Maxim Peters: what changed
Maxim Peters
Largest movements
- Cash +€188,117
up €188,117 (+87.0%), from €216,115 to €404,232
mainly Net result for the year (+€292,384) and Other debts (+€224,226)
- Stocks and contracts +€75,674
new in 2025: €75,674
- Tangible fixed assets +€49,229
up €49,229 (+86.2%), from €57,095 to €106,324
of which Plant, machinery and equipment: +€42,924
- Receivables within one year -€49,049
down €49,049 (-61.0%), from €80,346 to €31,297
of which Trade receivables: -€38,491
- Other debts +€224,226
up €224,226 (+159%), from €140,711 to €364,936
- Trade debts +€40,654
up €40,654 (+49.6%), from €81,892 to €122,546
- Profit (loss) carried forward -€39,574
down €39,574 (-100%), from €39,574 to €0
- Tax, wage and social debts +€27,276
up €27,276, from €0 to €27,276
- Current portion of long-term debt +€10,394
up €10,394 (+66.0%), from €15,756 to €26,151
- Gross operating margin +€288,685
up €288,685 (+187%), from €154,717 to €443,402
- Taxes +€65,813
up €65,813 (+226%), from €29,153 to €94,966
- Financial charges +€6,633
up €6,633 (+80.9%), from €8,199 to €14,833
- Depreciation +€4,748
up €4,748 (+15.5%), from €30,539 to €35,287
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €356,008 | €622,203 | +€266,195 | +74.8% |
| Fixed assets | 21/28 | €57,095 | €106,324 | +€49,229 | +86.2% |
| Tangible fixed assets | 22/27 | €57,095 | €106,324 | +€49,229 | +86.2% |
| Land and buildings | 22 | - | €2,599 | +€2,599 | |
| Plant, machinery and equipment | 23 | €31,740 | €74,665 | +€42,924 | +135% |
| Furniture and vehicles | 24 | €7,190 | €19,163 | +€11,973 | +167% |
| Leasing and similar rights | 25 | €18,165 | €9,898 | -€8,267 | -45.5% |
| Current assets | 29/58 | €298,913 | €515,879 | +€216,966 | +72.6% |
| Stocks and contracts in progress | 3 | - | €75,674 | +€75,674 | |
| Contracts in progress | 37 | - | €75,674 | +€75,674 | |
| Amounts receivable within one year | 40/41 | €80,346 | €31,297 | -€49,049 | -61.0% |
| Trade receivables | 40 | €55,359 | €16,867 | -€38,491 | -69.5% |
| Other amounts receivable | 41 | €24,988 | €14,430 | -€10,558 | -42.3% |
| Cash at bank and in hand | 54/58 | €216,115 | €404,232 | +€188,117 | +87.0% |
| Deferred charges and accrued income | 490/1 | €2,451 | €4,675 | +€2,224 | +90.7% |
| Total equity and liabilities | 10/49 | €356,008 | €622,203 | +€266,195 | +74.8% |
| Equity | 10/15 | €100,536 | €60,962 | -€39,574 | -39.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €42,362 | €42,362 | = | 0.0% |
| Distributable reserves | 133 | €42,362 | €42,362 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,574 | €0 | -€39,574 | -100% |
| Amounts payable | 17/49 | €255,472 | €561,241 | +€305,769 | +120% |
| Amounts payable after more than one year | 17 | €17,112 | €20,332 | +€3,219 | +18.8% |
| Financial debts | 170/4 | €17,112 | €20,332 | +€3,219 | +18.8% |
| Amounts payable within one year | 42/48 | €238,359 | €540,909 | +€302,549 | +127% |
| Current portion of amounts payable after more than one year | 42 | €15,756 | €26,151 | +€10,394 | +66.0% |
| Trade debts | 44 | €81,892 | €122,546 | +€40,654 | +49.6% |
| Suppliers | 440/4 | €81,892 | €122,546 | +€40,654 | +49.6% |
| Taxes, remuneration and social security | 45 | €0 | €27,276 | +€27,276 | |
| Taxes | 450/3 | €0 | €27,276 | +€27,276 | |
| Other amounts payable | 47/48 | €140,711 | €364,936 | +€224,226 | +159% |
| Non-recurring operating income | 76A | €1,327 | €2,083 | +€756 | +57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,539 | €35,287 | +€4,748 | +15.5% |
| Other operating charges | 640/8 | €3,748 | €2,531 | -€1,217 | -32.5% |
| Non-recurring operating charges | 66A | €0 | €3,589 | +€3,589 | |
| Gross operating margin | 9900 | €154,717 | €443,402 | +€288,685 | +187% |
| Operating profit (loss) | 9901 | €120,430 | €401,995 | +€281,565 | +234% |
| Financial income | 75/76B | €187 | €187 | +€1 | +0.4% |
| Recurring financial income | 75 | €187 | €187 | +€1 | +0.4% |
| Financial charges | 65/66B | €8,199 | €14,833 | +€6,633 | +80.9% |
| Recurring financial charges | 65 | €8,199 | €14,833 | +€6,633 | +80.9% |
| Profit (loss) for the period before taxes | 9903 | €112,417 | €387,349 | +€274,932 | +245% |
| Income taxes | 67/77 | €29,153 | €94,966 | +€65,813 | +226% |
| Profit (loss) for the period | 9904 | €83,264 | €292,384 | +€209,119 | +251% |
| Profit (loss) for the period to be appropriated | 9905 | €83,264 | €292,384 | +€209,119 | +251% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.