Maxhenges: 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.
Maxhenges
Largest movements
- Receivables within one year +€52,798
up €52,798 (+100.8%), from €52,401 to €105,199
of which Trade receivables: +€75,355
- Cash +€18,218
up €18,218 (+97.0%), from €18,788 to €37,006
mainly Net result for the year (+€114,401) and Other debts (+€105,495)
- Tangible fixed assets +€11,047
up €11,047 (+10.7%), from €103,243 to €114,290
of which Furniture and vehicles: +€15,795
- Other debts +€105,495
up €105,495, from €0 to €105,495
- Reserves -€32,658
down €32,658 (-21.2%), from €154,308 to €121,650
- Tax, wage and social debts +€12,239
up €12,239 (+115.5%), from €10,596 to €22,835
- Gross operating margin +€88,034
up €88,034 (+104.6%), from €84,186 to €172,221
- Taxes +€19,355
up €19,355 (+118.6%), from €16,323 to €35,678
- Depreciation +€10,369
up €10,369 (+96.6%), from €10,729 to €21,098
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 | €176,006 | €259,042 | +€83,036 | +47.2% |
| Fixed assets | 21/28 | €103,243 | €114,290 | +€11,047 | +10.7% |
| Tangible fixed assets | 22/27 | €103,243 | €114,290 | +€11,047 | +10.7% |
| Plant, machinery and equipment | 23 | €2,456 | €1,884 | -€572 | -23.3% |
| Furniture and vehicles | 24 | €17,693 | €33,488 | +€15,795 | +89.3% |
| Other tangible fixed assets | 26 | €83,094 | €78,918 | -€4,176 | -5.0% |
| Current assets | 29/58 | €72,763 | €144,752 | +€71,989 | +98.9% |
| Amounts receivable within one year | 40/41 | €52,401 | €105,199 | +€52,798 | +100.8% |
| Trade receivables | 40 | €29,844 | €105,199 | +€75,355 | +252.5% |
| Other amounts receivable | 41 | €22,557 | €0 | -€22,557 | -100.0% |
| Cash at bank and in hand | 54/58 | €18,788 | €37,006 | +€18,218 | +97.0% |
| Deferred charges and accrued income | 490/1 | €1,573 | €2,547 | +€974 | +61.9% |
| Total equity and liabilities | 10/49 | €176,006 | €259,042 | +€83,036 | +47.2% |
| Equity | 10/15 | €159,308 | €126,650 | -€32,658 | -20.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €154,308 | €121,650 | -€32,658 | -21.2% |
| Distributable reserves | 133 | €154,308 | €121,650 | -€32,658 | -21.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €16,698 | €132,392 | +€115,694 | +692.8% |
| Amounts payable within one year | 42/48 | €16,698 | €132,392 | +€115,694 | +692.8% |
| Trade debts | 44 | €6,102 | €4,062 | -€2,040 | -33.4% |
| Suppliers | 440/4 | €6,102 | €4,062 | -€2,040 | -33.4% |
| Taxes, remuneration and social security | 45 | €10,596 | €22,835 | +€12,239 | +115.5% |
| Taxes | 450/3 | €10,596 | €22,835 | +€12,239 | +115.5% |
| Other amounts payable | 47/48 | €0 | €105,495 | +€105,495 | |
| Remuneration, social security and pensions | 62 | €583 | €0 | -€583 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,729 | €21,098 | +€10,369 | +96.6% |
| Other operating charges | 640/8 | €895 | €720 | -€175 | -19.5% |
| Gross operating margin | 9900 | €84,186 | €172,221 | +€88,034 | +104.6% |
| Operating profit (loss) | 9901 | €71,980 | €150,403 | +€78,423 | +109.0% |
| Financial income | 75/76B | €1,209 | €0 | -€1,209 | -100.0% |
| Recurring financial income | 75 | €1,209 | €0 | -€1,209 | -100.0% |
| Financial charges | 65/66B | €1,136 | €324 | -€812 | -71.5% |
| Recurring financial charges | 65 | €1,136 | €324 | -€812 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €72,053 | €150,079 | +€78,026 | +108.3% |
| Income taxes | 67/77 | €16,323 | €35,678 | +€19,355 | +118.6% |
| Profit (loss) for the period | 9904 | €55,730 | €114,401 | +€58,671 | +105.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,730 | €114,401 | +€58,671 | +105.3% |
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 4 October 2026 via checked.be.