MAXFLOW: 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.
What changed
MAXFLOW
NACE 63.910, Web portal activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9.3m
2024 · €9.3m-€86,208
Equity
€5.7m
2024 · €8.1m-€2.3m
Cash
€1.4m
2024 · €2.3m-€899,359
Balance sheet total
€15.0m
2024 · €10.4m+€4.6m
Largest movements
Assets
- Current investments +€3.0m
up €3.0m (+422.5%), from €700,061 to €3.7m
- Receivables within one year +€1.9m
up €1.9m (+32.3%), from €5.9m to €7.8m
of which Trade receivables: +€1.5m
- Cash -€899,359
down €899,359 (-39.9%), from €2.3m to €1.4m
mainly Contributions, distributions and other (-€11.6m) and Current investments (-€3.0m)
- Intangible fixed assets +€625,348
up €625,348 (+48.8%), from €1.3m to €1.9m
Equity and liabilities
- Other debts +€7.0m
up €7.0m (+13683.3%), from €51,517 to €7.1m
- Reserves -€2.3m
down €2.3m (-29.0%), from €8.1m to €5.7m
of which Distributable reserves: -€2.2m
- Tax, wage and social debts -€324,845
down €324,845 (-78.9%), from €411,856 to €87,011
of which Taxes: -€318,440
Income statement
- Turnover +€2.7m
up €2.7m (+11.9%), from €22.8m to €25.5m
- Services and other goods +€2.1m
up €2.1m (+17.4%), from €11.8m to €13.9m
- Financial charges +€646,322
up €646,322 (+254.2%), from €254,279 to €900,601
- Staff costs +€411,865
up €411,865 (+104.7%), from €393,437 to €805,301
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.
Result 2024
€9.3m
Turnover
+€2.7m
Other operating income
+€126,645
Services and other goods
-€2.1m
Staff costs
-€411,865
Depreciation
-€226,642
Other operating charges
-€7,679
Other operating items
+€326,881
Financial income
-€8,907
Financial charges
-€646,322
Taxes
+€113,222
Result 2025
€9.3m
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.
From operations
+€15.1m
Investment
-€4.4m
Financing
-€11.6m
Cash 2024
€2.3m
From operations (derived)
+€15.1m
Net result for the year
+€9.3m
Depreciation
+€794,199
Receivables within one year
-€1.9m
Deferred charges and accrued income
+€19,224
Trade debts
+€88,321
Tax, wage and social debts
-€324,845
Other debts
+€7.0m
Accrued charges and deferred income
+€121,158
Investment (derived)
-€4.4m
Investment in fixed assets (net)
-€1.4m
Current investments
-€3.0m
Financing
-€11.6m
Contributions, distributions and other
-€11.6m
Cash 2025
€1.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,395,194 | €14,985,015 | +€4.6m | +44.2% |
| Fixed assets | 21/28 | €1,304,288 | €1,945,771 | +€641,483 | +49.2% |
| Intangible fixed assets | 21 | €1,282,369 | €1,907,717 | +€625,348 | +48.8% |
| Tangible fixed assets | 22/27 | €21,919 | €37,829 | +€15,910 | +72.6% |
| Plant, machinery and equipment | 23 | €21,548 | €37,829 | +€16,280 | +75.6% |
| Furniture and vehicles | 24 | €370 | €0 | -€370 | -100.0% |
| Financial fixed assets | 28 | - | €225 | +€225 | |
| Other financial fixed assets | 284/8 | - | €225 | +€225 | |
| Amounts receivable and cash guarantees | 285/8 | - | €225 | +€225 | |
| Current assets | 29/58 | €9,090,906 | €13,039,244 | +€3.9m | +43.4% |
| Amounts receivable within one year | 40/41 | €5,917,360 | €7,826,829 | +€1.9m | +32.3% |
| Trade receivables | 40 | €5,852,473 | €7,358,126 | +€1.5m | +25.7% |
| Other amounts receivable | 41 | €64,887 | €468,703 | +€403,815 | +622.3% |
| Current investments | 50/53 | €700,061 | €3,657,514 | +€3.0m | +422.5% |
| Other investments | 51/53 | €700,061 | €3,657,514 | +€3.0m | +422.5% |
| Cash at bank and in hand | 54/58 | €2,251,455 | €1,352,096 | -€899,359 | -39.9% |
| Deferred charges and accrued income | 490/1 | €222,030 | €202,806 | -€19,224 | -8.7% |
| Total equity and liabilities | 10/49 | €10,395,194 | €14,985,015 | +€4.6m | +44.2% |
| Equity | 10/15 | €8,090,815 | €5,746,723 | -€2.3m | -29.0% |
| Contributions | 10/11 | €11,160 | €11,160 | = | 0.0% |
| Reserves | 13 | €8,079,655 | €5,735,563 | -€2.3m | -29.0% |
| Tax-exempt reserves | 132 | €168,400 | - | -€168,400 | |
| Distributable reserves | 133 | €7,911,255 | €5,735,563 | -€2.2m | -27.5% |
| Amounts payable | 17/49 | €2,304,379 | €9,238,293 | +€6.9m | +300.9% |
| Amounts payable within one year | 42/48 | €2,297,576 | €9,110,332 | +€6.8m | +296.5% |
| Trade debts | 44 | €1,834,203 | €1,922,524 | +€88,321 | +4.8% |
| Suppliers | 440/4 | €1,834,203 | €1,922,524 | +€88,321 | +4.8% |
| Taxes, remuneration and social security | 45 | €411,856 | €87,011 | -€324,845 | -78.9% |
| Taxes | 450/3 | €318,440 | - | -€318,440 | |
| Remuneration and social security | 454/9 | €93,416 | €87,011 | -€6,405 | -6.9% |
| Other amounts payable | 47/48 | €51,517 | €7,100,797 | +€7.0m | +13683.3% |
| Accrued charges and deferred income | 492/3 | €6,803 | €127,961 | +€121,158 | +1781.0% |
| Operating income | 70/76A | €23,675,655 | €26,880,501 | +€3.2m | +13.5% |
| Turnover | 70 | €22,751,317 | €25,453,988 | +€2.7m | +11.9% |
| Own construction capitalised | 72 | €863,761 | €1,249,547 | +€385,787 | +44.7% |
| Other operating income | 74 | €50,321 | €176,965 | +€126,645 | +251.7% |
| Non-recurring operating income | 76A | €10,257 | - | -€10,257 | |
| Operating charges | 60/66A | €12,784,603 | €15,533,649 | +€2.7m | +21.5% |
| Services and other goods | 61 | €11,820,380 | €13,874,592 | +€2.1m | +17.4% |
| Remuneration, social security and pensions | 62 | €393,437 | €805,301 | +€411,865 | +104.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €567,557 | €794,199 | +€226,642 | +39.9% |
| Other operating charges | 640/8 | €3,228 | €10,908 | +€7,679 | +237.9% |
| Non-recurring operating charges | 66A | - | €48,649 | +€48,649 | |
| Operating profit (loss) | 9901 | €10,891,053 | €11,346,852 | +€455,799 | +4.2% |
| Financial income | 75/76B | €417,525 | €408,618 | -€8,907 | -2.1% |
| Recurring financial income | 75 | €417,525 | €408,618 | -€8,907 | -2.1% |
| Income from current assets | 751 | €83,134 | €99,580 | +€16,446 | +19.8% |
| Other financial income | 752/9 | €334,391 | €309,038 | -€25,353 | -7.6% |
| Financial charges | 65/66B | €254,279 | €900,601 | +€646,322 | +254.2% |
| Recurring financial charges | 65 | €254,279 | €900,601 | +€646,322 | +254.2% |
| Debt charges | 650 | €8,023 | €23,089 | +€15,066 | +187.8% |
| Other financial charges | 652/9 | €246,256 | €877,512 | +€631,256 | +256.3% |
| Profit (loss) for the period before taxes | 9903 | €11,054,299 | €10,854,869 | -€199,430 | -1.8% |
| Income taxes | 67/77 | €1,711,386 | €1,598,164 | -€113,222 | -6.6% |
| Taxes | 670/3 | €1,711,386 | €1,682,778 | -€28,608 | -1.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €84,614 | +€84,614 | |
| Profit (loss) for the period | 9904 | €9,342,913 | €9,256,705 | -€86,208 | -0.9% |
| Transfer from tax-exempt reserves | 789 | €1,119,860 | €168,400 | -€951,460 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,462,773 | €9,425,105 | -€1.0m | -9.9% |
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 7 October 2026 via checked.be.