MAXO: 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.
MAXO
Largest movements
- Receivables within one year +€13,533
up €13,533 (+27.0%), from €50,036 to €63,569
of which Trade receivables: +€8,597
- Cash +€2,273
new in 2025: €2,273
mainly Debts after one year (+€14,610) and Current portion of long-term debt (+€6,046)
- Debts after one year +€14,610
new in 2025: €14,610
- Current portion of long-term debt +€6,046
new in 2025: €6,046
- Short-term financial debts -€4,936
no longer reported in 2025 (was €4,936)
- Profit (loss) carried forward -€1,007
down €1,007 (-3.0%), from €33,546 to €32,539
- Trade debts +€748
up €748 (+43.8%), from €1,708 to €2,457
- Gross operating margin -€16,552
down €16,552 (-59.7%), from €27,715 to €11,163
- Taxes +€2,133
up €2,133 (+35.7%), from €5,970 to €8,103
- Financial charges +€1,438
up €1,438 (+215.5%), from €667 to €2,106
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 | €58,309 | €73,734 | +€15,425 | +26.5% |
| Fixed assets | 21/28 | €8,274 | €7,893 | -€381 | -4.6% |
| Tangible fixed assets | 22/27 | €8,274 | €7,893 | -€381 | -4.6% |
| Plant, machinery and equipment | 23 | €1,393 | €2,389 | +€995 | +71.4% |
| Furniture and vehicles | 24 | €6,880 | €5,504 | -€1,376 | -20.0% |
| Current assets | 29/58 | €50,036 | €65,841 | +€15,806 | +31.6% |
| Amounts receivable within one year | 40/41 | €50,036 | €63,569 | +€13,533 | +27.0% |
| Trade receivables | 40 | €1,131 | €9,728 | +€8,597 | +759.9% |
| Other amounts receivable | 41 | €48,904 | €53,840 | +€4,936 | +10.1% |
| Cash at bank and in hand | 54/58 | - | €2,273 | +€2,273 | |
| Total equity and liabilities | 10/49 | €58,309 | €73,734 | +€15,425 | +26.5% |
| Equity | 10/15 | €38,546 | €37,539 | -€1,007 | -2.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,546 | €32,539 | -€1,007 | -3.0% |
| Amounts payable | 17/49 | €19,764 | €36,195 | +€16,431 | +83.1% |
| Amounts payable after more than one year | 17 | - | €14,610 | +€14,610 | |
| Financial debts | 170/4 | - | €14,610 | +€14,610 | |
| Amounts payable within one year | 42/48 | €19,764 | €21,585 | +€1,821 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | - | €6,046 | +€6,046 | |
| Financial debts | 43 | €4,936 | - | -€4,936 | |
| Credit institutions | 430/8 | €4,936 | - | -€4,936 | |
| Trade debts | 44 | €1,708 | €2,457 | +€748 | +43.8% |
| Suppliers | 440/4 | €1,708 | €2,457 | +€748 | +43.8% |
| Taxes, remuneration and social security | 45 | €13,120 | €13,082 | -€38 | -0.3% |
| Taxes | 450/3 | €13,120 | €13,082 | -€38 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,788 | €1,927 | +€139 | +7.8% |
| Other operating charges | 640/8 | €153 | €34 | -€119 | -77.8% |
| Gross operating margin | 9900 | €27,715 | €11,163 | -€16,552 | -59.7% |
| Operating profit (loss) | 9901 | €25,774 | €9,202 | -€16,572 | -64.3% |
| Financial charges | 65/66B | €667 | €2,106 | +€1,438 | +215.5% |
| Recurring financial charges | 65 | €667 | €2,106 | +€1,438 | +215.5% |
| Profit (loss) for the period before taxes | 9903 | €25,107 | €7,097 | -€18,010 | -71.7% |
| Income taxes | 67/77 | €5,970 | €8,103 | +€2,133 | +35.7% |
| Profit (loss) for the period | 9904 | €19,137 | -€1,007 | -€20,143 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,137 | -€1,007 | -€20,143 |
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 28 September 2026 via checked.be.