MaxGarden: 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.
MaxGarden
Largest movements
- Tangible fixed assets -€27,087
down €27,087 (-28.3%), from €95,680 to €68,593
of which Leasing and similar rights: -€22,662
- Intangible fixed assets -€16,021
down €16,021 (-11.1%), from €144,149 to €128,127
- Receivables within one year +€13,334
up €13,334 (+84.3%), from €15,820 to €29,155
of which Other amounts receivable: +€6,731
- Deferred charges and accrued income +€5,759
up €5,759 (+172.6%), from €3,336 to €9,096
- Profit (loss) carried forward +€51,233
up €51,233 (+84.8%), from -€60,391 to -€9,158
- Other debts -€42,467
down €42,467 (-42.8%), from €99,228 to €56,761
- Debts after one year -€32,415
down €32,415 (-23.3%), from €139,390 to €106,976
- Trade debts +€19,021
up €19,021 (+79.2%), from €24,027 to €43,048
- Short-term financial debts -€10,811
down €10,811 (-50.2%), from €21,524 to €10,713
- Gross operating margin +€63,714
up €63,714 (+60.3%), from €105,646 to €169,359
- Staff costs -€44,923
down €44,923 (-44.1%), from €101,807 to €56,885
- Depreciation -€5,620
down €5,620 (-11.0%), from €51,017 to €45,397
- Financial charges -€3,985
down €3,985 (-29.2%), from €13,647 to €9,662
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 | €265,649 | €240,778 | -€24,871 | -9.4% |
| Fixed assets | 21/28 | €240,278 | €197,170 | -€43,108 | -17.9% |
| Intangible fixed assets | 21 | €144,149 | €128,127 | -€16,021 | -11.1% |
| Tangible fixed assets | 22/27 | €95,680 | €68,593 | -€27,087 | -28.3% |
| Plant, machinery and equipment | 23 | €16,960 | €15,729 | -€1,230 | -7.3% |
| Furniture and vehicles | 24 | €24,064 | €23,009 | -€1,055 | -4.4% |
| Leasing and similar rights | 25 | €38,524 | €15,863 | -€22,662 | -58.8% |
| Other tangible fixed assets | 26 | €16,132 | €13,993 | -€2,140 | -13.3% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €25,371 | €43,608 | +€18,237 | +71.9% |
| Amounts receivable within one year | 40/41 | €15,820 | €29,155 | +€13,334 | +84.3% |
| Trade receivables | 40 | €14,900 | €21,503 | +€6,603 | +44.3% |
| Other amounts receivable | 41 | €921 | €7,652 | +€6,731 | +731.0% |
| Cash at bank and in hand | 54/58 | €6,215 | €5,358 | -€857 | -13.8% |
| Deferred charges and accrued income | 490/1 | €3,336 | €9,096 | +€5,759 | +172.6% |
| Total equity and liabilities | 10/49 | €265,649 | €240,778 | -€24,871 | -9.4% |
| Equity | 10/15 | -€56,891 | -€5,658 | +€51,233 | +90.1% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,391 | -€9,158 | +€51,233 | +84.8% |
| Amounts payable | 17/49 | €322,541 | €246,436 | -€76,104 | -23.6% |
| Amounts payable after more than one year | 17 | €139,390 | €106,976 | -€32,415 | -23.3% |
| Financial debts | 170/4 | €139,390 | €106,976 | -€32,415 | -23.3% |
| Amounts payable within one year | 42/48 | €180,908 | €137,218 | -€43,690 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €20,696 | €21,701 | +€1,005 | +4.9% |
| Financial debts | 43 | €21,524 | €10,713 | -€10,811 | -50.2% |
| Credit institutions | 430/8 | €21,524 | €10,713 | -€10,811 | -50.2% |
| Trade debts | 44 | €24,027 | €43,048 | +€19,021 | +79.2% |
| Suppliers | 440/4 | €24,027 | €43,048 | +€19,021 | +79.2% |
| Taxes, remuneration and social security | 45 | €15,432 | €4,994 | -€10,438 | -67.6% |
| Taxes | 450/3 | €1,313 | €413 | -€900 | -68.5% |
| Remuneration and social security | 454/9 | €14,119 | €4,581 | -€9,538 | -67.6% |
| Other amounts payable | 47/48 | €99,228 | €56,761 | -€42,467 | -42.8% |
| Accrued charges and deferred income | 492/3 | €2,243 | €2,243 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €101,807 | €56,885 | -€44,923 | -44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,017 | €45,397 | -€5,620 | -11.0% |
| Other operating charges | 640/8 | €6,304 | €7,195 | +€891 | +14.1% |
| Gross operating margin | 9900 | €105,646 | €169,359 | +€63,714 | +60.3% |
| Operating profit (loss) | 9901 | -€53,482 | €59,882 | +€113,364 | |
| Financial income | 75/76B | - | €1,426 | +€1,426 | |
| Recurring financial income | 75 | - | €754 | +€754 | |
| Non-recurring financial income | 76B | - | €671 | +€671 | |
| Financial charges | 65/66B | €13,647 | €9,662 | -€3,985 | -29.2% |
| Recurring financial charges | 65 | €13,647 | €9,662 | -€3,985 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | -€67,129 | €51,646 | +€118,775 | |
| Income taxes | 67/77 | €361 | €413 | +€52 | +14.5% |
| Profit (loss) for the period | 9904 | -€67,490 | €51,233 | +€118,723 | |
| Profit (loss) for the period to be appropriated | 9905 | -€67,490 | €51,233 | +€118,723 |
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.