MAXTO: 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.
MAXTO
Largest movements
- Cash +€34,421
up €34,421 (+90177.1%), from €38 to €34,459
mainly Net result for the year (+€185,246) and Depreciation (+€25,888)
- Debts after one year -€204,441
down €204,441 (-11.3%), from €1.8m to €1.6m
- Profit (loss) carried forward +€185,246
up €185,246, from -€17,127 to €168,119
- Other debts +€25,200
new in 2025: €25,200
- Gross operating margin +€281,745
up €281,745 (+903.7%), from €31,175 to €312,920
- Taxes +€61,628
new in 2025: €61,628
- Financial charges +€14,966
up €14,966 (+65.9%), from €22,693 to €37,659
- Depreciation +€5,594
up €5,594 (+27.6%), from €20,294 to €25,888
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 | €1,980,799 | €1,992,872 | +€12,073 | +0.6% |
| Fixed assets | 21/28 | €1,975,135 | €1,957,993 | -€17,142 | -0.9% |
| Tangible fixed assets | 22/27 | €154,435 | €137,293 | -€17,142 | -11.1% |
| Land and buildings | 22 | €72,851 | €68,288 | -€4,563 | -6.3% |
| Furniture and vehicles | 24 | €81,584 | €67,706 | -€13,878 | -17.0% |
| Other tangible fixed assets | 26 | - | €1,300 | +€1,300 | |
| Financial fixed assets | 28 | €1,820,700 | €1,820,700 | = | 0.0% |
| Current assets | 29/58 | €5,664 | €34,879 | +€29,215 | +515.8% |
| Amounts receivable within one year | 40/41 | €5,626 | - | -€5,626 | |
| Trade receivables | 40 | €4,840 | - | -€4,840 | |
| Other amounts receivable | 41 | €786 | - | -€786 | |
| Cash at bank and in hand | 54/58 | €38 | €34,459 | +€34,421 | +90177.1% |
| Deferred charges and accrued income | 490/1 | - | €420 | +€420 | |
| Total equity and liabilities | 10/49 | €1,980,799 | €1,992,872 | +€12,073 | +0.6% |
| Equity | 10/15 | -€12,127 | €173,119 | +€185,246 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,127 | €168,119 | +€185,246 | |
| Amounts payable | 17/49 | €1,992,926 | €1,819,753 | -€173,173 | -8.7% |
| Amounts payable after more than one year | 17 | €1,815,960 | €1,611,519 | -€204,441 | -11.3% |
| Financial debts | 170/4 | €1,815,960 | €1,611,519 | -€204,441 | -11.3% |
| Amounts payable within one year | 42/48 | €175,839 | €206,529 | +€30,690 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €174,251 | €179,241 | +€4,990 | +2.9% |
| Trade debts | 44 | €1,588 | €459 | -€1,129 | -71.1% |
| Suppliers | 440/4 | €1,588 | €459 | -€1,129 | -71.1% |
| Taxes, remuneration and social security | 45 | - | €1,628 | +€1,628 | |
| Taxes | 450/3 | - | €1,628 | +€1,628 | |
| Other amounts payable | 47/48 | - | €25,200 | +€25,200 | |
| Accrued charges and deferred income | 492/3 | €1,128 | €1,705 | +€578 | +51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,294 | €25,888 | +€5,594 | +27.6% |
| Other operating charges | 640/8 | €1,187 | €2,499 | +€1,311 | +110.4% |
| Gross operating margin | 9900 | €31,175 | €312,920 | +€281,745 | +903.7% |
| Operating profit (loss) | 9901 | €9,694 | €284,534 | +€274,839 | +2835.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €22,693 | €37,659 | +€14,966 | +65.9% |
| Recurring financial charges | 65 | €22,693 | €37,659 | +€14,966 | +65.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,999 | €246,875 | +€259,874 | |
| Income taxes | 67/77 | - | €61,628 | +€61,628 | |
| Profit (loss) for the period | 9904 | -€12,999 | €185,246 | +€198,245 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,999 | €185,246 | +€198,245 |
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 5 October 2026 via checked.be.