MAXMAR: 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.
MAXMAR
Largest movements
- Receivables within one year +€61,075
up €61,075 (+17.2%), from €354,679 to €415,753
- Tangible fixed assets -€52,655
down €52,655 (-4.7%), from €1.1m to €1.1m
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€13,596
up €13,596 (+30.7%), from €44,274 to €57,870
- Other operating charges +€3,636
up €3,636 (+39.6%), from €9,187 to €12,823
- Financial income +€2,827
up €2,827 (+14.8%), from €19,115 to €21,943
- Taxes +€2,366
new in 2025: €2,366
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 | €1,474,453 | €1,483,318 | +€8,864 | +0.6% |
| Fixed assets | 21/28 | €1,118,004 | €1,065,349 | -€52,655 | -4.7% |
| Tangible fixed assets | 22/27 | €1,118,004 | €1,065,349 | -€52,655 | -4.7% |
| Land and buildings | 22 | €1,118,004 | €1,065,349 | -€52,655 | -4.7% |
| Current assets | 29/58 | €356,449 | €417,969 | +€61,519 | +17.3% |
| Amounts receivable within one year | 40/41 | €354,679 | €415,753 | +€61,075 | +17.2% |
| Other amounts receivable | 41 | €354,679 | €415,753 | +€61,075 | +17.2% |
| Cash at bank and in hand | 54/58 | €1,771 | €2,216 | +€445 | +25.1% |
| Total equity and liabilities | 10/49 | €1,474,453 | €1,483,318 | +€8,864 | +0.6% |
| Equity | 10/15 | €1,467,217 | €1,478,736 | +€11,519 | +0.8% |
| Contributions | 10/11 | €323,041 | €323,041 | = | 0.0% |
| Reserves | 13 | €1,144,176 | €1,155,695 | +€11,519 | +1.0% |
| Non-distributable reserves | 130/1 | €10,874 | €10,874 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,874 | €10,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,348 | €43,997 | -€8,352 | -16.0% |
| Distributable reserves | 133 | €1,080,954 | €1,100,825 | +€19,870 | +1.8% |
| Amounts payable | 17/49 | €7,236 | €4,581 | -€2,655 | -36.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €5,549 | €2,856 | -€2,693 | -48.5% |
| Current portion of amounts payable after more than one year | 42 | €5,549 | €0 | -€5,549 | -100.0% |
| Trade debts | 44 | €0 | €490 | +€490 | |
| Suppliers | 440/4 | €0 | €490 | +€490 | |
| Taxes, remuneration and social security | 45 | - | €2,366 | +€2,366 | |
| Taxes | 450/3 | - | €2,366 | +€2,366 | |
| Accrued charges and deferred income | 492/3 | €1,687 | €1,725 | +€38 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,655 | €52,655 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €9,187 | €12,823 | +€3,636 | +39.6% |
| Gross operating margin | 9900 | €44,274 | €57,870 | +€13,596 | +30.7% |
| Operating profit (loss) | 9901 | -€17,568 | -€7,608 | +€9,961 | +56.7% |
| Financial income | 75/76B | €19,115 | €21,943 | +€2,827 | +14.8% |
| Recurring financial income | 75 | €19,115 | €21,943 | +€2,827 | +14.8% |
| Financial charges | 65/66B | €974 | €450 | -€524 | -53.8% |
| Recurring financial charges | 65 | €974 | €450 | -€524 | -53.8% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €573 | €13,885 | +€13,312 | +2324.1% |
| Income taxes | 67/77 | - | €2,366 | +€2,366 | |
| Profit (loss) for the period | 9904 | €573 | €11,519 | +€10,946 | +1911.0% |
| Profit (loss) for the period to be appropriated | 9905 | €573 | €11,519 | +€10,946 | +1911.0% |
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 5 October 2026 via checked.be.