MAXSEB: 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.
MAXSEB
Largest movements
- Cash +€7,601
up €7,601 (+1,523%), from €499 to €8,100
mainly Depreciation (+€7,865) and Other debts (+€6,181)
- Tangible fixed assets -€6,909
down €6,909 (-28.2%), from €24,508 to €17,599
of which Furniture and vehicles: -€6,625
- Receivables within one year -€3,955
down €3,955 (-22.5%), from €17,580 to €13,625
of which Trade receivables: -€3,987
- Debts after one year -€8,280
down €8,280 (-92.1%), from €8,990 to €710
- Reserves -€6,185
down €6,185 (-100%), from €6,185 to €0
- Other debts +€6,181
up €6,181 (+42.1%), from €14,696 to €20,877
- Tax, wage and social debts +€2,958
up €2,958 (+157%), from €1,886 to €4,844
- Trade debts +€1,626
up €1,626 (+175%), from €929 to €2,555
- Taxes +€1,385
up €1,385 (+42.8%), from €3,237 to €4,622
- Other operating charges -€1,289
down €1,289 (-46.4%), from €2,782 to €1,492
- Financial charges -€1,064
down €1,064 (-51.4%), from €2,067 to €1,004
- Financial income +€626
up €626 (+3,128,100%), from €0 to €626
- Depreciation +€343
up €343 (+4.6%), from €7,522 to €7,865
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.
Derived cash bridge
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 | €43,030 | €39,766 | -€3,264 | -7.6% |
| Fixed assets | 21/28 | €24,508 | €17,599 | -€6,909 | -28.2% |
| Tangible fixed assets | 22/27 | €24,508 | €17,599 | -€6,909 | -28.2% |
| Furniture and vehicles | 24 | €22,297 | €15,672 | -€6,625 | -29.7% |
| Other tangible fixed assets | 26 | €2,211 | €1,928 | -€283 | -12.8% |
| Current assets | 29/58 | €18,522 | €22,167 | +€3,645 | +19.7% |
| Amounts receivable within one year | 40/41 | €17,580 | €13,625 | -€3,955 | -22.5% |
| Trade receivables | 40 | €3,987 | €0 | -€3,987 | -100% |
| Other amounts receivable | 41 | €13,592 | €13,625 | +€33 | +0.2% |
| Cash at bank and in hand | 54/58 | €499 | €8,100 | +€7,601 | +1,523% |
| Deferred charges and accrued income | 490/1 | €443 | €442 | -€1 | -0.3% |
| Total equity and liabilities | 10/49 | €43,030 | €39,766 | -€3,264 | -7.6% |
| Equity | 10/15 | €8,685 | €2,501 | -€6,185 | -71.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €6,185 | €0 | -€6,185 | -100% |
| Distributable reserves | 133 | €6,185 | €0 | -€6,185 | -100% |
| Profit (loss) carried forward | 14 | €0 | €1 | +€0 | +68.6% |
| Amounts payable | 17/49 | €34,345 | €37,266 | +€2,921 | +8.5% |
| Amounts payable after more than one year | 17 | €8,990 | €710 | -€8,280 | -92.1% |
| Financial debts | 170/4 | €8,990 | €710 | -€8,280 | -92.1% |
| Amounts payable within one year | 42/48 | €25,354 | €36,555 | +€11,201 | +44.2% |
| Current portion of amounts payable after more than one year | 42 | €7,844 | €8,280 | +€436 | +5.6% |
| Trade debts | 44 | €929 | €2,555 | +€1,626 | +175% |
| Suppliers | 440/4 | €929 | €2,555 | +€1,626 | +175% |
| Taxes, remuneration and social security | 45 | €1,886 | €4,844 | +€2,958 | +157% |
| Taxes | 450/3 | €1,886 | €4,844 | +€2,958 | +157% |
| Other amounts payable | 47/48 | €14,696 | €20,877 | +€6,181 | +42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,522 | €7,865 | +€343 | +4.6% |
| Other operating charges | 640/8 | €2,782 | €1,492 | -€1,289 | -46.4% |
| Gross operating margin | 9900 | €17,427 | €17,722 | +€295 | +1.7% |
| Operating profit (loss) | 9901 | €7,124 | €8,365 | +€1,241 | +17.4% |
| Financial income | 75/76B | €0 | €626 | +€626 | +3,128,100% |
| Recurring financial income | 75 | €0 | €626 | +€626 | +3,128,100% |
| Financial charges | 65/66B | €2,067 | €1,004 | -€1,064 | -51.4% |
| Recurring financial charges | 65 | €2,067 | €1,004 | -€1,064 | -51.4% |
| Profit (loss) for the period before taxes | 9903 | €5,056 | €7,987 | +€2,930 | +58.0% |
| Income taxes | 67/77 | €3,237 | €4,622 | +€1,385 | +42.8% |
| Profit (loss) for the period | 9904 | €1,819 | €3,364 | +€1,545 | +84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,819 | €3,364 | +€1,545 | +84.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.