MAXFAC: 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.
MAXFAC
Largest movements
- Cash +€140,468
up €140,468 (+46.9%), from €299,495 to €439,963
mainly Net result for the year (+€559,133) and Tax, wage and social debts (+€53,752)
- Receivables within one year +€53,044
up €53,044 (+28.7%), from €184,988 to €238,032
of which Other amounts receivable: +€36,126
- Receivables after one year +€53,000
new in 2025: €53,000
- Intangible fixed assets -€28,125
down €28,125 (-41.2%), from €68,190 to €40,065
- Tangible fixed assets -€20,455
down €20,455 (-65.6%), from €31,205 to €10,750
of which Furniture and vehicles: -€18,684
- Profit (loss) carried forward +€559,133
new in 2025: €559,133
- Other debts -€369,129
down €369,129 (-81.7%), from €451,752 to €82,623
- Tax, wage and social debts +€53,752
up €53,752 (+88.3%), from €60,844 to €114,597
- Current portion of long-term debt -€29,585
down €29,585 (-62.0%), from €47,710 to €18,125
- Debts after one year -€18,125
no longer reported in 2025 (was €18,125)
- Gross operating margin +€244,481
up €244,481 (+44.9%), from €544,590 to €789,071
- Taxes +€70,533
up €70,533 (+58.5%), from €120,570 to €191,103
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 | €591,965 | €794,702 | +€202,737 | +34.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €99,395 | €50,815 | -€48,580 | -48.9% |
| Intangible fixed assets | 21 | €68,190 | €40,065 | -€28,125 | -41.2% |
| Tangible fixed assets | 22/27 | €31,205 | €10,750 | -€20,455 | -65.6% |
| Plant, machinery and equipment | 23 | €2,757 | €2,380 | -€376 | -13.7% |
| Furniture and vehicles | 24 | €23,387 | €4,704 | -€18,684 | -79.9% |
| Other tangible fixed assets | 26 | €5,061 | €3,665 | -€1,395 | -27.6% |
| Current assets | 29/58 | €492,570 | €743,887 | +€251,317 | +51.0% |
| Amounts receivable after more than one year | 29 | - | €53,000 | +€53,000 | |
| Trade receivables | 290 | - | €53,000 | +€53,000 | |
| Amounts receivable within one year | 40/41 | €184,988 | €238,032 | +€53,044 | +28.7% |
| Trade receivables | 40 | €64,739 | €81,657 | +€16,918 | +26.1% |
| Other amounts receivable | 41 | €120,250 | €156,375 | +€36,126 | +30.0% |
| Cash at bank and in hand | 54/58 | €299,495 | €439,963 | +€140,468 | +46.9% |
| Deferred charges and accrued income | 490/1 | €8,086 | €12,892 | +€4,806 | +59.4% |
| Total equity and liabilities | 10/49 | €591,965 | €794,702 | +€202,737 | +34.2% |
| Equity | 10/15 | €10,000 | €569,133 | +€559,133 | +5591.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €559,133 | +€559,133 | |
| Amounts payable | 17/49 | €581,965 | €225,569 | -€356,396 | -61.2% |
| Amounts payable after more than one year | 17 | €18,125 | - | -€18,125 | |
| Financial debts | 170/4 | €18,125 | - | -€18,125 | |
| Amounts payable within one year | 42/48 | €563,840 | €225,569 | -€338,271 | -60.0% |
| Current portion of amounts payable after more than one year | 42 | €47,710 | €18,125 | -€29,585 | -62.0% |
| Trade debts | 44 | €3,533 | €10,224 | +€6,691 | +189.4% |
| Suppliers | 440/4 | €3,533 | €10,224 | +€6,691 | +189.4% |
| Taxes, remuneration and social security | 45 | €60,844 | €114,597 | +€53,752 | +88.3% |
| Taxes | 450/3 | €60,844 | €114,597 | +€53,752 | +88.3% |
| Other amounts payable | 47/48 | €451,752 | €82,623 | -€369,129 | -81.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,580 | €48,580 | = | 0.0% |
| Other operating charges | 640/8 | €161 | €741 | +€580 | +360.9% |
| Gross operating margin | 9900 | €544,590 | €789,071 | +€244,481 | +44.9% |
| Operating profit (loss) | 9901 | €495,849 | €739,749 | +€243,901 | +49.2% |
| Financial income | 75/76B | €5,531 | €11,439 | +€5,908 | +106.8% |
| Recurring financial income | 75 | €5,531 | €11,439 | +€5,908 | +106.8% |
| Financial charges | 65/66B | €1,235 | €953 | -€282 | -22.8% |
| Recurring financial charges | 65 | €1,235 | €953 | -€282 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €500,145 | €750,236 | +€250,090 | +50.0% |
| Income taxes | 67/77 | €120,570 | €191,103 | +€70,533 | +58.5% |
| Profit (loss) for the period | 9904 | €379,575 | €559,133 | +€179,558 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €379,575 | €559,133 | +€179,558 | +47.3% |
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 2 October 2026 via checked.be.