MAXISE: 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.
MAXISE
Largest movements
- Tangible fixed assets -€76,640
down €76,640 (-8.8%), from €873,465 to €796,825
of which Land and buildings: -€38,561
- Cash -€74,266
down €74,266 (-90.9%), from €81,731 to €7,464
mainly Contributions, distributions and other (-€609,352) and Current portion of long-term debt (-€50,324)
- Receivables within one year +€34,387
up €34,387 (+85.5%), from €40,202 to €74,589
of which Trade receivables: +€34,447
- Reserves -€449,751
down €449,751 (-35.6%), from €1.3m to €812,202
- Other debts +€404,053
up €404,053 (+326.2%), from €123,861 to €527,914
- Current portion of long-term debt -€50,324
down €50,324 (-60.5%), from €83,139 to €32,815
- Debts after one year -€32,815
down €32,815 (-79.7%), from €41,167 to €8,351
- Short-term financial debts +€25,000
up €25,000, from €0 to €25,000
of which Credit institutions: +€25,000
- Gross operating margin +€15,144
up €15,144 (+4.8%), from €313,727 to €328,871
- Taxes +€11,833
up €11,833 (+17.9%), from €65,963 to €77,796
- Depreciation +€4,244
up €4,244 (+5.9%), from €72,396 to €76,640
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 | €1,597,214 | €1,473,820 | -€123,394 | -7.7% |
| Fixed assets | 21/28 | €873,826 | €797,188 | -€76,637 | -8.8% |
| Tangible fixed assets | 22/27 | €873,465 | €796,825 | -€76,640 | -8.8% |
| Land and buildings | 22 | €719,044 | €680,482 | -€38,561 | -5.4% |
| Plant, machinery and equipment | 23 | €720 | €0 | -€720 | -100.0% |
| Furniture and vehicles | 24 | €153,702 | €116,343 | -€37,359 | -24.3% |
| Financial fixed assets | 28 | €361 | €363 | +€3 | +0.7% |
| Current assets | 29/58 | €723,388 | €676,632 | -€46,757 | -6.5% |
| Amounts receivable within one year | 40/41 | €40,202 | €74,589 | +€34,387 | +85.5% |
| Trade receivables | 40 | €40,142 | €74,589 | +€34,447 | +85.8% |
| Other amounts receivable | 41 | €60 | €0 | -€60 | -100.0% |
| Current investments | 50/53 | €598,914 | €591,972 | -€6,942 | -1.2% |
| Cash at bank and in hand | 54/58 | €81,731 | €7,464 | -€74,266 | -90.9% |
| Deferred charges and accrued income | 490/1 | €2,542 | €2,606 | +€65 | +2.5% |
| Total equity and liabilities | 10/49 | €1,597,214 | €1,473,820 | -€123,394 | -7.7% |
| Equity | 10/15 | €1,280,553 | €830,802 | -€449,751 | -35.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,261,953 | €812,202 | -€449,751 | -35.6% |
| Distributable reserves | 133 | €1,261,953 | €812,202 | -€449,751 | -35.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €316,661 | €643,018 | +€326,357 | +103.1% |
| Amounts payable after more than one year | 17 | €41,167 | €8,351 | -€32,815 | -79.7% |
| Financial debts | 170/4 | €41,167 | €8,351 | -€32,815 | -79.7% |
| Amounts payable within one year | 42/48 | €271,920 | €631,072 | +€359,152 | +132.1% |
| Current portion of amounts payable after more than one year | 42 | €83,139 | €32,815 | -€50,324 | -60.5% |
| Financial debts | 43 | €0 | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €2,604 | €2,763 | +€159 | +6.1% |
| Suppliers | 440/4 | €2,604 | €2,763 | +€159 | +6.1% |
| Taxes, remuneration and social security | 45 | €62,316 | €42,580 | -€19,736 | -31.7% |
| Taxes | 450/3 | €62,316 | €42,580 | -€19,736 | -31.7% |
| Other amounts payable | 47/48 | €123,861 | €527,914 | +€404,053 | +326.2% |
| Accrued charges and deferred income | 492/3 | €3,575 | €3,595 | +€20 | +0.6% |
| Non-recurring operating income | 76A | €21,493 | €3,492 | -€18,001 | -83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,396 | €76,640 | +€4,244 | +5.9% |
| Other operating charges | 640/8 | €7,239 | €7,971 | +€732 | +10.1% |
| Gross operating margin | 9900 | €313,727 | €328,871 | +€15,144 | +4.8% |
| Operating profit (loss) | 9901 | €234,092 | €244,260 | +€10,168 | +4.3% |
| Financial income | 75/76B | €7,561 | €9,090 | +€1,529 | +20.2% |
| Recurring financial income | 75 | €7,561 | €9,090 | +€1,529 | +20.2% |
| Financial charges | 65/66B | €16,345 | €15,952 | -€393 | -2.4% |
| Recurring financial charges | 65 | €16,345 | €15,952 | -€393 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €225,308 | €237,397 | +€12,089 | +5.4% |
| Income taxes | 67/77 | €65,963 | €77,796 | +€11,833 | +17.9% |
| Profit (loss) for the period | 9904 | €159,345 | €159,601 | +€257 | +0.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €159,345 | €159,601 | +€257 | +0.2% |
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.