Maxus Capital: 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.
Maxus Capital
Largest movements
- Financial fixed assets -€9.2m
down €9.2m (-97.8%), from €9.4m to €208,197
- Current investments +€1.5m
new in 2025: €1.5m
- Receivables within one year +€322,212
up €322,212 (+31.8%), from €1.0m to €1.3m
of which Trade receivables: +€330,775
- Other debts -€9.1m
down €9.1m (-99.9%), from €9.2m to €5,908
- Trade debts +€1.8m
up €1.8m (+136.3%), from €1.3m to €3.2m
- Financial income +€260,866
up €260,866 (+307.4%), from €84,864 to €345,729
- Financial charges +€228,250
up €228,250 (+282.2%), from €80,888 to €309,138
- Staff costs +€69,491
up €69,491 (+867.9%), from €8,007 to €77,498
- Gross operating margin +€31,316
up €31,316 (+60.4%), from €51,881 to €83,197
- Depreciation +€9,292
up €9,292 (+324.6%), from €2,863 to €12,155
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 | €10,622,035 | €3,247,712 | -€7.4m | -69.4% |
| Fixed assets | 21/28 | €9,378,398 | €246,682 | -€9.1m | -97.4% |
| Tangible fixed assets | 22/27 | €9,549 | €38,485 | +€28,936 | +303.0% |
| Furniture and vehicles | 24 | €9,549 | €38,485 | +€28,936 | +303.0% |
| Financial fixed assets | 28 | €9,368,849 | €208,197 | -€9.2m | -97.8% |
| Current assets | 29/58 | €1,243,637 | €3,001,030 | +€1.8m | +141.3% |
| Amounts receivable within one year | 40/41 | €1,012,977 | €1,335,188 | +€322,212 | +31.8% |
| Trade receivables | 40 | €1,004,414 | €1,335,188 | +€330,775 | +32.9% |
| Other amounts receivable | 41 | €8,563 | - | -€8,563 | |
| Current investments | 50/53 | - | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €140,431 | €138,830 | -€1,601 | -1.1% |
| Deferred charges and accrued income | 490/1 | €90,229 | €27,011 | -€63,218 | -70.1% |
| Total equity and liabilities | 10/49 | €10,622,035 | €3,247,712 | -€7.4m | -69.4% |
| Equity | 10/15 | €36,024 | €54,936 | +€18,912 | +52.5% |
| Contributions | 10/11 | €0 | €0 | = | |
| Reserves | 13 | €3,890 | €3,890 | = | 0.0% |
| Distributable reserves | 133 | €3,890 | €3,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,134 | €51,047 | +€18,912 | +58.9% |
| Amounts payable | 17/49 | €10,586,011 | €3,192,776 | -€7.4m | -69.8% |
| Amounts payable within one year | 42/48 | €10,506,408 | €3,192,776 | -€7.3m | -69.6% |
| Trade debts | 44 | €1,343,846 | €3,174,858 | +€1.8m | +136.3% |
| Suppliers | 440/4 | €1,343,846 | €3,174,858 | +€1.8m | +136.3% |
| Taxes, remuneration and social security | 45 | €12,562 | €12,010 | -€552 | -4.4% |
| Taxes | 450/3 | €12,562 | €9,931 | -€2,631 | -20.9% |
| Remuneration and social security | 454/9 | - | €2,079 | +€2,079 | |
| Other amounts payable | 47/48 | €9,150,000 | €5,908 | -€9.1m | -99.9% |
| Accrued charges and deferred income | 492/3 | €79,603 | - | -€79,603 | |
| Remuneration, social security and pensions | 62 | €8,007 | €77,498 | +€69,491 | +867.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,863 | €12,155 | +€9,292 | +324.6% |
| Other operating charges | 640/8 | €291 | €1,293 | +€1,002 | +344.9% |
| Gross operating margin | 9900 | €51,881 | €83,197 | +€31,316 | +60.4% |
| Operating profit (loss) | 9901 | €40,720 | -€7,748 | -€48,469 | |
| Financial income | 75/76B | €84,864 | €345,729 | +€260,866 | +307.4% |
| Recurring financial income | 75 | €84,864 | €345,729 | +€260,866 | +307.4% |
| Financial charges | 65/66B | €80,888 | €309,138 | +€228,250 | +282.2% |
| Recurring financial charges | 65 | €80,888 | €309,138 | +€228,250 | +282.2% |
| Profit (loss) for the period before taxes | 9903 | €44,696 | €28,843 | -€15,853 | -35.5% |
| Income taxes | 67/77 | €12,562 | €9,931 | -€2,631 | -20.9% |
| Profit (loss) for the period | 9904 | €32,134 | €18,912 | -€13,222 | -41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,134 | €18,912 | -€13,222 | -41.1% |
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 3 October 2026 via checked.be.