Maxime BLAIRON: 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.
Maxime BLAIRON
Largest movements
- Cash -€121,702
down €121,702 (-54.0%), from €225,530 to €103,828
mainly Investment in fixed assets (net) (-€112,899) and Other debts (-€57,172)
- Tangible fixed assets +€98,553
up €98,553 (+454%), from €21,717 to €120,270
of which Land and buildings: +€76,883
- Other debts -€57,172
down €57,172 (-16.8%), from €340,641 to €283,469
- Trade debts +€34,377
up €34,377 (+1,017%), from €3,379 to €37,756
- Debts after one year +€31,495
up €31,495 (+180%), from €17,508 to €49,003
- Tax, wage and social debts -€20,500
down €20,500 (-99.7%), from €20,564 to €64
- Profit (loss) carried forward -€15,695
down €15,695, from €8,909 to -€6,785
- Gross operating margin -€37,776
down €37,776 (-72.6%), from €52,021 to €14,245
- Taxes -€27,393
down €27,393 (-77.2%), from €35,464 to €8,072
- Other operating charges +€4,617
up €4,617 (+348%), from €1,327 to €5,944
- Depreciation +€2,302
up €2,302 (+19.1%), from €12,043 to €14,345
- Financial charges -€595
down €595 (-27.4%), from €2,173 to €1,578
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 | €530,759 | €503,898 | -€26,861 | -5.1% |
| Fixed assets | 21/28 | €22,917 | €121,470 | +€98,553 | +430% |
| Tangible fixed assets | 22/27 | €21,717 | €120,270 | +€98,553 | +454% |
| Land and buildings | 22 | - | €76,883 | +€76,883 | |
| Plant, machinery and equipment | 23 | €2,344 | €36,044 | +€33,700 | +1,438% |
| Furniture and vehicles | 24 | €19,373 | €7,344 | -€12,029 | -62.1% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €507,842 | €382,427 | -€125,415 | -24.7% |
| Amounts receivable within one year | 40/41 | €152,702 | €148,989 | -€3,713 | -2.4% |
| Trade receivables | 40 | €150,231 | €146,518 | -€3,713 | -2.5% |
| Other amounts receivable | 41 | €2,471 | €2,471 | = | 0.0% |
| Current investments | 50/53 | €129,610 | €129,610 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €225,530 | €103,828 | -€121,702 | -54.0% |
| Total equity and liabilities | 10/49 | €530,759 | €503,898 | -€26,861 | -5.1% |
| Equity | 10/15 | €139,019 | €123,325 | -€15,695 | -11.3% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Contributions outside capital | 11 | €500 | €500 | = | 0.0% |
| Share premium | 1100/10 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €129,610 | €129,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €129,610 | €129,610 | = | 0.0% |
| Own shares acquired | 1312 | €129,610 | €129,610 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,909 | -€6,785 | -€15,695 | |
| Amounts payable | 17/49 | €391,740 | €380,573 | -€11,167 | -2.9% |
| Amounts payable after more than one year | 17 | €17,508 | €49,003 | +€31,495 | +180% |
| Financial debts | 170/4 | €17,508 | €49,003 | +€31,495 | +180% |
| Amounts payable within one year | 42/48 | €374,232 | €331,570 | -€42,662 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €9,647 | €10,281 | +€634 | +6.6% |
| Trade debts | 44 | €3,379 | €37,756 | +€34,377 | +1,017% |
| Suppliers | 440/4 | €3,379 | €37,756 | +€34,377 | +1,017% |
| Taxes, remuneration and social security | 45 | €20,564 | €64 | -€20,500 | -99.7% |
| Taxes | 450/3 | €20,564 | €64 | -€20,500 | -99.7% |
| Other amounts payable | 47/48 | €340,641 | €283,469 | -€57,172 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,043 | €14,345 | +€2,302 | +19.1% |
| Other operating charges | 640/8 | €1,327 | €5,944 | +€4,617 | +348% |
| Gross operating margin | 9900 | €52,021 | €14,245 | -€37,776 | -72.6% |
| Operating profit (loss) | 9901 | €38,651 | -€6,045 | -€44,696 | |
| Financial income | 75/76B | €20 | - | -€20 | |
| Recurring financial income | 75 | €20 | - | -€20 | |
| Financial charges | 65/66B | €2,173 | €1,578 | -€595 | -27.4% |
| Recurring financial charges | 65 | €2,173 | €1,578 | -€595 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €36,498 | -€7,623 | -€44,121 | |
| Income taxes | 67/77 | €35,464 | €8,072 | -€27,393 | -77.2% |
| Profit (loss) for the period | 9904 | €1,034 | -€15,695 | -€16,728 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,034 | -€15,695 | -€16,728 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.