MAXLED: 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.
MAXLED
Largest movements
- Receivables within one year -€104,993
down €104,993 (-32.4%), from €323,599 to €218,606
of which Trade receivables: -€105,906
- Tangible fixed assets -€64,552
down €64,552 (-14.0%), from €461,825 to €397,274
of which Plant, machinery and equipment: -€42,622
- Cash -€55,756
down €55,756 (-67.1%), from €83,058 to €27,303
mainly Investment in fixed assets (net) (-€159,177) and Debts after one year (-€116,297)
- Stocks and contracts +€52,809
up €52,809 (+22.6%), from €234,033 to €286,841
- Intangible fixed assets +€24,308
new in 2025: €24,308
- Debts after one year -€116,297
down €116,297 (-42.5%), from €273,331 to €157,034
- Short-term financial debts -€48,179
down €48,179 (-31.5%), from €152,849 to €104,670
- Trade debts +€39,242
up €39,242 (+13.5%), from €290,699 to €329,941
- Tax, wage and social debts +€29,253
up €29,253 (+117.9%), from €24,818 to €54,072
of which Remuneration and social security: +€14,864
- Current portion of long-term debt -€17,938
down €17,938 (-10.1%), from €177,625 to €159,688
- Gross operating margin -€21,669
down €21,669 (-3.7%), from €585,991 to €564,322
- Financial income +€17,685
up €17,685 (+3491.2%), from €507 to €18,191
- Taxes +€16,965
new in 2025: €16,965
- Other operating charges +€16,524
up €16,524 (+170.4%), from €9,696 to €26,220
- Staff costs +€10,371
up €10,371 (+3.8%), from €274,486 to €284,857
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 | €1,121,787 | €986,309 | -€135,478 | -12.1% |
| Fixed assets | 21/28 | €462,075 | €421,832 | -€40,244 | -8.7% |
| Intangible fixed assets | 21 | - | €24,308 | +€24,308 | |
| Tangible fixed assets | 22/27 | €461,825 | €397,274 | -€64,552 | -14.0% |
| Plant, machinery and equipment | 23 | €296,192 | €253,570 | -€42,622 | -14.4% |
| Furniture and vehicles | 24 | €13,596 | €3,614 | -€9,983 | -73.4% |
| Leasing and similar rights | 25 | €128,251 | €124,778 | -€3,473 | -2.7% |
| Other tangible fixed assets | 26 | €23,786 | €15,312 | -€8,475 | -35.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €659,712 | €564,478 | -€95,234 | -14.4% |
| Stocks and contracts in progress | 3 | €234,033 | €286,841 | +€52,809 | +22.6% |
| Stocks | 30/36 | €234,033 | €286,841 | +€52,809 | +22.6% |
| Amounts receivable within one year | 40/41 | €323,599 | €218,606 | -€104,993 | -32.4% |
| Trade receivables | 40 | €323,369 | €217,463 | -€105,906 | -32.8% |
| Other amounts receivable | 41 | €230 | €1,143 | +€913 | +397.5% |
| Cash at bank and in hand | 54/58 | €83,058 | €27,303 | -€55,756 | -67.1% |
| Deferred charges and accrued income | 490/1 | €19,023 | €31,728 | +€12,705 | +66.8% |
| Total equity and liabilities | 10/49 | €1,121,787 | €986,309 | -€135,478 | -12.1% |
| Equity | 10/15 | €159,634 | €150,429 | -€9,205 | -5.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Share premium | 1100/10 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €158,634 | €149,429 | -€9,205 | -5.8% |
| Amounts payable | 17/49 | €962,153 | €835,880 | -€126,273 | -13.1% |
| Amounts payable after more than one year | 17 | €273,331 | €157,034 | -€116,297 | -42.5% |
| Financial debts | 170/4 | €273,331 | €157,034 | -€116,297 | -42.5% |
| Amounts payable within one year | 42/48 | €650,762 | €648,371 | -€2,391 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €177,625 | €159,688 | -€17,938 | -10.1% |
| Financial debts | 43 | €152,849 | €104,670 | -€48,179 | -31.5% |
| Credit institutions | 430/8 | €152,849 | €104,670 | -€48,179 | -31.5% |
| Trade debts | 44 | €290,699 | €329,941 | +€39,242 | +13.5% |
| Suppliers | 440/4 | €290,699 | €329,941 | +€39,242 | +13.5% |
| Taxes, remuneration and social security | 45 | €24,818 | €54,072 | +€29,253 | +117.9% |
| Taxes | 450/3 | €14,005 | €28,394 | +€14,389 | +102.7% |
| Remuneration and social security | 454/9 | €10,814 | €25,678 | +€14,864 | +137.5% |
| Other amounts payable | 47/48 | €4,770 | - | -€4,770 | |
| Accrued charges and deferred income | 492/3 | €38,061 | €30,476 | -€7,585 | -19.9% |
| Non-recurring operating income | 76A | - | €3,587 | +€3,587 | |
| Remuneration, social security and pensions | 62 | €274,486 | €284,857 | +€10,371 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,720 | €199,421 | +€6,701 | +3.5% |
| Other operating charges | 640/8 | €9,696 | €26,220 | +€16,524 | +170.4% |
| Gross operating margin | 9900 | €585,991 | €564,322 | -€21,669 | -3.7% |
| Operating profit (loss) | 9901 | €109,089 | €53,824 | -€55,265 | -50.7% |
| Financial income | 75/76B | €507 | €18,191 | +€17,685 | +3491.2% |
| Recurring financial income | 75 | €507 | €18,191 | +€17,685 | +3491.2% |
| Financial charges | 65/66B | €39,855 | €44,981 | +€5,126 | +12.9% |
| Recurring financial charges | 65 | €39,855 | €44,981 | +€5,126 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €69,741 | €27,034 | -€42,706 | -61.2% |
| Income taxes | 67/77 | - | €16,965 | +€16,965 | |
| Profit (loss) for the period | 9904 | €69,741 | €10,070 | -€59,671 | -85.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,741 | €10,070 | -€59,671 | -85.6% |
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.