Maxus Fund: 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.
Maxus Fund
Largest movements
- Financial fixed assets +€37.5m
up €37.5m (+55.4%), from €67.6m to €105.1m
- Short-term financial debts +€20.8m
new in 2025: €20.8m
- Contributions +€12.8m
up €12.8m (+17.5%), from €73.0m to €85.7m
- Profit (loss) carried forward +€4.4m
up €4.4m (+92.2%), from -€4.7m to -€369,687
- Financial income +€8.3m
up €8.3m (+493,221%), from €1,678 to €8.3m
of which Non-recurring financial income: +€5.9m
- Gross operating margin +€824,636
up €824,636 (+20.4%), from -€4.0m to -€3.2m
- Financial charges +€49,733
up €49,733 (+7.5%), from €660,979 to €710,712
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €68,415,637 | €106,759,932 | +€38.3m | +56.0% |
| Fixed assets | 21/28 | €67,644,606 | €105,134,640 | +€37.5m | +55.4% |
| Financial fixed assets | 28 | €67,644,606 | €105,134,640 | +€37.5m | +55.4% |
| Current assets | 29/58 | €771,031 | €1,625,292 | +€854,261 | +111% |
| Amounts receivable within one year | 40/41 | €62,572 | €563,507 | +€500,935 | +801% |
| Other amounts receivable | 41 | €62,572 | €563,507 | +€500,935 | +801% |
| Cash at bank and in hand | 54/58 | €708,459 | €1,061,785 | +€353,326 | +49.9% |
| Total equity and liabilities | 10/49 | €68,415,637 | €106,759,932 | +€38.3m | +56.0% |
| Equity | 10/15 | €68,231,900 | €85,333,894 | +€17.1m | +25.1% |
| Contributions | 10/11 | €72,953,147 | €85,703,581 | +€12.8m | +17.5% |
| Profit (loss) carried forward | 14 | -€4,721,247 | -€369,687 | +€4.4m | +92.2% |
| Amounts payable | 17/49 | €183,736 | €21,426,038 | +€21.2m | +11,561% |
| Amounts payable within one year | 42/48 | €183,736 | €21,426,038 | +€21.2m | +11,561% |
| Financial debts | 43 | - | €20,750,000 | +€20.8m | |
| Credit institutions | 430/8 | - | €20,750,000 | +€20.8m | |
| Trade debts | 44 | €177,429 | €522,603 | +€345,175 | +195% |
| Suppliers | 440/4 | €177,429 | €522,603 | +€345,175 | +195% |
| Other amounts payable | 47/48 | €6,308 | €153,435 | +€147,127 | +2,333% |
| Other operating charges | 640/8 | €23,671 | €834 | -€22,837 | -96.5% |
| Gross operating margin | 9900 | -€4,038,274 | -€3,213,639 | +€824,636 | +20.4% |
| Operating profit (loss) | 9901 | -€4,061,946 | -€3,214,473 | +€847,473 | +20.9% |
| Financial income | 75/76B | €1,678 | €8,276,745 | +€8.3m | +493,221% |
| Recurring financial income | 75 | €1,678 | €2,422,767 | +€2.4m | +144,305% |
| Non-recurring financial income | 76B | - | €5,853,977 | +€5.9m | |
| Financial charges | 65/66B | €660,979 | €710,712 | +€49,733 | +7.5% |
| Recurring financial charges | 65 | €660,979 | €710,712 | +€49,733 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,721,247 | €4,351,560 | +€9.1m | |
| Profit (loss) for the period | 9904 | -€4,721,247 | €4,351,560 | +€9.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,721,247 | €4,351,560 | +€9.1m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.