MAXIMUM: 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.
MAXIMUM
Largest movements
- Tangible fixed assets -€49,301
down €49,301 (-6.3%), from €787,669 to €738,368
of which Land and buildings: -€39,080
- Cash +€32,255
up €32,255 (+27.3%), from €118,303 to €150,558
mainly Depreciation (+€50,378) and Other debts (+€41,541)
- Receivables within one year +€31,834
up €31,834 (+28.1%), from €113,256 to €145,090
of which Trade receivables: +€16,907
- Other debts +€41,541
up €41,541 (+30.3%), from €137,126 to €178,667
- Debts after one year -€36,598
down €36,598 (-19.4%), from €188,707 to €152,110
- Tax, wage and social debts +€19,864
up €19,864 (+54.3%), from €36,589 to €56,453
of which Taxes: +€12,011
- Taxes -€19,245
down €19,245 (-88.6%), from €21,727 to €2,483
- Gross operating margin -€18,095
down €18,095 (-9.0%), from €201,166 to €183,071
- Staff costs +€12,309
up €12,309 (+16.1%), from €76,220 to €88,530
- Financial income -€7,507
down €7,507 (-27.8%), from €27,035 to €19,528
- Financial charges -€3,027
down €3,027 (-12.6%), from €23,956 to €20,929
of which Financial charges: -€2,201
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 | €1,055,023 | €1,068,745 | +€13,722 | +1.3% |
| Fixed assets | 21/28 | €792,474 | €743,174 | -€49,301 | -6.2% |
| Tangible fixed assets | 22/27 | €787,669 | €738,368 | -€49,301 | -6.3% |
| Land and buildings | 22 | €753,317 | €714,237 | -€39,080 | -5.2% |
| Plant, machinery and equipment | 23 | €1,053 | €1,615 | +€562 | +53.3% |
| Furniture and vehicles | 24 | €3,253 | €1,655 | -€1,598 | -49.1% |
| Leasing and similar rights | 25 | €30,045 | €20,860 | -€9,185 | -30.6% |
| Financial fixed assets | 28 | €4,806 | €4,806 | = | 0.0% |
| Current assets | 29/58 | €262,549 | €325,571 | +€63,023 | +24.0% |
| Stocks and contracts in progress | 3 | €24,226 | €22,715 | -€1,511 | -6.2% |
| Stocks | 30/36 | €24,226 | €22,715 | -€1,511 | -6.2% |
| Amounts receivable within one year | 40/41 | €113,256 | €145,090 | +€31,834 | +28.1% |
| Trade receivables | 40 | €104,742 | €121,648 | +€16,907 | +16.1% |
| Other amounts receivable | 41 | €8,515 | €23,442 | +€14,927 | +175.3% |
| Current investments | 50/53 | €1,499 | €2,025 | +€526 | +35.1% |
| Cash at bank and in hand | 54/58 | €118,303 | €150,558 | +€32,255 | +27.3% |
| Deferred charges and accrued income | 490/1 | €5,264 | €5,183 | -€81 | -1.5% |
| Total equity and liabilities | 10/49 | €1,055,023 | €1,068,745 | +€13,722 | +1.3% |
| Equity | 10/15 | €283,075 | €274,854 | -€8,221 | -2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €162,023 | €153,023 | -€9,000 | -5.6% |
| Tax-exempt reserves | 132 | €35,913 | €35,913 | = | 0.0% |
| Distributable reserves | 133 | €126,110 | €117,110 | -€9,000 | -7.1% |
| Profit (loss) carried forward | 14 | €102,452 | €103,231 | +€779 | +0.8% |
| Provisions and deferred taxes | 16 | €294,000 | €294,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €294,000 | €294,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €294,000 | €294,000 | = | 0.0% |
| Amounts payable | 17/49 | €477,948 | €499,891 | +€21,943 | +4.6% |
| Amounts payable after more than one year | 17 | €188,707 | €152,110 | -€36,598 | -19.4% |
| Financial debts | 170/4 | €188,707 | €152,110 | -€36,598 | -19.4% |
| Amounts payable within one year | 42/48 | €281,466 | €337,781 | +€56,315 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €44,222 | €39,384 | -€4,838 | -10.9% |
| Financial debts | 43 | €40,019 | €40,876 | +€857 | +2.1% |
| Credit institutions | 430/8 | €40,019 | €40,876 | +€857 | +2.1% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €23,511 | €22,402 | -€1,109 | -4.7% |
| Suppliers | 440/4 | €23,511 | €22,402 | -€1,109 | -4.7% |
| Taxes, remuneration and social security | 45 | €36,589 | €56,453 | +€19,864 | +54.3% |
| Taxes | 450/3 | €18,439 | €30,450 | +€12,011 | +65.1% |
| Remuneration and social security | 454/9 | €18,150 | €26,003 | +€7,853 | +43.3% |
| Other amounts payable | 47/48 | €137,126 | €178,667 | +€41,541 | +30.3% |
| Accrued charges and deferred income | 492/3 | €7,775 | €10,000 | +€2,226 | +28.6% |
| Non-recurring operating income | 76A | - | €1,662 | +€1,662 | |
| Remuneration, social security and pensions | 62 | €76,220 | €88,530 | +€12,309 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,065 | €50,378 | -€687 | -1.3% |
| Other operating charges | 640/8 | €8,696 | €9,501 | +€804 | +9.2% |
| Gross operating margin | 9900 | €201,166 | €183,071 | -€18,095 | -9.0% |
| Operating profit (loss) | 9901 | €65,184 | €34,663 | -€30,522 | -46.8% |
| Financial income | 75/76B | €27,035 | €19,528 | -€7,507 | -27.8% |
| Recurring financial income | 75 | €27,035 | €19,528 | -€7,507 | -27.8% |
| Financial charges | 65/66B | €23,956 | €20,929 | -€3,027 | -12.6% |
| Recurring financial charges | 65 | €23,130 | €20,929 | -€2,201 | -9.5% |
| Non-recurring financial charges | 66B | €826 | €0 | -€826 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €68,263 | €33,262 | -€35,001 | -51.3% |
| Income taxes | 67/77 | €21,727 | €2,483 | -€19,245 | -88.6% |
| Profit (loss) for the period | 9904 | €46,536 | €30,779 | -€15,757 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,536 | €30,779 | -€15,757 | -33.9% |
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 6 October 2026 via checked.be.