MAXEL ASSURANCE: 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 ASSURANCE
Largest movements
- Cash -€690,521
down €690,521 (-55.6%), from €1.2m to €550,428
mainly Contributions, distributions and other (-€1.6m) and Debts after one year (-€552,324)
- Intangible fixed assets -€322,047
down €322,047 (-10.7%), from €3.0m to €2.7m
- Other debts +€1.5m
up €1.5m (+2,701%), from €55,850 to €1.6m
- Profit (loss) carried forward -€1.3m
no longer reported in 2025 (was €1.3m)
- Debts after one year -€552,324
down €552,324 (-45.9%), from €1.2m to €650,721
- Trade debts -€421,226
down €421,226 (-22.2%), from €1.9m to €1.5m
of which Bills of exchange payable: -€466,381
- Tax, wage and social debts -€81,111
down €81,111 (-25.7%), from €316,209 to €235,099
of which Taxes: -€105,028
- Staff costs +€600,686
up €600,686 (+29.2%), from €2.1m to €2.7m
- Gross operating margin +€479,578
up €479,578 (+15.4%), from €3.1m to €3.6m
- Taxes -€51,067
down €51,067 (-22.9%), from €222,602 to €171,534
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 | €6,069,112 | €5,188,681 | -€880,431 | -14.5% |
| Fixed assets | 21/28 | €3,835,430 | €3,564,744 | -€270,687 | -7.1% |
| Intangible fixed assets | 21 | €3,015,042 | €2,692,995 | -€322,047 | -10.7% |
| Tangible fixed assets | 22/27 | €70,735 | €122,096 | +€51,361 | +72.6% |
| Furniture and vehicles | 24 | €55,662 | €79,257 | +€23,594 | +42.4% |
| Other tangible fixed assets | 26 | €15,073 | €42,839 | +€27,766 | +184% |
| Financial fixed assets | 28 | €749,653 | €749,653 | = | 0.0% |
| Current assets | 29/58 | €2,233,682 | €1,623,937 | -€609,745 | -27.3% |
| Amounts receivable within one year | 40/41 | €6,499 | €30,353 | +€23,855 | +367% |
| Other amounts receivable | 41 | €6,499 | €30,353 | +€23,855 | +367% |
| Cash at bank and in hand | 54/58 | €1,240,949 | €550,428 | -€690,521 | -55.6% |
| Deferred charges and accrued income | 490/1 | €986,234 | €1,043,156 | +€56,922 | +5.8% |
| Total equity and liabilities | 10/49 | €6,069,112 | €5,188,681 | -€880,431 | -14.5% |
| Equity | 10/15 | €1,445,276 | €86,711 | -€1.4m | -94.0% |
| Contributions | 10/11 | €76,328 | €76,328 | = | 0.0% |
| Capital | 10 | €76,328 | €76,328 | = | 0.0% |
| Issued capital | 100 | €76,328 | €76,328 | = | 0.0% |
| Reserves | 13 | €46,381 | €10,383 | -€35,998 | -77.6% |
| Non-distributable reserves | 130/1 | €7,633 | €7,633 | = | 0.0% |
| Legal reserve | 130 | €7,633 | €7,633 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,750 | €2,750 | = | 0.0% |
| Distributable reserves | 133 | €35,998 | - | -€35,998 | |
| Profit (loss) carried forward | 14 | €1,322,567 | - | -€1.3m | |
| Amounts payable | 17/49 | €4,623,837 | €5,101,970 | +€478,134 | +10.3% |
| Amounts payable after more than one year | 17 | €1,203,045 | €650,721 | -€552,324 | -45.9% |
| Financial debts | 170/4 | €1,203,045 | €650,721 | -€552,324 | -45.9% |
| Amounts payable within one year | 42/48 | €3,068,772 | €4,110,991 | +€1.0m | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €797,920 | €833,855 | +€35,935 | +4.5% |
| Trade debts | 44 | €1,898,793 | €1,477,567 | -€421,226 | -22.2% |
| Suppliers | 440/4 | €869,579 | €914,734 | +€45,155 | +5.2% |
| Bills of exchange payable | 441 | €1,029,214 | €562,833 | -€466,381 | -45.3% |
| Taxes, remuneration and social security | 45 | €316,209 | €235,099 | -€81,111 | -25.7% |
| Taxes | 450/3 | €108,297 | €3,269 | -€105,028 | -97.0% |
| Remuneration and social security | 454/9 | €207,912 | €231,829 | +€23,917 | +11.5% |
| Other amounts payable | 47/48 | €55,850 | €1,564,470 | +€1.5m | +2,701% |
| Accrued charges and deferred income | 492/3 | €352,020 | €340,258 | -€11,761 | -3.3% |
| Non-recurring operating income | 76A | - | €31 | +€31 | |
| Remuneration, social security and pensions | 62 | €2,059,659 | €2,660,345 | +€600,686 | +29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €479,030 | €513,924 | +€34,894 | +7.3% |
| Other operating charges | 640/8 | €4,841 | €36,007 | +€31,166 | +644% |
| Non-recurring operating charges | 66A | - | -€5,558 | -€5,558 | |
| Gross operating margin | 9900 | €3,117,766 | €3,597,344 | +€479,578 | +15.4% |
| Operating profit (loss) | 9901 | €574,237 | €392,627 | -€181,610 | -31.6% |
| Financial income | 75/76B | €9,473 | €4,355 | -€5,118 | -54.0% |
| Recurring financial income | 75 | €9,473 | €4,355 | -€5,118 | -54.0% |
| Financial charges | 65/66B | €29,619 | €30,514 | +€896 | +3.0% |
| Recurring financial charges | 65 | €29,619 | €30,514 | +€896 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €554,091 | €366,467 | -€187,623 | -33.9% |
| Income taxes | 67/77 | €222,602 | €171,534 | -€51,067 | -22.9% |
| Profit (loss) for the period | 9904 | €331,489 | €194,933 | -€136,556 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €331,489 | €194,933 | -€136,556 | -41.2% |
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 17 October 2026 via checked.be.