MAXEM: 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.
MAXEM
Largest movements
- Cash -€138,819
down €138,819 (-43.6%), from €318,686 to €179,867
mainly Contributions, distributions and other (-€416,791) and Investment in fixed assets (net) (-€152,000)
- Tangible fixed assets +€128,895
up €128,895 (+477.8%), from €26,977 to €155,871
of which Other tangible fixed assets: +€142,596
- Receivables within one year -€8,044
down €8,044 (-58.5%), from €13,753 to €5,709
of which Other amounts receivable: -€5,199
- Deferred charges and accrued income +€5,059
new in 2025: €5,059
- Profit (loss) carried forward -€290,655
no longer reported in 2025 (was €290,655)
- Other debts +€125,650
new in 2025: €125,650
- Debts after one year +€124,864
new in 2025: €124,864
- Tax, wage and social debts +€14,939
up €14,939 (+25.4%), from €58,752 to €73,691
- Current portion of long-term debt +€6,384
up €6,384 (+92.2%), from €6,920 to €13,304
- Taxes -€9,880
down €9,880 (-22.4%), from €44,171 to €34,291
- Depreciation +€9,141
up €9,141 (+65.5%), from €13,964 to €23,105
- Gross operating margin -€5,169
down €5,169 (-2.7%), from €194,613 to €189,444
- Financial charges +€3,147
up €3,147 (+494.4%), from €636 to €3,783
- Financial income -€2,811
down €2,811 (-100.0%), from €2,811 to €0
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 | €359,416 | €346,507 | -€12,909 | -3.6% |
| Fixed assets | 21/28 | €26,977 | €155,871 | +€128,895 | +477.8% |
| Tangible fixed assets | 22/27 | €26,977 | €155,871 | +€128,895 | +477.8% |
| Furniture and vehicles | 24 | €26,977 | €13,275 | -€13,701 | -50.8% |
| Other tangible fixed assets | 26 | - | €142,596 | +€142,596 | |
| Current assets | 29/58 | €332,439 | €190,635 | -€141,804 | -42.7% |
| Amounts receivable within one year | 40/41 | €13,753 | €5,709 | -€8,044 | -58.5% |
| Trade receivables | 40 | €2,845 | - | -€2,845 | |
| Other amounts receivable | 41 | €10,909 | €5,709 | -€5,199 | -47.7% |
| Cash at bank and in hand | 54/58 | €318,686 | €179,867 | -€138,819 | -43.6% |
| Deferred charges and accrued income | 490/1 | - | €5,059 | +€5,059 | |
| Total equity and liabilities | 10/49 | €359,416 | €346,507 | -€12,909 | -3.6% |
| Equity | 10/15 | €293,655 | €3,000 | -€290,655 | -99.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €290,655 | - | -€290,655 | |
| Amounts payable | 17/49 | €65,761 | €343,507 | +€277,746 | +422.4% |
| Amounts payable after more than one year | 17 | - | €124,864 | +€124,864 | |
| Financial debts | 170/4 | - | €124,864 | +€124,864 | |
| Amounts payable within one year | 42/48 | €65,761 | €218,642 | +€152,881 | +232.5% |
| Current portion of amounts payable after more than one year | 42 | €6,920 | €13,304 | +€6,384 | +92.2% |
| Trade debts | 44 | €88 | €5,998 | +€5,909 | +6693.1% |
| Suppliers | 440/4 | €88 | €5,998 | +€5,909 | +6693.1% |
| Taxes, remuneration and social security | 45 | €58,752 | €73,691 | +€14,939 | +25.4% |
| Taxes | 450/3 | €58,752 | €73,691 | +€14,939 | +25.4% |
| Other amounts payable | 47/48 | - | €125,650 | +€125,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,964 | €23,105 | +€9,141 | +65.5% |
| Other operating charges | 640/8 | €1,956 | €2,129 | +€173 | +8.8% |
| Gross operating margin | 9900 | €194,613 | €189,444 | -€5,169 | -2.7% |
| Operating profit (loss) | 9901 | €178,692 | €164,210 | -€14,483 | -8.1% |
| Financial income | 75/76B | €2,811 | €0 | -€2,811 | -100.0% |
| Recurring financial income | 75 | €2,811 | €0 | -€2,811 | -100.0% |
| Financial charges | 65/66B | €636 | €3,783 | +€3,147 | +494.4% |
| Recurring financial charges | 65 | €636 | €3,783 | +€3,147 | +494.4% |
| Profit (loss) for the period before taxes | 9903 | €180,867 | €160,426 | -€20,440 | -11.3% |
| Income taxes | 67/77 | €44,171 | €34,291 | -€9,880 | -22.4% |
| Profit (loss) for the period | 9904 | €136,696 | €126,136 | -€10,560 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €136,696 | €126,136 | -€10,560 | -7.7% |
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 10 October 2026 via checked.be.