MAXEL CONCEPT: what changed
Two fiscal 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 CONCEPT
Largest movements
- Current investments +€100,000
up €100,000 (+16.7%), from €600,000 to €700,000
- Receivables within one year -€40,262
down €40,262 (-45.0%), from €89,388 to €49,126
of which Other amounts receivable: -€46,249
- Cash +€38,198
up €38,198 (+149.0%), from €25,629 to €63,827
mainly Net result for the year (+€151,594) and Receivables within one year (+€40,262)
- Tangible fixed assets +€10,212
up €10,212 (+32.4%), from €31,493 to €41,706
of which Furniture and vehicles: +€9,515
- Reserves +€104,475
up €104,475 (+15.0%), from €696,880 to €801,355
of which Distributable reserves: +€104,475
- Gross operating margin +€12,257
up €12,257 (+5.9%), from €207,120 to €219,377
- Taxes +€2,844
up €2,844 (+4.3%), from €65,765 to €68,609
- Depreciation +€2,737
up €2,737 (+31.2%), from €8,776 to €11,513
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 | €750,622 | €858,470 | +€107,848 | +14.4% |
| Fixed assets | 21/28 | €31,793 | €42,006 | +€10,212 | +32.1% |
| Tangible fixed assets | 22/27 | €31,493 | €41,706 | +€10,212 | +32.4% |
| Land and buildings | 22 | €5,494 | €4,294 | -€1,200 | -21.8% |
| Plant, machinery and equipment | 23 | €4,264 | €6,161 | +€1,897 | +44.5% |
| Furniture and vehicles | 24 | €21,736 | €31,251 | +€9,515 | +43.8% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €718,828 | €816,464 | +€97,636 | +13.6% |
| Amounts receivable within one year | 40/41 | €89,388 | €49,126 | -€40,262 | -45.0% |
| Trade receivables | 40 | €37,344 | €43,331 | +€5,987 | +16.0% |
| Other amounts receivable | 41 | €52,044 | €5,795 | -€46,249 | -88.9% |
| Current investments | 50/53 | €600,000 | €700,000 | +€100,000 | +16.7% |
| Cash at bank and in hand | 54/58 | €25,629 | €63,827 | +€38,198 | +149.0% |
| Deferred charges and accrued income | 490/1 | €3,812 | €3,512 | -€300 | -7.9% |
| Total equity and liabilities | 10/49 | €750,622 | €858,470 | +€107,848 | +14.4% |
| Equity | 10/15 | €716,360 | €820,835 | +€104,475 | +14.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €696,880 | €801,355 | +€104,475 | +15.0% |
| Tax-exempt reserves | 132 | €126,300 | €126,300 | = | 0.0% |
| Distributable reserves | 133 | €570,580 | €675,055 | +€104,475 | +18.3% |
| Profit (loss) carried forward | 14 | €880 | €880 | = | 0.0% |
| Amounts payable | 17/49 | €34,262 | €37,635 | +€3,373 | +9.8% |
| Amounts payable within one year | 42/48 | €34,110 | €37,635 | +€3,525 | +10.3% |
| Trade debts | 44 | €2,391 | €693 | -€1,698 | -71.0% |
| Suppliers | 440/4 | €2,391 | €693 | -€1,698 | -71.0% |
| Taxes, remuneration and social security | 45 | €31,720 | €36,942 | +€5,223 | +16.5% |
| Taxes | 450/3 | €31,720 | €36,942 | +€5,223 | +16.5% |
| Accrued charges and deferred income | 492/3 | €152 | - | -€152 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,776 | €11,513 | +€2,737 | +31.2% |
| Other operating charges | 640/8 | €1,911 | €2,105 | +€194 | +10.2% |
| Gross operating margin | 9900 | €207,120 | €219,377 | +€12,257 | +5.9% |
| Operating profit (loss) | 9901 | €196,434 | €205,759 | +€9,325 | +4.7% |
| Financial income | 75/76B | €14,871 | €15,278 | +€408 | +2.7% |
| Recurring financial income | 75 | €14,871 | €15,278 | +€408 | +2.7% |
| Financial charges | 65/66B | €911 | €835 | -€76 | -8.3% |
| Recurring financial charges | 65 | €911 | €835 | -€76 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €210,394 | €220,203 | +€9,809 | +4.7% |
| Income taxes | 67/77 | €65,765 | €68,609 | +€2,844 | +4.3% |
| Profit (loss) for the period | 9904 | €144,629 | €151,594 | +€6,965 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €144,629 | €151,594 | +€6,965 | +4.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.