MAXIM-T: 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-T
Largest movements
- Tangible fixed assets -€37,594
down €37,594 (-5.1%), from €734,094 to €696,501
of which Land and buildings: -€35,758
- Debts after one year -€31,467
down €31,467 (-6.0%), from €522,615 to €491,149
- Gross operating margin +€8,169
up €8,169 (+14.9%), from €54,777 to €62,947
- Financial charges +€3,225
up €3,225 (+20.1%), from €16,073 to €19,297
- Other operating charges -€2,471
down €2,471 (-76.8%), from €3,216 to €745
- Taxes +€2,148
new in 2025: €2,148
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 | €753,277 | €718,670 | -€34,607 | -4.6% |
| Fixed assets | 21/28 | €734,094 | €696,501 | -€37,594 | -5.1% |
| Tangible fixed assets | 22/27 | €734,094 | €696,501 | -€37,594 | -5.1% |
| Land and buildings | 22 | €729,399 | €693,641 | -€35,758 | -4.9% |
| Furniture and vehicles | 24 | €4,696 | €2,860 | -€1,836 | -39.1% |
| Current assets | 29/58 | €19,183 | €22,170 | +€2,987 | +15.6% |
| Amounts receivable within one year | 40/41 | €3,025 | €10,140 | +€7,115 | +235% |
| Trade receivables | 40 | €3,025 | €10,140 | +€7,115 | +235% |
| Cash at bank and in hand | 54/58 | €16,082 | €11,843 | -€4,239 | -26.4% |
| Deferred charges and accrued income | 490/1 | €75 | €187 | +€111 | +147% |
| Total equity and liabilities | 10/49 | €753,277 | €718,670 | -€34,607 | -4.6% |
| Equity | 10/15 | €17,156 | €11,318 | -€5,837 | -34.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €23,324 | €23,324 | = | 0.0% |
| Distributable reserves | 133 | €23,324 | €23,324 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,168 | -€17,006 | -€5,837 | -52.3% |
| Amounts payable | 17/49 | €736,121 | €707,352 | -€28,770 | -3.9% |
| Amounts payable after more than one year | 17 | €522,615 | €491,149 | -€31,467 | -6.0% |
| Financial debts | 170/4 | €522,615 | €491,149 | -€31,467 | -6.0% |
| Amounts payable within one year | 42/48 | €209,517 | €216,203 | +€6,686 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €30,371 | €31,467 | +€1,095 | +3.6% |
| Trade debts | 44 | - | €1,224 | +€1,224 | |
| Suppliers | 440/4 | - | €1,224 | +€1,224 | |
| Taxes, remuneration and social security | 45 | €4,352 | €3,513 | -€839 | -19.3% |
| Taxes | 450/3 | €4,352 | €3,513 | -€839 | -19.3% |
| Other amounts payable | 47/48 | €174,794 | €180,000 | +€5,206 | +3.0% |
| Accrued charges and deferred income | 492/3 | €3,989 | - | -€3,989 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,657 | €46,594 | -€64 | -0.1% |
| Other operating charges | 640/8 | €3,216 | €745 | -€2,471 | -76.8% |
| Gross operating margin | 9900 | €54,777 | €62,947 | +€8,169 | +14.9% |
| Operating profit (loss) | 9901 | €4,904 | €15,608 | +€10,704 | +218% |
| Financial charges | 65/66B | €16,073 | €19,297 | +€3,225 | +20.1% |
| Recurring financial charges | 65 | €16,073 | €19,297 | +€3,225 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,168 | -€3,689 | +€7,479 | +67.0% |
| Income taxes | 67/77 | - | €2,148 | +€2,148 | |
| Profit (loss) for the period | 9904 | -€11,168 | -€5,837 | +€5,331 | +47.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,168 | -€5,837 | +€5,331 | +47.7% |
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 21 October 2026 via checked.be.