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
- Receivables after one year +€327,228
up €327,228 (+41.3%), from €792,023 to €1.1m
- Receivables within one year -€194,455
no longer reported in 2025 (was €194,455)
- Tangible fixed assets -€19,297
down €19,297 (-4.1%), from €469,565 to €450,267
of which Land and buildings: -€20,827
- Other debts +€181,389
up €181,389 (+155%), from €117,235 to €298,624
- Reserves -€52,909
down €52,909 (-12.9%), from €410,029 to €357,120
- Debts after one year -€25,369
down €25,369 (-4.9%), from €521,021 to €495,652
of which Financial debts: -€25,369
- Tax, wage and social debts +€17,052
up €17,052 (+13.3%), from €127,810 to €144,862
- Gross operating margin -€40,977
down €40,977 (-16.1%), from €254,284 to €213,306
- Financial income +€6,876
up €6,876 (+16.3%), from €42,286 to €49,162
- Taxes -€6,708
down €6,708 (-9.2%), from €73,235 to €66,527
- Financial charges +€4,848
up €4,848 (+45.7%), from €10,614 to €15,462
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,456,465 | €1,569,518 | +€113,053 | +7.8% |
| Fixed assets | 21/28 | €469,565 | €450,267 | -€19,297 | -4.1% |
| Tangible fixed assets | 22/27 | €469,565 | €450,267 | -€19,297 | -4.1% |
| Land and buildings | 22 | €458,708 | €437,881 | -€20,827 | -4.5% |
| Plant, machinery and equipment | 23 | €682 | €157 | -€525 | -77.0% |
| Furniture and vehicles | 24 | €10,175 | €12,230 | +€2,055 | +20.2% |
| Current assets | 29/58 | €986,900 | €1,119,250 | +€132,350 | +13.4% |
| Amounts receivable after more than one year | 29 | €792,023 | €1,119,250 | +€327,228 | +41.3% |
| Other amounts receivable | 291 | €792,023 | €1,119,250 | +€327,228 | +41.3% |
| Amounts receivable within one year | 40/41 | €194,455 | - | -€194,455 | |
| Other amounts receivable | 41 | €194,455 | - | -€194,455 | |
| Deferred charges and accrued income | 490/1 | €422 | - | -€422 | |
| Total equity and liabilities | 10/49 | €1,456,465 | €1,569,518 | +€113,053 | +7.8% |
| Equity | 10/15 | €653,629 | €600,729 | -€52,900 | -8.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €410,029 | €357,120 | -€52,909 | -12.9% |
| Distributable reserves | 133 | €410,029 | €357,120 | -€52,909 | -12.9% |
| Profit (loss) carried forward | 14 | €225,000 | €225,009 | +€9 | 0.0% |
| Amounts payable | 17/49 | €802,835 | €968,789 | +€165,953 | +20.7% |
| Amounts payable after more than one year | 17 | €521,021 | €495,652 | -€25,369 | -4.9% |
| Financial debts | 170/4 | €517,271 | €491,902 | -€25,369 | -4.9% |
| Other amounts payable | 178/9 | €3,750 | €3,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €281,729 | €473,137 | +€191,408 | +67.9% |
| Current portion of amounts payable after more than one year | 42 | €26,852 | €25,369 | -€1,483 | -5.5% |
| Financial debts | 43 | €2,232 | €2,110 | -€122 | -5.5% |
| Credit institutions | 430/8 | €2,232 | €2,110 | -€122 | -5.5% |
| Trade debts | 44 | €7,600 | €2,172 | -€5,428 | -71.4% |
| Suppliers | 440/4 | €7,600 | €2,172 | -€5,428 | -71.4% |
| Taxes, remuneration and social security | 45 | €127,810 | €144,862 | +€17,052 | +13.3% |
| Taxes | 450/3 | €127,810 | €144,862 | +€17,052 | +13.3% |
| Other amounts payable | 47/48 | €117,235 | €298,624 | +€181,389 | +155% |
| Accrued charges and deferred income | 492/3 | €85 | - | -€85 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,717 | €29,646 | +€1,929 | +7.0% |
| Other operating charges | 640/8 | €3,679 | €3,874 | +€194 | +5.3% |
| Gross operating margin | 9900 | €254,284 | €213,306 | -€40,977 | -16.1% |
| Operating profit (loss) | 9901 | €222,887 | €179,786 | -€43,101 | -19.3% |
| Financial income | 75/76B | €42,286 | €49,162 | +€6,876 | +16.3% |
| Recurring financial income | 75 | €42,286 | €49,162 | +€6,876 | +16.3% |
| Financial charges | 65/66B | €10,614 | €15,462 | +€4,848 | +45.7% |
| Recurring financial charges | 65 | €10,614 | €15,462 | +€4,848 | +45.7% |
| Profit (loss) for the period before taxes | 9903 | €254,559 | €213,486 | -€41,073 | -16.1% |
| Income taxes | 67/77 | €73,235 | €66,527 | -€6,708 | -9.2% |
| Profit (loss) for the period | 9904 | €181,323 | €146,959 | -€34,364 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €181,323 | €146,959 | -€34,364 | -19.0% |
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 18 October 2026 via checked.be.