MAXELE: 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.
MAXELE
Largest movements
- Receivables within one year -€58,991
down €58,991 (-43.3%), from €136,277 to €77,286
of which Trade receivables: -€73,175
- Tangible fixed assets -€50,875
down €50,875 (-100.0%), from €50,894 to €18
of which Furniture and vehicles: -€47,357
- Cash +€27,354
up €27,354 (+141.1%), from €19,392 to €46,746
mainly Receivables within one year (+€58,991) and Investment in fixed assets (net) (+€41,494)
- Deferred charges and accrued income -€3,673
down €3,673 (-99.9%), from €3,675 to €2
- Debts after one year -€36,509
no longer reported in 2025 (was €36,509)
- Reserves -€15,627
down €15,627 (-16.8%), from €93,194 to €77,567
- Profit (loss) carried forward -€15,422
new in 2025: -€15,422
- Current portion of long-term debt -€11,759
no longer reported in 2025 (was €11,759)
- Trade debts -€4,859
down €4,859 (-31.3%), from €15,533 to €10,674
- Gross operating margin -€122,348
down €122,348, from €116,004 to -€6,344
- Taxes -€28,862
no longer reported in 2025 (was €28,862)
- Depreciation -€7,846
down €7,846 (-45.5%), from €17,227 to €9,381
- Staff costs +€2,827
up €2,827 (+25.5%), from €11,087 to €13,914
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 | €210,238 | €124,052 | -€86,186 | -41.0% |
| Fixed assets | 21/28 | €50,894 | €18 | -€50,875 | -100.0% |
| Tangible fixed assets | 22/27 | €50,894 | €18 | -€50,875 | -100.0% |
| Plant, machinery and equipment | 23 | €3,519 | - | -€3,519 | |
| Furniture and vehicles | 24 | €47,375 | €18 | -€47,357 | -100.0% |
| Current assets | 29/58 | €159,344 | €124,034 | -€35,310 | -22.2% |
| Amounts receivable within one year | 40/41 | €136,277 | €77,286 | -€58,991 | -43.3% |
| Trade receivables | 40 | €73,175 | - | -€73,175 | |
| Other amounts receivable | 41 | €63,102 | €77,286 | +€14,184 | +22.5% |
| Cash at bank and in hand | 54/58 | €19,392 | €46,746 | +€27,354 | +141.1% |
| Deferred charges and accrued income | 490/1 | €3,675 | €2 | -€3,673 | -99.9% |
| Total equity and liabilities | 10/49 | €210,238 | €124,052 | -€86,186 | -41.0% |
| Equity | 10/15 | €111,794 | €80,745 | -€31,049 | -27.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €93,194 | €77,567 | -€15,627 | -16.8% |
| Distributable reserves | 133 | €93,194 | €77,567 | -€15,627 | -16.8% |
| Profit (loss) carried forward | 14 | - | -€15,422 | -€15,422 | |
| Amounts payable | 17/49 | €98,443 | €43,307 | -€55,136 | -56.0% |
| Amounts payable after more than one year | 17 | €36,509 | - | -€36,509 | |
| Financial debts | 170/4 | €36,509 | - | -€36,509 | |
| Amounts payable within one year | 42/48 | €61,934 | €43,307 | -€18,627 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €11,759 | - | -€11,759 | |
| Trade debts | 44 | €15,533 | €10,674 | -€4,859 | -31.3% |
| Suppliers | 440/4 | €15,533 | €10,674 | -€4,859 | -31.3% |
| Taxes, remuneration and social security | 45 | €34,643 | €32,331 | -€2,312 | -6.7% |
| Taxes | 450/3 | €32,873 | €32,331 | -€543 | -1.7% |
| Remuneration and social security | 454/9 | €1,769 | - | -€1,769 | |
| Other amounts payable | 47/48 | - | €303 | +€303 | |
| Non-recurring operating income | 76A | - | €9,639 | +€9,639 | |
| Remuneration, social security and pensions | 62 | €11,087 | €13,914 | +€2,827 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,227 | €9,381 | -€7,846 | -45.5% |
| Other operating charges | 640/8 | €1,624 | €1,312 | -€312 | -19.2% |
| Non-recurring operating charges | 66A | €4,495 | €1,546 | -€2,949 | -65.6% |
| Gross operating margin | 9900 | €116,004 | -€6,344 | -€122,348 | |
| Operating profit (loss) | 9901 | €81,570 | -€32,498 | -€114,067 | |
| Financial income | 75/76B | €3,186 | €4,298 | +€1,113 | +34.9% |
| Recurring financial income | 75 | €3,186 | €4,298 | +€1,113 | +34.9% |
| Financial charges | 65/66B | €3,188 | €2,850 | -€338 | -10.6% |
| Recurring financial charges | 65 | €3,188 | €2,850 | -€338 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €81,567 | -€31,049 | -€112,617 | |
| Income taxes | 67/77 | €28,862 | - | -€28,862 | |
| Profit (loss) for the period | 9904 | €52,705 | -€31,049 | -€83,754 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,705 | -€31,049 | -€83,754 |
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 3 October 2026 via checked.be.