MAXIMUS HOLDING: 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.
What changed
MAXIMUS HOLDING
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€37,608
2024 · €202,193-€239,801
Equity
€655,708
2024 · €693,316-€37,608
Cash
€15,165
2024 · €22,272-€7,107
Balance sheet total
€960,827
2024 · €1.0m-€56,947
Largest movements
Assets
- Tangible fixed assets -€33,332
down €33,332 (-3.7%), from €907,046 to €873,714
of which Land and buildings: -€35,940
- Intangible fixed assets -€15,691
down €15,691 (-18.2%), from €86,215 to €70,524
Equity and liabilities
- Reserves -€37,608
down €37,608 (-9.6%), from €393,316 to €355,708
of which Distributable reserves: -€31,725
- Other debts -€11,101
down €11,101 (-4.4%), from €252,398 to €241,297
Income statement
- Gross operating margin -€234,902
down €234,902 (-90.8%), from €258,804 to €23,902
- Depreciation +€6,933
up €6,933 (+13.0%), from €53,340 to €60,273
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.
Result 2024
€202,193
Gross operating margin
-€234,902
Depreciation
-€6,933
Other operating charges
+€1,146
Financial income
-€11
Financial charges
+€406
Taxes
+€157
Deferred taxes and other
+€336
Result 2025
-€37,608
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€6,452
Investment
-€11,250
Financing
-€2,308
Cash 2024
€22,272
From operations (derived)
+€6,452
Net result for the year
-€37,608
Depreciation
+€60,273
Deferred charges and accrued income
+€818
Provisions
-€1,961
Trade debts
-€3,813
Tax, wage and social debts
-€157
Other debts
-€11,101
Investment (derived)
-€11,250
Investment in fixed assets (net)
-€11,250
Financing
-€2,308
Debts after one year
-€2,417
Current portion of long-term debt
+€109
Cash 2025
€15,165
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,017,774 | €960,827 | -€56,947 | -5.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €993,286 | €944,263 | -€49,023 | -4.9% |
| Intangible fixed assets | 21 | €86,215 | €70,524 | -€15,691 | -18.2% |
| Tangible fixed assets | 22/27 | €907,046 | €873,714 | -€33,332 | -3.7% |
| Land and buildings | 22 | €905,328 | €869,388 | -€35,940 | -4.0% |
| Plant, machinery and equipment | 23 | €1,360 | €986 | -€374 | -27.5% |
| Furniture and vehicles | 24 | €358 | €3,341 | +€2,982 | +832% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €24,488 | €16,563 | -€7,924 | -32.4% |
| Amounts receivable within one year | 40/41 | €1,398 | €1,398 | = | 0.0% |
| Other amounts receivable | 41 | €1,398 | €1,398 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,272 | €15,165 | -€7,107 | -31.9% |
| Deferred charges and accrued income | 490/1 | €818 | - | -€818 | |
| Total equity and liabilities | 10/49 | €1,017,774 | €960,827 | -€56,947 | -5.6% |
| Equity | 10/15 | €693,316 | €655,708 | -€37,608 | -5.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €393,316 | €355,708 | -€37,608 | -9.6% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €171,791 | €165,908 | -€5,883 | -3.4% |
| Distributable reserves | 133 | €191,526 | €159,801 | -€31,725 | -16.6% |
| Provisions and deferred taxes | 16 | €57,264 | €55,303 | -€1,961 | -3.4% |
| Deferred taxes | 168 | €57,264 | €55,303 | -€1,961 | -3.4% |
| Amounts payable | 17/49 | €267,194 | €249,816 | -€17,378 | -6.5% |
| Amounts payable after more than one year | 17 | €6,258 | €3,841 | -€2,417 | -38.6% |
| Financial debts | 170/4 | €6,258 | €3,841 | -€2,417 | -38.6% |
| Amounts payable within one year | 42/48 | €260,936 | €245,975 | -€14,961 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €2,308 | €2,417 | +€109 | +4.7% |
| Trade debts | 44 | €6,074 | €2,261 | -€3,813 | -62.8% |
| Suppliers | 440/4 | €6,074 | €2,261 | -€3,813 | -62.8% |
| Taxes, remuneration and social security | 45 | €157 | - | -€157 | |
| Taxes | 450/3 | €157 | - | -€157 | |
| Other amounts payable | 47/48 | €252,398 | €241,297 | -€11,101 | -4.4% |
| Non-recurring operating income | 76A | €256,054 | - | -€256,054 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,340 | €60,273 | +€6,933 | +13.0% |
| Other operating charges | 640/8 | €3,966 | €2,820 | -€1,146 | -28.9% |
| Gross operating margin | 9900 | €258,804 | €23,902 | -€234,902 | -90.8% |
| Operating profit (loss) | 9901 | €201,498 | -€39,190 | -€240,688 | |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €784 | €378 | -€406 | -51.8% |
| Recurring financial charges | 65 | €784 | €378 | -€406 | -51.8% |
| Profit (loss) for the period before taxes | 9903 | €200,725 | -€39,569 | -€240,293 | |
| Transfer from deferred taxes | 780 | €1,625 | €1,961 | +€336 | +20.7% |
| Income taxes | 67/77 | €157 | - | -€157 | |
| Profit (loss) for the period | 9904 | €202,193 | -€37,608 | -€239,801 | |
| Transfer from tax-exempt reserves | 789 | €4,875 | €5,883 | +€1,008 | +20.7% |
| Transfer to tax-exempt reserves | 689 | €235,554 | - | -€235,554 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,486 | -€31,725 | -€3,238 | -11.4% |
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 23 October 2026 via checked.be.