MAXELLE: 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.
MAXELLE
Largest movements
- Cash +€33,434
up €33,434 (+35.7%), from €93,597 to €127,031
mainly Other debts (+€87,748) and Net result for the year (+€42,208)
- Receivables within one year +€14,224
up €14,224 (+84.2%), from €16,901 to €31,125
of which Trade receivables: +€13,883
- Tangible fixed assets -€13,799
down €13,799 (-8.7%), from €158,024 to €144,225
of which Other tangible fixed assets: -€10,557
- Other debts +€87,748
up €87,748 (+49.8%), from €176,367 to €264,115
- Profit (loss) carried forward -€43,587
down €43,587 (-100%), from €43,587 to €0
- Accrued charges and deferred income -€12,824
down €12,824 (-91.5%), from €14,009 to €1,185
- Tax, wage and social debts +€3,937
up €3,937 (+43.6%), from €9,027 to €12,965
- Gross operating margin -€13,554
down €13,554 (-16.2%), from €83,493 to €69,939
- Financial charges -€12,584
down €12,584 (-95.4%), from €13,192 to €608
- Other operating charges +€1,055
up €1,055 (+64.5%), from €1,637 to €2,692
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 | €269,169 | €303,156 | +€33,988 | +12.6% |
| Fixed assets | 21/28 | €158,114 | €144,315 | -€13,799 | -8.7% |
| Tangible fixed assets | 22/27 | €158,024 | €144,225 | -€13,799 | -8.7% |
| Furniture and vehicles | 24 | €5,616 | €2,374 | -€3,242 | -57.7% |
| Other tangible fixed assets | 26 | €152,408 | €141,851 | -€10,557 | -6.9% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €111,054 | €158,841 | +€47,787 | +43.0% |
| Amounts receivable within one year | 40/41 | €16,901 | €31,125 | +€14,224 | +84.2% |
| Trade receivables | 40 | €16,869 | €30,752 | +€13,883 | +82.3% |
| Other amounts receivable | 41 | €32 | €373 | +€341 | +1,065% |
| Cash at bank and in hand | 54/58 | €93,597 | €127,031 | +€33,434 | +35.7% |
| Deferred charges and accrued income | 490/1 | €557 | €686 | +€129 | +23.1% |
| Total equity and liabilities | 10/49 | €269,169 | €303,156 | +€33,988 | +12.6% |
| Equity | 10/15 | €64,047 | €20,460 | -€43,587 | -68.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €43,587 | €0 | -€43,587 | -100% |
| Amounts payable | 17/49 | €205,121 | €282,696 | +€77,575 | +37.8% |
| Amounts payable within one year | 42/48 | €191,113 | €281,511 | +€90,399 | +47.3% |
| Financial debts | 43 | €89 | €781 | +€691 | +773% |
| Credit institutions | 430/8 | €89 | €781 | +€691 | +773% |
| Trade debts | 44 | €5,629 | €3,650 | -€1,978 | -35.1% |
| Suppliers | 440/4 | €5,629 | €3,650 | -€1,978 | -35.1% |
| Taxes, remuneration and social security | 45 | €9,027 | €12,965 | +€3,937 | +43.6% |
| Taxes | 450/3 | €9,027 | €12,965 | +€3,937 | +43.6% |
| Other amounts payable | 47/48 | €176,367 | €264,115 | +€87,748 | +49.8% |
| Accrued charges and deferred income | 492/3 | €14,009 | €1,185 | -€12,824 | -91.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,585 | €13,799 | +€214 | +1.6% |
| Other operating charges | 640/8 | €1,637 | €2,692 | +€1,055 | +64.5% |
| Gross operating margin | 9900 | €83,493 | €69,939 | -€13,554 | -16.2% |
| Operating profit (loss) | 9901 | €68,271 | €53,448 | -€14,823 | -21.7% |
| Financial income | 75/76B | €434 | €1,043 | +€610 | +140% |
| Recurring financial income | 75 | €434 | €1,043 | +€610 | +140% |
| Financial charges | 65/66B | €13,192 | €608 | -€12,584 | -95.4% |
| Recurring financial charges | 65 | €13,192 | €608 | -€12,584 | -95.4% |
| Profit (loss) for the period before taxes | 9903 | €55,513 | €53,883 | -€1,630 | -2.9% |
| Income taxes | 67/77 | €12,273 | €11,676 | -€598 | -4.9% |
| Profit (loss) for the period | 9904 | €43,240 | €42,208 | -€1,032 | -2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,240 | €42,208 | -€1,032 | -2.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.