MAXEDAN: 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.
MAXEDAN
Largest movements
- Tangible fixed assets +€55,640
up €55,640 (+808%), from €6,883 to €62,523
of which Plant, machinery and equipment: +€58,493
- Receivables within one year +€7,655
up €7,655 (+17.6%), from €43,489 to €51,145
of which Other amounts receivable: +€8,787
- Cash +€2,317
up €2,317 (+51.6%), from €4,491 to €6,808
mainly Trade debts (+€55,778) and Net result for the year (+€34,166)
- Stocks and contracts +€1,950
up €1,950 (+19.4%), from €10,050 to €12,000
- Trade debts +€55,778
up €55,778 (+61.6%), from €90,532 to €146,310
- Profit (loss) carried forward +€34,166
up €34,166 (+56.8%), from -€60,137 to -€25,972
- Tax, wage and social debts -€16,063
down €16,063 (-82.9%), from €19,388 to €3,325
of which Taxes: -€16,063
- Other debts -€10,000
down €10,000 (-100%), from €10,000 to €0
- Accrued charges and deferred income +€4,733
up €4,733 (+1,772%), from €267 to €5,000
- Staff costs -€27,281
down €27,281 (-100%), from €27,281 to €0
- Gross operating margin +€19,103
up €19,103 (+63.1%), from €30,279 to €49,382
- Other operating charges +€2,259
up €2,259 (+81.9%), from €2,759 to €5,018
- Taxes +€886
up €886 (+692%), from €128 to €1,014
- Financial charges +€774
up €774 (+67.4%), from €1,148 to €1,923
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 | €65,050 | €133,664 | +€68,613 | +105% |
| Fixed assets | 21/28 | €6,883 | €62,523 | +€55,640 | +808% |
| Tangible fixed assets | 22/27 | €6,883 | €62,523 | +€55,640 | +808% |
| Plant, machinery and equipment | 23 | €2,619 | €61,112 | +€58,493 | +2,233% |
| Furniture and vehicles | 24 | €3,530 | €1,411 | -€2,120 | -60.0% |
| Other tangible fixed assets | 26 | €733 | €0 | -€733 | -100% |
| Current assets | 29/58 | €58,167 | €71,141 | +€12,973 | +22.3% |
| Stocks and contracts in progress | 3 | €10,050 | €12,000 | +€1,950 | +19.4% |
| Stocks | 30/36 | €10,050 | €12,000 | +€1,950 | +19.4% |
| Amounts receivable within one year | 40/41 | €43,489 | €51,145 | +€7,655 | +17.6% |
| Trade receivables | 40 | €33,387 | €32,255 | -€1,132 | -3.4% |
| Other amounts receivable | 41 | €10,102 | €18,889 | +€8,787 | +87.0% |
| Cash at bank and in hand | 54/58 | €4,491 | €6,808 | +€2,317 | +51.6% |
| Deferred charges and accrued income | 490/1 | €137 | €1,188 | +€1,051 | +765% |
| Total equity and liabilities | 10/49 | €65,050 | €133,664 | +€68,613 | +105% |
| Equity | 10/15 | -€55,137 | -€20,972 | +€34,166 | +62.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,137 | -€25,972 | +€34,166 | +56.8% |
| Amounts payable | 17/49 | €120,188 | €154,635 | +€34,448 | +28.7% |
| Amounts payable within one year | 42/48 | €119,921 | €149,635 | +€29,715 | +24.8% |
| Trade debts | 44 | €90,532 | €146,310 | +€55,778 | +61.6% |
| Suppliers | 440/4 | €90,532 | €146,310 | +€55,778 | +61.6% |
| Taxes, remuneration and social security | 45 | €19,388 | €3,325 | -€16,063 | -82.9% |
| Taxes | 450/3 | €19,388 | €3,325 | -€16,063 | -82.9% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €10,000 | €0 | -€10,000 | -100% |
| Accrued charges and deferred income | 492/3 | €267 | €5,000 | +€4,733 | +1,772% |
| Remuneration, social security and pensions | 62 | €27,281 | €0 | -€27,281 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,537 | €4,135 | -€403 | -8.9% |
| Other operating charges | 640/8 | €2,759 | €5,018 | +€2,259 | +81.9% |
| Non-recurring operating charges | 66A | €5,255 | €3,153 | -€2,102 | -40.0% |
| Gross operating margin | 9900 | €30,279 | €49,382 | +€19,103 | +63.1% |
| Operating profit (loss) | 9901 | -€9,553 | €37,077 | +€46,630 | |
| Financial income | 75/76B | €456 | €25 | -€431 | -94.5% |
| Recurring financial income | 75 | €456 | €25 | -€431 | -94.5% |
| Financial charges | 65/66B | €1,148 | €1,923 | +€774 | +67.4% |
| Recurring financial charges | 65 | €1,148 | €1,923 | +€774 | +67.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,245 | €35,179 | +€45,425 | |
| Income taxes | 67/77 | €128 | €1,014 | +€886 | +692% |
| Profit (loss) for the period | 9904 | -€10,373 | €34,166 | +€44,539 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,373 | €34,166 | +€44,539 |
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 14 October 2026 via checked.be.