MAXDEN: 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.
MAXDEN
Largest movements
- Tangible fixed assets +€146,522
up €146,522 (+72.6%), from €201,905 to €348,427
of which Land and buildings: +€142,815
- Receivables after one year -€22,500
no longer reported in 2025 (was €22,500)
- Cash +€7,591
up €7,591 (+23.6%), from €32,197 to €39,788
mainly Contributions, distributions and other (+€125,000) and Net result for the year (+€37,237)
- Receivables within one year +€4,758
up €4,758 (+12.6%), from €37,674 to €42,432
of which Trade receivables: +€4,710
- Revaluation surpluses +€150,000
new in 2025: €150,000
- Reserves +€20,000
up €20,000 (+17.9%), from €111,860 to €131,860
of which Distributable reserves: +€20,000
- Debts after one year -€14,667
down €14,667 (-20.0%), from €73,334 to €58,667
- Other debts -€12,793
down €12,793 (-25.5%), from €50,200 to €37,407
- Profit (loss) carried forward -€7,763
down €7,763 (-60.7%), from €12,799 to €5,036
- Other operating charges +€1,881
up €1,881 (+815.2%), from €231 to €2,112
- Gross operating margin -€1,878
down €1,878 (-2.8%), from €65,949 to €64,072
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 | €294,276 | €430,646 | +€136,371 | +46.3% |
| Fixed assets | 21/28 | €201,905 | €348,427 | +€146,522 | +72.6% |
| Tangible fixed assets | 22/27 | €201,905 | €348,427 | +€146,522 | +72.6% |
| Land and buildings | 22 | €190,142 | €332,957 | +€142,815 | +75.1% |
| Furniture and vehicles | 24 | - | €2,837 | +€2,837 | |
| Other tangible fixed assets | 26 | €11,763 | €12,633 | +€870 | +7.4% |
| Current assets | 29/58 | €92,370 | €82,220 | -€10,151 | -11.0% |
| Amounts receivable after more than one year | 29 | €22,500 | - | -€22,500 | |
| Other amounts receivable | 291 | €22,500 | - | -€22,500 | |
| Amounts receivable within one year | 40/41 | €37,674 | €42,432 | +€4,758 | +12.6% |
| Trade receivables | 40 | €33,159 | €37,869 | +€4,710 | +14.2% |
| Other amounts receivable | 41 | €4,515 | €4,563 | +€48 | +1.1% |
| Cash at bank and in hand | 54/58 | €32,197 | €39,788 | +€7,591 | +23.6% |
| Total equity and liabilities | 10/49 | €294,276 | €430,646 | +€136,371 | +46.3% |
| Equity | 10/15 | €143,259 | €305,496 | +€162,237 | +113.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €150,000 | +€150,000 | |
| Reserves | 13 | €111,860 | €131,860 | +€20,000 | +17.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €110,000 | €130,000 | +€20,000 | +18.2% |
| Profit (loss) carried forward | 14 | €12,799 | €5,036 | -€7,763 | -60.7% |
| Amounts payable | 17/49 | €151,016 | €125,150 | -€25,866 | -17.1% |
| Amounts payable after more than one year | 17 | €73,334 | €58,667 | -€14,667 | -20.0% |
| Financial debts | 170/4 | €73,334 | €58,667 | -€14,667 | -20.0% |
| Amounts payable within one year | 42/48 | €77,683 | €66,483 | -€11,199 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €14,667 | €14,667 | = | 0.0% |
| Trade debts | 44 | €2,339 | €4,533 | +€2,194 | +93.8% |
| Suppliers | 440/4 | €2,339 | €4,533 | +€2,194 | +93.8% |
| Taxes, remuneration and social security | 45 | €10,477 | €9,876 | -€601 | -5.7% |
| Taxes | 450/3 | €10,477 | €9,876 | -€601 | -5.7% |
| Other amounts payable | 47/48 | €50,200 | €37,407 | -€12,793 | -25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,573 | €9,823 | +€251 | +2.6% |
| Other operating charges | 640/8 | €231 | €2,112 | +€1,881 | +815.2% |
| Gross operating margin | 9900 | €65,949 | €64,072 | -€1,878 | -2.8% |
| Operating profit (loss) | 9901 | €56,146 | €52,136 | -€4,010 | -7.1% |
| Financial charges | 65/66B | €2,887 | €2,463 | -€424 | -14.7% |
| Recurring financial charges | 65 | €2,887 | €2,463 | -€424 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €53,259 | €49,674 | -€3,586 | -6.7% |
| Income taxes | 67/77 | €12,569 | €12,437 | -€132 | -1.0% |
| Profit (loss) for the period | 9904 | €40,691 | €37,237 | -€3,454 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,691 | €37,237 | -€3,454 | -8.5% |
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 9 October 2026 via checked.be.