MAXEST: 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.
MAXEST
Largest movements
- Tangible fixed assets +€179,432
up €179,432 (+627.3%), from €28,606 to €208,038
of which Leasing and similar rights: +€188,314
- Cash +€18,887
up €18,887 (+11.9%), from €158,677 to €177,564
mainly Debts after one year (+€139,986) and Net result for the year (+€51,421)
- Receivables within one year +€6,363
up €6,363 (+413.6%), from €1,539 to €7,902
of which Other amounts receivable: +€6,863
- Debts after one year +€139,986
new in 2025: €139,986
- Profit (loss) carried forward +€51,421
up €51,421 (+42.1%), from €122,064 to €173,485
- Current portion of long-term debt +€21,758
new in 2025: €21,758
- Tax, wage and social debts -€7,170
down €7,170 (-17.3%), from €41,470 to €34,300
- Depreciation +€16,628
up €16,628 (+157.4%), from €10,567 to €27,195
- Taxes -€11,075
down €11,075 (-50.0%), from €22,162 to €11,087
- Gross operating margin -€5,289
down €5,289 (-5.1%), from €103,805 to €98,516
- Financial charges +€2,920
up €2,920 (+1440.0%), from €203 to €3,123
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 | €191,101 | €399,180 | +€208,079 | +108.9% |
| Fixed assets | 21/28 | €28,606 | €208,038 | +€179,432 | +627.3% |
| Tangible fixed assets | 22/27 | €28,606 | €208,038 | +€179,432 | +627.3% |
| Plant, machinery and equipment | 23 | €26,585 | €19,456 | -€7,129 | -26.8% |
| Furniture and vehicles | 24 | €2,021 | €268 | -€1,753 | -86.7% |
| Leasing and similar rights | 25 | - | €188,314 | +€188,314 | |
| Current assets | 29/58 | €162,494 | €191,141 | +€28,647 | +17.6% |
| Amounts receivable within one year | 40/41 | €1,539 | €7,902 | +€6,363 | +413.6% |
| Trade receivables | 40 | €500 | - | -€500 | |
| Other amounts receivable | 41 | €1,039 | €7,902 | +€6,863 | +660.9% |
| Cash at bank and in hand | 54/58 | €158,677 | €177,564 | +€18,887 | +11.9% |
| Deferred charges and accrued income | 490/1 | €2,279 | €5,675 | +€3,397 | +149.0% |
| Total equity and liabilities | 10/49 | €191,101 | €399,180 | +€208,079 | +108.9% |
| Equity | 10/15 | €123,064 | €174,485 | +€51,421 | +41.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €122,064 | €173,485 | +€51,421 | +42.1% |
| Amounts payable | 17/49 | €68,037 | €224,695 | +€156,658 | +230.3% |
| Amounts payable after more than one year | 17 | - | €139,986 | +€139,986 | |
| Financial debts | 170/4 | - | €139,986 | +€139,986 | |
| Amounts payable within one year | 42/48 | €68,037 | €84,309 | +€16,272 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | - | €21,758 | +€21,758 | |
| Trade debts | 44 | - | €3,041 | +€3,041 | |
| Suppliers | 440/4 | - | €3,041 | +€3,041 | |
| Taxes, remuneration and social security | 45 | €41,470 | €34,300 | -€7,170 | -17.3% |
| Taxes | 450/3 | €41,470 | €34,300 | -€7,170 | -17.3% |
| Other amounts payable | 47/48 | €26,567 | €25,210 | -€1,357 | -5.1% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,567 | €27,195 | +€16,628 | +157.4% |
| Other operating charges | 640/8 | €5,654 | €5,627 | -€27 | -0.5% |
| Non-recurring operating charges | 66A | €234 | €63 | -€171 | -72.9% |
| Gross operating margin | 9900 | €103,805 | €98,516 | -€5,289 | -5.1% |
| Operating profit (loss) | 9901 | €87,350 | €65,631 | -€21,720 | -24.9% |
| Financial charges | 65/66B | €203 | €3,123 | +€2,920 | +1440.0% |
| Recurring financial charges | 65 | €203 | €3,123 | +€2,920 | +1440.0% |
| Profit (loss) for the period before taxes | 9903 | €87,147 | €62,508 | -€24,639 | -28.3% |
| Income taxes | 67/77 | €22,162 | €11,087 | -€11,075 | -50.0% |
| Profit (loss) for the period | 9904 | €64,985 | €51,421 | -€13,564 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,985 | €51,421 | -€13,564 | -20.9% |
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 8 October 2026 via checked.be.