MAXGI: 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.
What changed
MAXGI
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€266,727
2024 · €266,358+€369
Equity
€8.7m
2024 · €8.5m+€266,727
Cash
€70,646
2024 · €82,080-€11,434
Balance sheet total
€9.9m
2024 · €10.8m-€913,857
Largest movements
Assets
- Financial fixed assets -€917,614
down €917,614 (-9.3%), from €9.9m to €8.9m
of which Companies linked by participating interests: -€1.2m
Equity and liabilities
- Other debts -€1.1m
down €1.1m (-72.3%), from €1.5m to €417,841
- Profit (loss) carried forward +€266,727
up €266,727 (+23.7%), from -€1.1m to -€860,132
- Debts after one year -€125,000
down €125,000 (-16.8%), from €744,479 to €619,479
Income statement
- Services and other goods +€90,080
up €90,080 (+20.8%), from €432,909 to €522,989
- Financial income +€70,825
up €70,825 (+30.1%), from €235,047 to €305,873
of which Financial income: +€305,825
- Staff costs -€43,522
down €43,522 (-14.6%), from €298,139 to €254,617
- Turnover +€15,468
up €15,468 (+2.1%), from €751,858 to €767,326
- Taxes -€10,196
down €10,196 (-93.8%), from €10,870 to €674
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
€266,358
Turnover
+€15,468
Other operating income
-€1,376
Services and other goods
-€90,080
Staff costs
+€43,522
Depreciation
+€179
Other operating charges
+€1,041
Other operating items
-€54,313
Financial income
+€70,825
Financial charges
+€4,906
Taxes
+€10,196
Result 2025
€266,727
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€789,368
Investment
+€894,922
Financing
-€116,988
Cash 2024
€82,080
From operations (derived)
-€789,368
Net result for the year
+€266,727
Depreciation
+€4,482
Receivables within one year
-€14,067
Deferred charges and accrued income
+€17,085
Trade debts
+€6,009
Tax, wage and social debts
+€21,978
Other debts
-€1.1m
Accrued charges and deferred income
+€866
Investment (derived)
+€894,922
Investment in fixed assets (net)
+€894,922
Financing
-€116,988
Debts after one year
-€125,000
Short-term financial debts
+€8,012
Cash 2025
€70,646
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,800,171 | €9,886,314 | -€913,857 | -8.5% |
| Fixed assets | 21/28 | €9,902,198 | €9,002,793 | -€899,405 | -9.1% |
| Tangible fixed assets | 22/27 | €42,744 | €60,954 | +€18,210 | +42.6% |
| Land and buildings | 22 | €32,810 | €35,956 | +€3,145 | +9.6% |
| Plant, machinery and equipment | 23 | €1,145 | €16,546 | +€15,401 | +1,346% |
| Furniture and vehicles | 24 | €8,789 | €8,452 | -€337 | -3.8% |
| Financial fixed assets | 28 | €9,859,454 | €8,941,839 | -€917,614 | -9.3% |
| Affiliated companies | 280/1 | €7,784,883 | €8,046,868 | +€261,986 | +3.4% |
| Participating interests | 280 | €6,854,213 | €7,118,213 | +€264,000 | +3.9% |
| Amounts receivable | 281 | €930,670 | €928,655 | -€2,014 | -0.2% |
| Companies linked by participating interests | 282/3 | €2,074,571 | €894,971 | -€1.2m | -56.9% |
| Participating interests | 282 | €453,600 | €274,000 | -€179,600 | -39.6% |
| Amounts receivable | 283 | €1,620,971 | €620,971 | -€1.0m | -61.7% |
| Current assets | 29/58 | €897,973 | €883,520 | -€14,452 | -1.6% |
| Amounts receivable after more than one year | 29 | €600,000 | €600,000 | = | 0.0% |
| Other amounts receivable | 291 | €600,000 | €600,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €192,502 | €206,569 | +€14,067 | +7.3% |
| Trade receivables | 40 | €161,070 | €128,380 | -€32,691 | -20.3% |
| Other amounts receivable | 41 | €31,432 | €78,189 | +€46,757 | +149% |
| Cash at bank and in hand | 54/58 | €82,080 | €70,646 | -€11,434 | -13.9% |
| Deferred charges and accrued income | 490/1 | €23,391 | €6,306 | -€17,085 | -73.0% |
| Total equity and liabilities | 10/49 | €10,800,171 | €9,886,314 | -€913,857 | -8.5% |
| Equity | 10/15 | €8,472,000 | €8,738,727 | +€266,727 | +3.1% |
| Contributions | 10/11 | €8,661,878 | €8,661,878 | = | 0.0% |
| Reserves | 13 | €936,981 | €936,981 | = | 0.0% |
| Non-distributable reserves | 130/1 | €46,849 | €46,849 | = | 0.0% |
| Reserves not available under the articles | 1311 | €46,849 | €46,849 | = | 0.0% |
| Distributable reserves | 133 | €890,132 | €890,132 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,126,859 | -€860,132 | +€266,727 | +23.7% |
| Amounts payable | 17/49 | €2,328,171 | €1,147,587 | -€1.2m | -50.7% |
| Amounts payable after more than one year | 17 | €744,479 | €619,479 | -€125,000 | -16.8% |
| Other amounts payable | 178/9 | €744,479 | €619,479 | -€125,000 | -16.8% |
| Amounts payable within one year | 42/48 | €1,583,554 | €527,104 | -€1.1m | -66.7% |
| Financial debts | 43 | €5,835 | €13,846 | +€8,012 | +137% |
| Credit institutions | 430/8 | €5,835 | €13,846 | +€8,012 | +137% |
| Trade debts | 44 | €18,475 | €24,484 | +€6,009 | +32.5% |
| Suppliers | 440/4 | €18,475 | €24,484 | +€6,009 | +32.5% |
| Taxes, remuneration and social security | 45 | €48,955 | €70,932 | +€21,978 | +44.9% |
| Taxes | 450/3 | €6,879 | €22,414 | +€15,535 | +226% |
| Remuneration and social security | 454/9 | €42,075 | €48,518 | +€6,443 | +15.3% |
| Other amounts payable | 47/48 | €1,510,290 | €417,841 | -€1.1m | -72.3% |
| Accrued charges and deferred income | 492/3 | €138 | €1,004 | +€866 | +627% |
| Operating income | 70/76A | €815,846 | €777,576 | -€38,270 | -4.7% |
| Turnover | 70 | €751,858 | €767,326 | +€15,468 | +2.1% |
| Other operating income | 74 | €11,626 | €10,250 | -€1,376 | -11.8% |
| Non-recurring operating income | 76A | €52,361 | €0 | -€52,361 | -100% |
| Operating charges | 60/66A | €740,676 | €787,965 | +€47,289 | +6.4% |
| Services and other goods | 61 | €432,909 | €522,989 | +€90,080 | +20.8% |
| Remuneration, social security and pensions | 62 | €298,139 | €254,617 | -€43,522 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,662 | €4,482 | -€179 | -3.8% |
| Other operating charges | 640/8 | €3,363 | €2,322 | -€1,041 | -31.0% |
| Non-recurring operating charges | 66A | €1,604 | €3,555 | +€1,951 | +122% |
| Operating profit (loss) | 9901 | €75,170 | -€10,389 | -€85,559 | |
| Financial income | 75/76B | €235,047 | €305,873 | +€70,825 | +30.1% |
| Recurring financial income | 75 | €47 | €305,873 | +€305,825 | +645,201% |
| Income from financial fixed assets | 750 | €47 | €305,377 | +€305,329 | +644,427% |
| Other financial income | 752/9 | €0 | €496 | +€496 | +2,480,250% |
| Non-recurring financial income | 76B | €235,000 | €0 | -€235,000 | -100% |
| Financial charges | 65/66B | €32,990 | €28,083 | -€4,906 | -14.9% |
| Recurring financial charges | 65 | €32,990 | €28,083 | -€4,906 | -14.9% |
| Debt charges | 650 | €32,678 | €27,921 | -€4,757 | -14.6% |
| Other financial charges | 652/9 | €311 | €162 | -€149 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | €277,228 | €267,401 | -€9,827 | -3.5% |
| Income taxes | 67/77 | €10,870 | €674 | -€10,196 | -93.8% |
| Taxes | 670/3 | €10,870 | €674 | -€10,196 | -93.8% |
| Profit (loss) for the period | 9904 | €266,358 | €266,727 | +€369 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €266,358 | €266,727 | +€369 | +0.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.