MAXIM BAETEN: 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.
MAXIM BAETEN
Largest movements
- Receivables within one year -€18,008
down €18,008 (-59.5%), from €30,247 to €12,239
of which Other amounts receivable: -€14,021
- Cash -€11,541
down €11,541 (-37.0%), from €31,214 to €19,672
mainly Contributions, distributions and other (-€40,000) and Other debts (-€7,619)
- Tangible fixed assets -€1,086
down €1,086 (-31.5%), from €3,449 to €2,362
of which Furniture and vehicles: -€840
- Profit (loss) carried forward -€20,145
down €20,145 (-65.0%), from €30,976 to €10,831
- Other debts -€7,619
down €7,619 (-38.1%), from €20,000 to €12,381
- Tax, wage and social debts -€3,958
down €3,958 (-28.0%), from €14,123 to €10,165
- Trade debts +€1,456
up €1,456 (+950%), from €153 to €1,609
- Gross operating margin -€8,369
down €8,369 (-23.2%), from €36,073 to €27,704
- Taxes -€1,494
down €1,494 (-18.9%), from €7,902 to €6,408
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,752 | €35,766 | -€29,985 | -45.6% |
| Fixed assets | 21/28 | €3,599 | €2,512 | -€1,086 | -30.2% |
| Tangible fixed assets | 22/27 | €3,449 | €2,362 | -€1,086 | -31.5% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,590 | €750 | -€840 | -52.8% |
| Other tangible fixed assets | 26 | €1,858 | €1,612 | -€246 | -13.3% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €62,153 | €33,254 | -€28,899 | -46.5% |
| Amounts receivable within one year | 40/41 | €30,247 | €12,239 | -€18,008 | -59.5% |
| Trade receivables | 40 | €16,226 | €12,239 | -€3,987 | -24.6% |
| Other amounts receivable | 41 | €14,021 | €0 | -€14,021 | -100% |
| Cash at bank and in hand | 54/58 | €31,214 | €19,672 | -€11,541 | -37.0% |
| Deferred charges and accrued income | 490/1 | €692 | €1,342 | +€650 | +93.9% |
| Total equity and liabilities | 10/49 | €65,752 | €35,766 | -€29,985 | -45.6% |
| Equity | 10/15 | €31,476 | €11,331 | -€20,145 | -64.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,976 | €10,831 | -€20,145 | -65.0% |
| Amounts payable | 17/49 | €34,276 | €24,435 | -€9,841 | -28.7% |
| Amounts payable within one year | 42/48 | €34,276 | €24,155 | -€10,121 | -29.5% |
| Trade debts | 44 | €153 | €1,609 | +€1,456 | +950% |
| Suppliers | 440/4 | €153 | €1,609 | +€1,456 | +950% |
| Taxes, remuneration and social security | 45 | €14,123 | €10,165 | -€3,958 | -28.0% |
| Taxes | 450/3 | €14,123 | €10,165 | -€3,958 | -28.0% |
| Other amounts payable | 47/48 | €20,000 | €12,381 | -€7,619 | -38.1% |
| Accrued charges and deferred income | 492/3 | - | €280 | +€280 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,401 | €1,086 | -€314 | -22.4% |
| Other operating charges | 640/8 | €981 | €919 | -€62 | -6.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €36,073 | €27,704 | -€8,369 | -23.2% |
| Operating profit (loss) | 9901 | €33,692 | €25,699 | -€7,993 | -23.7% |
| Financial income | 75/76B | €745 | €716 | -€29 | -3.9% |
| Recurring financial income | 75 | €745 | €716 | -€29 | -3.9% |
| Financial charges | 65/66B | €80 | €151 | +€71 | +88.7% |
| Recurring financial charges | 65 | €80 | €151 | +€71 | +88.7% |
| Profit (loss) for the period before taxes | 9903 | €34,357 | €26,264 | -€8,093 | -23.6% |
| Income taxes | 67/77 | €7,902 | €6,408 | -€1,494 | -18.9% |
| Profit (loss) for the period | 9904 | €26,454 | €19,855 | -€6,599 | -24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,454 | €19,855 | -€6,599 | -24.9% |
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 29 October 2026 via checked.be.