MAXEL 2004: 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.
MAXEL 2004
Largest movements
- Cash +€912,434
up €912,434 (+1,758%), from €51,899 to €964,334
mainly Current investments (+€900,000) and Other debts (+€529,357)
- Current investments -€900,000
down €900,000 (-100%), from €900,000 to €0
- Receivables within one year -€104,165
down €104,165 (-88.3%), from €118,009 to €13,845
- Profit (loss) carried forward -€718,167
down €718,167 (-69.5%), from €1.0m to €315,328
- Other debts +€529,357
new in 2025: €529,357
- Tax, wage and social debts +€99,784
up €99,784 (+325%), from €30,689 to €130,473
of which Taxes: +€105,623
- Gross operating margin -€61,295
down €61,295 (-13.0%), from €471,502 to €410,207
- Taxes -€14,639
down €14,639 (-12.9%), from €113,082 to €98,443
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 | €1,069,909 | €978,178 | -€91,730 | -8.6% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €1,069,909 | €978,178 | -€91,730 | -8.6% |
| Amounts receivable within one year | 40/41 | €118,009 | €13,845 | -€104,165 | -88.3% |
| Other amounts receivable | 41 | €118,009 | €13,845 | -€104,165 | -88.3% |
| Current investments | 50/53 | €900,000 | €0 | -€900,000 | -100% |
| Cash at bank and in hand | 54/58 | €51,899 | €964,334 | +€912,434 | +1,758% |
| Total equity and liabilities | 10/49 | €1,069,909 | €978,178 | -€91,730 | -8.6% |
| Equity | 10/15 | €1,036,495 | €318,328 | -€718,167 | -69.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,033,495 | €315,328 | -€718,167 | -69.5% |
| Amounts payable | 17/49 | €33,414 | €659,851 | +€626,437 | +1,875% |
| Amounts payable within one year | 42/48 | €33,414 | €659,851 | +€626,437 | +1,875% |
| Trade debts | 44 | €2,725 | €21 | -€2,704 | -99.2% |
| Suppliers | 440/4 | €2,725 | €21 | -€2,704 | -99.2% |
| Taxes, remuneration and social security | 45 | €30,689 | €130,473 | +€99,784 | +325% |
| Taxes | 450/3 | €13,565 | €119,188 | +€105,623 | +779% |
| Remuneration and social security | 454/9 | €17,124 | €11,285 | -€5,839 | -34.1% |
| Other amounts payable | 47/48 | - | €529,357 | +€529,357 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,471 | €453 | -€1,018 | -69.2% |
| Gross operating margin | 9900 | €471,502 | €410,207 | -€61,295 | -13.0% |
| Operating profit (loss) | 9901 | €470,032 | €409,755 | -€60,277 | -12.8% |
| Financial income | 75/76B | €2,249 | €4,187 | +€1,938 | +86.2% |
| Recurring financial income | 75 | €2,249 | €4,187 | +€1,938 | +86.2% |
| Financial charges | 65/66B | €135 | €171 | +€36 | +26.8% |
| Recurring financial charges | 65 | €135 | €171 | +€36 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | €472,146 | €413,771 | -€58,375 | -12.4% |
| Income taxes | 67/77 | €113,082 | €98,443 | -€14,639 | -12.9% |
| Profit (loss) for the period | 9904 | €359,064 | €315,328 | -€43,736 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €359,064 | €315,328 | -€43,736 | -12.2% |
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.