MAXRO: 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.
MAXRO
Largest movements
- Tangible fixed assets +€476,704
up €476,704 (+81.3%), from €586,642 to €1.1m
of which Land and buildings: +€477,874
- Debts after one year +€222,444
up €222,444 (+123.3%), from €180,430 to €402,874
- Other debts +€149,482
up €149,482 (+195.0%), from €76,648 to €226,130
- Current portion of long-term debt +€42,341
up €42,341 (+110.3%), from €38,377 to €80,719
- Tax, wage and social debts +€32,460
up €32,460 (+127.0%), from €25,555 to €58,015
of which Taxes: +€32,460
- Reserves +€31,085
up €31,085 (+13.7%), from €226,486 to €257,571
of which Distributable reserves: +€31,085
- Gross operating margin +€51,468
up €51,468 (+42.2%), from €122,020 to €173,488
- Taxes +€15,360
up €15,360 (+67.0%), from €22,934 to €38,293
- Financial charges +€4,444
up €4,444 (+83.0%), from €5,352 to €9,796
- Staff costs -€2,257
down €2,257 (-44.1%), from €5,120 to €2,863
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 | €662,227 | €1,138,382 | +€476,155 | +71.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €586,667 | €1,063,371 | +€476,704 | +81.3% |
| Tangible fixed assets | 22/27 | €586,642 | €1,063,346 | +€476,704 | +81.3% |
| Land and buildings | 22 | €584,573 | €1,062,447 | +€477,874 | +81.7% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €2,069 | €899 | -€1,170 | -56.5% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €75,560 | €75,011 | -€549 | -0.7% |
| Amounts receivable within one year | 40/41 | €30,918 | €31,454 | +€536 | +1.7% |
| Trade receivables | 40 | €29,507 | €30,065 | +€558 | +1.9% |
| Other amounts receivable | 41 | €1,411 | €1,389 | -€22 | -1.6% |
| Cash at bank and in hand | 54/58 | €43,209 | €41,992 | -€1,216 | -2.8% |
| Deferred charges and accrued income | 490/1 | €1,433 | €1,565 | +€132 | +9.2% |
| Total equity and liabilities | 10/49 | €662,227 | €1,138,382 | +€476,155 | +71.9% |
| Equity | 10/15 | €336,731 | €367,832 | +€31,101 | +9.2% |
| Contributions | 10/11 | €107,000 | €107,000 | = | 0.0% |
| Capital | 10 | €107,000 | €107,000 | = | 0.0% |
| Issued capital | 100 | €107,000 | €107,000 | = | 0.0% |
| Reserves | 13 | €226,486 | €257,571 | +€31,085 | +13.7% |
| Non-distributable reserves | 130/1 | €10,700 | €10,700 | = | 0.0% |
| Legal reserve | 130 | €10,700 | €10,700 | = | 0.0% |
| Distributable reserves | 133 | €215,786 | €246,871 | +€31,085 | +14.4% |
| Profit (loss) carried forward | 14 | €3,245 | €3,261 | +€15 | +0.5% |
| Amounts payable | 17/49 | €325,496 | €770,550 | +€445,055 | +136.7% |
| Amounts payable after more than one year | 17 | €180,430 | €402,874 | +€222,444 | +123.3% |
| Financial debts | 170/4 | €180,430 | €402,874 | +€222,444 | +123.3% |
| Amounts payable within one year | 42/48 | €145,066 | €367,676 | +€222,610 | +153.5% |
| Current portion of amounts payable after more than one year | 42 | €38,377 | €80,719 | +€42,341 | +110.3% |
| Trade debts | 44 | €4,485 | €2,812 | -€1,673 | -37.3% |
| Suppliers | 440/4 | €4,485 | €2,812 | -€1,673 | -37.3% |
| Taxes, remuneration and social security | 45 | €25,555 | €58,015 | +€32,460 | +127.0% |
| Taxes | 450/3 | €25,555 | €58,015 | +€32,460 | +127.0% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €76,648 | €226,130 | +€149,482 | +195.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €5,120 | €2,863 | -€2,257 | -44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,253 | €30,471 | +€218 | +0.7% |
| Other operating charges | 640/8 | €2,616 | €2,349 | -€266 | -10.2% |
| Gross operating margin | 9900 | €122,020 | €173,488 | +€51,468 | +42.2% |
| Operating profit (loss) | 9901 | €84,032 | €137,804 | +€53,773 | +64.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €5,352 | €9,796 | +€4,444 | +83.0% |
| Recurring financial charges | 65 | €5,352 | €9,796 | +€4,444 | +83.0% |
| Profit (loss) for the period before taxes | 9903 | €78,680 | €128,009 | +€49,329 | +62.7% |
| Income taxes | 67/77 | €22,934 | €38,293 | +€15,360 | +67.0% |
| Profit (loss) for the period | 9904 | €55,746 | €89,715 | +€33,969 | +60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,746 | €89,715 | +€33,969 | +60.9% |
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.