MAXI CADO: 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.
MAXI CADO
Largest movements
- Cash +€32,540
up €32,540 (+57.6%), from €56,470 to €89,010
mainly Net result for the year (+€29,975) and Stocks and contracts (+€15,916)
- Stocks and contracts -€15,916
down €15,916 (-13.8%), from €115,470 to €99,554
- Tangible fixed assets -€12,058
down €12,058 (-10.9%), from €110,326 to €98,268
of which Land and buildings: -€11,862
- Reserves +€29,975
up €29,975 (+16.2%), from €184,617 to €214,593
of which Distributable reserves: +€29,975
- Current portion of long-term debt -€23,967
down €23,967 (-29.7%), from €80,566 to €56,599
- Gross operating margin +€11,194
up €11,194 (+26.8%), from €41,712 to €52,906
- Depreciation -€3,633
down €3,633 (-21.3%), from €17,058 to €13,426
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 | €354,007 | €360,542 | +€6,536 | +1.8% |
| Fixed assets | 21/28 | €110,373 | €98,315 | -€12,058 | -10.9% |
| Tangible fixed assets | 22/27 | €110,326 | €98,268 | -€12,058 | -10.9% |
| Land and buildings | 22 | €105,880 | €94,018 | -€11,862 | -11.2% |
| Plant, machinery and equipment | 23 | €261 | €139 | -€122 | -46.9% |
| Furniture and vehicles | 24 | €4,185 | €4,111 | -€74 | -1.8% |
| Financial fixed assets | 28 | €47 | €47 | = | 0.0% |
| Current assets | 29/58 | €243,633 | €262,227 | +€18,594 | +7.6% |
| Stocks and contracts in progress | 3 | €115,470 | €99,554 | -€15,916 | -13.8% |
| Stocks | 30/36 | €115,470 | €99,554 | -€15,916 | -13.8% |
| Amounts receivable within one year | 40/41 | €1,114 | €2,832 | +€1,717 | +154.1% |
| Trade receivables | 40 | €1,114 | €2,832 | +€1,717 | +154.1% |
| Current investments | 50/53 | €70,000 | €70,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,470 | €89,010 | +€32,540 | +57.6% |
| Deferred charges and accrued income | 490/1 | €579 | €832 | +€253 | +43.6% |
| Total equity and liabilities | 10/49 | €354,007 | €360,542 | +€6,536 | +1.8% |
| Equity | 10/15 | €252,817 | €282,793 | +€29,975 | +11.9% |
| Contributions | 10/11 | €68,200 | €68,200 | = | 0.0% |
| Reserves | 13 | €184,617 | €214,593 | +€29,975 | +16.2% |
| Non-distributable reserves | 130/1 | €6,820 | €6,820 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,820 | €6,820 | = | 0.0% |
| Distributable reserves | 133 | €177,797 | €207,773 | +€29,975 | +16.9% |
| Amounts payable | 17/49 | €101,189 | €77,750 | -€23,440 | -23.2% |
| Amounts payable within one year | 42/48 | €101,189 | €77,750 | -€23,440 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €80,566 | €56,599 | -€23,967 | -29.7% |
| Trade debts | 44 | €6,394 | €4,475 | -€1,919 | -30.0% |
| Suppliers | 440/4 | €6,394 | €4,475 | -€1,919 | -30.0% |
| Taxes, remuneration and social security | 45 | €14,229 | €16,675 | +€2,446 | +17.2% |
| Taxes | 450/3 | €10,947 | €11,095 | +€148 | +1.3% |
| Remuneration and social security | 454/9 | €3,282 | €5,580 | +€2,298 | +70.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,058 | €13,426 | -€3,633 | -21.3% |
| Other operating charges | 640/8 | €8,875 | €9,184 | +€310 | +3.5% |
| Gross operating margin | 9900 | €41,712 | €52,906 | +€11,194 | +26.8% |
| Operating profit (loss) | 9901 | €15,779 | €30,296 | +€14,517 | +92.0% |
| Financial income | 75/76B | €832 | €942 | +€110 | +13.2% |
| Recurring financial income | 75 | €832 | €942 | +€110 | +13.2% |
| Financial charges | 65/66B | €1,167 | €1,263 | +€96 | +8.2% |
| Recurring financial charges | 65 | €1,167 | €1,263 | +€96 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €15,444 | €29,975 | +€14,531 | +94.1% |
| Profit (loss) for the period | 9904 | €15,444 | €29,975 | +€14,531 | +94.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,444 | €29,975 | +€14,531 | +94.1% |
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.