MAXIM'S: 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'S
Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-56.0%), from €2.1m to €908,255
of which Contracts in progress: -€2.1m
- Cash -€498,661
down €498,661 (-84.3%), from €591,733 to €93,072
mainly Advances received (-€1.5m) and Other debts (-€120,243)
- Advances received -€1.5m
down €1.5m (-100%), from €1.5m to €0
- Other debts -€120,243
down €120,243 (-17.7%), from €677,878 to €557,635
- Tax, wage and social debts -€71,794
down €71,794 (-83.2%), from €86,302 to €14,507
of which Taxes: -€68,238
- Reserves +€49,012
up €49,012 (+96.1%), from €50,977 to €99,989
of which Distributable reserves: +€49,012
- Gross operating margin -€99,474
down €99,474 (-44.3%), from €224,377 to €124,904
- Other operating charges +€28,461
up €28,461 (+1,202%), from €2,369 to €30,830
- Taxes -€26,457
down €26,457 (-50.8%), from €52,107 to €25,650
- Financial charges -€15,905
down €15,905 (-51.3%), from €31,020 to €15,115
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 | €2,694,442 | €1,040,411 | -€1.7m | -61.4% |
| Fixed assets | 21/28 | €7,426 | €13,575 | +€6,149 | +82.8% |
| Tangible fixed assets | 22/27 | €7,426 | €13,575 | +€6,149 | +82.8% |
| Plant, machinery and equipment | 23 | €3,599 | €1,641 | -€1,957 | -54.4% |
| Furniture and vehicles | 24 | €3,828 | €11,933 | +€8,106 | +212% |
| Current assets | 29/58 | €2,687,016 | €1,026,836 | -€1.7m | -61.8% |
| Stocks and contracts in progress | 3 | €2,066,119 | €908,255 | -€1.2m | -56.0% |
| Stocks | 30/36 | €15,495 | €908,255 | +€892,760 | +5,761% |
| Contracts in progress | 37 | €2,050,623 | €0 | -€2.1m | -100% |
| Amounts receivable within one year | 40/41 | €28,130 | €24,793 | -€3,337 | -11.9% |
| Trade receivables | 40 | €20,769 | €17,292 | -€3,477 | -16.7% |
| Other amounts receivable | 41 | €7,361 | €7,501 | +€140 | +1.9% |
| Cash at bank and in hand | 54/58 | €591,733 | €93,072 | -€498,661 | -84.3% |
| Deferred charges and accrued income | 490/1 | €1,034 | €716 | -€319 | -30.8% |
| Total equity and liabilities | 10/49 | €2,694,442 | €1,040,411 | -€1.7m | -61.4% |
| Equity | 10/15 | €126,337 | €175,349 | +€49,012 | +38.8% |
| Contributions | 10/11 | €75,360 | €75,360 | = | 0.0% |
| Reserves | 13 | €50,977 | €99,989 | +€49,012 | +96.1% |
| Non-distributable reserves | 130/1 | €8,676 | €8,676 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,676 | €8,676 | = | 0.0% |
| Distributable reserves | 133 | €42,301 | €91,313 | +€49,012 | +116% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,568,105 | €865,062 | -€1.7m | -66.3% |
| Amounts payable after more than one year | 17 | €285,000 | €285,000 | = | 0.0% |
| Financial debts | 170/4 | €285,000 | €285,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,282,449 | €580,062 | -€1.7m | -74.6% |
| Current portion of amounts payable after more than one year | 42 | €11,230 | €5,904 | -€5,326 | -47.4% |
| Trade debts | 44 | €15,718 | €2,016 | -€13,703 | -87.2% |
| Suppliers | 440/4 | €15,718 | €2,016 | -€13,703 | -87.2% |
| Advances received on contracts in progress | 46 | €1,491,321 | €0 | -€1.5m | -100% |
| Taxes, remuneration and social security | 45 | €86,302 | €14,507 | -€71,794 | -83.2% |
| Taxes | 450/3 | €82,746 | €14,507 | -€68,238 | -82.5% |
| Remuneration and social security | 454/9 | €3,556 | €0 | -€3,556 | -100% |
| Other amounts payable | 47/48 | €677,878 | €557,635 | -€120,243 | -17.7% |
| Accrued charges and deferred income | 492/3 | €656 | €0 | -€656 | -100% |
| Non-recurring operating income | 76A | €16,919 | €250 | -€16,669 | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,889 | €2,607 | -€1,282 | -33.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,369 | €30,830 | +€28,461 | +1,202% |
| Non-recurring operating charges | 66A | - | €3,125 | +€3,125 | |
| Gross operating margin | 9900 | €224,377 | €124,904 | -€99,474 | -44.3% |
| Operating profit (loss) | 9901 | €218,120 | €88,342 | -€129,778 | -59.5% |
| Financial income | 75/76B | €2,955 | €1,435 | -€1,520 | -51.4% |
| Recurring financial income | 75 | €2,955 | €1,435 | -€1,520 | -51.4% |
| Financial charges | 65/66B | €31,020 | €15,115 | -€15,905 | -51.3% |
| Recurring financial charges | 65 | €31,020 | €15,115 | -€15,905 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €190,055 | €74,662 | -€115,393 | -60.7% |
| Income taxes | 67/77 | €52,107 | €25,650 | -€26,457 | -50.8% |
| Profit (loss) for the period | 9904 | €137,948 | €49,012 | -€88,936 | -64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €137,948 | €49,012 | -€88,936 | -64.5% |
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 17 October 2026 via checked.be.