MAXELEC-SOLAR: 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.
MAXELEC-SOLAR
Largest movements
- Tangible fixed assets +€39,938
up €39,938 (+397%), from €10,062 to €50,000
of which Furniture and vehicles: +€41,213
- Receivables within one year +€31,473
up €31,473 (+292%), from €10,784 to €42,257
of which Trade receivables: +€31,617
- Stocks and contracts +€25,323
up €25,323 (+288%), from €8,786 to €34,108
of which Stocks: +€23,323
- Cash +€15,467
up €15,467 (+14.8%), from €104,181 to €119,648
mainly Debts after one year (+€37,262) and Net result for the year (+€25,923)
- Deferred charges and accrued income +€4,286
up €4,286 (+563%), from €761 to €5,047
- Debts after one year +€37,262
new in 2025: €37,262
- Reserves +€25,923
up €25,923 (+36.1%), from €71,826 to €97,749
- Advances received +€15,040
up €15,040 (+103%), from €14,650 to €29,690
- Trade debts +€15,035
up €15,035 (+1,034%), from €1,455 to €16,490
- Current portion of long-term debt +€10,646
new in 2025: €10,646
- Gross operating margin -€58,717
down €58,717 (-56.2%), from €104,471 to €45,755
- Taxes -€18,575
down €18,575 (-69.0%), from €26,908 to €8,334
- Staff costs +€2,814
new in 2025: €2,814
- Depreciation +€2,278
up €2,278 (+44.7%), from €5,101 to €7,379
- Financial charges +€1,081
up €1,081 (+516%), from €209 to €1,290
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 | €135,454 | €253,692 | +€118,238 | +87.3% |
| Fixed assets | 21/28 | €10,942 | €52,631 | +€41,689 | +381% |
| Intangible fixed assets | 21 | €879 | €2,404 | +€1,524 | +173% |
| Tangible fixed assets | 22/27 | €10,062 | €50,000 | +€39,938 | +397% |
| Plant, machinery and equipment | 23 | €2,805 | €1,530 | -€1,275 | -45.5% |
| Furniture and vehicles | 24 | €7,257 | €48,470 | +€41,213 | +568% |
| Financial fixed assets | 28 | - | €227 | +€227 | |
| Current assets | 29/58 | €124,512 | €201,061 | +€76,549 | +61.5% |
| Stocks and contracts in progress | 3 | €8,786 | €34,108 | +€25,323 | +288% |
| Stocks | 30/36 | €2,786 | €26,108 | +€23,323 | +837% |
| Contracts in progress | 37 | €6,000 | €8,000 | +€2,000 | +33.3% |
| Amounts receivable within one year | 40/41 | €10,784 | €42,257 | +€31,473 | +292% |
| Trade receivables | 40 | €7,303 | €38,920 | +€31,617 | +433% |
| Other amounts receivable | 41 | €3,481 | €3,337 | -€144 | -4.1% |
| Cash at bank and in hand | 54/58 | €104,181 | €119,648 | +€15,467 | +14.8% |
| Deferred charges and accrued income | 490/1 | €761 | €5,047 | +€4,286 | +563% |
| Total equity and liabilities | 10/49 | €135,454 | €253,692 | +€118,238 | +87.3% |
| Equity | 10/15 | €76,826 | €102,749 | +€25,923 | +33.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €71,826 | €97,749 | +€25,923 | +36.1% |
| Distributable reserves | 133 | €71,826 | €97,749 | +€25,923 | +36.1% |
| Amounts payable | 17/49 | €58,628 | €150,943 | +€92,315 | +157% |
| Amounts payable after more than one year | 17 | - | €37,262 | +€37,262 | |
| Financial debts | 170/4 | - | €37,262 | +€37,262 | |
| Amounts payable within one year | 42/48 | €58,628 | €113,592 | +€54,964 | +93.7% |
| Current portion of amounts payable after more than one year | 42 | - | €10,646 | +€10,646 | |
| Trade debts | 44 | €1,455 | €16,490 | +€15,035 | +1,034% |
| Suppliers | 440/4 | €1,455 | €16,490 | +€15,035 | +1,034% |
| Advances received on contracts in progress | 46 | €14,650 | €29,690 | +€15,040 | +103% |
| Taxes, remuneration and social security | 45 | €30,908 | €38,551 | +€7,643 | +24.7% |
| Taxes | 450/3 | €30,908 | €37,742 | +€6,834 | +22.1% |
| Remuneration and social security | 454/9 | - | €809 | +€809 | |
| Other amounts payable | 47/48 | €11,615 | €18,215 | +€6,600 | +56.8% |
| Accrued charges and deferred income | 492/3 | - | €89 | +€89 | |
| Non-recurring operating income | 76A | - | €3,342 | +€3,342 | |
| Remuneration, social security and pensions | 62 | - | €2,814 | +€2,814 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,101 | €7,379 | +€2,278 | +44.7% |
| Other operating charges | 640/8 | €458 | €367 | -€90 | -19.7% |
| Gross operating margin | 9900 | €104,471 | €45,755 | -€58,717 | -56.2% |
| Operating profit (loss) | 9901 | €98,912 | €35,194 | -€63,718 | -64.4% |
| Financial income | 75/76B | €31 | €353 | +€322 | +1,031% |
| Recurring financial income | 75 | €31 | €353 | +€322 | +1,031% |
| Financial charges | 65/66B | €209 | €1,290 | +€1,081 | +516% |
| Recurring financial charges | 65 | €209 | €1,290 | +€1,081 | +516% |
| Profit (loss) for the period before taxes | 9903 | €98,734 | €34,257 | -€64,478 | -65.3% |
| Income taxes | 67/77 | €26,908 | €8,334 | -€18,575 | -69.0% |
| Profit (loss) for the period | 9904 | €71,826 | €25,923 | -€45,903 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,826 | €25,923 | -€45,903 | -63.9% |
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.