MAXITH: 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.
MAXITH
Largest movements
- Financial fixed assets +€933,000
up €933,000 (+59.5%), from €1.6m to €2.5m
- Debts after one year +€779,618
up €779,618 (+284%), from €274,648 to €1.1m
- Current portion of long-term debt +€85,715
up €85,715 (+115%), from €74,220 to €159,935
- Reserves +€41,300
up €41,300 (+7.8%), from €531,686 to €572,986
- Financial charges +€37,650
up €37,650 (+750%), from €5,019 to €42,669
- Gross operating margin +€6,366
up €6,366 (+63.4%), from €10,035 to €16,401
- Taxes +€4,130
new in 2025: €4,130
- Depreciation -€532
down €532 (-100%), from €532 to €0
- Other operating charges -€343
down €343 (-22.6%), from €1,519 to €1,176
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 | €1,624,337 | €2,545,696 | +€921,359 | +56.7% |
| Fixed assets | 21/28 | €1,569,159 | €2,500,033 | +€930,874 | +59.3% |
| Tangible fixed assets | 22/27 | €2,126 | €0 | -€2,126 | -100% |
| Furniture and vehicles | 24 | €2,126 | €0 | -€2,126 | -100% |
| Financial fixed assets | 28 | €1,567,033 | €2,500,033 | +€933,000 | +59.5% |
| Current assets | 29/58 | €55,177 | €45,662 | -€9,515 | -17.2% |
| Cash at bank and in hand | 54/58 | €55,046 | €44,581 | -€10,465 | -19.0% |
| Deferred charges and accrued income | 490/1 | €131 | €1,081 | +€950 | +725% |
| Total equity and liabilities | 10/49 | €1,624,337 | €2,545,696 | +€921,359 | +56.7% |
| Equity | 10/15 | €537,886 | €579,186 | +€41,300 | +7.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €531,686 | €572,986 | +€41,300 | +7.8% |
| Distributable reserves | 133 | €531,686 | €572,986 | +€41,300 | +7.8% |
| Amounts payable | 17/49 | €1,086,450 | €1,966,510 | +€880,060 | +81.0% |
| Amounts payable after more than one year | 17 | €274,648 | €1,054,266 | +€779,618 | +284% |
| Financial debts | 170/4 | €274,648 | €1,054,266 | +€779,618 | +284% |
| Amounts payable within one year | 42/48 | €811,715 | €912,244 | +€100,529 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €74,220 | €159,935 | +€85,715 | +115% |
| Trade debts | 44 | €279 | €6,463 | +€6,184 | +2,216% |
| Suppliers | 440/4 | €279 | €6,463 | +€6,184 | +2,216% |
| Taxes, remuneration and social security | 45 | €14,672 | €33,120 | +€18,448 | +126% |
| Taxes | 450/3 | €14,672 | €33,120 | +€18,448 | +126% |
| Other amounts payable | 47/48 | €722,544 | €712,728 | -€9,817 | -1.4% |
| Accrued charges and deferred income | 492/3 | €88 | €0 | -€88 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €532 | €0 | -€532 | -100% |
| Other operating charges | 640/8 | €1,519 | €1,176 | -€343 | -22.6% |
| Non-recurring operating charges | 66A | - | €2,126 | +€2,126 | |
| Gross operating margin | 9900 | €10,035 | €16,401 | +€6,366 | +63.4% |
| Operating profit (loss) | 9901 | €7,984 | €13,099 | +€5,114 | +64.1% |
| Financial income | 75/76B | €75,000 | €75,000 | -€0 | 0.0% |
| Recurring financial income | 75 | €75,000 | €75,000 | -€0 | 0.0% |
| Financial charges | 65/66B | €5,019 | €42,669 | +€37,650 | +750% |
| Recurring financial charges | 65 | €5,019 | €42,669 | +€37,650 | +750% |
| Profit (loss) for the period before taxes | 9903 | €77,965 | €45,430 | -€32,536 | -41.7% |
| Income taxes | 67/77 | - | €4,130 | +€4,130 | |
| Profit (loss) for the period | 9904 | €77,965 | €41,300 | -€36,666 | -47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €77,965 | €41,300 | -€36,666 | -47.0% |
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 24 October 2026 via checked.be.