MAXIM-O: 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-O
Largest movements
- Tangible fixed assets -€42,305
down €42,305 (-2.0%), from €2.1m to €2.0m
- Cash +€23,544
up €23,544 (+214%), from €11,023 to €34,567
mainly Net result for the year (+€97,378) and Depreciation (+€42,305)
- Debts after one year -€130,001
down €130,001 (-9.3%), from €1.4m to €1.3m
- Reserves +€97,378
up €97,378 (+25.3%), from €384,905 to €482,283
- Taxes +€10,182
up €10,182 (+28.9%), from €35,261 to €45,443
- Financial charges -€3,904
down €3,904 (-8.9%), from €43,840 to €39,936
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 | €2,149,691 | €2,132,725 | -€16,966 | -0.8% |
| Fixed assets | 21/28 | €2,072,935 | €2,030,630 | -€42,305 | -2.0% |
| Tangible fixed assets | 22/27 | €2,072,935 | €2,030,630 | -€42,305 | -2.0% |
| Land and buildings | 22 | €2,072,935 | €2,030,630 | -€42,305 | -2.0% |
| Current assets | 29/58 | €76,756 | €102,095 | +€25,339 | +33.0% |
| Amounts receivable within one year | 40/41 | €40,766 | €49,765 | +€8,999 | +22.1% |
| Trade receivables | 40 | - | €8,240 | +€8,240 | |
| Other amounts receivable | 41 | €40,766 | €41,525 | +€759 | +1.9% |
| Cash at bank and in hand | 54/58 | €11,023 | €34,567 | +€23,544 | +214% |
| Deferred charges and accrued income | 490/1 | €24,966 | €17,762 | -€7,205 | -28.9% |
| Total equity and liabilities | 10/49 | €2,149,691 | €2,132,725 | -€16,966 | -0.8% |
| Equity | 10/15 | €403,505 | €500,883 | +€97,378 | +24.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €384,905 | €482,283 | +€97,378 | +25.3% |
| Distributable reserves | 133 | €384,905 | €482,283 | +€97,378 | +25.3% |
| Amounts payable | 17/49 | €1,746,185 | €1,631,842 | -€114,344 | -6.5% |
| Amounts payable after more than one year | 17 | €1,396,439 | €1,266,438 | -€130,001 | -9.3% |
| Financial debts | 170/4 | €1,396,439 | €1,266,438 | -€130,001 | -9.3% |
| Amounts payable within one year | 42/48 | €349,746 | €365,403 | +€15,657 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €131,667 | €147,161 | +€15,493 | +11.8% |
| Trade debts | 44 | €5,024 | €2,987 | -€2,036 | -40.5% |
| Suppliers | 440/4 | €5,024 | €2,987 | -€2,036 | -40.5% |
| Taxes, remuneration and social security | 45 | €25,261 | €25,704 | +€443 | +1.8% |
| Taxes | 450/3 | €25,261 | €25,704 | +€443 | +1.8% |
| Other amounts payable | 47/48 | €187,794 | €189,551 | +€1,757 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,305 | €42,305 | = | 0.0% |
| Other operating charges | 640/8 | €19,063 | €19,622 | +€559 | +2.9% |
| Gross operating margin | 9900 | €245,852 | €244,684 | -€1,168 | -0.5% |
| Operating profit (loss) | 9901 | €184,484 | €182,757 | -€1,727 | -0.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -97.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -97.7% |
| Financial charges | 65/66B | €43,840 | €39,936 | -€3,904 | -8.9% |
| Recurring financial charges | 65 | €43,840 | €39,936 | -€3,904 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €140,645 | €142,821 | +€2,176 | +1.5% |
| Income taxes | 67/77 | €35,261 | €45,443 | +€10,182 | +28.9% |
| Profit (loss) for the period | 9904 | €105,384 | €97,378 | -€8,006 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €105,384 | €97,378 | -€8,006 | -7.6% |
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 13 October 2026 via checked.be.