MAXINASSUR: 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.
MAXINASSUR
Largest movements
- Receivables within one year +€47,422
up €47,422 (+61.8%), from €76,679 to €124,101
of which Other amounts receivable: +€71,454
- Tangible fixed assets +€27,656
up €27,656 (+5.9%), from €469,547 to €497,204
of which Land and buildings: +€19,887
- Cash -€23,797
down €23,797 (-53.6%), from €44,405 to €20,608
mainly Investment in fixed assets (net) (-€71,899) and Receivables within one year (-€47,422)
- Reserves +€116,803
up €116,803 (+13.6%), from €857,525 to €974,329
- Debts after one year -€46,977
down €46,977 (-16.1%), from €292,499 to €245,522
- Trade debts -€34,614
down €34,614 (-77.8%), from €44,470 to €9,857
- Current portion of long-term debt +€20,587
up €20,587 (+176.3%), from €11,679 to €32,265
- Financial income +€25,594
up €25,594 (+20.8%), from €123,215 to €148,808
- Gross operating margin +€11,441
up €11,441 (+14.0%), from €81,990 to €93,430
- Depreciation +€6,571
up €6,571 (+17.4%), from €37,672 to €44,243
- Financial charges +€4,789
up €4,789 (+40.8%), from €11,744 to €16,533
- Write-downs +€1,913
new in 2025: €1,913
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 | €1,337,451 | €1,388,798 | +€51,347 | +3.8% |
| Fixed assets | 21/28 | €1,216,367 | €1,244,024 | +€27,656 | +2.3% |
| Tangible fixed assets | 22/27 | €469,547 | €497,204 | +€27,656 | +5.9% |
| Land and buildings | 22 | €457,826 | €477,713 | +€19,887 | +4.3% |
| Furniture and vehicles | 24 | €11,721 | €19,490 | +€7,769 | +66.3% |
| Financial fixed assets | 28 | €746,820 | €746,820 | = | 0.0% |
| Current assets | 29/58 | €121,084 | €144,775 | +€23,690 | +19.6% |
| Amounts receivable within one year | 40/41 | €76,679 | €124,101 | +€47,422 | +61.8% |
| Trade receivables | 40 | €39,032 | €15,000 | -€24,032 | -61.6% |
| Other amounts receivable | 41 | €37,647 | €109,101 | +€71,454 | +189.8% |
| Cash at bank and in hand | 54/58 | €44,405 | €20,608 | -€23,797 | -53.6% |
| Deferred charges and accrued income | 490/1 | - | €66 | +€66 | |
| Total equity and liabilities | 10/49 | €1,337,451 | €1,388,798 | +€51,347 | +3.8% |
| Equity | 10/15 | €862,525 | €979,329 | +€116,803 | +13.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €857,525 | €974,329 | +€116,803 | +13.6% |
| Distributable reserves | 133 | €857,525 | €974,329 | +€116,803 | +13.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €474,926 | €409,469 | -€65,457 | -13.8% |
| Amounts payable after more than one year | 17 | €292,499 | €245,522 | -€46,977 | -16.1% |
| Financial debts | 170/4 | €292,499 | €245,522 | -€46,977 | -16.1% |
| Amounts payable within one year | 42/48 | €180,261 | €158,724 | -€21,537 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €11,679 | €32,265 | +€20,587 | +176.3% |
| Trade debts | 44 | €44,470 | €9,857 | -€34,614 | -77.8% |
| Suppliers | 440/4 | €44,470 | €9,857 | -€34,614 | -77.8% |
| Taxes, remuneration and social security | 45 | €27,493 | €25,890 | -€1,603 | -5.8% |
| Taxes | 450/3 | €27,493 | €25,890 | -€1,603 | -5.8% |
| Other amounts payable | 47/48 | €96,619 | €90,712 | -€5,907 | -6.1% |
| Accrued charges and deferred income | 492/3 | €2,166 | €5,224 | +€3,057 | +141.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,672 | €44,243 | +€6,571 | +17.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,913 | +€1,913 | |
| Other operating charges | 640/8 | €3,164 | €3,975 | +€811 | +25.6% |
| Gross operating margin | 9900 | €81,990 | €93,430 | +€11,441 | +14.0% |
| Operating profit (loss) | 9901 | €41,154 | €43,299 | +€2,145 | +5.2% |
| Financial income | 75/76B | €123,215 | €148,808 | +€25,594 | +20.8% |
| Recurring financial income | 75 | €123,215 | €148,808 | +€25,594 | +20.8% |
| Financial charges | 65/66B | €11,744 | €16,533 | +€4,789 | +40.8% |
| Recurring financial charges | 65 | €11,744 | €16,533 | +€4,789 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | €152,625 | €175,575 | +€22,950 | +15.0% |
| Income taxes | 67/77 | €19,741 | €21,629 | +€1,888 | +9.6% |
| Profit (loss) for the period | 9904 | €132,884 | €153,946 | +€21,062 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €132,884 | €153,946 | +€21,062 | +15.9% |
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 7 October 2026 via checked.be.