MAXIMA: 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.
MAXIMA
Largest movements
- Cash +€355,124
up €355,124 (+320.6%), from €110,755 to €465,879
mainly Net result for the year (+€669,471) and Depreciation (+€123,908)
- Receivables within one year +€103,283
up €103,283 (+22.4%), from €461,858 to €565,141
of which Trade receivables: +€443,613
- Tangible fixed assets -€101,423
down €101,423 (-4.4%), from €2.3m to €2.2m
of which Land and buildings: -€95,544
- Reserves +€267,612
up €267,612 (+10.3%), from €2.6m to €2.9m
of which Distributable reserves: +€267,612
- Other debts +€35,768
up €35,768 (+15.0%), from €238,355 to €274,123
- Financial income +€468,184
up €468,184 (+2835.4%), from €16,512 to €484,696
- Taxes +€163,573
up €163,573 (+108.5%), from €150,705 to €314,278
- Gross operating margin +€26,411
up €26,411 (+4.2%), from €622,972 to €649,384
- Depreciation -€20,142
down €20,142 (-14.0%), from €144,050 to €123,908
- Other operating charges +€18,060
up €18,060 (+218.7%), from €8,257 to €26,317
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.
Cash bridge derived
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 | €2,884,018 | €3,215,873 | +€331,855 | +11.5% |
| Fixed assets | 21/28 | €2,281,180 | €2,179,757 | -€101,423 | -4.4% |
| Tangible fixed assets | 22/27 | €2,281,121 | €2,179,698 | -€101,423 | -4.4% |
| Land and buildings | 22 | €2,135,974 | €2,040,431 | -€95,544 | -4.5% |
| Plant, machinery and equipment | 23 | €57,897 | €51,065 | -€6,833 | -11.8% |
| Furniture and vehicles | 24 | €82,028 | €85,578 | +€3,550 | +4.3% |
| Other tangible fixed assets | 26 | €5,221 | €2,624 | -€2,596 | -49.7% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €602,837 | €1,036,115 | +€433,278 | +71.9% |
| Amounts receivable within one year | 40/41 | €461,858 | €565,141 | +€103,283 | +22.4% |
| Trade receivables | 40 | €121,527 | €565,141 | +€443,613 | +365.0% |
| Other amounts receivable | 41 | €340,331 | - | -€340,331 | |
| Cash at bank and in hand | 54/58 | €110,755 | €465,879 | +€355,124 | +320.6% |
| Deferred charges and accrued income | 490/1 | €30,224 | €5,095 | -€25,129 | -83.1% |
| Total equity and liabilities | 10/49 | €2,884,018 | €3,215,873 | +€331,855 | +11.5% |
| Equity | 10/15 | €2,619,239 | €2,886,851 | +€267,612 | +10.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €2,596,023 | €2,863,635 | +€267,612 | +10.3% |
| Tax-exempt reserves | 132 | €39,995 | €39,995 | = | 0.0% |
| Distributable reserves | 133 | €2,556,028 | €2,823,640 | +€267,612 | +10.5% |
| Profit (loss) carried forward | 14 | €2,756 | €2,756 | = | 0.0% |
| Amounts payable | 17/49 | €264,779 | €329,022 | +€64,243 | +24.3% |
| Amounts payable within one year | 42/48 | €263,456 | €327,081 | +€63,625 | +24.2% |
| Trade debts | 44 | €11,034 | €8,766 | -€2,268 | -20.6% |
| Suppliers | 440/4 | €11,034 | €8,766 | -€2,268 | -20.6% |
| Taxes, remuneration and social security | 45 | €14,067 | €44,191 | +€30,125 | +214.2% |
| Taxes | 450/3 | €14,067 | €44,191 | +€30,125 | +214.2% |
| Other amounts payable | 47/48 | €238,355 | €274,123 | +€35,768 | +15.0% |
| Accrued charges and deferred income | 492/3 | €1,323 | €1,941 | +€618 | +46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,050 | €123,908 | -€20,142 | -14.0% |
| Other operating charges | 640/8 | €8,257 | €26,317 | +€18,060 | +218.7% |
| Gross operating margin | 9900 | €622,972 | €649,384 | +€26,411 | +4.2% |
| Operating profit (loss) | 9901 | €470,665 | €499,158 | +€28,493 | +6.1% |
| Financial income | 75/76B | €16,512 | €484,696 | +€468,184 | +2835.4% |
| Recurring financial income | 75 | €16,512 | €484,696 | +€468,184 | +2835.4% |
| Financial charges | 65/66B | €134 | €105 | -€29 | -21.3% |
| Recurring financial charges | 65 | €134 | €105 | -€29 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €487,044 | €983,749 | +€496,705 | +102.0% |
| Income taxes | 67/77 | €150,705 | €314,278 | +€163,573 | +108.5% |
| Profit (loss) for the period | 9904 | €336,339 | €669,471 | +€333,133 | +99.0% |
| Profit (loss) for the period to be appropriated | 9905 | €336,339 | €669,471 | +€333,133 | +99.0% |
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 10 October 2026 via checked.be.