MAXPERATION: what changed
Two financial 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.
MAXPERATION
Largest movements
- Cash -€58,753
down €58,753 (-56.8%), from €103,447 to €44,695
mainly Contributions, distributions and other (-€80,000) and Investment in fixed assets (net) (-€34,317)
- Tangible fixed assets +€30,540
up €30,540 (+3,254%), from €939 to €31,479
- Receivables within one year +€19,603
up €19,603 (+25.2%), from €77,690 to €97,293
of which Trade receivables: +€22,409
- Deferred charges and accrued income -€10,260
down €10,260 (-82.5%), from €12,435 to €2,175
- Reserves -€41,391
down €41,391 (-99.5%), from €41,602 to €210
of which Distributable reserves: -€41,391
- Tax, wage and social debts +€27,855
up €27,855 (+303%), from €9,194 to €37,049
- Other debts -€1,988
down €1,988 (-1.7%), from €119,900 to €117,912
- Gross operating margin +€34,370
up €34,370 (+113%), from €30,520 to €64,890
- Taxes +€14,505
up €14,505 (+202%), from €7,194 to €21,699
- Depreciation +€2,123
up €2,123 (+128%), from €1,653 to €3,776
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €194,511 | €175,642 | -€18,869 | -9.7% |
| Fixed assets | 21/28 | €939 | €31,479 | +€30,540 | +3,254% |
| Tangible fixed assets | 22/27 | €939 | €31,479 | +€30,540 | +3,254% |
| Furniture and vehicles | 24 | €939 | €31,479 | +€30,540 | +3,254% |
| Current assets | 29/58 | €193,573 | €144,163 | -€49,410 | -25.5% |
| Amounts receivable within one year | 40/41 | €77,690 | €97,293 | +€19,603 | +25.2% |
| Trade receivables | 40 | €74,884 | €97,293 | +€22,409 | +29.9% |
| Other amounts receivable | 41 | €2,806 | €0 | -€2,806 | -100% |
| Cash at bank and in hand | 54/58 | €103,447 | €44,695 | -€58,753 | -56.8% |
| Deferred charges and accrued income | 490/1 | €12,435 | €2,175 | -€10,260 | -82.5% |
| Total equity and liabilities | 10/49 | €194,511 | €175,642 | -€18,869 | -9.7% |
| Equity | 10/15 | €60,202 | €18,844 | -€41,358 | -68.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €41,602 | €210 | -€41,391 | -99.5% |
| Tax-exempt reserves | 132 | €210 | €210 | = | 0.0% |
| Distributable reserves | 133 | €41,391 | €0 | -€41,391 | -100% |
| Profit (loss) carried forward | 14 | €0 | €33 | +€33 | |
| Amounts payable | 17/49 | €134,310 | €156,798 | +€22,488 | +16.7% |
| Amounts payable within one year | 42/48 | €134,310 | €156,798 | +€22,488 | +16.7% |
| Financial debts | 43 | €2,511 | €896 | -€1,615 | -64.3% |
| Credit institutions | 430/8 | €2,511 | €896 | -€1,615 | -64.3% |
| Trade debts | 44 | €2,705 | €942 | -€1,763 | -65.2% |
| Suppliers | 440/4 | €2,705 | €942 | -€1,763 | -65.2% |
| Taxes, remuneration and social security | 45 | €9,194 | €37,049 | +€27,855 | +303% |
| Taxes | 450/3 | €9,194 | €37,049 | +€27,855 | +303% |
| Other amounts payable | 47/48 | €119,900 | €117,912 | -€1,988 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,653 | €3,776 | +€2,123 | +128% |
| Other operating charges | 640/8 | €918 | €520 | -€398 | -43.4% |
| Gross operating margin | 9900 | €30,520 | €64,890 | +€34,370 | +113% |
| Operating profit (loss) | 9901 | €27,949 | €60,594 | +€32,645 | +117% |
| Financial income | 75/76B | €50 | €0 | -€50 | -100% |
| Recurring financial income | 75 | €50 | €0 | -€50 | -100% |
| Financial charges | 65/66B | €154 | €253 | +€98 | +63.9% |
| Recurring financial charges | 65 | €154 | €253 | +€98 | +63.9% |
| Profit (loss) for the period before taxes | 9903 | €27,845 | €60,342 | +€32,497 | +117% |
| Income taxes | 67/77 | €7,194 | €21,699 | +€14,505 | +202% |
| Profit (loss) for the period | 9904 | €20,651 | €38,642 | +€17,991 | +87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,651 | €38,642 | +€17,991 | +87.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.