Maxulot: 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.
Maxulot
Largest movements
- Cash +€32,456
up €32,456 (+1411.5%), from €2,299 to €34,756
mainly Net result for the year (+€36,648) and Depreciation (+€19,149)
- Tangible fixed assets -€19,149
down €19,149 (-34.6%), from €55,323 to €36,174
of which Furniture and vehicles: -€18,004
- Receivables within one year +€10,829
up €10,829 (+13.9%), from €77,941 to €88,770
of which Trade receivables: +€20,747
- Reserves +€34,982
up €34,982 (+50.9%), from €68,732 to €103,713
of which Distributable reserves: +€34,982
- Debts after one year -€6,381
down €6,381 (-19.3%), from €33,129 to €26,748
- Current portion of long-term debt -€2,151
down €2,151 (-25.2%), from €8,532 to €6,381
- Gross operating margin +€20,748
up €20,748 (+38.4%), from €53,968 to €74,716
- Taxes +€7,681
up €7,681 (+103.2%), from €7,440 to €15,121
- Other operating charges -€1,443
down €1,443 (-61.0%), from €2,365 to €922
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 | €161,716 | €186,206 | +€24,491 | +15.1% |
| Fixed assets | 21/28 | €80,323 | €61,174 | -€19,149 | -23.8% |
| Tangible fixed assets | 22/27 | €55,323 | €36,174 | -€19,149 | -34.6% |
| Plant, machinery and equipment | 23 | €7,928 | €6,784 | -€1,145 | -14.4% |
| Furniture and vehicles | 24 | €47,395 | €29,390 | -€18,004 | -38.0% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €81,393 | €125,033 | +€43,640 | +53.6% |
| Amounts receivable within one year | 40/41 | €77,941 | €88,770 | +€10,829 | +13.9% |
| Trade receivables | 40 | €63,143 | €83,891 | +€20,747 | +32.9% |
| Other amounts receivable | 41 | €14,797 | €4,879 | -€9,919 | -67.0% |
| Cash at bank and in hand | 54/58 | €2,299 | €34,756 | +€32,456 | +1411.5% |
| Deferred charges and accrued income | 490/1 | €1,153 | €1,507 | +€355 | +30.8% |
| Total equity and liabilities | 10/49 | €161,716 | €186,206 | +€24,491 | +15.1% |
| Equity | 10/15 | €81,132 | €116,113 | +€34,982 | +43.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €68,732 | €103,713 | +€34,982 | +50.9% |
| Tax-exempt reserves | 132 | €42 | €42 | = | 0.0% |
| Distributable reserves | 133 | €68,690 | €103,671 | +€34,982 | +50.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €80,584 | €70,093 | -€10,491 | -13.0% |
| Amounts payable after more than one year | 17 | €33,129 | €26,748 | -€6,381 | -19.3% |
| Financial debts | 170/4 | €33,129 | €26,748 | -€6,381 | -19.3% |
| Amounts payable within one year | 42/48 | €43,570 | €40,007 | -€3,563 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €8,532 | €6,381 | -€2,151 | -25.2% |
| Trade debts | 44 | €1,818 | €1,285 | -€534 | -29.4% |
| Suppliers | 440/4 | €1,818 | €1,285 | -€534 | -29.4% |
| Taxes, remuneration and social security | 45 | €6,246 | €5,707 | -€538 | -8.6% |
| Taxes | 450/3 | €3,746 | €5,707 | +€1,962 | +52.4% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €26,974 | €26,634 | -€340 | -1.3% |
| Accrued charges and deferred income | 492/3 | €3,885 | €3,338 | -€546 | -14.1% |
| Remuneration, social security and pensions | 62 | - | €221 | +€221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,338 | €19,149 | -€189 | -1.0% |
| Other operating charges | 640/8 | €2,365 | €922 | -€1,443 | -61.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €53,968 | €74,716 | +€20,748 | +38.4% |
| Operating profit (loss) | 9901 | €32,265 | €54,424 | +€22,159 | +68.7% |
| Financial income | 75/76B | €0 | €201 | +€201 | |
| Recurring financial income | 75 | €0 | €201 | +€201 | |
| Financial charges | 65/66B | €2,742 | €2,856 | +€114 | +4.1% |
| Recurring financial charges | 65 | €2,742 | €2,856 | +€114 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €29,522 | €51,769 | +€22,246 | +75.4% |
| Income taxes | 67/77 | €7,440 | €15,121 | +€7,681 | +103.2% |
| Profit (loss) for the period | 9904 | €22,082 | €36,648 | +€14,566 | +66.0% |
| Transfer to tax-exempt reserves | 689 | €42 | - | -€42 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,040 | €36,648 | +€14,608 | +66.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.