MAXIM BOEY: 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 BOEY
Largest movements
- Receivables within one year +€138,323
up €138,323 (+531%), from €26,047 to €164,370
of which Trade receivables: +€112,059
- Stocks and contracts +€112,000
new in 2025: €112,000
- Cash -€35,370
down €35,370 (-97.8%), from €36,176 to €806
mainly Receivables within one year (-€138,323) and Stocks and contracts (-€112,000)
- Tangible fixed assets -€19,434
down €19,434 (-24.4%), from €79,558 to €60,124
- Deferred charges and accrued income +€4,574
up €4,574 (+5,943%), from €77 to €4,651
- Trade debts +€111,830
up €111,830 (+267%), from €41,837 to €153,667
- Reserves +€84,723
up €84,723 (+219%), from €38,758 to €123,481
- Tax, wage and social debts +€22,013
up €22,013 (+178%), from €12,350 to €34,363
- Debts after one year -€19,264
down €19,264 (-69.9%), from €27,575 to €8,311
- Gross operating margin +€68,009
up €68,009 (+108%), from €62,688 to €130,697
- Taxes +€11,913
up €11,913 (+118%), from €10,100 to €22,013
- Depreciation -€5,746
down €5,746 (-53.9%), from €10,668 to €4,922
- Other operating charges +€3,042
up €3,042 (+144%), from €2,113 to €5,156
- Financial charges +€2,094
up €2,094 (+129%), from €1,619 to €3,713
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 | €141,858 | €342,086 | +€200,228 | +141% |
| Fixed assets | 21/28 | €79,558 | €60,259 | -€19,299 | -24.3% |
| Tangible fixed assets | 22/27 | €79,558 | €60,124 | -€19,434 | -24.4% |
| Plant, machinery and equipment | 23 | €79,558 | €60,124 | -€19,434 | -24.4% |
| Financial fixed assets | 28 | - | €135 | +€135 | |
| Current assets | 29/58 | €62,300 | €281,827 | +€219,527 | +352% |
| Stocks and contracts in progress | 3 | - | €112,000 | +€112,000 | |
| Contracts in progress | 37 | - | €112,000 | +€112,000 | |
| Amounts receivable within one year | 40/41 | €26,047 | €164,370 | +€138,323 | +531% |
| Trade receivables | 40 | €9,048 | €121,107 | +€112,059 | +1,238% |
| Other amounts receivable | 41 | €16,999 | €43,263 | +€26,265 | +155% |
| Cash at bank and in hand | 54/58 | €36,176 | €806 | -€35,370 | -97.8% |
| Deferred charges and accrued income | 490/1 | €77 | €4,651 | +€4,574 | +5,943% |
| Total equity and liabilities | 10/49 | €141,858 | €342,086 | +€200,228 | +141% |
| Equity | 10/15 | €41,758 | €126,481 | +€84,723 | +203% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €38,758 | €123,481 | +€84,723 | +219% |
| Distributable reserves | 133 | €38,758 | €123,481 | +€84,723 | +219% |
| Amounts payable | 17/49 | €100,100 | €215,605 | +€115,505 | +115% |
| Amounts payable after more than one year | 17 | €27,575 | €8,311 | -€19,264 | -69.9% |
| Financial debts | 170/4 | €27,575 | €8,311 | -€19,264 | -69.9% |
| Amounts payable within one year | 42/48 | €72,525 | €207,294 | +€134,769 | +186% |
| Current portion of amounts payable after more than one year | 42 | €18,338 | €19,264 | +€926 | +5.1% |
| Trade debts | 44 | €41,837 | €153,667 | +€111,830 | +267% |
| Suppliers | 440/4 | €41,837 | €153,667 | +€111,830 | +267% |
| Taxes, remuneration and social security | 45 | €12,350 | €34,363 | +€22,013 | +178% |
| Taxes | 450/3 | €12,350 | €34,363 | +€22,013 | +178% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,668 | €4,922 | -€5,746 | -53.9% |
| Other operating charges | 640/8 | €2,113 | €5,156 | +€3,042 | +144% |
| Non-recurring operating charges | 66A | - | €12,325 | +€12,325 | |
| Gross operating margin | 9900 | €62,688 | €130,697 | +€68,009 | +108% |
| Operating profit (loss) | 9901 | €49,907 | €108,294 | +€58,387 | +117% |
| Financial income | 75/76B | €570 | €2,155 | +€1,586 | +278% |
| Recurring financial income | 75 | €570 | €2,155 | +€1,586 | +278% |
| Financial charges | 65/66B | €1,619 | €3,713 | +€2,094 | +129% |
| Recurring financial charges | 65 | €1,619 | €3,713 | +€2,094 | +129% |
| Profit (loss) for the period before taxes | 9903 | €48,858 | €106,736 | +€57,878 | +118% |
| Income taxes | 67/77 | €10,100 | €22,013 | +€11,913 | +118% |
| Profit (loss) for the period | 9904 | €38,758 | €84,723 | +€45,965 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €38,758 | €84,723 | +€45,965 | +119% |
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 31 October 2026 via checked.be.