MAXIMAR: what changed
Two fiscal 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.
MAXIMAR
Largest movements
- Tangible fixed assets -€7,093
down €7,093 (-4.9%), from €145,647 to €138,554
of which Land and buildings: -€6,061
- Cash -€2,602
down €2,602 (-64.3%), from €4,048 to €1,446
mainly Debts after one year (-€6,466) and Current portion of long-term debt (-€5,619)
- Other debts +€7,436
up €7,436 (+18.8%), from €39,456 to €46,892
- Debts after one year -€6,466
down €6,466 (-35.5%), from €18,231 to €11,765
- Current portion of long-term debt -€5,619
down €5,619 (-46.5%), from €12,085 to €6,466
- Advances received -€5,127
no longer reported in 2025 (was €5,127)
- Purchases and services +€3,216
new in 2025: €3,216
- Gross operating margin -€1,291
down €1,291 (-12.0%), from €10,773 to €9,482
- Taxes -€592
down €592 (-95.3%), from €621 to €29
- Financial charges -€369
down €369 (-31.2%), from €1,183 to €814
- Other operating charges +€164
up €164 (+12.3%), from €1,329 to €1,493
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 | €149,695 | €140,000 | -€9,695 | -6.5% |
| Fixed assets | 21/28 | €145,647 | €138,554 | -€7,093 | -4.9% |
| Tangible fixed assets | 22/27 | €145,647 | €138,554 | -€7,093 | -4.9% |
| Land and buildings | 22 | €142,552 | €136,491 | -€6,061 | -4.3% |
| Other tangible fixed assets | 26 | €3,095 | €2,063 | -€1,032 | -33.3% |
| Current assets | 29/58 | €4,048 | €1,446 | -€2,602 | -64.3% |
| Cash at bank and in hand | 54/58 | €4,048 | €1,446 | -€2,602 | -64.3% |
| Total equity and liabilities | 10/49 | €149,695 | €140,000 | -€9,695 | -6.5% |
| Equity | 10/15 | €74,484 | €74,537 | +€53 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,604 | €16,604 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,150 | €2,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,150 | €2,150 | = | 0.0% |
| Distributable reserves | 133 | €14,454 | €14,454 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,280 | €39,333 | +€53 | +0.1% |
| Amounts payable | 17/49 | €75,211 | €65,463 | -€9,748 | -13.0% |
| Amounts payable after more than one year | 17 | €18,231 | €11,765 | -€6,466 | -35.5% |
| Other amounts payable | 178/9 | €18,231 | €11,765 | -€6,466 | -35.5% |
| Amounts payable within one year | 42/48 | €56,980 | €53,698 | -€3,282 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €12,085 | €6,466 | -€5,619 | -46.5% |
| Advances received on contracts in progress | 46 | €5,127 | - | -€5,127 | |
| Taxes, remuneration and social security | 45 | €312 | €340 | +€28 | +9.0% |
| Taxes | 450/3 | €312 | €340 | +€28 | +9.0% |
| Other amounts payable | 47/48 | €39,456 | €46,892 | +€7,436 | +18.8% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €3,216 | +€3,216 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,093 | €7,093 | = | 0.0% |
| Other operating charges | 640/8 | €1,329 | €1,493 | +€164 | +12.3% |
| Gross operating margin | 9900 | €10,773 | €9,482 | -€1,291 | -12.0% |
| Operating profit (loss) | 9901 | €2,351 | €896 | -€1,455 | -61.9% |
| Financial charges | 65/66B | €1,183 | €814 | -€369 | -31.2% |
| Recurring financial charges | 65 | €1,183 | €814 | -€369 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €1,168 | €82 | -€1,086 | -93.0% |
| Income taxes | 67/77 | €621 | €29 | -€592 | -95.3% |
| Profit (loss) for the period | 9904 | €547 | €53 | -€494 | -90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €547 | €53 | -€494 | -90.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.