MAXIMUS X: 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.
MAXIMUS X
Largest movements
- Financial fixed assets +€200,000
new in 2025: €200,000
- Tangible fixed assets +€7,855
new in 2025: €7,855
of which Other tangible fixed assets: +€6,654
- Cash -€7,852
down €7,852 (-44.7%), from €17,582 to €9,730
mainly Investment in fixed assets (net) (-€208,492) and Current investments (-€6,035)
- Current investments +€6,035
up €6,035 (+134.1%), from €4,500 to €10,535
- Debts after one year +€177,000
new in 2025: €177,000
- Other debts +€14,628
up €14,628 (+93.5%), from €15,637 to €30,265
- Reserves +€11,466
up €11,466 (+72.8%), from €15,757 to €27,223
- Tax, wage and social debts +€5,142
up €5,142 (+69.9%), from €7,352 to €12,494
- Gross operating margin +€8,308
up €8,308 (+68.5%), from €12,126 to €20,433
- Taxes +€2,526
up €2,526 (+106.7%), from €2,367 to €4,893
- Depreciation +€637
new in 2025: €637
- Other operating charges +€362
up €362 (+163.2%), from €222 to €585
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 | €46,709 | €254,964 | +€208,254 | +445.9% |
| Fixed assets | 21/28 | - | €207,855 | +€207,855 | |
| Tangible fixed assets | 22/27 | - | €7,855 | +€7,855 | |
| Furniture and vehicles | 24 | - | €1,201 | +€1,201 | |
| Other tangible fixed assets | 26 | - | €6,654 | +€6,654 | |
| Financial fixed assets | 28 | - | €200,000 | +€200,000 | |
| Current assets | 29/58 | €46,709 | €47,109 | +€400 | +0.9% |
| Amounts receivable within one year | 40/41 | €21,538 | €22,990 | +€1,452 | +6.7% |
| Trade receivables | 40 | €21,538 | €22,990 | +€1,452 | +6.7% |
| Current investments | 50/53 | €4,500 | €10,535 | +€6,035 | +134.1% |
| Cash at bank and in hand | 54/58 | €17,582 | €9,730 | -€7,852 | -44.7% |
| Deferred charges and accrued income | 490/1 | €3,089 | €3,854 | +€765 | +24.7% |
| Total equity and liabilities | 10/49 | €46,709 | €254,964 | +€208,254 | +445.9% |
| Equity | 10/15 | €21,568 | €32,223 | +€10,655 | +49.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €15,757 | €27,223 | +€11,466 | +72.8% |
| Distributable reserves | 133 | €15,757 | €27,223 | +€11,466 | +72.8% |
| Profit (loss) carried forward | 14 | €811 | €0 | -€811 | -100.0% |
| Amounts payable | 17/49 | €25,141 | €222,741 | +€197,600 | +786.0% |
| Amounts payable after more than one year | 17 | - | €177,000 | +€177,000 | |
| Other amounts payable | 178/9 | - | €177,000 | +€177,000 | |
| Amounts payable within one year | 42/48 | €24,514 | €44,197 | +€19,683 | +80.3% |
| Trade debts | 44 | €1,525 | €1,438 | -€88 | -5.8% |
| Suppliers | 440/4 | €1,525 | €1,438 | -€88 | -5.8% |
| Taxes, remuneration and social security | 45 | €7,352 | €12,494 | +€5,142 | +69.9% |
| Taxes | 450/3 | €7,352 | €12,494 | +€5,142 | +69.9% |
| Other amounts payable | 47/48 | €15,637 | €30,265 | +€14,628 | +93.5% |
| Accrued charges and deferred income | 492/3 | €627 | €1,544 | +€917 | +146.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €637 | +€637 | |
| Other operating charges | 640/8 | €222 | €585 | +€362 | +163.2% |
| Gross operating margin | 9900 | €12,126 | €20,433 | +€8,308 | +68.5% |
| Operating profit (loss) | 9901 | €11,904 | €19,212 | +€7,308 | +61.4% |
| Financial income | 75/76B | €0 | €51 | +€51 | +56177.8% |
| Recurring financial income | 75 | €0 | €51 | +€51 | +56177.8% |
| Financial charges | 65/66B | €3,726 | €3,714 | -€11 | -0.3% |
| Recurring financial charges | 65 | €3,726 | €3,714 | -€11 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €8,178 | €15,548 | +€7,370 | +90.1% |
| Income taxes | 67/77 | €2,367 | €4,893 | +€2,526 | +106.7% |
| Profit (loss) for the period | 9904 | €5,811 | €10,655 | +€4,844 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,811 | €10,655 | +€4,844 | +83.3% |
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 10 October 2026 via checked.be.