MAXFLEX: 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.
MAXFLEX
Largest movements
- Cash -€54,350
down €54,350 (-92.4%), from €58,791 to €4,440
mainly Receivables within one year (-€40,573) and Tax, wage and social debts (-€18,491)
- Receivables within one year +€40,573
up €40,573 (+63.9%), from €63,518 to €104,091
of which Trade receivables: +€31,896
- Tax, wage and social debts -€18,491
down €18,491 (-80.2%), from €23,055 to €4,565
of which Remuneration and social security: -€18,361
- Debts after one year +€14,611
up €14,611 (+156%), from €9,351 to €23,962
- Advances received +€13,200
new in 2025: €13,200
- Reserves -€8,172
down €8,172 (-81.5%), from €10,032 to €1,860
of which Distributable reserves: -€8,172
- Trade debts -€6,196
down €6,196 (-19.8%), from €31,339 to €25,144
- Gross operating margin -€238,605
down €238,605, from €229,623 to -€8,982
- Staff costs -€204,808
down €204,808, from €195,828 to -€8,979
- Financial charges -€37,112
down €37,112 (-89.4%), from €41,493 to €4,381
- Taxes -€4,787
down €4,787 (-90.6%), from €5,285 to €499
- Financial income -€4,561
down €4,561 (-58.7%), from €7,771 to €3,210
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 | €126,773 | €111,602 | -€15,171 | -12.0% |
| Fixed assets | 21/28 | €4,278 | €3,071 | -€1,207 | -28.2% |
| Tangible fixed assets | 22/27 | €4,278 | €3,071 | -€1,207 | -28.2% |
| Plant, machinery and equipment | 23 | €4,278 | €3,071 | -€1,207 | -28.2% |
| Current assets | 29/58 | €122,494 | €108,531 | -€13,963 | -11.4% |
| Amounts receivable within one year | 40/41 | €63,518 | €104,091 | +€40,573 | +63.9% |
| Trade receivables | 40 | €6,566 | €38,463 | +€31,896 | +486% |
| Other amounts receivable | 41 | €56,952 | €65,628 | +€8,676 | +15.2% |
| Cash at bank and in hand | 54/58 | €58,791 | €4,440 | -€54,350 | -92.4% |
| Deferred charges and accrued income | 490/1 | €185 | - | -€185 | |
| Total equity and liabilities | 10/49 | €126,773 | €111,602 | -€15,171 | -12.0% |
| Equity | 10/15 | €52,847 | €39,342 | -€13,505 | -25.6% |
| Contributions | 10/11 | €17,700 | €17,700 | = | 0.0% |
| Reserves | 13 | €10,032 | €1,860 | -€8,172 | -81.5% |
| 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 | €8,172 | - | -€8,172 | |
| Profit (loss) carried forward | 14 | €25,116 | €19,782 | -€5,334 | -21.2% |
| Amounts payable | 17/49 | €73,925 | €72,260 | -€1,665 | -2.3% |
| Amounts payable after more than one year | 17 | €9,351 | €23,962 | +€14,611 | +156% |
| Financial debts | 170/4 | €9,351 | €23,962 | +€14,611 | +156% |
| Amounts payable within one year | 42/48 | €64,574 | €48,298 | -€16,276 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €10,179 | €5,389 | -€4,790 | -47.1% |
| Trade debts | 44 | €31,339 | €25,144 | -€6,196 | -19.8% |
| Suppliers | 440/4 | €31,339 | €25,144 | -€6,196 | -19.8% |
| Advances received on contracts in progress | 46 | - | €13,200 | +€13,200 | |
| Taxes, remuneration and social security | 45 | €23,055 | €4,565 | -€18,491 | -80.2% |
| Taxes | 450/3 | €4,694 | €4,565 | -€129 | -2.8% |
| Remuneration and social security | 454/9 | €18,361 | - | -€18,361 | |
| Non-recurring operating income | 76A | €207,937 | €7,023 | -€200,914 | -96.6% |
| Remuneration, social security and pensions | 62 | €195,828 | -€8,979 | -€204,808 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,207 | €1,207 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,443 | - | -€2,443 | |
| Other operating charges | 640/8 | €3,155 | €2,454 | -€701 | -22.2% |
| Gross operating margin | 9900 | €229,623 | -€8,982 | -€238,605 | |
| Operating profit (loss) | 9901 | €26,989 | -€3,663 | -€30,653 | |
| Financial income | 75/76B | €7,771 | €3,210 | -€4,561 | -58.7% |
| Recurring financial income | 75 | €7,771 | €3,210 | -€4,561 | -58.7% |
| Financial charges | 65/66B | €41,493 | €4,381 | -€37,112 | -89.4% |
| Recurring financial charges | 65 | €41,493 | €4,381 | -€37,112 | -89.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,733 | -€4,835 | +€1,898 | +28.2% |
| Income taxes | 67/77 | €5,285 | €499 | -€4,787 | -90.6% |
| Profit (loss) for the period | 9904 | -€12,018 | -€5,334 | +€6,684 | +55.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,018 | -€5,334 | +€6,684 | +55.6% |
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 13 October 2026 via checked.be.