MAXI-ECHAP: 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-ECHAP
Largest movements
- Tangible fixed assets +€367,609
up €367,609 (+94.8%), from €387,777 to €755,387
of which Other tangible fixed assets: +€366,303
- Cash +€60,431
up €60,431 (+20.0%), from €301,565 to €361,996
mainly Debts after one year (+€295,000) and Trade debts (+€111,375)
- Debts after one year +€295,000
up €295,000 (+152.4%), from €193,619 to €488,619
- Trade debts +€111,375
up €111,375 (+24.9%), from €447,415 to €558,791
- Tax, wage and social debts +€76,352
up €76,352 (+43.4%), from €176,076 to €252,428
of which Remuneration and social security: +€59,515
- Profit (loss) carried forward -€27,836
down €27,836 (-541.0%), from -€5,146 to -€32,982
- Gross operating margin +€219,486
up €219,486 (+24.5%), from €894,387 to €1.1m
- Staff costs +€162,270
up €162,270 (+20.2%), from €803,938 to €966,208
- Financial charges +€30,666
up €30,666 (+67.8%), from €45,258 to €75,924
of which Financial charges: +€32,052
- Other operating charges +€24,885
up €24,885 (+290.1%), from €8,579 to €33,464
- Depreciation +€22,854
up €22,854 (+43.3%), from €52,771 to €75,626
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 | €1,062,584 | €1,492,942 | +€430,358 | +40.5% |
| Fixed assets | 21/28 | €387,777 | €755,387 | +€367,609 | +94.8% |
| Tangible fixed assets | 22/27 | €387,777 | €755,387 | +€367,609 | +94.8% |
| Plant, machinery and equipment | 23 | €101,866 | €119,560 | +€17,694 | +17.4% |
| Furniture and vehicles | 24 | €70,470 | €54,081 | -€16,388 | -23.3% |
| Other tangible fixed assets | 26 | €215,442 | €581,745 | +€366,303 | +170.0% |
| Current assets | 29/58 | €674,806 | €737,555 | +€62,749 | +9.3% |
| Amounts receivable after more than one year | 29 | €312,647 | €319,113 | +€6,466 | +2.1% |
| Trade receivables | 290 | - | €319,113 | +€319,113 | |
| Other amounts receivable | 291 | €312,647 | - | -€312,647 | |
| Stocks and contracts in progress | 3 | €15,878 | €7,101 | -€8,777 | -55.3% |
| Stocks | 30/36 | €15,878 | €7,101 | -€8,777 | -55.3% |
| Amounts receivable within one year | 40/41 | €27,588 | €39,000 | +€11,412 | +41.4% |
| Trade receivables | 40 | €27,365 | €26,501 | -€864 | -3.2% |
| Other amounts receivable | 41 | €223 | €12,499 | +€12,276 | +5501.1% |
| Cash at bank and in hand | 54/58 | €301,565 | €361,996 | +€60,431 | +20.0% |
| Deferred charges and accrued income | 490/1 | €17,128 | €10,345 | -€6,783 | -39.6% |
| Total equity and liabilities | 10/49 | €1,062,584 | €1,492,942 | +€430,358 | +40.5% |
| Equity | 10/15 | €197,327 | €169,491 | -€27,836 | -14.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €152,473 | €152,473 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €128 | €128 | = | 0.0% |
| Distributable reserves | 133 | €147,345 | €147,345 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,146 | -€32,982 | -€27,836 | -541.0% |
| Amounts payable | 17/49 | €865,256 | €1,323,450 | +€458,194 | +53.0% |
| Amounts payable after more than one year | 17 | €193,619 | €488,619 | +€295,000 | +152.4% |
| Financial debts | 170/4 | €193,619 | €488,619 | +€295,000 | +152.4% |
| Amounts payable within one year | 42/48 | €670,617 | €834,831 | +€164,214 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €19,538 | €11,672 | -€7,866 | -40.3% |
| Financial debts | 43 | €13,245 | - | -€13,245 | |
| Credit institutions | 430/8 | €13,245 | - | -€13,245 | |
| Trade debts | 44 | €447,415 | €558,791 | +€111,375 | +24.9% |
| Suppliers | 440/4 | €447,415 | €558,791 | +€111,375 | +24.9% |
| Advances received on contracts in progress | 46 | €14,344 | €11,941 | -€2,403 | -16.8% |
| Taxes, remuneration and social security | 45 | €176,076 | €252,428 | +€76,352 | +43.4% |
| Taxes | 450/3 | €38,406 | €55,243 | +€16,837 | +43.8% |
| Remuneration and social security | 454/9 | €137,670 | €197,185 | +€59,515 | +43.2% |
| Accrued charges and deferred income | 492/3 | €1,020 | - | -€1,020 | |
| Remuneration, social security and pensions | 62 | €803,938 | €966,208 | +€162,270 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,771 | €75,626 | +€22,854 | +43.3% |
| Other operating charges | 640/8 | €8,579 | €33,464 | +€24,885 | +290.1% |
| Gross operating margin | 9900 | €894,387 | €1,113,874 | +€219,486 | +24.5% |
| Operating profit (loss) | 9901 | €29,099 | €38,576 | +€9,477 | +32.6% |
| Financial income | 75/76B | €11,014 | €9,512 | -€1,502 | -13.6% |
| Recurring financial income | 75 | €11,014 | €9,512 | -€1,502 | -13.6% |
| Financial charges | 65/66B | €45,258 | €75,924 | +€30,666 | +67.8% |
| Recurring financial charges | 65 | €37,618 | €69,670 | +€32,052 | +85.2% |
| Non-recurring financial charges | 66B | €7,640 | €6,254 | -€1,387 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,146 | -€27,836 | -€22,691 | -441.0% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€5,146 | -€27,836 | -€22,691 | -441.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,146 | -€27,836 | -€22,691 | -441.0% |
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 29 September 2026 via checked.be.