MAXINVEST: 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.
MAXINVEST
Largest movements
- Stocks and contracts +€420,743
up €420,743 (+80.5%), from €522,685 to €943,428
- Receivables within one year +€19,140
up €19,140 (+210%), from €9,130 to €28,271
of which Other amounts receivable: +€17,940
- Cash -€18,143
down €18,143 (-83.3%), from €21,776 to €3,633
mainly Stocks and contracts (-€420,743) and Current portion of long-term debt (-€156,083)
- Debts after one year +€630,904
up €630,904 (+373%), from €169,232 to €800,137
of which Financial debts: +€625,304
- Current portion of long-term debt -€156,083
down €156,083 (-86.8%), from €179,730 to €23,646
- Trade debts -€34,530
down €34,530 (-90.0%), from €38,347 to €3,817
- Profit (loss) carried forward -€18,801
down €18,801 (-48.2%), from -€39,032 to -€57,833
- Gross operating margin +€13,130
up €13,130, from -€5,864 to €7,266
- Financial charges +€11,824
up €11,824 (+85.5%), from €13,836 to €25,660
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 | €554,649 | €975,501 | +€420,852 | +75.9% |
| Current assets | 29/58 | €554,649 | €975,501 | +€420,852 | +75.9% |
| Stocks and contracts in progress | 3 | €522,685 | €943,428 | +€420,743 | +80.5% |
| Stocks | 30/36 | €522,685 | €943,428 | +€420,743 | +80.5% |
| Amounts receivable within one year | 40/41 | €9,130 | €28,271 | +€19,140 | +210% |
| Trade receivables | 40 | - | €1,200 | +€1,200 | |
| Other amounts receivable | 41 | €9,130 | €27,071 | +€17,940 | +196% |
| Cash at bank and in hand | 54/58 | €21,776 | €3,633 | -€18,143 | -83.3% |
| Deferred charges and accrued income | 490/1 | €1,058 | €170 | -€888 | -84.0% |
| Total equity and liabilities | 10/49 | €554,649 | €975,501 | +€420,852 | +75.9% |
| Equity | 10/15 | -€29,032 | -€47,833 | -€18,801 | -64.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,032 | -€57,833 | -€18,801 | -48.2% |
| Amounts payable | 17/49 | €583,681 | €1,023,334 | +€439,653 | +75.3% |
| Amounts payable after more than one year | 17 | €169,232 | €800,137 | +€630,904 | +373% |
| Financial debts | 170/4 | €169,232 | €794,537 | +€625,304 | +369% |
| Other amounts payable | 178/9 | - | €5,600 | +€5,600 | |
| Amounts payable within one year | 42/48 | €414,449 | €223,198 | -€191,251 | -46.1% |
| Current portion of amounts payable after more than one year | 42 | €179,730 | €23,646 | -€156,083 | -86.8% |
| Trade debts | 44 | €38,347 | €3,817 | -€34,530 | -90.0% |
| Suppliers | 440/4 | €38,347 | €3,817 | -€34,530 | -90.0% |
| Taxes, remuneration and social security | 45 | €491 | - | -€491 | |
| Taxes | 450/3 | €491 | - | -€491 | |
| Other amounts payable | 47/48 | €195,882 | €195,735 | -€147 | -0.1% |
| Other operating charges | 640/8 | €387 | €407 | +€19 | +5.0% |
| Gross operating margin | 9900 | -€5,864 | €7,266 | +€13,130 | |
| Operating profit (loss) | 9901 | -€6,251 | €6,859 | +€13,110 | |
| Financial charges | 65/66B | €13,836 | €25,660 | +€11,824 | +85.5% |
| Recurring financial charges | 65 | €13,836 | €25,660 | +€11,824 | +85.5% |
| Profit (loss) for the period before taxes | 9903 | -€20,087 | -€18,801 | +€1,287 | +6.4% |
| Profit (loss) for the period | 9904 | -€20,087 | -€18,801 | +€1,287 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,087 | -€18,801 | +€1,287 | +6.4% |
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 16 October 2026 via checked.be.