MAXNATH: 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.
MAXNATH
Largest movements
- Tangible fixed assets +€366,935
up €366,935 (+21.2%), from €1.7m to €2.1m
of which Land and buildings: +€203,931
- Cash -€343,558
down €343,558 (-92.5%), from €371,361 to €27,803
mainly Investment in fixed assets (net) (-€667,714) and Receivables within one year (-€266,873)
- Receivables within one year +€266,873
up €266,873 (+1369.6%), from €19,485 to €286,358
of which Other amounts receivable: +€271,678
- Debts after one year +€131,449
up €131,449 (+11.5%), from €1.1m to €1.3m
- Profit (loss) carried forward +€82,592
up €82,592 (+17.3%), from €478,118 to €560,710
- Current portion of long-term debt +€76,780
up €76,780 (+43.9%), from €174,766 to €251,546
- Reserves -€57,858
down €57,858 (-5.8%), from €996,337 to €938,479
of which Distributable reserves: -€66,000
- Trade debts +€35,693
up €35,693 (+88.2%), from €40,470 to €76,164
- Gross operating margin +€178,939
up €178,939 (+40.0%), from €447,746 to €626,685
- Depreciation +€104,041
up €104,041 (+52.9%), from €196,737 to €300,779
- Taxes +€16,375
up €16,375 (+42.8%), from €38,254 to €54,629
- Staff costs +€12,009
up €12,009 (+15.7%), from €76,383 to €88,392
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 | €3,134,712 | €3,422,717 | +€288,005 | +9.2% |
| Fixed assets | 21/28 | €2,710,495 | €3,077,430 | +€366,935 | +13.5% |
| Tangible fixed assets | 22/27 | €1,730,695 | €2,097,630 | +€366,935 | +21.2% |
| Land and buildings | 22 | €1,530,870 | €1,734,801 | +€203,931 | +13.3% |
| Plant, machinery and equipment | 23 | €37,985 | €104,457 | +€66,472 | +175.0% |
| Furniture and vehicles | 24 | €101,980 | €198,642 | +€96,662 | +94.8% |
| Other tangible fixed assets | 26 | €59,860 | €59,730 | -€130 | -0.2% |
| Financial fixed assets | 28 | €979,800 | €979,800 | = | 0.0% |
| Current assets | 29/58 | €424,217 | €345,287 | -€78,930 | -18.6% |
| Amounts receivable within one year | 40/41 | €19,485 | €286,358 | +€266,873 | +1369.6% |
| Trade receivables | 40 | €19,485 | €14,680 | -€4,805 | -24.7% |
| Other amounts receivable | 41 | - | €271,678 | +€271,678 | |
| Current investments | 50/53 | €26,782 | €26,782 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €371,361 | €27,803 | -€343,558 | -92.5% |
| Deferred charges and accrued income | 490/1 | €6,590 | €4,345 | -€2,245 | -34.1% |
| Total equity and liabilities | 10/49 | €3,134,712 | €3,422,717 | +€288,005 | +9.2% |
| Equity | 10/15 | €1,493,055 | €1,517,789 | +€24,735 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €996,337 | €938,479 | -€57,858 | -5.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €282,282 | €290,425 | +€8,142 | +2.9% |
| Distributable reserves | 133 | €712,195 | €646,195 | -€66,000 | -9.3% |
| Profit (loss) carried forward | 14 | €478,118 | €560,710 | +€82,592 | +17.3% |
| Provisions and deferred taxes | 16 | €209,598 | €209,894 | +€295 | +0.1% |
| Provisions for liabilities and charges | 160/5 | €83,500 | €83,500 | = | 0.0% |
| Pensions and similar obligations | 160 | €83,500 | €83,500 | = | 0.0% |
| Deferred taxes | 168 | €126,098 | €126,394 | +€295 | +0.2% |
| Amounts payable | 17/49 | €1,432,059 | €1,695,034 | +€262,975 | +18.4% |
| Amounts payable after more than one year | 17 | €1,147,454 | €1,278,903 | +€131,449 | +11.5% |
| Financial debts | 170/4 | €1,147,454 | €1,278,903 | +€131,449 | +11.5% |
| Amounts payable within one year | 42/48 | €284,605 | €416,131 | +€131,526 | +46.2% |
| Current portion of amounts payable after more than one year | 42 | €174,766 | €251,546 | +€76,780 | +43.9% |
| Trade debts | 44 | €40,470 | €76,164 | +€35,693 | +88.2% |
| Suppliers | 440/4 | €40,470 | €76,164 | +€35,693 | +88.2% |
| Taxes, remuneration and social security | 45 | €35,652 | €38,421 | +€2,769 | +7.8% |
| Taxes | 450/3 | €21,500 | €21,923 | +€423 | +2.0% |
| Remuneration and social security | 454/9 | €14,152 | €16,498 | +€2,346 | +16.6% |
| Other amounts payable | 47/48 | €33,716 | €50,000 | +€16,284 | +48.3% |
| Non-recurring operating income | 76A | - | €12,778 | +€12,778 | |
| Remuneration, social security and pensions | 62 | €76,383 | €88,392 | +€12,009 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196,737 | €300,779 | +€104,041 | +52.9% |
| Other operating charges | 640/8 | €3,692 | €5,675 | +€1,983 | +53.7% |
| Gross operating margin | 9900 | €447,746 | €626,685 | +€178,939 | +40.0% |
| Operating profit (loss) | 9901 | €170,933 | €231,840 | +€60,907 | +35.6% |
| Financial income | 75/76B | €5,549 | €2,494 | -€3,056 | -55.1% |
| Recurring financial income | 75 | €5,549 | €2,494 | -€3,056 | -55.1% |
| Financial charges | 65/66B | €35,940 | €38,675 | +€2,735 | +7.6% |
| Recurring financial charges | 65 | €35,940 | €38,675 | +€2,735 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €140,543 | €195,659 | +€55,116 | +39.2% |
| Transfer from deferred taxes | 780 | €6,856 | €7,080 | +€223 | +3.3% |
| Transfer to deferred taxes | 680 | - | €7,375 | +€7,375 | |
| Income taxes | 67/77 | €38,254 | €54,629 | +€16,375 | +42.8% |
| Profit (loss) for the period | 9904 | €109,145 | €140,735 | +€31,590 | +28.9% |
| Transfer from tax-exempt reserves | 789 | €13,312 | €13,983 | +€670 | +5.0% |
| Transfer to tax-exempt reserves | 689 | - | €22,125 | +€22,125 | |
| Profit (loss) for the period to be appropriated | 9905 | €122,457 | €132,592 | +€10,135 | +8.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.