MAXPAC: 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.
MAXPAC
Largest movements
- Cash -€515,888
down €515,888 (-68.7%), from €750,560 to €234,673
mainly Stocks and contracts (-€384,870) and Current investments (-€303,000)
- Stocks and contracts +€384,870
up €384,870 (+52.3%), from €735,911 to €1.1m
of which Stocks: +€233,888
- Current investments +€303,000
new in 2025: €303,000
- Receivables within one year -€265,196
down €265,196 (-27.9%), from €951,796 to €686,600
of which Trade receivables: -€278,284
- Advances received -€144,712
down €144,712 (-18.6%), from €777,437 to €632,725
- Accrued charges and deferred income +€105,045
up €105,045 (+558.4%), from €18,812 to €123,857
- Debts after one year -€95,599
down €95,599 (-32.2%), from €296,597 to €200,998
- Other debts -€52,965
down €52,965 (-20.6%), from €256,755 to €203,789
- Trade debts +€45,907
up €45,907 (+12.8%), from €357,940 to €403,848
- Gross operating margin -€221,652
down €221,652 (-13.1%), from €1.7m to €1.5m
- Staff costs -€86,169
down €86,169 (-8.0%), from €1.1m to €985,854
- Taxes -€25,595
down €25,595 (-26.1%), from €98,145 to €72,551
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 | €2,945,130 | €2,819,458 | -€125,671 | -4.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €481,109 | €449,189 | -€31,919 | -6.6% |
| Intangible fixed assets | 21 | €10,516 | €3,434 | -€7,083 | -67.3% |
| Tangible fixed assets | 22/27 | €466,177 | €441,340 | -€24,837 | -5.3% |
| Plant, machinery and equipment | 23 | €65,365 | €48,406 | -€16,959 | -25.9% |
| Furniture and vehicles | 24 | €98,696 | €179,882 | +€81,187 | +82.3% |
| Leasing and similar rights | 25 | €297,579 | €213,052 | -€84,526 | -28.4% |
| Other tangible fixed assets | 26 | €4,538 | €0 | -€4,538 | -100.0% |
| Financial fixed assets | 28 | €4,415 | €4,415 | = | 0.0% |
| Current assets | 29/58 | €2,464,021 | €2,370,269 | -€93,752 | -3.8% |
| Stocks and contracts in progress | 3 | €735,911 | €1,120,780 | +€384,870 | +52.3% |
| Stocks | 30/36 | €251,639 | €485,528 | +€233,888 | +92.9% |
| Contracts in progress | 37 | €484,271 | €635,253 | +€150,981 | +31.2% |
| Amounts receivable within one year | 40/41 | €951,796 | €686,600 | -€265,196 | -27.9% |
| Trade receivables | 40 | €889,579 | €611,295 | -€278,284 | -31.3% |
| Other amounts receivable | 41 | €62,217 | €75,305 | +€13,088 | +21.0% |
| Current investments | 50/53 | - | €303,000 | +€303,000 | |
| Cash at bank and in hand | 54/58 | €750,560 | €234,673 | -€515,888 | -68.7% |
| Deferred charges and accrued income | 490/1 | €25,754 | €25,216 | -€538 | -2.1% |
| Total equity and liabilities | 10/49 | €2,945,130 | €2,819,458 | -€125,671 | -4.3% |
| Equity | 10/15 | €931,820 | €941,520 | +€9,700 | +1.0% |
| Contributions | 10/11 | €218,600 | €218,600 | = | 0.0% |
| Reserves | 13 | €44,444 | €44,444 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,131 | €6,131 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,131 | €6,131 | = | 0.0% |
| Distributable reserves | 133 | €38,314 | €38,314 | = | 0.0% |
| Profit (loss) carried forward | 14 | €668,776 | €678,476 | +€9,700 | +1.5% |
| Amounts payable | 17/49 | €2,013,309 | €1,877,938 | -€135,371 | -6.7% |
| Amounts payable after more than one year | 17 | €296,597 | €200,998 | -€95,599 | -32.2% |
| Financial debts | 170/4 | €296,597 | €200,998 | -€95,599 | -32.2% |
| Amounts payable within one year | 42/48 | €1,697,899 | €1,553,083 | -€144,817 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €250,130 | €260,888 | +€10,758 | +4.3% |
| Trade debts | 44 | €357,940 | €403,848 | +€45,907 | +12.8% |
| Suppliers | 440/4 | €357,940 | €403,848 | +€45,907 | +12.8% |
| Advances received on contracts in progress | 46 | €777,437 | €632,725 | -€144,712 | -18.6% |
| Taxes, remuneration and social security | 45 | €55,638 | €51,833 | -€3,805 | -6.8% |
| Taxes | 450/3 | €14,453 | - | -€14,453 | |
| Remuneration and social security | 454/9 | €41,185 | €51,833 | +€10,648 | +25.9% |
| Other amounts payable | 47/48 | €256,755 | €203,789 | -€52,965 | -20.6% |
| Accrued charges and deferred income | 492/3 | €18,812 | €123,857 | +€105,045 | +558.4% |
| Non-recurring operating income | 76A | €9,917 | €10,449 | +€531 | +5.4% |
| Remuneration, social security and pensions | 62 | €1,072,023 | €985,854 | -€86,169 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,690 | €177,620 | -€13,069 | -6.9% |
| Other operating charges | 640/8 | €20,457 | €25,018 | +€4,561 | +22.3% |
| Non-recurring operating charges | 66A | €12,696 | - | -€12,696 | |
| Gross operating margin | 9900 | €1,697,616 | €1,475,964 | -€221,652 | -13.1% |
| Operating profit (loss) | 9901 | €401,750 | €287,472 | -€114,279 | -28.4% |
| Financial income | 75/76B | €7,029 | €6,309 | -€720 | -10.2% |
| Recurring financial income | 75 | €7,029 | €6,309 | -€720 | -10.2% |
| Financial charges | 65/66B | €41,184 | €31,530 | -€9,655 | -23.4% |
| Recurring financial charges | 65 | €41,184 | €31,530 | -€9,655 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €367,595 | €262,251 | -€105,344 | -28.7% |
| Income taxes | 67/77 | €98,145 | €72,551 | -€25,595 | -26.1% |
| Profit (loss) for the period | 9904 | €269,449 | €189,700 | -€79,749 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €269,449 | €189,700 | -€79,749 | -29.6% |
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 30 September 2026 via checked.be.