | €102,115 | +€86,800 | +567% |
| Trade receivables | 40 | €12,774 | €88,769 | +€75,995 | +595% |
| Other amounts receivable | 41 | €2,540 | €13,346 | +€10,806 | +425% |
| Cash at bank and in hand | 54/58 | €368,465 | €26,372 | -€342,093 | -92.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,507,229 | €1,201,474 | -€305,755 | -20.3% |
| Equity | 10/15 | -€1,858,058 | -€2,296,006 | -€437,948 | -23.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,110 | €9,110 | = | 0.0% |
| Distributable reserves | 133 | €9,110 | €9,110 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,885,768 | -€2,323,715 | -€437,948 | -23.2% |
| Amounts payable | 17/49 | €3,365,287 | €3,497,480 | +€132,193 | +3.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,263,174 | €3,372,060 | +€108,886 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €2,125 | €0 | -€2,125 | -100% |
| Trade debts | 44 | €23,427 | €10,685 | -€12,743 | -54.4% |
| Suppliers | 440/4 | €23,427 | €10,685 | -€12,743 | -54.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €8,793 | €0 | -€8,793 | -100% |
| Taxes | 450/3 | €8,793 | €0 | -€8,793 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,228,828 | €3,361,375 | +€132,548 | +4.1% |
| Accrued charges and deferred income | 492/3 | €102,113 | €125,420 | +€23,307 | +22.8% |
| Non-recurring operating income | 76A | - | €14,000 | +€14,000 | |
| Remuneration, social security and pensions | 62 | €116,610 | €37,582 | -€79,028 | -67.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,507 | €2,548 | -€960 | -27.4% |
| Other operating charges | 640/8 | €5,195 | €338 | -€4,857 | -93.5% |
| Gross operating margin | 9900 | -€331,088 | -€261,238 | +€69,850 | +21.1% |
| Operating profit (loss) | 9901 | -€456,400 | -€301,705 | +€154,696 | +33.9% |
| Financial income | 75/76B | €2 | €0 | -€2 | -91.2% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -91.2% |
| Financial charges | 65/66B | €114,489 | €135,974 | +€21,485 | +18.8% |
| Recurring financial charges | 65 | €114,489 | €135,974 | +€21,485 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | -€570,887 | -€437,679 | +€133,208 | +23.3% |
| Income taxes | 67/77 | €422 | €269 | -€153 | -36.3% |
| Profit (loss) for the period | 9904 | -€571,309 | -€437,948 | +€133,362 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€571,309 | -€437,948 | +€133,362 | +23.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.