MAXELL GROUP: 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.
MAXELL GROUP
Largest movements
- Receivables within one year -€52,365
down €52,365 (-95.9%), from €54,626 to €2,261
of which Other amounts receivable: -€48,881
- Cash +€2,592
up €2,592 (+141.9%), from €1,827 to €4,419
mainly Receivables within one year (+€52,365) and Other debts (+€1,529)
- Tangible fixed assets +€755
new in 2025: €755
- Reserves -€50,000
down €50,000 (-55.6%), from €90,000 to €40,000
- Other debts +€1,529
up €1,529 (+465.6%), from €328 to €1,857
- Profit (loss) carried forward -€1,525
down €1,525 (-2.7%), from -€56,193 to -€57,718
- Trade debts +€978
up €978 (+73.1%), from €1,339 to €2,317
- Gross operating margin -€7,735
down €7,735, from €6,965 to -€770
- Financial charges -€746
down €746 (-91.6%), from €814 to €68
- Other operating charges -€627
down €627 (-61.1%), from €1,027 to €400
- Taxes -€519
no longer reported in 2025 (was €519)
- Depreciation +€288
new in 2025: €288
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 | €56,453 | €7,435 | -€49,018 | -86.8% |
| Fixed assets | 21/28 | - | €755 | +€755 | |
| Tangible fixed assets | 22/27 | - | €755 | +€755 | |
| Furniture and vehicles | 24 | - | €755 | +€755 | |
| Current assets | 29/58 | €56,453 | €6,680 | -€49,773 | -88.2% |
| Amounts receivable within one year | 40/41 | €54,626 | €2,261 | -€52,365 | -95.9% |
| Trade receivables | 40 | €4,778 | €1,294 | -€3,484 | -72.9% |
| Other amounts receivable | 41 | €49,848 | €967 | -€48,881 | -98.1% |
| Cash at bank and in hand | 54/58 | €1,827 | €4,419 | +€2,592 | +141.9% |
| Total equity and liabilities | 10/49 | €56,453 | €7,435 | -€49,018 | -86.8% |
| Equity | 10/15 | €54,267 | €2,742 | -€51,525 | -94.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Share premium | 1100/10 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €90,000 | €40,000 | -€50,000 | -55.6% |
| Distributable reserves | 133 | €90,000 | €40,000 | -€50,000 | -55.6% |
| Profit (loss) carried forward | 14 | -€56,193 | -€57,718 | -€1,525 | -2.7% |
| Amounts payable | 17/49 | €2,186 | €4,693 | +€2,507 | +114.7% |
| Amounts payable within one year | 42/48 | €2,186 | €4,693 | +€2,507 | +114.7% |
| Trade debts | 44 | €1,339 | €2,317 | +€978 | +73.1% |
| Suppliers | 440/4 | €1,339 | €2,317 | +€978 | +73.1% |
| Taxes, remuneration and social security | 45 | €519 | €519 | = | 0.0% |
| Taxes | 450/3 | €519 | €519 | = | 0.0% |
| Other amounts payable | 47/48 | €328 | €1,857 | +€1,529 | +465.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €288 | +€288 | |
| Other operating charges | 640/8 | €1,027 | €400 | -€627 | -61.1% |
| Gross operating margin | 9900 | €6,965 | -€770 | -€7,735 | |
| Operating profit (loss) | 9901 | €5,938 | -€1,457 | -€7,395 | |
| Financial charges | 65/66B | €814 | €68 | -€746 | -91.6% |
| Recurring financial charges | 65 | €814 | €68 | -€746 | -91.6% |
| Profit (loss) for the period before taxes | 9903 | €5,124 | -€1,525 | -€6,649 | |
| Income taxes | 67/77 | €519 | - | -€519 | |
| Profit (loss) for the period | 9904 | €4,605 | -€1,525 | -€6,130 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,605 | -€1,525 | -€6,130 |
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.